April 5, 2016 / 2:37 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Allergan, Marvell, Valeant

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Wall Street was lower on Tuesday, led by a slide in financial stocks, as the outlook for interest rates remained cloudy and oil hovered near one-month lows. The Dow Jones industrial average was down 0.33 percent at 17,678.28, the S&P 500 was down 0.65 percent at 2,052.73 and the Nasdaq Composite was down 0.43 percent at 4,870.58.

** ALLERGAN PLC, $232.41, -16.26 pct

** PFIZER INC, $30.785, +0.21 pct

The U.S. Treasury Department took new steps to curb tax-avoiding corporate “inversions,” with the pending $160 billion merger of Pfizer and Allergan seen as a potential casualty.

** MARVELL TECHNOLOGY GROUP LTD, $10.665, +10.86 pct

The chipmaker’s chief executive and president are stepping down, two months after activist investor Starboard Value LP disclosed a stake in the chipmaker and said its shares were undervalued.


The drugmaker said a board committee had completed a review of the company’s accounting practices and had not found any new items that would require additional restatements.


The U.S. Food and Drug Administration’s staff reviewers supported the use of the drug developer’s liver drug as monotherapy in patients who did not respond to standard-of-care treatment.

** PARSLEY ENERGY INC, $22.12, -1.91 pct

Permian Basin-focused oil and gas company raised $391 million from a share offering, which was priced at a 5.1 percent discount to the stock’s Monday close.

** TWITTER INC, $17.16, +0.41 pct

The National Football League said it had chosen Twitter as its exclusive global partner for streaming its Thursday night games during the 2016 regular season.

** DARDEN RESTAURANTS INC, $65.04, -3.42 pct

The owner of the Olive Garden chain said Jeffrey Smith, head of activist investor Starboard Value LP, has resigned as its chairman.

** WALGREENS BOOTS ALLIANCE INC, $83.72, -3.00 pct

The largest U.S. drugstore chain operator, which has offered to buy smaller rival Rite Aid Corp, reported quarterly net sales that missed analysts’ estimates, hurt by a weak flu season and low reimbursement rates.

** WALT DISNEY CO, $96.99, -1.71 pct

Tom Staggs, the veteran Walt Disney executive who had been widely seen as the media company’s next CEO, will step down on May 6 as the board expands its search for a successor to Bob Iger, Disney said.

** BOEING CO, $127.76, +1.12 pct

Plane maker Boeing said it had picked a new aircraft seat supplier for its most popular jet, the 737, a move that industry experts said adds competition to leading seat makers Zodiac Aerospace and B/E Aerospace.

** CREDIT SUISSE GROUP AG, $13.49, -3.64 pct

** HSBC HOLDINGS PLC, $29.77, -3.31 pct

Credit Suisse and HSBC, two of the world’s largest wealth managers, dismissed suggestions they were actively using offshore structures to help clients cheat on their taxes.

** NEWMONT MINING CORP, $26.91, +2.32 pct

An Indonesian group, including prominent businessman Arifin Panigoro, has agreed to buy a controlling stake in Newmont Mining’s local metals operations in a deal that industry insiders say could reach $2 billion. (Compiled by Kshitiz Goliya in Bengaluru; Editing by Anil D’Silva)

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