April 7, 2016 / 2:27 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Valeant, Pacific Sunwear, Bed Bath & Beyond

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Wall Street was lower on Thursday, led by a fall in the telecom sector, as investors worried about the uncertainty surrounding the Federal Reserve’s plans to hike interest rates, amid fears of weak global growth. The Dow Jones industrial average was down 0.78 percent at 17,577.64, the S&P 500 was down 0.77 percent at 2,050.66 and the Nasdaq Composite was down 0.92 percent at 4,875.612.


The drugmaker said it had obtained approval from its lenders for an amendment and waiver to its credit facility, giving the embattled drugmaker an extra month to file its annual report.


The struggling teen apparel retailer filed for Chapter 11 bankruptcy protection on Thursday, succumbing to mounting losses and intense competition in the industry.

** CONAGRA FOODS INC, $45.99, +1.23 pct

The maker of Chef Boyardee pasta and Healthy Choice dinners reported higher-than-expected quarterly sales, helped by strong demand for products it sells to restaurants and other food industry customers.

** BED BATH & BEYOND INC, $51.4301, +5.37 pct

The home furnishings retailer reported better-than-expected quarterly profit and revenue, helped by strong e-commerce sales.

** JPMORGAN CHASE & CO, $58, -1.38 pct

The biggest U.S. bank by assets urged shareholders to vote against appointing a committee to explore a break up of the bank, reiterating that splitting its businesses would not be in investors’ best interests.


The discount retailer reported better-than-expected fourth quarter profit and sales, helped by store openings, rise in merchandise margins and expense control.


The drug developer said it was offering 5.38 million shares of common stock at $23.25 per share. The price represents a discount of 10.3 percent to the stock’s Wednesday close.

** BARCLAYS PLC, $8.325, -2.06 pct

The British lender has agreed to sell its wealth and investment management business in Hong Kong and Singapore to Oversea-Chinese Banking Corp, as the company continues its drive to reduce risk and simplify.

** YAHOO INC, $36.31, -0.95 pct

The Internet company expects a sharp decline in both its revenue and earnings this year compared with 2015, with revenue seen falling nearly 15 percent and earnings over 20 percent, Re/code reported, citing a Yahoo document. (Compiled by Kshitiz Goliya in Bengaluru; Editing by Anil D’Silva)

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