May 3, 2016 / 2:22 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Quintiles, GrubHub, Encana, On Deck

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Wall Street opened lower on Tuesday as weak Chinese economic data and a surprise rate cut by the Australian central bank fanned worries about the health of the global economy. The Dow Jones industrial average was down 1.09 percent at 17,695.52, the S&P 500 was down 1.16 percent at 2,057.29 and the Nasdaq Composite was down 1.32 percent at 4,753.845.


** IMS HEALTH HOLDINGS INC, $24.77, -7.82 pct

Contract medical research provider Quintiles and healthcare information company IMS Health said they would merge in a deal valued at $9 billion.

** GRUBHUB INC, $24.3, -8.44 pct

The online food order and delivery company reported a better-than-expected 27 percent rise in quarterly revenue as more diners used its services to order meals online.

** ENCANA CORP , $6.58, -11.44 pct

The Canadian oil and gas producer posted a bigger-than-expected quarterly loss due to lower production amid a steep fall in oil prices.

** UBS Group AG , $15.93, -7.55 pct

The Swiss bank plans job cuts to help save hundreds of millions of dollars in its wealth management business, after its first-quarter net profit fell by nearly two-thirds due to wary clients investing less.

** ON DECK CAPITAL INC, $5.38, -35.18 pct

The online lender forecast 2016 revenue below average analysts’ estimates and said it expects to sell fewer loans through its OnDeck Marketplace platform, over short term, resulting in lower sales, higher expense provision and lower adjusted EBITDA than planned.

** FABRINET, $35.42, +9.69 pct

The laser product maker reported better-than-expected third-quarter profit and revenue, helped by higher demand for its optical packaging and precision optical products.

** PFIZER INC, $33.7, +2.74 pct

U.S. drugmaker Pfizer reported first-quarter results that blew past analyst estimates, boosted by sales of its new cancer and arthritis treatments and the acquisition last year of hospital products company Hospira.

** FAIRWAY GROUP HOLDINGS CORP, $0.1084, -47.76 pct

The grocery chain operator, which has lost money in every quarter since it went public in 2013, filed for Chapter 11 bankruptcy on Monday in a New York court.

** HCA HOLDINGS INC, $77.3, -4.81 pct

The largest for-profit hospital operator in the United States reported a better-than-expected first quarter profit, helped by higher patient admissions.


The biggest U.S. commercial insurer by premiums reported a lower-than-expected quarterly operating profit as income from underwriting and returns on investments declined.

** YELP INC, $21.96, +2.09 pct

Hedge fund manager David Einhorn on Monday told investors he had made new investments in business review website Yelp.

** ENERGY TRANSFER EQUITY LP, $11.67, -3.71 pct

** WILLIAMS COMPANIES INC, $18.73, -0.43 pct

Energy Transfer Equity and Williams Companies agreed on Tuesday to change an administrative requirement for their $20 billion-deal to give U.S. regulators additional time to complete their review of the tie-up.

** HALLIBURTON CO, $40.5, -3.69 pct

The world’s No.2 oilfield services provider reported a higher-than-expected adjusted profit for the first quarter as deep cost cuts helped cushion the impact of a drop in drilling and completion activity.

** VALERO ENERGY CORP, $57.6, -3.71 pct

The U.S. refiner reported a 49 percent fall in profit, hurt by weak margins and higher inventories.

** ESTEE LAUDER COS INC, $94.36, -2.85 pct

The cosmetics maker reported a better-than-expected quarterly profit, helped by strong demand for M.A.C. and Smashbox makeup brands in its international markets.

** SPRINT CORP, $3.59, +2.87 pct

The No.4 U.S. wireless carrier reported a wider quarterly loss and added fewer subscribers than expected, but vowed to cut more than $2 billion in costs in the current fiscal year to stop the red ink.

** NEW YORK TIMES CO, $12.39, -3.80 pct

The newspaper publisher reported a 1.2 percent fall in quarterly revenue as ad sales fell in its print and digital businesses.


The alternative asset investment manager reported a first-quarter loss on Tuesday after taking a $200 million reserve as it moves closer to settling bribery charges with the U.S. government.

** COTY INC, $29.67, -4.48 pct

The perfume maker reported its first profit miss in seven quarters, hurt by higher costs and weak demand for products such as Sally Hansen nail polishes in the United States.

** WELLCARE HEALTH PLANS INC, $94.07, +4.69 pct

U.S. health insurer WellCare Health reported a quarterly profit that beat Wall Street estimates, helped by higher Medicaid enrollments, and the company also raised its profit forecast for the year. (Compiled by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva)

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