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Wall Street was lower on Wednesday after tepid U.S. economic data and lackluster corporate results added to concerns about the health of the global economy. The Dow Jones industrial average was down 0.51 percent at 17,660.17, the S&P 500 was down 0.56 percent at 2,051.73 and the Nasdaq Composite was down 0.63 percent at 4,733.206.
** MEDIVATION INC, $59.035, +2.63 pct
** PFIZER INC, $33.605, -0.28 pct
** SANOFI SA, $40.46, -1.68 pct
Pfizer has approached U.S. cancer drug maker Medivation to express interest in an acquisition, raising the possibility of a bid rivaling a $9.3 billion offer by Sanofi, people familiar with the matter said on Tuesday.
** PRICELINE GROUP INC, $1,224, -9.64 pct
** TRIPADVISOR INC, $62.85, -4.53 pct
** EXPEDIA INC, $113.83, -1.85 pct
** CTRIP.COM INTERNATIONAL LTD, $43.29, -1.61 pct
Priceline forecast second-quarter revenue, EBITDA and profit below Wall Street estimates, and said it expected slower growth in room nights booked.
** ZILLOW GROUP INC, $29.65, +15.28 pct
The real estate website operator reported first-quarter revenue above analysts’ estimates and raised its full-year sales forecast as its user base grew. At least eight brokerages raise their price targets by as much as $12 to as high as $36.
** BIG 5 SPORTING GOODS CORP, $10.3134, -14.94 pct
The sporting goods retailer reported a surprise net loss and lower-than-expected revenue for the first quarter, as it discounted more. The company also forecast a second-quarter profit below analysts’ estimates.
** TIME WARNER INC, $75.78, +2.91 pct
The owner of CNN and Cartoon Network reported a 2.5 percent rise in quarterly revenue, slightly above analysts’ expectations, as subscription revenue at its Turner Broadcasting and Home Box Office network rose.
** UNDER ARMOUR INC, $40.08, -6.20 pct
Analysts at Brean Capital downgraded the stock to “hold” from “buy”, saying the departure of Chief Merchandising Officer Henry Stafford and Chief Digital Officer Robin Thurston layers in additional executional risk.
** ROCKWELL MEDICAL INC, $7.9, -11.73 pct
The real estate website operator said it was adjusting its near-term expectations for the commercial launch of its vitamin D injection, Calcitriol, in the U.S. to the third quarter of 2016 due to a manufacturing issue.
** NUTRISYSTEM INC, $26.08, +14.59 pct
Analysts at Wunderlich raised their price target on the weight management products maker’s stock to $31 from $28 after the company raised its full-year revenue and earnings forecast.
** INTERCONTINENTAL EXCHANGE INC, $257.93, +7.03 pct
The U.S. exchange and clearing house operator said it did not intend to make a rival offer for London Stock Exchange Group Plc, which has agreed to merge with German peer Deutsche Boerse. ICE also reported a 16.7 percent jump in first-quarter net income, driven by higher data fees.
** CRAY INC, $31.59, -18.81 pct
The supercomputer maker forecast lower-than-expected second quarter and full-year revenue and profit, saying it faces increased risks to achieving targets due to “reliance on key third-party components, some of which have already been delayed, and the level and timing of new orders”.
** HAIN CELESTIAL GROUP INC, $44.63, +8.62 pct
The organic food producer reported third-quarter sales above analysts’ estimates, helped by higher sales of products such as Imagine organic soups and Plainville Farms turkey in the U.S.
** ETSY INC, $8.811, +4.89 pct
The craft goods e-commerce company posted a surprise first-quarter profit and reported revenue above analysts’ estimates, as marketing expenses grew at a slower rate than sales.
** GLU MOBILE INC, $2.2, -17.60 pct
The mobile game developer reported lower-than-expected quarterly sales and said it was reducing its workforce by about 85. It also forecast current-quarter adjusted revenue below analysts’ estimates.
** VALE SA, $4.9, -5.95 pct
** BHP BILLITON, $27.73, -6.22 pct
Federal prosecutors in Brazil filed a 155 billion-real ($43.5 billion) civil lawsuit on Tuesday against iron miner Samarco and its owners, Vale and BHP Billiton , for a collapsed tailings dam in November that killed 19 people and polluted a major river.
** CDK GLOBAL INC, $48.44, +3.00 pct
Hedge fund Elliott Management Corp said in a letter addressed to CDK Global’s board that the company’s operations remained “vastly under-optimized” and asked the board to optimize its business to drive improvement in shareholder value.
** SMART & FINAL STORES INC, $15.2, -5.18 pct
The grocer reported lower-than-expected sales and profit in the first quarter, hurt by higher costs.
** SHOPIFY INC, $29.57, -3.81 pct
The Canadian software company forecast a bigger operating loss for the year due to higher compensation expenses.
** RELYPSA INC, $14.5, -16.28 pct
Analysts at Mizuho downgraded the drugmaker’s stock to “underperform” from “neutral” and cut their price target to $12 from $22, citing the company’s recent $150 million debt offering.
** MATCH GROUP INC, $13.6, +21.86 pct
The dating website operator reported better-than-expected quarterly revenue on Tuesday, as its popular dating app Tinder attracted more paying users.
** ANTHEM INC, $138.46, -2.09 pct
The health insurer said Wayne DeVeydt, who has served as CFO for 9 years, will step down effective May 31 “due to family commitments and philanthropic work”. John Gallina, currently CFO for Anthem’s commercial and specialty business division, named new CFO.
** HOLLYFRONTIER CORP, $31.65, -8.05 pct
The U.S. refiner reported a 91 percent fall in quarterly profit, hurt by a steep fall in refining margins and lower refinery utilization rate amid a rise in diesel and gasoline inventories. (Compiled by Ramkumar Iyer in Bengaluru)