May 20, 2016 / 5:18 PM / in 2 years

CORRECTED-BUZZ-U.S. STOCKS ON THE MOVE-Applied Materials, Interoil, DryShips, Amplify Snack

(Corrects to “four” weeks from “five” in paragraph 1; removes reference to Dow)

U.S. stocks were higher in early afternoon trading on Friday, with the S&P on track to eke out their first weekly gains in four weeks as technology and financial stocks rose. The Dow Jones industrial average was up 0.53 percent at 17,527.68, the S&P 500 was up 0.68 percent at 2,053.98 and the Nasdaq Composite was up 1.30 percent at 4,773.919.

** APPLIED MATERIALS INC, $22.38, +12.41 pct

** MICRON TECHNOLOGY INC, $10.65, +5.76 pct

** BROADCOM LTD, $146.51, +2.64 pct

Applied Materials, the world’s largest supplier of tools used to make semiconductor chips, forecast a higher-than-expected third-quarter profit on the back of strong demand for chips used in smartphones and solid-state drives.

** CAMPBELL SOUP CO, $59.71, -6.67 pct

The world’s largest soup maker reported lower-than-expected third-quarter sales, mainly due to weak U.S. demand for its soups and V8 vegetable- and fruit-based juices, and weather-related disruptions to carrot supply.

** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $27.31, +4.00 pct

The beleaguered Canadian drugmaker said it received a notice of default from bondholders for the delay in filing its first-quarter report.

** DEERE & CO, $78.17, -4.96 pct

The company cut its profit outlook and reported a decline in quarterly earnings as a global farm recession and weak construction equipment markets led to lower sales of its machinery.

** INTEROIL CORP, $43.39, +37.09 pct

Oil Search Ltd agreed to a $2.2 billion deal to acquire InterOil, aiming to pave the way for two rival liquefied natural gas projects led by global majors to work together in Papua New Guinea.

** OCEAN RIG UDW INC, $2.3001, +27.08 pct

The offshore rig contractor reported strong first-quarter revenue and profit, helped by higher fleet utilization and a reduction in expenses.

** DRYSHIPS INC, $2.1999, -16.03 pct

The dry bulk shipper reported a near 98 percent slump in first-quarter revenue on Thursday as voyage revenue falls 87 percent and it generated no revenue from drilling contracts.

** AMPLIFY SNACK BRANDS INC, $13.49, +12.23 pct

The company, known for its SkinnyPop popcorn, priced its secondary offering of 10 million shares at $11.25, a 6.4 percent discount to stock’s Thursday close.

** FOOT LOCKER INC, $55.35, -5.47 pct

The footwear retailer reported lower-than-expected first-quarter sales, saying rapidly shifting product category preferences were a challenge.

** 8X8 INC, $12.63, +7.58 pct

The communication technology company beat Wall Street’s fourth-quarter earnings estimates, which led to a number of brokerage upgrades.

** ABRAXAS PETROLEUM CORP, $1.03, -22.56 pct

Oil and gas producer said it was offering 25 million shares priced at $1.00 per share, a discount of nearly 25 percent to stock’s Thursday close.

** TESLA MOTORS INC, $217.86, +1.23 pct

The electric car maker priced 9.3 million shares at $215.00, a razor thin discount to stock’s last sale, for a total offering size of $2 billion.

** YAHOO INC, $36.52, -1.35 pct

Verizon Communications Inc and other bidders are expected to offer between $2 billion-$3 billion in the auction for Yahoo’s core business, the Wall Street Journal reported on Thursday.

** KINDER MORGAN INC, $17.695, +2.52 pct

Canada’s energy regulator recommended approval on Thursday for the pipeline company’s plan to expand its Trans Mountain oil pipeline, subject to 157 conditions.

** AUTODESK INC, $55.77, -3.04 pct

Autodesk reported lower-than-expected quarterly revenue as the design software maker transitions to a subscription model. (Compiled by Anya George Tharakan in Bengaluru; Editing by Anil D‘Silva)

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