September 12, 2016 / 5:52 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Raptor Pharma, Geron, Caesarstone

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Sept 12 (Reuters) - U.S. stock indexes were higher on Monday after Federal Reserve Board Governor Lael Brainard stuck to her dovish stance on interest rates, saying the central bank must be cautious in removing monetary stimulus too quickly.

The Dow Jones Industrial Average was up 0.80 percent at 18,230.29, the S&P 500 was up 0.92 percent at 2,147.39 and the Nasdaq Composite was up 1.10 percent at 5,182.442.

** PERRIGO CO PLC, $95, +7.09 pct

Starboard Value LP disclosed a 4.6 percent stake in the generic drugmaker, making the activist investor one of the Dublin-based drugmaker’s biggest shareholders.

** HORIZON PHARMA PLC, $18.645, +8.02 pct

** RAPTOR PHARMACEUTICAL CORP, $8.96, +20.27 pct

Horizon Pharma said it has agreed to buy Raptor Pharmaceutical for nearly $800 million to strengthen its portfolio of rare disease drugs.


** AGRIUM INC, $92.4, -2.95 pct

Canada’s Agrium Inc and Potash Corp of Saskatchewan Inc agreed to combine in a deal that would create a fertilizer giant with an enterprise value of about $36 billion but also draw scrutiny from U.S. regulators.

** OPENTEXT CORP, $65.1, +8.92 pct

Canadian business software maker OpenText Corp said it agreed to buy Dell-EMC’s enterprise content division for $1.62 billion as it looks to expand its services to larger businesses.

** CELSION CORP, $1.2415, +3.46 pct

The drug developer said NIH study concluded the therapy, ThermoDox, substantially improved overall survival in patients, and is consistent with its own analysis of the data.

** CAESARSTONE SDOT-YAM LTD, $40.48, +13.29 pct

Tene Investment Funds Ltd agreed to buy 1 million shares in the Israeli quartz countertop maker from Kibbutz Sdot Yam for $43.5 million, with an option to buy 2 million more shares within five years, Bloomberg reported on Sunday, citing a person involved in the deal.

** PANDORA MEDIA INC, $14.2, +4.26 pct

SunTrust Robinson raised the music streaming company’s rating to “buy” from “neutral”, its fifth upgrade since June.

** GERON CORP, $2.3199, -18.88 pct

The biotech company released an update on clinical trial of drug imetelstat, being conducted by Johnson & Johnson unit in patients with a type of blood disorder called myelofibrosis.

** VERICEL CORP, $2.31, +5.00 pct

The stem cell therapy developer entered an expanded term loan and revolving line of credit agreement with Silicon Valley Bank and MidCap Financial Services, providing access to up to $20 million of capital to the company to be used for general corporate purposes.

** POLARIS INDUSTRIES INC, $75.3, -6.85 pct

The all-terrain vehicle maker lowered 2016 profit forecast to $3.30-$3.80 per share, from previous range of $6.00-$6.30, citing additional thermal-related issues with its RZR Turbo off-road vehicles that was affecting both its recall and shipments.

** CHESAPEAKE ENERGY CORP, $8.01, +5.12 pct

SunTrust Robinson raised the U.S. natural gas producer’s price target by $3 to $11, highest on the Street and a potential 44 percent upside from Friday close.

** VIMPELCOM LTD, $3.66, -6.15 pct

Norway’s Telenor ASA put 8.1 percent stake in Russia’s No. 3 mobile operator up for sale, worth about $555 million at Friday’s closing price.

** SOLARCITY CORP, $17.9726, +7.17 pct

The solar panel installer, which is being bought by Tesla Motors Inc for $2.6 billion, said on Monday it had raised $305 million to fund its projects.

** HP INC, $14.38, +3.11 pct

The computer and printer maker said it would buy Samsung Electronics Co Ltd’s printer business in a deal valued at $1.05 billion.

** RETAILMENOT INC, $10.47, -8.88 pct

** RUBICON PROJECT INC, $8.25, -6.46 pct

** TRUECAR INC, $8.53, -3.40 pct

Morgan Stanley analysts downgraded the small and midcap internet companies’ rating to “underweight” from “equal weight”. The analysts also lowered overall industry view to “in-line” from “attractive”.

** NOVOGEN LTD, $2.1795, +6.94 pct

The Australian biotech said on Monday the U.S. Food And Drug Administration approved application allowing human testing of ovarian cancer drug, Cantrixil.

** TESLA MOTORS CO, $198.21, +1.92 pct

The electric-car maker’s Chief Executive Elon Musk said on Sunday the automaker was updating its semi-autonomous driving system Autopilot with new limits on hands-off driving and other improvements that likely would have prevented a fatality in May. (Compiled by Arunima Banerjee in Bengaluru; Edited by Shounak Dasgupta)

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