September 13, 2016 / 3:14 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Applied Genetic, Intersil, Energy Recovery

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Wall Street opened lower on Tuesday, with energy stocks falling on lower oil prices and financials hit by diminished prospects of an interest rate hike in the near term.

The Dow Jones Industrial Average was down 1.32 percent at 18,083.19, the S&P 500 was down 1.50 percent at 2,126.63 and the Nasdaq Composite was down 1.22 percent at 5,148.197.


The drug developer cited vendor errors for re-test study agent in XLRS study treatment for retinoschisis done in collaboration with Biogen Inc.

** INTERSIL CORP, $21.71, +9.87 pct

Renesas Electronics Corp on Tuesday said it has agreed to buy U.S. chipmaker Intersil Corp for $3.2 billion, an all-cash deal that bolsters the Japanese group’s efforts to refocus the company around automotive chips.

** ENERGY RECOVERY INC, $13.785, +8.63 pct

The energy recovery device maker’s shares rose after Jefferies upgraded to “buy” from “hold”; raised price target to $20 from $8, a potential 58 percent upside to Monday’s close.

** BLUE BUFFALO PET PRODUCTS INC, $24.26, -7.01 pct

The organic pet food maker announced sale of 14.3 million shares by selling stockholders in offering expected to close on September 16. Bookrunners confirm transaction priced at $25.00, a 4.2 percent discount to company’s $26.09 last sale.


The weight management company said company’S CEO James Chambers would resign at the end of the month.

** JETBLUE AIRWAYS CORP, $17.185, +2.41 pct

The U.S. airline shares were up on August traffic data, but projected that Q3 revenue per available seat mile (RASM), a closely watched industry metric, expected to fall 3 to 4 pct.

** APPLE INC, $108.0659, +2.49 pct

The iPhone maker’s shares rose after the wireless carrier Sprint Corp said pre-orders of iPhone 7 and iPhone 7 Plus increased nearly four times compared to last year.

** NETFLIX INC, $95.6197, -3.46 pct

Shares of the video streaming service provider fell after Macquarie Research downgraded to “underperform” from “neutral” and retained PT $85, a 14 percent potential downside to Monday’s close.


The defense and security equipment maker won a $54 million contract to provide five Marine Common Aircrew Trainers to the United States Marine Corps.

** ANADARKO PETROLEUM CORP, $56.9, -1.54 pct

Freeport McMoRan Inc said on Monday it will sell its deepwater Gulf of Mexico oil and natural gas assets to Anadarko Petroleum Corp for $2 billion as it looks to cut its heavy debt load. (Compiled by Shalom Aarons in Bengaluru; Edited by Shounak Dasgupta)

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