September 20, 2016 / 5:22 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Tobira, Ascena, Seaworld, DTS, Wells Fargo

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter,; for the Morning News Call newsletter, U.S. stocks were higher as investors saw little room for the Federal Reserve to raise interest rates in a two-day meeting starting Tuesday. The Dow Jones Industrial Average was up 0.15 percent at 18,147.59, the S&P 500 was up 0.10 percent at 2,141.26 and the Nasdaq Composite was up 0.07 percent at 5,238.6.

** TOBIRA THERAPEUTICS INC, $38.03, +702.32 pct

** ALLERGAN PLC, $238.3, -2.85 pct

Allergan said it would buy Tobira Therapeutics in a deal worth up to $1.7 billion, to gain access to experimental therapies for a fatty liver disease called NASH. Allergan’s offer of $28.35 per Tobira share upfront is nearly a 500 percent premium to the stock’s close on Monday.

** CONATUS PHARMACEUTICALS INC, $2.045, +16.86 pct


** GALECTIN THERAPEUTICS INC, $1.9, +13.77 pct

** GALMED PHARMACEUTICALS LTD, $4.73, +28.71 pct

Stocks of companies working on NASH treatments were up after Allergan agreed to buy Tobira Therapeutics.

** ASCENA RETAIL GROUP INC, $5.71, -29.68 pct

The women’s apparel retailer reported lower-than-expected quarterly same-store sales as strong competition lured away traffic from its stores.

** SAREPTA THERAPEUTICS INC, $54.6, +11.57 pct

As many as 9 rating upgrades and 13 price target hikes on Sarepta’s stock have added to its near 74 percent surge after the U.S. FDA approved its Duchenne drug on Monday.

** SINCLAIR BROADCAST GROUP INC, $25.8, -10.04 pct

The TV broadcaster lowered third-quarter media revenue forecast to $637-$638 million, from $649.2-$663.2 million, citing decrease in political ad spending.

** GRAY TELEVISION INC,$10.04, -9.06 pct

** E.W. SCRIPPS CO,$15.01, -8.25 pct


** TRIBUNE MEDIA CORP,$35.73, -3.82 pct

Shares of media companies fell after Sinclair Broadcast Group warned its quarterly revenue would miss expectations due to weak ad spending ahead of U.S. presidential election.

** WELLS FARGO & CO, $46.49, +1.04 pct

Morgan Stanley brokers raised rating on Wells Fargo stock to ‘overweight’ from ‘equal weight’, saying the stock is inexpensive.

** SEAWORLD ENTERTAINMENT INC, $12.02, -5.28 pct

The theme parks operator cut dividend, payable on Oct. 7, to 10 cents per share from 21 cents per share it paid previously. The company also said it would suspend future dividend payments.

** HNI CORP, $42.46, -21.68 pct

The office furniture maker said it expects third-quarter and full-year 2016 top and bottom line to come in below previous guidance, citing softer demand in both its office furniture and hearth business segments.

** ENCANA CORP, $9.205, -6.64 pct

Canadian oil and gas producer announced pricing of 107- million-share offering at $9.35 apiece, a 5 percent discount to last sale.

** DTS INC, $42.27, +23.13 pct

** TESSERA TECHNOLOGIES INC, $34.71, +3.67 pct

Tessera Technologies Inc, which licenses technology mainly to the semiconductor industry, said it would buy DTS Inc, a maker of audio equipment for mobile devices, home theater systems and cars, for about $850 million in cash.

** LENNAR CORP, $42.96, -4.72 pct

The U.S. homebuilder posted its slowest growth in orders in more than a year as it grapples with choppy demand for higher-priced homes in Houston, which has been hit hard by weak oil prices.

** CHESAPEAKE ENERGY CORP, $6.602, -3.05 pct

Carl Icahn, the biggest shareholder in the U.S. natural gas producer, more than halved his stake to 4.6 percent. Icahn reduced his position to recognize capital loss for tax planning purposes.

** COMMUNITY HEALTH SYSTEMS INC, $10.78, -2.80 pct

Apollo Global Management is one of the private equity firms in talks to acquire assets of the heavily indebted Community Health Systems.

** WINDTREE THERAPEUTICS INC, $2.62, +19.09 pct

The drugmaker said its treatment for premature infants with a type of breathing disorder got fast-track status from the U.S. FDA.

** TRINSEO SA, $53.98, -3.19 pct

The plastics and synthetic rubber maker announced secondary sale by its No. 1 holder of 10.7 million shares, about 24 percent of total shares outstanding. The deal, priced at $54.35, is at a 2.5 percent discount to TSE’s $55.76 last sale.

** OCLARO INC, $8.48, -6.81 pct

The telecom equipment maker proposed offering 13 million newly issued shares. The offering represents about 8.79 percent of total outstanding shares as of Aug. 22. (Compiled by Sruthi Shankar in Bengaluru; Edited by Don Sebastian)

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