July 29, 2013 / 2:45 PM / 4 years ago

MARKET PULSE-Solar stocks, Saks, Intersil, Synta Pharma, Spherix

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July 29 (Reuters) - Some U.S. stocks on the move on Monday:


U.S. stocks dipped on Monday as a week packed with data and central bank meetings got under way, with the S&P 500 within a few points of its record close set a week ago. The Dow Jones industrial average .DJI fell 39.54 points or 0.25 percent, to 15,519.29, the S&P 500 .SPX lost 4.67 points or 0.28 percent, to 1,686.98 and the Nasdaq Composite .IXIC dropped 3.58 points or 0.1 percent, to 3,609.59.

** SYNTA PHARMACEUTICALS CORP, $5.87, up 16 pct (0946 ET)

The biopharmaceutical company said a proof-of-concept study on its drug candidate ganetespib as a treatment for breast cancer has met its goal. Preliminary data showed the study could now be expanded and taken to its next stage, the company said.

Roth Capital Partners, which raised its price target on the stock to $20 from $18, said Synta remained attractive based primarily on the promise of ganetespib in several oncology indications.


** SUNTECH POWER HOLDINGS CO LTD, $1.52, up 8 pct (0947 ET)

** RENESOLA LTD, $4.55, up 6 pct (0948 ET)

** JINKOSOLAR HOLDING CO LTD, $13.55, up 5 pct (0948 ET)

** CANADIAN SOLAR INC, $14.04, up 3 pct (0949 ET)

** TRINA SOLAR LTD, $7.75, up 4 pct (0949 ET)

China and the European Union defused their biggest trade dispute by far on Saturday with a deal to regulate Chinese solar panel imports and avoid a wider war in goods from wine to steel.

EU’s trade chief and his Chinese counterpart set a minimum price for panels from China near spot market prices. Under the terms of the deal, China will also be allowed to meet about half Europe’s solar panel demand, if taken at last year’s levels.

“The latest agreement more or less maintains the status quo for Chinese module makers,” Raymond James analyst Pavel Molchanov said, adding that the deal was in line with expectations.

Chinese firms have already been bracing themselves for lower sales to Europe because the European market size is shrinking, while increasing their presence in markets like China and Japan.

** SOHU.COM INC, $63.83, down 8.7 pct (0958 ET)

The Chinese Internet portal reported second-quarter revenue slightly below analysts’ estimates and forecast current-quarter profit below Wall Street’s expectation.

** SPHERIX INC, $7.32, up 6.9 pct (1012 ET)

The company disclosed terms of its previously announced deal to buy seven patents in the mobile communication sector from privately-held Rockstar Consortium.

Under the terms of the agreement, Spherix paid an unspecified amount of cash up-front and issued common stock valued at $1 million.

** WET SEAL INC, $4.36, down 6 pct (0945 ET)

Brokerage B. Riley & Co downgraded the teen-apparel retailer’s stock to “neutral”, according to Theflyonthewall.com.

** INTERPUBLIC GROUP OF COS, $15.87, up 5 pct (0945 ET)

** OMNICOM GROUP, $70.16, up 8 pct (0945 ET)

Following a Bloomberg report that bigger rivals Omnicom Group and Publicis Groupe were in talks for a merger, shares of Interpublic rose on expectation the second largest U.S. advertising company would be in play.

Omnicom and Publicis announced on Sunday that they would merge in a $35.1 billion deal.

Interpublic may be considered an acquisition target by WPP , Havas or Japan-based Dentsu, Pivotal Research Group analyst Brian Wieser wrote in a note on Sunday.


Chelsea Therapeutics said the U.S. Food and Drug Administration has notified the pharmaceutical company of formatting issues in certain electronic datasets and statistical programs submitted as a part of the marketing approval application of its experimental hypotension drug, Northera.

Chelsea expects to submit the data in August. The date for a decision on the drug’s approval may be delayed from the previously decided date of Jan. 3, 2014.

** NOVAVAX INC, $2.58, up 4 pct (0946 ET)

The vaccine developer reported positive results from pre-clinical studies testing its experimental vaccine against the H7N9 virus, a strain of the bird flu virus.

Novavax said the drug demonstrated 100 percent protection against wild-type A (H7N9) influenza versus zero percent survival in the control and placebo groups, when tested on mice.

The virus has caused 36 deaths, and infected 131 people in mainland China and one in Taiwan since February.

** INTUITIVE SURGICAL INC, $395.29, up 4 pct (0944 ET)

The maker of da Vinci surgical robots said it would repurchase additional $779 million of the company’s outstanding common stock. Intuitive’s total share repurchase amount will now be about $1.5 billion.

** INTERSIL CORP, $9.13, up 4 pct (0943 ET)

The company, which makes power management chips used in flat-panel displays and DVD players, reported better-than-expected second-quarter revenue on Friday. Intersil also said it will reduce its workforce by 150 employees.

** SAKS INC, $15.82, up 3 pct (0944 ET)

Hudson’s Bay Co, operator of department store chains Lord & Taylor in the United States and The Bay in Canada, said on Monday that it would buy luxury retailer Saks Inc for $16 per share, or $2.9 billion in cash, including debt.


The bank said its quarterly net profit more than doubled as a rally in Japanese stocks pushed up the value of its equity investments and boosted profit at its brokerage unit.

** HOLLYFRONTIER CORP, $45.42, up 2.4 pct (0951 ET)

Shares of the Dallas-based oil refiner are expected to rise 30 percent over the medium term as the company has access to cheaply-priced crude produced in North Dakota, West Texas, and the Rocky Mountain region, weekly business newspaper Barron’s reported on Sunday.

** BARNES & NOBLE INC, $18.09, down 2 percent (0941 ET)

The top U.S. bookstore chain said it sought more time to deliver audited financial statements to lenders due to restatements in certain financial periods. (link.reuters.com/nef99t)

The company said it had to restate certain financial statements for periods prior to April 27, 2013, as it had overstated certain accruals as a result of inadequate controls over the accrual reconciliation process at its distribution centers.

** WYNN RESORTS LTD, $129.69, down 1 pct (0930 ET)

The casino resorts operator reported a 6 percent drop in quarterly profit, hurt by a loss on early retirement of debt. The company’s second-quarter results also missed Wall Street’s estimates.

Compiled by Rohit T.K. in Bangalore; Editing by Sreejiraj Eluvangal

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