Aug 12 (Reuters) - Some U.S. stocks to watch on Monday:
U.S. stock index futures pointed to a lower open on Monday after shares recorded the biggest weekly decline since mid-June last week and investors found few reasons to buy.
S&P 500 futures fell 7.7 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 56 points, and Nasdaq 100 futures slid 9.5 points.
** BLACKBERRY LTD, Friday close $9.76, up 8 pct premarket
The Canadian smartphone maker said it has set up a committee to explore strategic alternatives, including joint ventures, partnerships or a sale of the company.
** VICAL INC, Friday close $3.58, down 60 pct premarket
The drugmaker said it would stop developing its most advanced drug, cancer therapy Allovectin, after a late-stage trial failed to show that the treatment was significantly better than chemotherapy.
** STEINWAY MUSICAL INSTRUMENTS INC, Friday close $36.23, up 8 pct premarket
The manufacturer of pianos, saxophones and trumpets said it received a $38-per-share takeover offer from an investment firm, topping an earlier bid by private-equity firm Kohlberg & Co.
The stock rose to $39 in premarket trade, indicating that some investors were expecting a higher offer.
** TESLA MOTORS INC, Friday close $153, down 3 pct premarket
Lazard Capital Markets cut its rating on the electric sports car maker’s stock to “neutral” from “buy”, saying that the recent rise in the share has already priced in the company’s development into a successful premium manufacturer.
“Meaningful upside from current (share price) levels will require domestic manufacturing in China and record sales of Gen 3 on launch,” Lazard analyst Aditya Satghare wrote in a note to clients.
The stock jumped 18 percent to a record of $158.88 on Thursday after the company reported a surprise quarterly profit. Tesla is due to launch a compact electric sedan known internally as Gen 3 in 2016.
** CAMPBELL SOUP CO, Friday close $47.74, down 5 pct premarket
The soup maker said it was in final negotiations with private equity firm CVC Capital Partners for the sale of some of its businesses in Europe.
** LINN ENERGY LLC, Friday close $24.99, down 3 pct premarket
Oppenheimer & Co resumed on Friday its coverage of the oil and gas producer’s stock with an “underperform” rating, one rung lower than its prior rating, saying that the company’s acquisition of Berry Petroleum Co was in jeopardy. The Securities and Exchange Commission is investigating the proposed deal as well as Linn Energy’s accounting.
Raymod James analysts on Friday cut their price target on the stock to $37 from $40.
** ROCKWELL COLLINS INC, Friday close $74.42, up 4 pct premarket
The supplier of avionics and other electronic systems for commercial and military aircraft has agreed to buy aerospace communications firm Arinc Inc for $1.39 billion from the Carlyle Group LP.
** HD SUPPLY HOLDINGS INC, Friday close $23.08, up 3 pct premarket
Shares of commercial construction products supplier HD Supply Holdings could rise more than 20 percent within a year and hit $42 within three years, according to a report in business weekly Barron’s on Sunday.
HD Supply was a division of the Home Depot until 2007 and went public in late June.
** PINNACLE FOODS INC, Friday close $25.46
The packaged foods company said it would buy Unilever Plc’s Wish-Bone salad dressings business for $580 million to expand its range of branded food products.
** BROADCOM CORP, Friday close $26.06, down 1.5 pct premarket
Goldman Sachs cut its rating on the chipmaker’s stock to “neutral” from “buy”, according to the Theflyonthewall.com.
** APPLE INC, Friday close $454.45, up 0.74 pct premarket
The company is expected to present its redesigned iPhone on Sept. 10, technology blog AllThingsD said.
** ZOLTEK COS INC, Friday close $13.76, down 2.6 pct premarket
The carbon fiber maker reported a third-quarter loss on Friday because of weak demand from the wind energy market. The company supplies carbon fibers used in the manufacture of wind turbines.
Zoltek reported a loss of $0.9 million, or 3 cents per share, compared with an income of $5.6 million, or 16 cents per share, a year earlier.
** HEALTH MANAGEMENT ASSOCIATES INC, Friday close $13.24, down 2 pct premarket
The hospital operator, which is being bought by larger peer Community Health Systems Inc, reported a lower-than-expected quarterly revenue due to reduced patient admissions, surgeries and emergency room visits.
The company posted a revenue of $1.46 billion for the second quarter. Analysts were expecting $1.70 billion, according to Thomson Reuters I/B/E/S.
** GENERAL MOTORS CO, Friday close $36.02, down 0.70 pct premarket
The automaker has begun gradually lowering its presence in South Korea after mounting labor costs and militant unionism triggered a rethink of its reliance on the country for a fifth of its global production, three individuals familiar with GM’s thinking said.
** DELL INC, Friday close $13.74
Months of public bickering, secretive backroom negotiations and eleventh-hour deals for control of Dell Inc belie the fact that the combatants are vying for a company facing steadily declining sales prospects.
** EXXON MOBIL, Friday close $90.72, down 0.44 pct premarket
China’s biggest energy firm PetroChina will join Exxon Mobil in developing Iraq’s giant West Qurna oilfield and is in talks with Lukoil to buy into a second project at the field, industry sources said on Friday.
** J.C. PENNEY CO, Friday close $12.87, down 1.3 pct premarket
The public battle between J.C. Penney and leading shareholder Bill Ackman escalated on Friday with the hedge fund manager demanding the ouster of the retailer’s chairman as well as the interim chief executive, while Starbucks Corp Chief Executive Howard Schultz joined the fray urging the billionaire’ s removal from the board.
** AMERICA MOVIL, Friday close $20.97
Mexican billionaire Carlos Slim’s America Movil wants to ‘unlock value’ from Dutch telecoms group KPN and is not just interested in its German business E-Plus, a Dutch newspaper reported on Monday, quoting the Mexican group’s finance chief.
** PHARMERICA CORP, Friday close $14.08
The U.S. government has sued the pharmaceutical company, accusing it of dispensing controlled drugs without valid prescriptions and defrauding Medicare by causing claims to be submitted for the illegally dispensed drugs.
** PETROLEO BRASILEIRO PETROBRAS SA, Friday close $14.28, up 1.54 pct premarket
Oil industry suppliers Technip and DOF Subsea said on Monday they have won major contracts from Brazilian state-owned oil company Petrobras . (Compiled by Neha Alawadhi; Editing by Kirti Pandey)