U.S. stocks fluctuated between slight gains and losses on Monday after a five-week rally as investors waited for some direction from economic data or the Federal Reserve. The Dow Jones industrial average rose 0.09 percent and the Standard & Poor’s 500 Index inched up 0.02 percent. The Nasdaq Composite Index was flat.
** ZALICUS INC, $1.26, down 73 pct (1:52 p.m. ET)
The company said it would stop developing its most advanced product, an experimental pain drug, after it failed to show a benefit over a placebo in two mid-stage trials.
** GOGO INC, $24.08, up 28 pct (1:52 p.m. ET)
The provider of in-flight Internet raised the high end of its full-year revenue forecast range as more airlines signed up for its service.
** VIROPHARMA INC, $49.46, up 25.5 pct (1:52 p.m. ET)
** SHIRE PLC, $134.54, up 0.1 pct
Shire is buying ViroPharma for $4.2 billion, attracted by a pipeline of potentially lucrative drugs to treat rare diseases, a growing trend as drugs companies lose revenues from patent expiries on conventional treatments.
** GULF RESOURCES INC, $2.56, up 20 pct (1:52 p.m. ET)
The Chinese specialty chemicals and crude salt maker’s third-quarter profit almost doubled, led by a 65 percent rise in chemical sales. The company’s chemicals are used in a variety of industries including oil field drilling and papermaking.
** ARKANSAS BEST CORP, $30.92, up 17 pct (10:55 a.m. ET)
The trucking company reported results far above analysts’ expectations for a traditionally strong third quarter as tonnage picked up in its freight business.
** RADNET INC, $1.99, down 15 pct (11:07 a.m. ET)
The diagnostic imaging services provider reported a surprise third-quarter loss, partly due to higher expenses and lower same-center revenue. The company said it had experienced lower-than-anticipated utilization of its services and reimbursement pressure all year, and it cut its full-year forecast for adjusted EBITDA.
** COLLABRX INC, $4.84, up 15 pct (1:52 p.m. ET)
The data analytics firm signed a multi-year agreement with Quest Diagnostics Inc to use the company’s clinical test reports in Quest’s cancer sequencing tests. Financial details of the deal were not disclosed.
** OMEGA PROTEIN CORP, $12.32, up 14 pct (11:37 a.m E.T)
The fish oil and meal products maker’s shares continued their rally on Monday. The company reported quarterly results on Wednesday that handily beat analysts’ estimates, helped by increased demand and prices. Its shares have risen 31 percent since it reported the results.
** UNILIFE CORP, $2.98, up 14 pct (11:27 a.m. ET)
The company, which makes injectable drug delivery systems, said it signed an agreement with the research and development arm of AstraZeneca Plc.
Unilife will generate revenue from the contract in the first quarter of fiscal 2014.
** CIRRUS LOGIC, $19.42, down 12.7 pct (1:52 p.m. ET)
Barclays Capital confirmed that Apple Inc's iPad Air, unlike older iPad models, does not feature a Cirrus Logic audio amplifier, investment website SeekingAlpha reported. Barclays Capital also said Apple could stop using the company's amplifiers altogether, according to the SeekingAlpha report. (link.reuters.com/cyb64v)
Cirrus gets three quarters of its revenue from the iPhone maker.
** TRANSOCEAN LTD, $55.41, up 3.6 pct (1:52 p.m. ET)
** ICAHN ENTERPRISES L.P., $115.80, down 3.7 pct
Transocean said it reached an agreement with Carl Icahn that would see the offshore driller paying out a dividend and reducing the number of board seats, in a move that resolves a months-long proxy battle. As per the agreement, Transocean would pay a $3 dividend, while reducing the maximum number of directors to eleven from fourteen. Icahn had previously pressed for a $4 per share dividend.
** FACEBOOK INC, $46.6, down 1.7 pct (1:52 p.m. ET)
The firm’s director Marc Andreessen’s venture-capital firm sold a third of its stake in the world’s No. 1 online social network, according to a recent regulatory filing.
** JA SOLAR HOLDINGS CO LTD, $12.40, up 13 pct (1:58 p.m. ET)
The Chinese solar products maker said it would supply 70 MW of polycrystalline modules to solar panel system integrator Shanghai CSET for two commercial rooftop projects.
** DISCOVERY LABORATORIES INC, $2.24, up 11.4 pct (1:58 p.m. ET)
Piper Jaffray & Co analysts started coverage on the company’s stock with an “overweight” rating, saying that its drug, Surfaxin, which treats a respiratory disorder in infants, had significant advantages over older drugs.
The analysts also said that the company’s experimental drug to treat the same respiratory disorder could target a wider population of infants.
“With north of $100 million in peak sales potential ... we believe the company can reach profitability on Surfaxin alone,” analysts David Amsellem and Traver Davis wrote in a note to clients.
** PHOENIX NEW MEDIA LTD, $9.97, up 10 pct (11:29 a.m. ET)
The web and mobile content provider said on Monday it signed agreements with IDG-Accel China Growth Fund III LP and IDG-Accel China III Investors LP for “millions of U.S. dollars” in investment, which will be used to accelerate development of the company’s Phoenix FM radio application business.
** ROCKET FUEL INC, $41.70, up 10 pct (11:03 a.m. ET)
Analysts at BMO Capital Markets raised their rating on the stock to “outperform” from “market perform” after the digital advertising technology company forecast current-quarter revenue above analysts’ estimates on Thursday.
“Gross margins should ease versus the first nine months owing to fourth-quarter seasonality, the strongest for advertising spending,” the analysts said in a note.
** ESSEX RENTAL CORP $2.79, down 9 pct (03:12 p.m. ET)
The company, which provides lifting equipment used in construction projects, said Chief Executive Ronald Schad has decided to resign but would continue until a replacement is found. Schad, who has been Essex’s chief executive for 13 years, will continue to serve on the board.
** TRINA SOLAR LTD, $16.99, up 8 pct (1:58 p.m. ET)
The Chinese solar panel maker said its laboratory has been accredited by China’s science and technology ministry. The lab, which is in the Changzhou Trina PV Industrial Park, will support research to improve the efficiency and durability of solar modules, the company said.
** BALTIC TRADING LTD, $4.98, up 7 pct (11:58 a.m. ET)
Spot rates for small dry bulk ships supramax and handysize rose on Monday even as those of bigger vessels fell. A majority of the dry bulk shipper’s fleet comprises supramax and handysize vessels.
** ALON USA ENERGY INC, $10.94, up 7 pct (11:00 a.m. ET)
Credit Suisse raised its rating on the refiner to “neutral” from “underperform”, saying the company is pushing ahead with the development of a West Coast logistics business “which could generate EBITDA of $40-$60 million over the next few years”. The brokerage also said the company’s Big Spring distillate recovery project in Texas is on schedule.
** 8X8 INC, $9.99, down 6 pct (10:52 a.m. ET)
The internet telephone company said it agreed to buy privately held Voicenet Solutions, a provider of cloud business telephony and communications services in the UK, for about $18 million in cash.
It also offered publicly 12.5 million shares of its common stock.
** DESCARTES SYSTEMS GROUP, $12.39, up 6 pct (10:11 a.m. ET)
The logistics company said it had signed a deal with a Chinese company to give its customers improved electronic access to airport ground handlers, cargo terminals and air carriers.
** GULFMARK OFFSHORE INC, $51.81, up 6 pct (10:40 a.m. ET)
The oilfield services provider's shares continued to rally on Monday. The company said on Friday that Robert Millard, an independent director, bought 8,951 shares at $48.66. The purchase price was at a premium of 2 percent to the stock's Thursday close. (r.reuters.com/syb64v)
** GRIFOLS SA, $31.28, up 4.4 pct (1:58 p.m. ET)
The Spanish pharmaceuticals group said it would finance its $1.675 billion acquisition of Novartis’s blood transfusion diagnostics unit with a $1.5 billion loan from banks.
** MARRONE BIO INNOVATIONS INC, $15.59, down 6 pct (1:31 p.m. ET)
Stifel Nicolaus analyst Paul Massoud lowered his 2014 revenue estimate for the chemical company, citing a delay in U.S. regulatory approval for the company’s new products, including its Venerate pesticide.
** DENBURY RESOURCES INC, $18.34, down 5.2 pct (1:58 p.m. ET)
The company said on Sunday it did not intend to create a master limited partnership.
“While potential complexity, conflicts and tax leakage pushed Denbury away from an MLP, we expect investors may be disappointed as the value uplift from an MLP may have been more immediately evident,” analysts at SunTrust Robinson Humphrey wrote in a note to clients.
** FUTUREFUEL CORP, $16.60, up 5 pct (12:01 p.m. ET)
The chemical and biofuels maker reported on Friday a 22 percent rise in profit, helped by higher margins and increased sale of its biofuel products.
** CDW CORP, $21.99, down 4 pct (11:47 a.m. ET)
The technology products retailer offered publicly 15 million shares of its common stock, Streetinsider.com said. (link.reuters.com/gac64v)
** MITEL NETWORKS CORP, $6.80, up 2.2 pct (1:58 p.m. ET)
The provider of internet phone and video-conferencing services said it would buy smaller rival Aastra Technologies Ltd for C$392 million ($374 million) to expand in Europe.
** SILVER WHEATON CORP, $20.96, down 3 pct (10:10 a.m. ET)
The Canadian silver miner’s third-quarter profit fell 36 percent due mainly to lower silver prices and higher costs.
** RDA MICROELECTRONICS INC, $18.16, up 3.5 pct (1:58 p.m. ET)
The chipmaker said it will sell itself to China’s state-owned Tsinghua Unigroup Ltd for about $910 million.
** CHINA XD PLASTICS CO LTD, $4.79, up 3 pct (11:23 a.m. ET)
The maker of modified plastics for the automotive industry reported a 79.5 percent rise in third-quarter revenue as discounting helped it grow in East China, the largest automobile market in China.
** WILLIAM LYON HOMES, $21.74, down 3 pct (2.32 p.m. ET)
The homebuilder reported a third-quarter profit that missed analysts’ estimates as cost of sales rose 76 percent. Excluding items, the company earned 44 cents per share. Analysts had expected 25 cents a share, according to Thomson Reuters I/B/E/S.
** TATA MOTORS LTD, $29.24, down 5 pct (12:30 p.m. ET)
The auto maker’s operating profit margins at its key unit Jaguar Land Rover Ltd for the July-September quarter missed estimates when adjusted for one-time tax incentives.
** KANDI TECHNOLOGIES GROUP INC, $6.61, up 7 pct (11:30 a.m. ET)
The electric car maker said it would soon deliver the first group of 200 Kandi Brand JL7001BEV four-passenger electric sedan vehicles to the public EV sharing system in Hangzhou, China.
“This delivery is to meet the market demand for the four-passenger pure EVs in addition to the two-passenger pure EVs currently used for the project,” the company said.
** NORDIC AMERICAN TANKERS LTD, $8.9, up 5.5 pct (11:53 a.m. ET)
The oil tanker operator’s third-quarter loss narrowed and the company said it expects off-hire costs and other expenses to fall significantly in the coming quarters.
** RANDGOLD RESOURCES LTD, $75.63, down 1.3 pct (2:03 p.m. ET)
** NEWMONT MINING CORP, $27.49, down 0.2 pct
Gold hit three-and-a-half week lows on Monday after a surprise surge in U.S. jobs growth reignited speculation the Federal Reserve could soon start scaling back its monetary stimulus program, denting bullion’s appeal. Spot gold hit its lowest since Oct. 17 at $1,278.94 an ounce in early trade, after losing 1.5 percent in the previous session, its biggest one-day fall in about a month. It was down 0.5 percent at $1,282.41 an ounce at 1500 GMT. (Compiled by Natalie Grover; Editing by Maju Samuel)