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U.S. stocks were poised for a flat open on Wednesday, after a three-day winning streak for the S&P 500 index and ahead of a monetary policy announcement by the Federal Reserve. Dow Jones industrial average e-mini futures were down 0.01 percent at 16,803, S&P 500 futures were up 0.03 percent at 1,942 and Nasdaq 100 futures were up 0.14 percent at 3,784.75.
** ADOBE SYSTEMS INC, Tuesday close $67.54, +8.68 pct premarket
The maker of Photoshop and Acrobat software reported better-than-expected quarterly profit and revenue, helped by higher subscription sales of its Creative Cloud and Marketing Cloud suites.
Brokerage JMP Securities raised its price target on Adobe’s stock to $82 from $78. Susquehanna Financial Group raised its target price to $87 from $83. RBC Capital Markets raised its target price to $85 from $75.
** ENDOCYTE INC, Tuesday close $7.72, -16.19 pct premarket
The drug developer said Merck & Co Inc would no longer pursue the development of Endocyte’s cancer drug, vintafolide. Vintafolide is being developed to deliver chemotherapy drugs directly to cancer cells and is being tested in patients with lung and breast cancer.
** ENTEROMEDICS INC, Tuesday close $1.52, +15.79 pct premarket
The medical device maker said a U.S. FDA panel voted 6-2 in favor of its obesity device. EnteroMedics device helps treat obesity by controlling hunger and blocking the primary nerve that regulates the digestive system.
** LA-Z-BOY INC, Tuesday close $24.84, -11.03 pct premarket
The company, known for its La-Z-Boy recliners, reported lower-than-expected revenue for the fourth quarter. Same-store sales declined 0.9 percent.
** AIR PRODUCTS & CHEMICALS INC, Tuesday close $121.6, +6.37 pct premarket
The industrial gas producer under pressure from Bill Ackman to overhaul its management, said it has appointed Seifi Ghasemi chief executive. Ghasemi, currently CEO of specialty chemicals maker Rockwood Holdings Inc, replaces John McGlade.
** FEDEX CORP, Tuesday close $140.31, +3.41 pct premarket
The world’s No. 2 package delivery company reported a better-than-expected 3.5 percent rise in quarterly revenue as it benefited from higher volumes in its ground business. FedEx Ground’s average daily volume increased 8 percent in the fourth quarter ended May 31, primarily driven by growth in e-commerce, the company said.
** CONAGRA FOODS INC, Tuesday close $32.85, -5.02 pct premarket
The maker of Hunt’s tomato ketchup and Slim Jim beef jerky said its adjusted fourth-quarter profit would be lower than its forecast due to lower sales in its consumer foods business and weak profits in private brands. ConAgra estimated an adjusted profit of about 55 cents per share for the quarter ended May 25, lower than its forecast of “in excess of” 60 cents.
** WALGREEN CO, Tuesday close $73.1, +2.34 pct premarket
Barclays Capital raised its rating on the drugstore operator’s stock to “overweight” from “equal weight”, saying the company was considering changes that could materially boost earnings and the stock price. Potential changes include reducing expenses and optimizing the capital structure, and inverting the existing corporate structure to achieve tax savings, analyst Meredith Adler wrote in a note, raising the price target to $92 from $56.
** GW PHARMACEUTICALS PLC, Tuesday close $89.82, -5.29 pct premarket
The drugmaker’s American depositary shares fell after the UK-based company said it planned to sell 1.7 million of its ADRs in a public offering. The price of the offering has not been decided.
** BLACKBERRY LTD, Tuesday close $8.05, +4.60 pct premarket
The Canadian smartphone maker is set to unveil a licensing deal with Amazon.com Inc, sources said. The Deal would allow the company to offer about 240,000 Android apps from Amazon’s app store on new BlackBerry’s devices.
** T-MOBILE US INC, Tuesday close $33.06, +0.57 pct premarket
The No. 4 U.S. wireless operator is hedging its bets by offering to buy spectrum from smaller rivals in case the takeover by Sprint Corp falls through, the New York Post reported, citing a source familiar with the situation.
The thermal coal producer’s shares will debut on New York Stock Exchange on Wednesday. The company is valued at $1.3 billion at IPO price.
The biopharmaceutical company’s shares will debut on the Nasdaq on Wednesday. ZS Pharma raised $106.2 million in IPO of its common shares. Offering of 5.9 million shares was priced at $18 - higher than the expected range. The company is valued at $338 million at the IPO price.
** SUNPOWER CORP, Tuesday close $40.225, -0.81 pct premarket
JP Morgan analysts downgrade the solar panel maker’s stock to “neutral” from “overweight”, citing its 35 percent run up this year. They said they are confident on Sunpower’s business due to low cost of capital and strong momentum in distributed rooftop solar business. (Compiled by Mridhula Raghavan; Editing by Don Sebastian)