July 14, 2014 / 2:43 PM / 4 years ago

BUZZ-U.S. Stocks on the Move-Citigroup, Harmonic, Progenics, Kandi

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for more market insights, including options activity, ; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock indexes rose on Monday, buoyed by the latest flurry of merger activity and earnings from Citigroup, putting the S&P 500 on pace to climb for a second straight session. The Dow Jones industrial average was up 0.76 percent at 17,071.84, the S&P 500 was up 0.53 percent at 1,977.99 and the Nasdaq Composite added 0.57 percent to 4,440.65.

** CITIGROUP INC,$48.68, +3.57 pct

The company said it agreed to pay $7 billion to settle a U.S. government investigation into mortgage-backed securities the bank sold in the run-up to the 2008 financial crisis.

Citigroup on Monday also reported a stronger-than expected adjusted quarterly profit as its fixed-income business performed ahead of forecasts, taking the sting out of the settlement.

The stock was one of the top boosts to the S&P 500.

** FIRST MAJESTIC SILVER CORP, $166.02, -0.25 pct

** SILVER STANDARD RESOURCES, $9.0906, -1.08 pct


** MCEWEN MINING, $2.975, -4.03 pct

Gold prices slid more than 2 pct as concerns over euro zone periphery faded. Spot gold was down 2.4 pct at $1,304.90 an ounce at 1310 GMT, on track for its biggest one-day loss since Dec. 2. U.S. gold futures for August delivery were down $31.20 an ounce at $1,306.20. Silver was down 2.3 pct at $20.89 an ounce.

** MYLAN INC, $51.55, +2.69 pct

** ABBOTT LABORATORIES, $41.55, +0.61 pct

Generic drugmaker Mylan said it would buy Abbott’s specialty and branded generics business in developed markets outside the United States in an all-stock transaction valued at about $5.3 billion.

With more than 9 million shares traded, Mylan was the fifth most traded stock on the Nasdaq.

** HARMONIC INC, $6.38, -10.52 pct

The fiber optics products maker cut its second-quarter revenue forecast, citing delayed orders. The stock fell 11 percent in morning trade, their steepest single-day fall in more than four years.


** SALIX PHARMACEUTICALS LTD, $133.71, +9.53 pct

Salix said the U.S. Food and Drug Administration said that Relistor, which has been licensed from Progenics to treat opioid-induced constipation, could be approved on the data submitted on the basis of the data in the in the supplemental new drug application.

Progenics’ stock was the third highest percentage gainer on the Nasdaq at 1030 ET.

** KANDI TECHNOLOGIES GROUP INC, $16.23, +10.26 pct

The China-based electric vehicle maker’s sales from its joint venture in China more than triple to 4,114 electric vehicles in the second quarter from the first quarter.

Kandi’s stock was the second highest percentage gainer on the Nasdaq at 1030 ET.

** EXELIXIS INC, $3.4992, +5.24 pct

Exelixis’ experimental drug helped patients with an advanced form of skin cancer live longer without their disease worsening when used in combination with another treatment. The drug, cobimetinib, is being developed in collaboration with Swiss drugmaker Roche AG

** URS CORP, $56.7, +9.00 pct

** AECOM TECHNOLOGY CORP, $33.05, +4.06 pct

Engineering design company Aecom said on Sunday said it would pay about $4 billion to acquire engineering and construction services firm URS.

URS’s stock was the second highest percentage gainer on the NYSE at 1030 ET.

** RIVERBED TECHNOLOGY INC, $19.23, -5.50 pct

The network equipment maker cut its second-quarter adjusted revenue forecast, hurt by lower sales in North America due to longer sales cycle of some of its large deals.

** STAPLES INC, $11.0435, +1.32 pct

Barron’s financial newspaper said on Sunday that investors should consider buying retail stocks including Staples that are trading cheaply. While Staples appears to be out of favor because of its footprint of physical stores, it boasts the third-largest online retail business behind Amazon.com and Apple, Barron’s said.

** DREAMWORKS ANIMATION SKG INC, $22.18, -1.51 pct

Analysts at B. Riley downgraded the animated movie produce stock to “neutral” from “buy” and cut Its price target to $25 from $32.

** WHITING PETROLEUM CORP, $83.42, +6.21 pct

** KODIAK OIL & GAS CORP, $14.88, +4.57 pct

Whiting said on Sunday it would acquire Kodiak for $3.8 billion in stock, to become the largest producer in North Dakota’s Bakken shale oil formations. The deal is valued at $6 billion and includes Kodiak’s net debt of $2.2 billion.

Brean Capital analysts raised their price target on Whiting’s stock to $102 from $96. (Compiled by Sneha Banerjee in Bangalore; Editing by Savio D’Souza)

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