(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) Wall Street rose on Monday morning after euro zone leaders reached an agreement with Greece to move forward with a third bailout loan for the country to avert bankruptcy.
The Dow Jones industrial average was up 1.10 percent at 17,956.16, the S&P 500 was up 0.92 percent at 2,095.69 and the Nasdaq Composite was 1.22 percent at 5,058.64.
** NETFLIX INC, $703.63, +3.38 pct
Goldman Sachs raised its price target on the stock to $780 from $620, keeping its “buy” rating, saying it expects the company’s results to continue beating analysts’ estimates based on an analysis the brokerage did of Netflix’s market and margin opportunities.
** APPLE INC, $124.68, +1.14 pct
Socgen upgraded the company’s stock to “buy” from “hold” citing an expected successful launch of the new iPhone 6S handset in September.
Apple recorded 92 percent of the total operating income from the world’s eight top smartphone makers in the first quarter, up from 65 percent a year earlier, according to Canaccord Genuity, the Wall Street Journal reported.
** REMY INTERNATIONAL, $29.17, +42.08 pct
** BORGWARNER INC, $54.15, +0.97 pct
Auto parts supplier BorgWarner said it would buy Remy, a maker of electric and hybrid motors, for about $950 million to better compete in the fast-growing market for electric and hybrid vehicles. BorgWarner’s offer is worth $29.50 per Remy share.
** CELSUS THERAPEUTICS PLC, $0.561, +14.49 pct
The drug developer said it would buy privately held Volution Immuno Pharmaceuticals SA in an all-stock deal to create a company focused on developing treatments for a range of rare and orphan autoimmune and inflammatory diseases.
** ANACOR PHARMACEUTICALS INC, $122.19, +44.42 pct
The biopharmaceutical company said data showed its experimental ointment to treat an itchy skin condition met the main goal of late-stage studies.
** MARKWEST ENERGY PARTNERS LP, $65.94, +10.36 pct
** MPLX LP, $58.38, -15.45 pct
** MARATHON PETROLEUM CORP, $59.33, +8.88 pct
MPLX LP, Marathon Petroleum’s master limited partnership (MLP), will buy natural gas processor MarkWest Energy for about $15.63 billion, a deal that will create the fourth-largest MLP by market value. The offer is worth $78.64 per MarkWest share.
** ASCENA RETAIL GROUP INC, $14.03, -14.29 pct
The apparel and footwear retailer cut its full-year 2015 adjusted earnings from continuing operations forecast mainly due to lower-than-expected sales at Justice and dressbarn and to reflect the move to accelerate the planned merchandise transition at Justice.
** OHR PHARMACEUTICAL INC, $3.28, +44.49 pct
Data from a final mid-stage trial showed the drug developer’s eye drop, Squalamine, in combination with Roche Holding AG’s Lucentis, was more effective than Lucentis alone, in some patients with macular edema, a sight robbing condition.
** MELCO CROWN ENTERTAINMENT, $22.2475, +6.09 pct
** WYNN RESORTS LTD, $107.62, +3.58 pct
** LAS VEGAS SANDS CORP, $57.43, +4.72 pct
** MGM RESORTS INTERNATIONAL, $18.65, +2.8 pct
U.S. casino companies rose on Monday after a report said that Macau would ease casino smoking restrictions. MacauBusiness.com reported that Macau was open to permitting smoking in casinos. It cited Secretary of Social Affairs and Culture Alexis Tam Chon Weng, after the Legislative Assembly gave the bill to ban smoking in casinos a first reading.
** PLEXUS CORP, $39.79, -6.97 pct
The contract electronics maker estimated third quarter revenue of about $670 million, at the lower end of its forecast of $670 million-$700 million, and profit of 67-70 cents per share, below its forecast of 71-79 cents.
** AMERICAN AIRLINES, $42.49, +3.11 pct
** DELTA AIR LINES, $43.33, +2.05 pct
** SPIRIT AIRLINES, $63.98, +1.11 pct
** JETBLUE AIRWAYS, $22.1151, +1.82 pct
** ALASKA AIR GROUP, $72.31, +2.49 pct
** SOUTHWEST AIRLINES, $34.4, +1.68 pct
** UNITED CONTINENTAL HOLDINGS, Friday close $55.51, +1.80 pct premarket
Airlines stocks rose after oil prices tumbled on Monday as Iran and six world powers closed in on a nuclear deal that would end sanctions on the Islamic Republic and let more Iranian oil on to world markets.
Delta will expand its alliance with Brazil’s Gol Linhas Aereas Intelligentes SA under a $446 million stock and loan agreement.
** BANK OF AMERICA CORP, $16.96, +1.56 pct
** MORGAN STANLEY, $39.07, +1.11 pct
** JPMORGAN CHASE & CO, $67.95, +1.34 pct
** GOLDMAN SACHS GROUP INC, $209.83, +1.27 pct
** WELLS FARGO & CO, $56.66, +1.03 pct
Major U.S. banks’ shares rose after euro zone leaders reach agreement with Greece to move forward with third bailout loan for country to avert bankruptcy.
** APPLIED OPTOELECTRONICS INC, $19.4617, +15.09 pct
The networking component maker estimated second quarter revenue and profit would be higher than its forecast driven by strong demand for its CATV and datacenter products and shipping 40Gbs transceivers ahead of plan.
** FITBIT INC, $43.45, +3.21 pct
At least six brokerages started coverage of the wearable fitness-tracking device maker’s stock.
** IAMGOLD CORP, $1.735, -5.19 pct
RBC downgraded the Canadian miner’s U.S.-listed stock to “underperform” from “sector perform” and cut its price target to $2.25 from $2.75.
** E COMMERCE CHINA DANGDANG INC, $6.92, +5.33 pct
The Chinese online book and media retailer said on Monday it would form an independent committee to evaluate its chief executive Guoqing Li and Chairwoman Peggy Yu Yu’s offer to take the company private.
** AUTONATION INC, $64.17, +3.15 pct
Morgan Stanley raised it rating on the shares of the largest U.S. auto dealer to “overweight” from “underweight” and price target to $70 from $47.
** JARDEN CORP, $54.9, +4.95 pct
The maker of Sunbeam appliances and Coleman outdoor gear, said it would buy disposable tableware maker Waddington Group for about $1.35 billion.
** EDWARDS LIFESCIENCES CORP, $152.1, +3.36 pct
At least three brokerages raised their price target on the medical device maker’s stock after the company said on Friday it would buy privately held heart device maker CardiAQ Valve Technologies Inc for up to $400 million to expand its portfolio of less-invasive mitral valve replacement devices.
** SEAGATE TECHNOLOGY PLC, $45.3, -1.41 pct
The storage company estimated fourth-quarter revenue and non-GAAP gross margin would be lower than it had forecast mainly due to lower-than-expected demand.
** CORNING INC, $18.87, -2.13 pct
Bank of America Merrill Lynch downgraded the stock of the maker of Gorilla Glass for smartphones to “underperform” from “neutral” and slashed target price to $16 from $25 saying it thinks Wall Street’s estimates on the company are too high and overly bullish on fundamentals.
** PLATFORM SPECIALTY PRODUCTS CORP, $25.53, +1.55 pct
The U.S. chemical maker said it would buy UK’s Alent Plc for about 1.35 billion pounds ($2.10 billion) in cash to expand its portfolio and save costs. (Compiled by Anannya Pramanick in Bengaluru; Editing by Savio D’Souza)