(Corrects item on Matrix to “gave a 2016 profit forecast that was much higher than its 2015 forecast” from “raised its 2016 profit forecast”) Wall Street was higher on Tuesday, adding to three days of gains, as energy stocks rallied and Micron Technologies led tech stocks higher on reports of buyout interest.
At 12:26 a.m. ET, the Dow Jones industrial average was up 0.33 percent at 18,036.37. The S&P 500 was up 0.38 percent at 2,107.52 and the Nasdaq composite up 0.65 percent at 5,104.57.
** TWITTER , $36.92, +3.19 pct
The stock jumped as much as 8.5 percent after a report, purportedly from Bloomberg, said the company had received a $31 billion buyout offer. The stock quickly gave up most of its gains after Bloomberg said the report was fake and Twitter said it had not receive any offer.
** INTEL CORP, $29.6715, -0.20 pct
Bernstein cut its rating on the chipmaker’s stock to “underperform” from “market perform”, citing signs of weakness in its datacenter business, which it said could be “significantly more damaging” to Q2 results than the tepid PC market.
** MICRON TECHNOLOGY INC, $19.55, +11.02 pct
China’s state-backed Tsinghua Unigroup Ltd is preparing a $23 billion bid for the U.S. memory chip maker, in what would be the biggest Chinese takeover of a U.S. company, people familiar with the matter said.
** AMAZON.COM INC, $466.84, +2.47 pct
The stock hit a record high after UBS upgraded the e-commerce company’s stock to “buy” from “neutral”, based on the flywheel that Amazon was creating via Prime subscriber growth and the Fulfillment by Amazon business.
** COCA-COLA, $41.25, +1.45 pct
UBS upgraded the stock to “buy” from “neutral” and raised its price target to $48 from $44, citing an increasing probability of the stock breaking out over its historical trading range in next 12 months to a range of $45-$50.
** GOPRO INC, $55.57, +6.64 pct
Barclays upgraded the action camera maker to “overweight” from “equal weight” and raised its price target to $65 from $50.
** JPMORGAN CHASE & CO, $68.79, +1.03 pct
The biggest U.S. bank by assets reported a stronger-than-expected rise in profit, helped by a drop in legal and restructuring expenses and a smaller tax bill.
** WELLS FARGO & CO, $57.15, +0.72 pct
The largest U.S. mortgage lender reported a drop in profit for the second quarter in a row as expenses rose at a time when the largest U.S. mortgage lender is struggling to boost margins in a low-interest rate environment.
** JOHNSON & JOHNSON, $99.48, -0.79 pct
The company’s second-quarter revenue fell nearly 9 percent to $17.79 billion.
** BOOKS-A-MILLION INC, $3.17, +20.12 pct
The book retailer agreed to be acquired by entity owned by the Anderson Family in a deal worth about $21 million, or $3.25 per shares - a 23.6 percent premium to Monday’s close.
** MATRIX SERVICE CO, $20.65, +17.73 pct
The engineering and construction company gave a 2016 profit forecast that was much higher than its 2015 forecast.
** VINCE HOLDING CORP, $9.71, -18.81 pct
The apparel and accessories retailer said its chief executive resigned. William Blair downgraded the stock to “market perform” from “outperform”, saying the management changes created a sense of uncertainty on the company’s strategy and the timing of its turnaround.
** TRANSGENOMIC INC, $1.9, +32.87 pct
The diagnostic company said it has launched a genetic test for diagnosing leukodystrophy, a progressive genetic disorder which affects the central nervous system.
** NAVIENT CORP, $16.47, -10.29 pct
The student loan servicing company said its core profit for the second quarter and the year would be hurt due to aggressive market pricing for private education loan portfolios.
** TONIX PHARMACEUTICALS HOLDING CORP, $7.57, -8.13 pct
The drug developer’s offering of 2.3 million shares was priced at $7.50 per share, a 9 percent discount to the Monday’s close. The offering represent about 14.4 percent of outstanding shares.
** AMBASSADORS GROUP INC, $1.76, -26.67 pct
The travel program provider said on Monday it would close its operations and will start downsizing its staff later this month.
** OCULAR THERAPEUTIX INC, $24.05, +13.93 pct
BTIG Research started coverage on the drug developer’s stock with a “buy” rating and target price of $65.
** EPIRUS BIOPHARMACEUTICALS INC, $7.5302, +17.84 pct
The drug developer signed a deal with Poland’s Polpharma Group to develop three biosimilar drugs that target a $6 billion market.
** CELYAD SA, $60.18, +10.00 pct
UBS started coverage of the Belgian drug developer’s stock with a “buy” rating and an $82 target price.
** BIOCEPT INC, $2.784, +5.45 pct
The molecular diagnostics company launched a diagnostic test that could help physicians identify skin cancer patients who might benefit from available targeted therapies.
** SPIRIT AIRLINES INC, $58.51, -7.92 pct
The U.S. carrier lowered its forecast for the remainder of the year, primarily due to lower revenue, saying June results and operations were hurt by many cancellations related to adverse weather.
** PRIMERO MINING CORP, $3.53, -6.37 pct
Dundee Capital downgraded the miner’s Toronto-listed stock to “neutral” from “buy” after the coompany said on Monday it expects a delay in second-quarter revenue from its silver business.
** NATURAL HEALTH TRENDS CORP, $37.25, +13.57 pct
The direct-selling and e-commerce company estimated revenue more than doubled in the quarter ended June 30. [ID:nGNXVDZFUa
** URBAN OUTFITTERS INC, $36.69, +3.70 pct
Jefferies upgraded the apparel retailer’s stock to “buy” from “hold” and raised its target price to $50 from $36.
** BALLARD POWER SYSTEMS INC, $1.575, +9.38 pct
Rodman and Renshaw started coverage on the Canadian fuelcell maker’s stock with a “buy” rating and price target of $2.50.
** WPX ENERGY INC, $11.74, +5.58 pct
The oil and gas producer said it would acquire privately held RKI Exploration & Production LLC for $2.35 billion, the latest in a series of deals brought on by a steep drop in crude prices.
** AVOLON HOLDINGS LTD, $25.28, +6.53 pct
China’s Bohai Leasing Co Ltd said it has agreed to buy 20 percent of Avolon Holdings for $429 million, in the latest acquisition by a unit of aviation and shipping conglomerate HNA Group.
** CALLON PETROLEUM CO, $7.73, +5.60 pct
Cowen and Company started coverage on the oil and gas producer’s stock with an “outperform” rating and price target of $10.
** CELSION CORP, $2.4001, +3.45 pct
BTIG Research started coverage on the cancer therapy developer’s stock with a “buy” rating.
** ORBITZ WORLDWIDE INC, $11.19, -1.84 pct
UBS cuts its rating on the online travel agency’s stock to “sell” from “neutral” and its price target to $10 from $12.
** AXION POWER INTERNATIONAL INC, $2.495, -21.75 pct
The lead-carbon battery maker’s stock started trading on a split-adjusted basis after a 1-for-35 reverse split.
** KALOBIOS PHARMACEUTICALS INC, $3.17, +1.58 pct
The monoclonal antibody company’s stock started trading on a split-adjusted basis after the company effected a 1-for-8 reverse split.
** YUM BRANDS INC, $91.47, +0.40 pct
The KFC, Pizza Hut and Taco Bell chain owner reports results after the markets close. The company said it expects another tough quarter before a recovery in China, but that could be pushed out as consumers clamp down on discretionary spending. (Compiled by Anannya Pramanick in Bengaluru; Editing by Savio D’Souza)