June 7, 2016 / 1:17 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-DryShips, Ralph Lauren, Catalent, Erickson

(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 was set for a higher opening on Tuesday, a day after Federal Reserve Chair Janet Yellen expressed confidence in the health of the economy, and as oil prices touched 2016 highs. Dow Jones industrial average futures were up 0.13 percent at 17,939, S&P 500 futures were up 0.06 percent at 2,109.5 and Nasdaq 100 futures were up 0.03 percent at 4,527.

** VALEANT PHARMACEUTICALS INTERNATIONAL INC, Monday close $28.85, -18.37 pct premarket

The Canadian drugmaker, under scrutiny for business and accounting practices, reported a lower-than-expected quarterly profit and cut its full-year earnings and revenue forecast.

** VERIZON COMMUNICATIONS INC, Monday close $50.71, -0.24 pct premarket

** YAHOO INC, Monday close $37.07, -0.62 pct premarket

Verizon plans to submit a second-round bid of around $3 billion for Yahoo’s core internet business, the Wall Street Journal reported, citing people familiar with the matter.

** RALPH LAUREN CORP, Monday close $96.33, -11.14 pct premarket

The luxury fashion retailer said it would cut jobs, close stores and reduce its real estate as part of a sweeping plan to lower costs and revive sales growth.

** SAREPTA THERAPEUTICS INC, Monday close $16.05, +33.33 pct premarket

The drug developer said said the U.S. FDA has requested for additional data from an ongoing study for its muscle-wasting treatment as the agency decides whether to approve the drug or not. The submission of new data should take about 4-6 weeks, and analysts said they see a slim chance for positive analysis.

** CATALENT INC, Monday close $26.22, -6.41 pct premarket

No. 1 holder Blackstone Group carved its stake in the drug delivery tech company, cuting its ownership position to 13.7 percent from 20.8 percent. Catalent also announced a 10 million-share secondary offering. Sources said sole bookrunner Goldman Sachs is marketing the deal in a range of $24.85-$25.25, at a discount of 3.7-5.2 percent to the stock’s $26.22 last sale.

** ALEXION PHARMACEUTICALS INC, Monday close $154.99, -8.34 pct premarket

The drugmaker said Soliris, already approved in the United States for the treatment of two rare blood disorders, missed its primary goal in a late-stage trial.

** UNITED NATURAL FOODS INC, Monday close $38.83, +9.84 pct premarket

The organic and fresh food distributor forecast better-than-expected FY 2016 sales as a result of the acquisitions of Nor-Cal, Global Organic, Haddon House Food Products.

** BIOGEN INC, Monday close $289.84, -8.64 pct premarket

Biogen said its experimental drug for treating multiple sclerosis, a nervous system disease affecting the brain and the spinal cord, did not meet the main goal of improving some symptoms in a mid-stage study.

** DRYSHIPS INC, Monday close $2.36, -36.02 pct premarket

The dry bulk shipper raised “substantial doubt” about its ability to stay in business after it defaulted on three bank facilities, hit by a prolonged downturn in commodity prices and low charter rates.

** ZIMMER BIOMET HOLDINGS INC, Monday close $121.54, -0.77 pct premarket

** LDR HOLDING CORP, Monday close $22.58, +63.42 pct premarket

Zimmer Biomet, a maker of orthopedic reconstructive products, said it would buy LDR in a deal valued at about $1 billion to expand its presence in the spine market.

** ERICKSON INC, Monday close $0.55, +209.09 pct premarket

The aviation service provider got two contracts from United States Navy Military Sealift Command worth about $70 million.

** MERCK & CO, Monday close $57.17, -0.09 pct premarket

** GILEAD SCIENCES INC, Monday close $87.6, -0.29 pct premarket

A U.S. judge on Monday found a pattern of misconduct by Merck including lying under oath and other unethical practices, freeing Gilead from paying any damages for infringing Merck’s patents with its lucrative treatments for hepatitis C, Sovaldi and Harvoni.

** AXIALL CORP, Monday close $23.3, +8.37 pct premarket

Lotte Chemical Corp is bidding for U.S. chemicals maker Axiall and Hanwha Chemical Corp flagged a likely U.S. deal, as cash-flush South Korean chemicals firms target acquisitions in a hunt for new revenue streams.

** INTERNATIONAL BUSINESS MACHINES CORP, Monday close $152.73, +0.05 pct premarket

IBM on Tuesday said it signed a $300 million, ten-year technology services agreement with Dubai’s Emirates Airline .

** ALIBABA GROUP HOLDING LTD, Monday close $78.06, +0.27 pct premarket

Alibaba Executive Chairman Jack Ma “very much hopes” that the e-commerce firm’s affiliate Ant Financial Services Group will list in Hong Kong, a spokeswoman for the online finance company quoted him as saying.

** TESLA MOTORS INC, Monday close $220.68, +0.93 pct premarket

Samsung SDI is making progress in talks with Tesla to supply batteries for the U.S. automaker’s Model 3 electric car as well as its energy storage products, a source with direct knowledge of the matter told Reuters. (Compiled by Sruthi Shankar in Bengaluru; Editing by Maju Samuel)

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