June 7, 2016 / 1:57 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Valeant, DryShips, Biogen, LDR, 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) U.S. stocks were little changed on Tuesday as gains in energy and IT companies were offset by tumbling healthcare shares, a day after Federal Reserve Chair Janet Yellen painted a mostly positive picture of the economy. The Dow Jones industrial average was up 0.29 percent at 17,972.93, the S&P 500 was up 0.15 percent at 2,112.64 and the Nasdaq Composite was unchanged at 4,968.81.


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.

** RALPH LAUREN CORP, $89.05, -7.56 pct

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, $20.65, +28.66 pct

The drug developer 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, $24.11, -8.05 pct

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, $137.92, -11.01 pct

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, $44.1925, +13.81 pct

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, $257.64, -11.11 pct

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, $1.381, -41.48 pct

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, $117.65, -3.20 pct

** LDR HOLDING CORP, $36.9, +63.42 pct

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, $1.32, +140.00 pct

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

** AXIALL CORP, $25.155, +7.96 pct

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.

** TESLA MOTORS INC, $226.16, +2.48 pct

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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