June 29, 2016 / 3:32 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Lipocine, Clovis, Southwestern Energy

(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 opened sharply higher for the second day on Wednesday as the initial panic surrounding Britain's vote to leave the European Union settled and investors looked for bargains among beaten-down stocks. The Dow Jones Industrial Average was up 1.19 percent at 17,617.74, the S&P 500 was up 1.30 percent at 2,062.47 and the Nasdaq Composite was up 1.46 percent at 4,760.583.

** TESARO INC, $78.88, +111.99 pct

** CLOVIS ONCOLOGY INC, $14.5, +17.36 pct

** MYRIAD GENETICS INC, $30.79, +4.09 pct

Cancer drug maker Tesaro said its ovarian cancer drug met the main goal of prolonging survival in patients, without the disease worsening, in a late-stage trial.

Clovis is is developing a similar drug, while Myriad’s diagnostic test was used to identify patients for Tesaro’s trial.

** LIPOCINE INC, $3.03, -51.67 pct

The drugmaker said its oral testosterone replacement product did not get the approval in the United States.


The hospitality and vacation ownership management company said it agreed to be bought by private equity firm Apollo Global Management LLC in a $2.2 billion deal.

** GALENA BIOPHARMA INC, $0.2876, -85.83 pct

An independent data monitoring committee analyzing the company’s drug, NeuVax, recommended that a late-stage study be stopped as the drug was not effective enough.

** SHIRE PLC, $180.65, +5.64 pct

The Irish drugmaker said a study testing an experimental drug to treat attention-deficit disorder met the main goal, bringing the drug one step closer to approval in the United States.

** ECLIPSE RESOURCES CORP, $3.47, -15.57 pct

The oil and gas company offers 37.5 million shares at $3.50, a 14.8 percent discount to the stock’s last sale. The company said it intends to use the offering proceeds to purchase additional shares and fund a portion of its capex through 2017.

** PRIVATEBANCORP INC, $44.075, +22.67 pct

Canadian Imperial Bank of Commerce said it would buy Chicago-based PrivateBancorp in a cash-and-stock deal valued at about $3.8 billion to offer its Canadian clients access to U.S. banking services.

** ESPERION THERAPEUTICS INC, $9.8099, -39.37 pct

At least three brokerages lowered their ratings on the drug developer. The company said it did not receive definitive answer from FDA about the need for completion of a cardiovascular outcomes study prior to approval of its experimental cholesterol drug.

** AUTOLIV INC, $106.23, -3.54 pct

The auto safety gear maker confirmed that Toyota is recalling 1.4 million Prius cars equipped with its airbag inflators.

** SOUTHWESTERN ENERGY CO, $13.03, -6.19 pct

The oil & gas E&P offered 86 million shares, or 22 percent of its outstanding shares, raising $1.1 billion. The company had earlier planned to offer 75 million shares.

** NIKE INC, $54.21, +2.11 pct

** UNDER ARMOUR INC, $39.5, +5.28 pct

Nike’s shares reversed course in early trading. “In a period of U.S. retail turmoil, global economic fears and stiffening competition and FX volatility, we are encouraged NKE delivered a largely in-line quarter and outlook” - D.A. Davidson analyst Andrew Burns wrote. The company’s shares fell in after-market trading on Tuesday after its fourth-quarter revenue growth and forecast for North America futures orders - for delivery from June through November - missed analysts’ estimates.

** WILLIAMS COS INC, $20.7, +0.29 pct

** ENERGY TRANSFER EQUITY LP, $14.85, +3.05 pct

Energy Transfer Equity said on Wednesday that it has terminated its merger agreement with Williams after ETE’s counsel were unable to declare the deal as tax-free.

** GENERAL MILLS INC, $66.65, +1.35 pct

The maker of Cheerios cereal and Yoplait yogurt reported a better-than-expected quarterly profit, helped by cost cuts and higher demand in markets outside the United States.

** MCDONALD’S CORP, $119.41, +0.77 pct

South Korea’s CJ Group, a food-to-entertainment conglomerate, said on Wednesday it has submitted a letter of intent to buy the largest fast-food chain McDonald’s Corp’s South Korean unit, adding that details have not been decided.

** ELI LILLY & CO, $77.84, +3.58 pct

The drugmaker and Boehringer Ingelheim should be allowed to claim that their diabetes drug Jardiance cuts the risk of cardiovascular death, an advisory panel to the U.S. Food and Drug Administration concluded on Tuesday.

** MONSANTO CO, $102.58, +1.47 pct

The U.S. seeds company said it was in talks with Bayer AG’s management and others regarding “alternative strategic options,” a month after the U.S. seed producer rejected the German company’s $62 billion takeover offer. (Compiled by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)

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