October 14, 2016 / 4:31 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Bank stocks, AMD, bluebird bio, Ocean Power

(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 on track for its best day of the month on Friday as financial stocks rose following a trio big banks reporting better-than-expected results. The Dow Jones Industrial Average was up 0.33 percent at 18,158.52, the S&P 500 was up 0.15 percent at 2,135.76 and the Nasdaq Composite was up 0.14 percent at 5,220.582.

** JPMORGAN CHASE & CO, $67.51, -0.34 pct

The biggest U.S. bank by assets beat forecasts for revenues and profits on Friday as global bond and currency markets roared back to life in the third quarter following Britain’s vote to leave the European Union.

BREAKINGVIEWS-JPMorgan and Citi hint at broader Wells Fargo woes

** CITIGROUP INC, $48.549, +0.16 pct

The fourth-biggest U.S. bank by assets beat expectations for third-quarter net profit on Friday after trading revenue surged 35 percent.

** WELLS FARGO & CO, $44.35, -0.89 pct

Wells Fargo reported its fourth straight fall in quarterly profit as it set aside funds for potential legal costs amid an increasingly politicized bogus-account scandal that cost Chief Executive and Chairman John Stumpf his job.

** DEUTSCHE BANK, $13.34, -0.15 pct

Deutsche Bank’s finance chief told staff representatives last month that job cuts at the bank could be double that planned, a step that could remove 10,000 further employees, a person with direct knowledge of the matter told Reuters.

** HP INC, $14.74, -2.71 pct

HP said it expects to cut about 3,000 to 4,000 jobs over the next three years, as the maker of printers and personal computers continues to struggle with a subdued market.

** ADVANCED MICRO DEVICES INC, $6.835, +5.32 pct

** ALIBABA GROUP HOLDING LTD, $101.99, -0.16 pct

Alibaba to use AMD’s Radeon Pro GPU technology in its global data centers.

** BLUEBIRD BIO INC, $58.6201, -10.15 pct

Brokerage Cantor Fitzgerald downgraded the gene-therapy developer’s stock to “sell” from “hold”.


The real estate services provider says it commenced an underwritten public offering of 3 million common units.

** EGALET CORP, $7.1, -5.59 pct

The drugmaker said that FDA delayed a decision on its long-acting opioid pain treatment, Amyro ER, but has not identified any particular issue with the drug.

** ALON USA ENERGY INC, $8.4, -2.33 pct

** DELEK US HOLDINGS INC, $17.17, +4.57 pct

Alon USA Energy’s largest shareholder, Delek U.S. Holdings, offered to buy the smaller refiner in a deal that valued the company at about $516 million.

** OCEAN POWER TECHNOLOGIES INC, $2.93, -27.11 pct

The company, which makes PowerBuoy systems that generate electricity from ocean waves, prices offering of $2.4 million shares at $2.75 per share.

** TEREX CORP, $25.12, +5.15 pct

Bank of America Merrill Lynch upgrades the U.S. crane maker’s stock to “buy” from “underperform” and raises price target to $29 from $21, citing “financial flexibility like never before.”

** AEROHIVE NETWORKS INC, $5.54, -1.60 pct

The cloud-based mobile network provider estimates its third-quarter revenue below estimates.

** MAMMOTH ENERGY SERVICES INC, $13.51, -9.93 pct

The oilfield services provider’s shares fell below its IPO price in market debut.

** TECK RESOURCES LTD, $18.6, +2.71 pct

Analysts at Dundee Capital Markets raise rating on the Canadian coal miner’s stock to “buy” from “neutral.” (Compiled by Akankshita Mukhopadhyay in Bengaluru; Editing by Don Sebastian)

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