October 24, 2016 / 6:01 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-T-Mobile, Davita, Genworth, Ariad Pharma

(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 higher on Monday as a flurry of deal activity boosted investor confidence. The Dow Jones Industrial Average was up 0.41 percent at 18,219.4, the S&P 500 was up 0.40 percent at 2,149.65 and the Nasdaq Composite was up 0.89 percent at 5,304.06.

** T-MOBILE US INC, $50.88, +8.83 pct

The No. 3 U.S. wireless carrier reported a 17.8 percent rise in quarterly revenue as promotions helped attract more subscribers.

** AT&T Inc, $36.77, -1.92 pct

** Time Warner Inc, $87.18, -2.57 pct

AT&T Inc said on Saturday it agreed to buy Time Warner Inc for $85.4 billion, the boldest move yet by a telecommunications company to acquire content to stream over its network to attract a growing number of online viewers.

** B/E AEROSPACE INC, $58.6, +15.79 pct

** ROCKWELL COLLINS INC, $79.39, -6.00 pct

After two years of looking to expand, aircraft component maker Rockwell Collins Inc has struck a deal to buy aircraft interior maker B/E Aerospace Inc for $62 a share in cash and stock, the companies said on Sunday.

** DAVITA INC, $58.1, -4.69 pct

St. Louis Post-Dispatch said that the internal emails show that DaVita, the No. 1 U.S. dialysis service provider, targeted some patients in a campaign to get them to buy insurance they didn’t necessarily need, saying monthly premiums would be paid by a nonprofit.

** MERCHANTS BANCSHARES, $42.6, +29.68 pct

** COMMUNITY BANK SYSTEM, $46.53, -2.04 pct

Merchants Bancshares agreed to merge with Community Bank System. Under terms of the deal, Merchants shareholders have option to receive 0.963 shares of Community Bank System common stock, $40 per share in cash or a combination of 0.6741 shares of Community Bank System common stock and $12.00 in cash.

** ACCO Brands Corp, $10.975, +20.47 pct

The school and office product maker agreed to buy Esselte Group Holdings AB for $333 million in cash. The company said the deal will yield $23 mln of annualized cost synergies within three years.

** KIMBERLY-CLARK CORP, $114.61, -4.16 pct

The personal care product maker reports Q3 sales and profit below analysts’ estimates, hurt by weak currencies mainly in Latin America and lower demand for its tissue and washroom products.

** TWITTER INC,$18.26, +0.94 pct

Brokerage Morgan Stanley said that the company is on the brink of ad revenue declines. Brokerage expects company’s ad revenue to fall 5 pct in Q3 and to begin declining by about 1 pct from Q4.

** SYNGENTA AG, $79.79, -6.25 pct

Chinese state-owned chemical company ChemChina has not offered concessions over its $43 billion bid for Swiss pesticides and seeds group Syngenta SYNN.S, the European Commission said on Monday.

** BASIC ENERGY SERVICES INC, $0.3425, -51.93 pct

The oilfield services provider enters into a restructuring support agreement with its secured term loan lenders and certain holders of its 7.75 pct senior notes.

** MECHEL PAO, $4.83, +26.44 pct

Aton analyst Andrey Lobazov said share growth is due to coal prices rising for the second month.

** INOVIO PHARMACEUTICALS INC, $6.95, -16.87 pct

The immunotherapy developer says U.S. FDA has placed a proposed late-stage trial testing its experimental drug, VGX-3100, on clinical hold.

** CHECK CAP LTD, $2.22, +25.42 pct

Maxim Group analysts said that the diagnostic company’s colorectal cancer screening system, currently in clinical development, is discussed in the cover story of Barron’s latest print edition. The device could be a “potentially paradigm-shifting technology in the colon screening space”, analysts added.

** UNILIFE CORP, $3.18, +81.71 pct

Medical device maker implements cost-cutting measures, including workforce reduction; restructuring business to prioritize wearable injector customer programs


J.P. Morgan cuts rating to “underweight” from “neutral” and PT to $7 from $8, after former Democratic presidential candidate Bernie Sanders and U.S. Representative Elijah Cummings issued a letter last week seeking information from the company on the “staggering” price increases for the company’s leukemia drug.

** MIDDLEBURG FINANCIAL CORP, $30.84, +11.78 pct

** ACCESS NATIONAL CORP, $23.91, -10.15 pct

Middleburg Financial signed a merger deal with chartered bank Access National Corp. Middleburg shareholders will get 1.33 ANCX shares per MBRG share. Access National shareholders will own 53.5 pct of combined co and Middleburg shareholders will own the rest.

** GENWORTH FINANCIAL INC, $4.8, -7.87 pct

Little-known China Oceanwide Holdings Group Co pledged $3.8 billion in a deal to take control of U.S. insurer Genworth Financial Inc, the latest marker of Chinese firms accelerating a drive overseas while their domestic economy slows and the yuan weakens.

** BOISE CASCADE, $19.82, -15.59 pct

The paper and pulp company misses estimates for first time this year and warns of temporary plant closings. The company said it may operate some facilities below capacity, and temporarily curtail plywood operations due to seasonally slower demand expected through year-end.

** QORVO INC, $57.27, +4.70 pct

Brokerage J.P. Morgan said that despite slowing smartphone growth, the RF chipmaker is benefiting from mobile content growth driven by increased RF complexity due to 4G LTE adoption. The company can begin to drive gross margin expansion over the next 1-2 quarters, the brokerage added.


BofA Merrill Lynch analysts said that the increased competition containing easier to administer therapies threatens the company’s money-making opportunities. Company said on Oct. 12, it’s revising early-stage trial protocol for its T-cell therapy to treat a type of ovarian cancer as no clinically meaningful responses have been reported in enrolled patients so far.


The company reported a 1.7 percent rise in comparable sales at Burger King in the quarter ended Sept. 30, much smaller than the 6.2 percent rise a year earlier. Comparable sales from United States and Canada fell 0.5 percent.

** JP ENERGY PARTNERS LP, $8.2, +8.75 pct


The company said it would buy JP Energy Partners LP in an all-stock deal, creating a $2 billion midstream master limited partnership.

** MICROSOFT, $60.845, +1.99 pct

Microsoft plans to increase prices for some enterprise services by up to 22 percent in Britainfollowing the plunge in the pound, likely hitting thousands of companies and government departments who rely on its cloud and software products.

** MGP INGREDIENTS INC, $38.06, -1.93 pct

Thirty-four people were treated for respiratory problems after a chemical spill at company’s facility generated a chemical cloud over northeastern Kansas city of Atchison before authorities declared the threat over. (Compiled by Divya Grover; Edited by Don Sebastian)

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