November 28, 2016 / 6:42 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Time Inc, Cognizant, Recro Pharma, PhaseRX

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U.S. stocks were lower in early afternoon trading on Monday, weighed down by financial and consumer discretionary stocks, as some investors cashed in following a record-setting week.

The Dow Jones Industrial Average was down 0.23 percent at 19,108.11, the S&P 500 was down 0.27 percent at 2,207.35 and the Nasdaq Composite was down 0.22 percent at 5,386.815.

** TIME INC, $16.45, +20.87 pct

The publisher of People and Fortune magazines has rejected a takeover bid from billionaire investor Edgar Bronfman Jr., the New York Post reported.


Activist investor Elliott Management Corp disclosed a more than 4 percent stake in the IT services provider and urged the company to take steps to boost shareholder value.

** RECRO PHARMA INC, $9.27, +19.46 pct

The drug developer said its postoperative pain treatment, IV meloxicam, met the main goal of lowering intensity of pain from tummy tuck surgery in the second late-stage trial.

** PHASERX INC, $2.59, +129.20 pct

The drug developer received orphan drug designation from the U.S. Food and Drug Administration for PRX-OTC, its treatment for a rare liver disorder diagnosed in children.

** BOS BETTER ONLINE SOLUTIONS, $2.03, -12.88 pct

The electronic equipment distributor company, based in Israel, reported a quarterly loss due to higher costs related to its Next-Line business, which provides inventory counting services.

** FANG HOLDINGS LTD, $3.01, -12.24 pct

The Chinese property website operator reported lower-than-expected third-quarter revenue and cut its revenue forecast for the full year.

** FIRST MAJESTIC SILVER CORP, $8.67, +4.52 pct

** HARMONY GOLD MINING CO LTD, $2.43, +7.05 pct

** ANGLOGOLD ASHANTI LTD, $11.30, +3.86 pct

** BARRICK GOLD CORP, $15.35, +4.14 pct

U.S.-listed stocks of gold miners were up as gold rose over 1 percent, recovering from near 10-month lows, as the U.S. dollar extended losses after touching a near 14-year high last week.


Privately held Silverback Exploration LLC will sell oil and gas assets in the Delaware Basin, Texas, for $855 million to Centennial Resource Development Inc, which is backed by energy private equity fund Riverstone Holdings LLC.

** H&R BLOCK, $22.15, -7.63 pct

BTIG downgraded the company’s stock to “sell” from “neutral”, saying likelihood of U.S. legislation to simplify tax filing could hit the tax preparation service provider.

** SOUTHWESTERN ENERGY CO, $11.91, +3.84 pct

BMO Capital Markets upgraded the oil and natural gas company’s stock to “outperform” from “market perform”. Inexpensively priced exposure, plus some of the greatest torque, to natural gas trade, itself showed greater signs of support as the winter heating season may finally be taking hold, analysts wrote in a client note.

** BAOZUN INC, $15.40, -3.81 pct

The Alibaba-backed e-commerce company filed for offering of class A ordinary shares of up to $100 million on Friday after the bell.

** MBIA INC, $10.32, +8.75 pct

The bond insurer reported a financing commitment for MBIA Insurance Corp. Noteholders have agreed to provide up to $325 million and MBIA will contribute $38 million, the company said.

** TEAM INC, $36.80, -5.76 pct

The provider of specialty industrial services said it may sell up to $150 million of its common stock through an “at-the-market” equity offering program.

** AMAZON.COM INC, $769.16, -1.44 pct

Brokerage Citigroup cut price target on the company’s stock to $960 from $965. Amazon Web Services (AWS), its cloud business, reduced prices for its core offerings, which was the largest cut since April 2014, Citi said in a note.

** TUPPERWARE BRANDS CORP, $56.47, -4.74 pct

B.Riley downgraded the stock to “sell” from “neutral” and cut its price target to $47 from $64, citing worsening foreign exchange backdrop, decreasing sales growth and slow-operating margin expansion.

** HEAT BIOLOGICS, $2.97, +19.28 pct

The immuno-oncology company said on Nov. 17 that it would report results on Dec. 6 of its early-stage study HS-110, in combination with Bristol-Myers’ anti-PD-1 checkpoint inhibitor, to treat non-small cell lung cancer.


The closed-end mutual fund with holdings in Caribbean Basin companies believes it would benefit from liberalized trade relations between the United States and Cuba.

Compiled by John Benny in Bengaluru; Edited by Martina D'Couto

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