December 13, 2016 / 7:00 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Nike, Cytrx, JetBlue, Inovalon

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, here ; for the Morning News Call newsletter, here) U.S. stocks hit all-time highs on Tuesday, with the Dow Jones Industrial average coming within striking distance of the 20,000 mark, as a post-election rally rolled on.

The Dow Jones Industrial Average was up 0.72 percent at 19,938.07, the S&P 500 was up 0.81 percent at 2,275.23 and the Nasdaq Composite was up 1.27 percent at 5,481.104.

** PROTEON THERAPEUTICS INC, $2.625, -73.48 pct

The company said its experimental chronic kidney disease drug failed to meet the main goal in a late-stage study.

** ACHAOGEN INC, $15.33, +17.65 pct

The drug developer announced a 5.75 million share offering to fund its drug’s ongoing development and preparation for potential commercialization, including regulatory submissions in the United States and Europe.

** NEOVASC INC, $2.47, +9.29 pct

The U.S. District Court for the District of Massachusetts denied CardiAQ’s motion for a temporary restraining order to prevent a transaction between the Canadian medical device maker and Boston Scientific Corp.

** ENDOLOGIX INC, $6.2546, -9.22 pct

The European Union is suspending the medical device maker’s CE mark for its AFX system, which is used to treat abdominal aortic aneurysms, balloon-like enlargement of artery, due to reports of Type III endoleaks.

** INOVALON HOLDINGS INC, $9.525, -35.86 pct

The healthcare data analytics company said it expects 2016 adjusted profit between 32 cents to 33 cents per share, versus estimate of 44 cents. The company also forecast 2016 revenue of $426 million to $428 million, below estimate of $472.8 million.


The drugmaker said it would abandon development of its topical gel Clonidine after data from mid-stage study showed the product did not evoke a statistically significant difference in pain relief over a placebo in patients with diabetic neuropathy.

** NIKE INC, $52.39, +1.65 pct

Buckingham Research became the latest brokerage to say fears around the sportswear and footwear maker’s sales are overdone.

** CYTRX CORP, $0.4055, -19.77 pct

The drug developer entered into purchase agreements with existing institutional investors to buy common stock at 42 cents per share, a 17 percent discount to stock’s Monday close.

** GNC HOLDINGS INC, $13.405, -3.63 pct

Barclays downgraded the nutritional products retailer to “underweight” from “equal weight” and cut its price target to $11 from $15.


The real estate investment trust launched a follow-on of 10.5 million shares for gross raise of about $180 million. The deal got done at $17.15 per share, a 4 percent discount to stock’s last sale on Monday.

** PACIFIC ETHANOL INC, $9.6, -6.34 pct

Market sources said Goldman Sachs re-offered block of 2.8 million shares at $9.55 per share, a 6.8 percent discount to the company’s Monday close. Seller(s) not known at this time.

** JETBLUE AIRWAYS CORP, $22.93, +4.36 pct

The U.S. airline’s fourth-quarter said it was earning more from checked bag fees and higher-priced fares than expected and plans to double the money it will return to shareholders via stock buybacks.


The professional wrestling entertainment company offered $200 million privately convertible senior notes due 2023, up from $175 million announced earlier.

** ENERPLUS CORP, $10.17, +7.17 pct

The Canadian energy producer announced sale of its North Dakota assets for $292 million. Multiple brokerages raised their Price targets.

** WEB.COM GROUP INC, $17.95, +4.36 pct

The website domain registration name company forecast fiscal 2017 revenue of $740 million to $755 million, and reiterated its fiscal 2016 guidance.

** ORGANOVO HOLDINGS INC, $3.695, +9.00 pct

Data supported further preclinical development of the 3D human tissue developer’s 3D bioprinted liver tissue for therapeutic use.

** EXTENDED STAY AMERICA INC, $16.42, -2.38 pct

The hotel operator’s top three holders Centerbridge Partners, Paulson and Blackstone Group sold 12.5 million shares. The offering was done at $16.50, bottom of the $16.50-$16.60 range marketed by sole underwriter Citi, a 1.9 percent discount to the stock’s last sale.

** PATTERSON-UTI ENERGY INC, $26.47, -7.67 pct

The U.S. driller said on Monday it would buy its smaller counterpart Seventy Seven Energy Inc in an all-stock deal worth $1.76 billion including debt.

Compiled by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila

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