(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 were off their highs and were little changed in afternoon trading on Wednesday as investors turned their attention to the outcome of the Federal Reserve's policy meeting.
The Dow Jones Industrial Average was up 0.05 percent at 19,921.18, the S&P 500 was unchanged at 2,271.69 and the Nasdaq Composite was up 0.02 percent at 5,465.114.
** NEUSTAR INC, $33.175, +19.98 pct
The telecommunications company said it would be taken private by a group led by San Francisco-based private equity firm Golden Gate Capital in a deal valued at about $2.9 billion, including debt.
** VERICEL CORP, $4.3008, +65.42 pct
The U.S. FDA approved the stem cell therapy developer’s Maci implant to treat cartilage defects of the knee in adult patients by using tissues from the patient’s knee.
** NORDSON CORP, $112.94, +8.32 pct
The industrial materials maker’s fourth-quarter profit and revenue beat estimates due to strength in its advanced technology systems unit.
** MYLAN NV, $37.49, -2.11 pct
** LANNETT CO INC, $24.3, -2.61 pct
** IMPAX LABORATORIES INC, $12.675, -3.98 pct
** TEVA PHARMACEUTICAL INDUSTRIES INC, $36.935, -1.93 pct
The U.S. Department of Justice accused two Heritage Pharmaceuticals Inc executives of colluding with other generic drugmakers to fix prices, the first criminal charges stemming from a sweeping two-year investigation, Bloomberg reported.
** SAREPTA THERAPEUTICS INC, $30.05, -5.56 pct
The most bearish analyst on stock says the drugmaker’s DMD drug launch is likely slower than expected. “Our analysis suggests likely slow uptake of Exondys 51 due to additional time required for genetic tests, uncertainty of clinical benefit, and exhaustive payer oversight,” Jefferies said.
** FIRST NBC BANK HOLDING CO, $7.55, -21.35 pct
FBR cuts its rating on the southeastern community bank to “underperform” from “market perform”, saying shares are overvalued.
** EXPRESS SCRIPTS HOLDING CO, $70.4379, -3.73 pct
** MCKESSON CORP, $143.44, -3.06 pct
** CARDINAL HEALTH INC, $72.64, -1.51 pct
** AMERISOURCEBERGEN CORP, $77.26, -2.25 pct
Express Scripts, the largest pharmacy benefit manager in the United States, said drug price inflation would likely be restrained going into 2017 and that scrutiny into pricing strategies was here to stay. President-elect Donald Trump pledged last week to “bring down drug prices,” voicing similar concerns raised by other presidential candidates in run-up to election.
** PROTEON THERAPEUTICS INC, $2.15, -14.00 pct
At least four brokerages downgraded the drug developer’s stock and two brokerages cut price targets after the company’s experimental chronic kidney disease drug failed to meet main goal in a late-stage study.
** PEAK RESORTS INC, $5.7545, +13.95 pct
The ski resort operator said it got access to $52 million in foreign-investor funds to develop its largest resort, Mount Snow in Vermont.
** GLOBAL EAGLE ENTERTAINMENT INC, $7.19, +11.65 pct
The aircraft internet connectivity and media provider announced extension of a contract with Southwest Airlines Co through 2025.
** BRAINSTORM CELL THERAPEUTICS LTD, $2.6399, +22.22 pct
The drug developer presented data from mid-stage study of its cell therapy, NurOwn, in patients with amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease, at 27th International Symposium on ALS in Dublin, Ireland.
** ALPHABET INC, $821.45, +0.75 pct
** APPLE INC, $115.83, +0.56 pct
** FACEBOOK INC, $120.95, +0.53 pct
** AMAZON.COM INC, $771.76, -0.33 pct
** TESLA MOTORS INC, $202.44, +2.17 pct
** MICROSOFT CORP, $63.045, +0.10 pct
** ORACLE CORP, $40.9, +0.34 pct
U.S. President-elect Donald Trump and Silicon Valley executives have a chance to smooth over frictions when they meet at his Manhattan tower on Wednesday for talks, after both sides made no secret of their disdain for each other during the presidential campaign.
Amazon also launched its video-on-demand service, Prime Video, in nearly every country except China, pitting itself against video-streaming pioneer Netflix Inc.
** NVIDIA CORP, $96.4625, +5.81 pct
Evercore upgraded the chipmaker’s stock rating to “buy” from “hold.”
** AKAMAI TECHNOLOGIES INC, $67.205, +3.17 pct
Oppenheimer upgraded the internet content delivery service provider’s stock to “outperform” from “perform.”
** AIRGAIN INC, $16.08, -12.13 pct
Wunderlich cut the antenna system designer’s stock rating to ‘hold’ from ‘buy’ on unclear prospects of continued demand from LeEco since trading halt last week.
** WELLS FARGO & CO, $54.65, -2.13 pct
U.S. officials on Tuesday limited the bank’s ability to grow its business, punishing the bank for not having a sufficient plan to protect markets in the case of bankruptcy.
** GENERAL MOTORS CO, $36.65, -1.90 pct
** FORD MOTOR CO, $12.73, -0.31 pct
China will soon slap a penalty on an unnamed U.S. automaker for monopolistic behavior, the official China Daily newspaper reported on Wednesday, quoting a senior state planning official.
** EAGLE BULK SHIPPING INC, Tuesday close $5.61, -6.64 pct premarket
The dry bulk shipper announced private placement of about 22.2 million shares at $4.50 per share, a 19.8 percent discount to stock’s Tuesday close.
** PBF ENERGY INC, $27.43, -4.19 pct
The refiner sold 10 million shares of class A common stock, for total gross proceeds of about $277.5 million. The offering represents about 10 percent of the company’s 98.14 million outstanding Class A shares as of Nov. 2.
** AEGEAN MARINE PETROLEUM NETWORK INC, $10.6, -13.11 pct
The marine fuel and lubricant supplier offered $150 million privately convertible senior notes due 2021, up from $100 million announced earlier.
** CALLON PETROLEUM CO, $16.5, -5.17 pct
The oil and Gas producer said it upsized offering of 40 million shares priced at $656 million, translating to $16.40 per share. The offering, which represents about 25 percent of the company’s outstanding shares as of Oct. 26, was priced at a discount of 5.7 percent to stock’s Tuesday close.
** HERTZ GLOBAL HOLDINGS INC, $23.32, -7.20 pct
The U.S. car rental company said on Tuesday it would replace its chief executive and reduce its board size in January, moves backed by its biggest shareholder Carl Icahn.
** INTERCEPT PHARMACEUTICALS INC, $105.75, -2.56 pct
The drugmaker said its liver drug, Ocaliva, received conditional approval from the European Commission to treat patients with primary biliary cholangitis, a rare liver condition.
** UNIVERSAL HEALTH SERVICES INC, $102.16, -6.27 pct
Raymond James downgraded the U.S. hospital operator’s stock rating to “market perform” from “outperform”, citing growing scrutiny following Dec. 7 Buzzfeed report, which accuses company of Medicare fraud.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $14.235, -3.69 pct
Pershing Square Capital Management cut stake in the Canadian drugmaker to 7.8 percent from 9 percent.
** MURPHY OIL CORP, $33.65, -1.90 pct
** NEWFIELD EXPLORATION CO, $46.91, -2.03 pct
** EXXON MOBIL CORP, $91.24, -1.45 pct
** HALLIBURTON CO, $54.37, -0.97 pct
** BAKER HUGHES INC, $65.2, -1.56 pct
Oil prices fell following a rise in US crude inventories and as OPEC warned of a growing crude surplus next year unless production cuts are implemented.
** OM ASSET MANAGEMENT PLC, $14.2, -1.66 pct
The asset manager’s parent company Old Mutual Plc offers 13 million OMAM shares priced at $14.25 per share, as the group prepares to split into 4 main businesses. (Compiled by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila)