December 19, 2016 / 5:49 PM / 10 months ago

BUZZ-U.S. STOCKS ON THE MOVE-Allied World Assurance, Ambac, Jakks Pacific

(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 higher on Monday in light trading, with the three major indexes hovering near record levels, driven by a rise in technology shares.

The Dow Jones Industrial Average was up 0.17 percent at 19,876.24, the S&P 500 was up 0.24 percent at 2,263.46 and the Nasdaq Composite was up 0.58 percent at 5,468.909.

** ALLIED WORLD ASSURANCE COMPANY HOLDINGS AG, $51.28, +12.04 pct

Toronto-based insurance group Fairfax Financial Holdings Ltd has agreed to buy Swiss insurer Allied World Assurance Co for $4.9 billion in cash and stock, the companies said on Sunday.

** AMBAC FINANCIAL GROUP INC, $21.92, -15.69 pct

Brokerage MKM Partners downgraded the bond insurer to “sell” from “neutral”, and cut its price target to $10 from $27.

** WALT DISNEY CO, $105.81, +1.83 pct

The media company’s “Star Wars” prequel, “Rogue One: A Star Wars Story”, scored the second largest December opening in history, the second largest launch of the year, and one of the top debuts in history, opening to a massive $155 million.

Bank of America Merrill Lynch added the media company’s stock to its U.S. 1 list, saying the company’s shares are well positioned to outperform.

** LENNAR CORP, $43.96, +1.24 pct

The second-largest U.S. homebuilder reported higher-than-expected quarterly profit and revenue and said the housing market continued to make a “slow and steady recovery.”

** UNITED TECHNOLOGIES CORP, $110.43, +1.76 pct

Credit Suisse upgraded the aerospace and building products conglomerate’s stock to “outperform” from “neutral” and raised its price target to $125 from $108.

** JAKKS PACIFIC INC, $4.9, -30.50 pct

The Dragon Ball Z and Pokemon toymaker cut 2016 sales and profit forecasts. Multiple brokerages downgraded the stock.

** TONIX PHARMACEUTICALS HOLDING CORP, $0.5546, +20.57 pct

The drug developer said its post-traumatic stress disorder drug, TNX-102, secured the U.S. FDA’s “breakthrough” therapy status.

** LOXO ONCOLOGY INC, $35.49, +31.88 pct

The cancer drug developer said it expected to submit the U.S. FDA marketing application for larotrectinib in late 2017 or early 2018 and European Marketing Authorisation Application in 2018.

** BRAINSTORM CELL THERAPEUTICS INC, $2.805, +5.06 pct

The Israeli drug developer said it would proceed to a late-stage clinical trial for its adult stem cell treatment in patients with amyotrophic lateral sclerosis (ALS).

** XG TECHNOLOGY INC, $3.868, +68.17 pct

The wireless software developer said it expected revenue of at least $60 million in 2017 due to its deal to buy Vislink Communication Systems, which specializes in the wireless capture, delivery and management of live video.

** CONCORDIA INTERNATIONAL CORP, $2.45, +13.95 pct

The Canadian drugmaker said it would shave costs by ending a contract with a team that was promoting Donnatal, its drug to treat irritable bowel syndrome.

** CLOVIS ONCOLOGY INC, $42.86, +15.22 pct

The U.S. Food and Drug Administration said it approved the drugmaker’s ovarian cancer drug.

** IONIS PHARMACEUTICALS INC, $50, +1.42 pct

The drugmaker said its metabolic disorder drug for severe hypertriglyceridemia met the main goal in a late-stage study.

Compiled by Sruthi Shankar in Bengaluru

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below