December 19, 2016 / 5:49 PM / a year 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.


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.


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.


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.


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.


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