February 24, 2017 / 3:07 PM / a year ago

BUZZ-U.S. STOCKS ON THE MOVE-Acacia Communications, Cempra, RH, J.C. Penney

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U.S. stocks opened lower on Friday, dragged down by a drop in financial and energy stocks and as investors assessed if the “Trump rally” had gone too far too soon.

The Dow Jones Industrial Average was down 0.12 percent at 20,785.01, the S&P 500 was down 0.24 percent at 2,358.04 and the Nasdaq Composite was down 0.28 percent at 5,819.039.

** ACACIA COMMUNICATIONS INC, $54.47, -14.13 pct

The optical networking company’s fourth-quarter top-line and bottom-line beat estimates, but its first-quarter earnings per share and sales forecast missed Street expectations due to lower-than-anticipated order rate from larger customers.

** CEMPRA INC, $4.28, +35.71 pct

The drug developer said its oral experimental drug to treat acute bacterial skin infections met the main goal of a late-stage study.

** RH, $31.13, +23.58 pct

The luxury furniture retailer reported preliminary adjusted net revenue of about $590 million for the fourth quarter, ahead of the average analyst estimate of $583.5 million and announced a $300 million repurchase program.

** J.C. PENNEY CO INC, $6.33, -7.73 pct

The department store operator said it would close 130-140 stores over the next few months, and reported a bigger-than-expected drop in same-store sales for the holiday quarter.

** HEWLETT PACKARD ENTERPRISE, $22.51, -8.72 pct

The IT services provider cut its full-year profit forecast, as the corporate hardware and enterprise software business of Hewlett-Packard Co faces intense competition in its cloud-related business and struggles with a strong dollar.

** WATSCO INC, $144.52, -4.98 pct

No. 1 holder United Technologies divests its stake in the air conditioner parts distributor.

** NORDIC AMERICAN OFFSHORE LTD, $1.15, -43.90 pct

The offshore service provider announced a public offering of 33.3 million common shares and said it would use proceeds for general corporate purposes, working capital purposes and expansion of its fleet.

** DIGITALGLOBE INC, $32.20, -5.43 pct

MacDonald Dettwiler and Associates Ltd said it had agreed to buy U.S.-based satellite imagery provider DigitalGlobe Inc for about C$3.10 billion ($2.40 billion) to strengthen its position in the U.S. market.

** APPLE INC, $135.84, -0.51 pct

The company’s shares dipped after a video of an iPhone 7 Plus beginning to smoke widely has been shared on Twitter, sending shares down.

** ALPHABET INC, $846.94, -0.48 pct

Alphabet Inc’s Waymo self-driving car unit sued Uber Technologies and its autonomous trucking subsidiary Otto on Thursday over allegations of theft of its confidential and proprietary sensor technology.

** BAIDU INC, $178.39, -3.39 pct

The Chinese internet search giant revenue fell for a second straight quarter, hurt by a government crackdown on healthcare advertising, but the internet search giant expects a rebound this year as it retools to find growth outside its core ad business.


The owner of the Waldorf Astoria hotel chain said it would buy back up to $1 billion of its shares, and that it would change its corporate name to “Hilton Inc”, effective March 6.

** MAGNA INTERNATIONAL INC, $42.73, -5.36 pct

The Canadian auto parts maker reported a lower-than-expected quarterly profit as costs rose. (Compiled by Vishaka George in Bengaluru; Edited by Martina D’Couto)

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