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U.S. stocks fell more than 1 percent on Wednesday, pushing the bluechip Dow Jones Industrial average back into negative territory for the year, as the slide in Chinese markets spurred concerns over the impact on the global economy. The Dow Jones industrial average was down 1.00 percent at 17,598.36, the S&P 500 was down 1.09 percent at 2,058.72 and the Nasdaq Composite was down 1.16 percent at 4,939.629.
** MICROSOFT CORP, $44.597, +0.67 pct
The world’s largest software company said it would cut 7,800 jobs, mostly in its phone hardware business, to reduce costs and streamline its operations.
** TESLA MOTORS INC, $258.98, -3.32 pct
Analysts at Pacific Crest cut their rating on the company’s stock to “sector weight” from “overweight” on valuation.
“From root-level technology and manufacturing all the way to sales and marketing, Tesla’s differentiation relative to its peer group is nothing short of total,” analyst Brad Erickson wrote in a note. “We simply believe the stock price now more fully reflects these core attributes,” he added.
** PERFICIENT INC, $15.92, -16.25 pct
The IT services provider said it estimated second-quarter revenue of $108.2 million-$109.2 million, below its forecast of $110.5 million-$120.9 million and below the average analyst estimate of $114.1 million.
** OCULUS INNOVATIVE SCIENCES INC, $1.6501, +10.01 pct
The company, which develops solutions to treat dermatological conditions, said it received a new U.S. patent for its Microcyn Technology hypochlorous acid in treatment of atopic dermatitis, a type of itchy skin disorder.
** PRIMA BIOMED LTD, $1.3733, -15.23 pct
The company said it will sell 100 million shares to raise up to A$5 million ($3.7 million) to fund R&D. (1.usa.gov/1NOhsP9)
** ALIBABA GROUP HOLDING INC, $78.45, -1.47 pct
** BAIDU INC, $185.5, -1.09 pct
** WEIBO CORP, $13.0065, -2.90 pct
** CHINA DANGDANG INC, $6.34, -5.09 pct
** JUMEI INTERNATIONAL HOLDING LTD, $17.35, -1.48 pct
** AIRMEDIA GROUP INC, $3.68, -8.00 pct
** IDREAMSKY TECHNOLOGY LTD, $9.075, -8.15 pct
** SINOPEC SHANGHAI PETROCHEMICAL CO LTD, $33.18, -14.94 pct
Shares of U.S.-listed Chinese companies mirrored a nosedive in Chinese stocks on the mainland as investors shrugged off support measures by Chinese regulators.
** ENPHASE ENERGY INC, $6.39, -15.59 pct
JP Morgan cut its rating on the company’s stock to “neutral” from “overweight” and price target to $10 from $16, citing pricing pressure.
** HARLEY-DAVIDSON INC, $55.06, -2.82 pct
Analyst at RBC Capital Markets cut their rating to “sector perform” from “outperform” and price target to $59 from $66.
“Our rating is based on our view that near term retail sales remain soft, a lack of visibility into what can re-accelerate retail demand in the face of modest industry growth (and) increasing competition,” analyst Joseph Spak said.
** SYMANTEC CORP, $22.9, +0.48 pct
** CARLYLE GROUP LP, $27.4, -1.93 pct
Software security company Symantec is in talks to sell its Veritas data storage business to private equity firm Carlyle Group, a person familiar with the matter said on Tuesday.
** ASCENT SOLAR TECHNOLOGIES, $0.4659, -6.82 pct
The solar module maker said it expects that a strong shipment backlog helped second-quarter revenue double to $2.2 million.
** JPMORGAN CHASE & CO, $65.79, -1.51 pct
The bank has agreed to pay at least $125 million to settle probes by U.S. state and federal authorities that it sought to improperly collect and sell consumer credit card debt, according to people familiar with the matter.
** BANK OF AMERICA CORP, $16.4, -1.74 pct
** CITIGROUP INC, $53.26, -2.28 pct
The big banks have been up over the past few weeks on expectations of higher interest rates and that’s at risk now, with concerns about Greece and China leading to a drop-off in yields, analysts at Argus Research Co and RBC Capital Markets said.
** POTASH CORP OF SASKATCHEWAN INC, $29.46, -1.14 pct
The Canadian company is confident that K+S AG shareholders would accept its $8.7 billion bid, but is open to raising it if its German rival could reveal more value, the Globe and Mail reported, citing a source close to the deal.
** MONSANTO CO, $106.54, -1.17 pct
** SYNGENTA AG, $80.87, -2.61 pct
Monsanto believes offering a higher break-up fee to Syngenta if its $45 billion takeover approach does not go ahead would be counterproductive, Chief Executive Hugh Grant told a Swiss newspaper.
** FORD MOTOR CO, $14.56, -1.95 pct
The company is looking to a raft of new sedan and SUV launches in China later this year to regain momentum in the world’s largest auto market, after its sales barely grew in the first half of 2015.
Compiled by Anet Josline Pinto in Bengaluru; Editing by Simon Jennings