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Wall Street fell on Tuesday, led by materials and financial stocks, as yet another rally failed to take off in what has been a turbulent year for financial markets. The Dow Jones industrial average was down 1.00 percent at 16,453.97, the S&P 500 was down 0.98 percent at 1,926.5 and the Nasdaq Composite was down 1.05 percent at 4,522.557.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $82.83, +9.10 pct
The Canadian drugmaker said it would restate its financial results for 2014 and 2015 after identifying some sales to Philidor that should have been recognized when products were dispensed to patients.
** JPMORGAN CHASE & CO, $56.31, -3.86 pct
The largest U.S. bank by assets will set aside $500 million more in the first quarter for oil and gas loans on top of the $815 million at the end-2015.
** FITBIT INC, $13.28, -19.61 pct
The wearable fitness device maker’s current-quarter profit forecast missed Wall Street estimates by a wide margin, as the company aggressively invests in new products.
** HOME DEPOT INC, $125.28, +1.98 pct
** LOWE’S COMPANIES INC, $68.89, -0.83 pct
Home Depot, the No. 1 U.S. home improvement chain, reported better-than-expected quarterly sales, helped by a rise in demand amid an improvement in the housing market.
Shares of Home Depot’s smaller rival Lowe also rose. Lowe’s is scheduled to report results on Wednesday.
** VIACOM INC, $37.61, +2.03 pct
The media company has initiated a process to sell a minority stake in movie studio Paramount Pictures.
** TEXAS ROADHOUSE INC, $41.23, +11.58 pct
The casual dining chain reported better-than-expected fourth-quarter profit and revenue as more people visited its restaurants.
** ON DECK CAPITAL INC, $6.89, -21.70 pct
The company’s fourth-quarter revenue beat estimates, while profit was in line, but company sees margins declining as it invests in technology for its partnership ramp.
** DILLARD’S INC, $78.5, +8.35 pct
The department store operator’s revenue beat analysts’ average estimate, helped by demand for home goods, furniture and women’s accessories.
** ROGERS CORP, $51.39, +12.95 pct
The electronics product maker’s fourth-quarter profit topped estimates for at least the eighth quarter in a row. Sales also beat estimates, helped by demand for high frequency circuit materials used in aerospace and defense applications.
** ANGIE’S LIST INC, $8.455, -9.48 pct
The consumer review website operator posted fourth-quarter profit and revenue that missed analysts estimates.
** MACY’S INC, $43.15, +5.09 pct
The department store said quarterly sales at stores open at least a year fell less than it had expected and that it has started contacting potentially interested parties for partnerships or joint ventures for its flagship and mall-based properties.
** FREEPORT-MCMORAN INC, $7.25, -8.58 pct
Citigroup downgraded shares of the copper miner to “sell” from “neutral”, saying the company’s planned asset sales could erode its net asset value, given weak commodity prices.
** CABOT OIL & GAS CORP, $19.9, -7.61 pct
The oil and gas producer priced an upsized offering of 44 mln shares at $20 per share. The offering, which represents 10.6 percent of Cabot’s outstanding shares, is at a 7 percent discount to the stock’s Monday close.
** CHIPOTLE MEXICAN GRILL INC, $527.98, +0.40 pct
Deutsche Bank cut rating on stock to “sell” from “hold”, questioning when the company will execute a recovery.
** WESTERN DIGITAL CORP, $43.08, -6.55 pct
** SANDISK CORP, $66.37, -1.94 pct
Western Digital said China’s Unisplendour Corp Ltd backed out from buying a stake in the hard-disk maker, forcing the U.S. company to cut the price of its proposed offer for rival SanDisk by 9 percent.
** NEWPORT CORP, $22.75, +51.26 pct
** MKS INSTRUMENTS INC, $32.04, -4.67 pct
Newport, a laser systems maker agreed to be bought by MKS Instruments for $980 million in an all-cash deal. MKS’ offer of $23 per share represents a premium of about 53 percent to Newport’s Monday’s close.
** JAKKS PACIFIC INC, $6.57, -15.44 pct
The Dragon Ball Z and Pokemon toys maker forecasted a wider-than-expected loss in the first quarter as it expects to spend more on marketing due to shift in Easter to first quarter.
** NEXTERA ENERGY PARTNERS, $25.78, -8.35 pct
The yieldco priced a follow-on offering to buy assets from sponsor NextEra Energy Inc. It offered 9.7 million units at $26.00, a 7.5 percent discount to Monday’s $28.13 last sale price.
** TOLL BROTHERS INC, $26.87, +3.23 pct
The largest U.S. luxury homebuilder reported a higher-than-expected 8.8 percent rise in quarterly revenue, as it sold homes at higher prices, and said it was optimistic about the spring selling season.
** ORACLE CORP, $36.57, -1.46 pct
The business software maker, which is seeking to expand its cloud business, has agreed to buy Israeli cloud software company Ravello Systems, the two firms said on their websites on Tuesday.
** TIME INC, $13.97, -2.51 pct
** YAHOO INC, $30.62, -1.76 pct
Time, the publisher of Sports Illustrated, People and Time magazine, is considering a deal to buy the core business of Yahoo, Bloomberg reported, citing people familiar with the matter.
** PTC THERAPEUTICS INC, $12.65, -55.24 pct
The U.S. Food and Drug Administration said the drug developer’s marketing application for its muscle disorder drug was not sufficient to merit review.
** UNITED TECHNOLOGIES CORP,$90.8, -1.70 pct
** HONEYWELL INTERNATIONAL INC, $104.01, -0.54 pct
United Technologies on Monday disclosed merger talks with fellow aerospace component supplier Honeywell but said a deal would “face insurmountable regulatory obstacles.” (Compiled by Anya George Tharakan in Bengaluru; Editing by Anil D’Silva)