Wall Street bounced on Monday as investors were heartened by signs of progress in talks to resolve the fiscal crunch and data that showed the recovery in the housing sector was gaining strength.
The Dow Jones industrial average was up 1.33 percent, the Standard & Poor’s 500 Index was up 1.59 percent, and the Nasdaq Composite Index was up 1.56 percent. (1131 ET)
** BIOMIMETIC THERAPEUTICS INC, $7.10, up 70 pct (0933 ET)
Orthopedic device maker Wright Medical Group Inc will buy BioMimetic for up to $380 million in cash and stock to gain access to the regenerative medicine maker’s bone graft product.
** LOWE’S COS INC, $33.08, up 7 pct (0934 ET)
The world’s No. 2 home improvement chain reported a higher-than-expected quarterly profit on Monday as preparation and rebuilding efforts tied to superstorm Sandy boosted business at the retailer, which raised its full-year sales forecast.
** FACEBOOK INC, $23.83, up 1.1 pct (0934 ET)
The social networking site will begin rolling out on Friday a new tool which will allow online retailers to track purchases by members of the social network who have viewed their ads.
** APPLE INC, $543.13, up 2.9 pct (0935 ET)
The largest U.S. stock by market value was up in trade on Monday, after recording eight straight weeks of declines.
** CITIGROUP INC, $35.99, up 2.8 pct (0936 ET)
The financial services provider has agreed to pay $360 million to the brokerage estate of Lehman Brothers to resolve a dispute over $1 billion in collateral that the investment bank was forced to post in the days leading up to its bankruptcy in 2008.
** COMPLETE GENOMICS, $3.11, up 3 pct (0936 ET)
Illumina Inc on Friday said it offered to buy Complete Genomics for $3.30 a share, topping an offer from China’s BGI-Shenzhen by 5 percent. Illumina’s bid, submitted on Nov. 5, offers a premium of 9.3 percent on the stock’s Friday close.
** SINA CORP, $50.40, up 11.4 pct (0936 ET)
China’s largest e-commerce company Alibaba Group is planning to buy a stake in Weibo, China’s most popular microblogging service, China Business News reported on Monday.
** TYSON FOODS INC $17.85, up 5.8 pct (0937 ET)
America’s largest meat company posted higher-than-expected quarterly earnings and gave an upbeat forecast on Monday as the company adds more higher-priced prepared foods to its portfolio.
** DIAMOND FOODS INC, $14.19, down 6.5 pct (0938 ET)
Jefferies & Co downgraded the snack food maker to “underperform” from “hold”, and cut its price target on the stock to $10 from $27. Last week, Diamond Foods restated financial results for fiscal years 2010 and 2011, erasing $56.5 million in profit.
** RUCKUS WIRELESS INC, $12.83, up 4.7 percent (0940 ET)
The WiFi products maker failed to impress in its market debut on Friday, but shares recovered on Monday.
** METROPCS COMMUNICATIONS INC, $11.14, up 3.6 pct (0940 ET)
The mobile operator got an offer at $11 per share in August from an undisclosed company, it said in an SEC filing on Friday. “On August 7, 2012, we received a written indication of interest from Company C stating that Company C was interested in acquiring MetroPCS for $11 per share, payable 30 percent in cash and 70 percent in stock of Company C,” MetroPCS said.
** BANK OF AMERICA, $9.39, up 3 pct (0941 ET)
Stifel Nicolaus raised its price target on the stock saying that the bank’s earnings per share will be better in the next two years compared to its rivals due to lower operating expenses which would offset sluggish revenue and loan growth.
** ARUBA NETWORKS INC, $18.01, down 4 pct (0941 ET)
Cisco Systems Inc agreed to buy privately held cloud networking company Meraki on Sunday, putting it in direct competition with the network equipment company.
The deal will allow Cisco to offer alternative solutions to traditional Wi-Fi deployment models like smaller competitors, such as Aruba and Ruckus Wireless said ZK research analyst Zeus Kerravala.
** RAMBUS INC $4.29, up 7.3 pct (0945 ET)
JP Morgan Securities raised its rating on the technology licensing company to "overweight" from "neutral", according to Benzinga.com. [r.reuters.com/byc24t ]
** FLOWERS FOODS INC, $23.91, up 7 pct (1004 ET)
The maker of ‘Nature’s Own’ bread and ‘Tastykake’ snack cakes said on Monday it has amended and extended its $500 million loan facility, giving it greater financial flexibility just as its bankrupt rival Hostess Brands Inc entertains bidders for its brands. Flowers is seen as a potential suitor for some of Hostess’ brands.
** ALEXZA PHARMACEUTICALS INC, $4.31, up 5 pct (0959 ET)
European health regulators indicated that they did not have any outstandging issues with the marketing application of the company’s treatment for agitation related to schizophrenia or bipolar disorder.
U.S. health regulators will decide on the marketing of the therapy Adasuve, the drugmaker’s lead product candidate, on December 21, 2012.
** K12 INC, $17.98, down 12 percent (1006 ET)
Wells Fargo Securities cut its rating on the online education services provider to “market perform” due to the declining academic performance at the company’s Colorado Virtual Academy.
** BGC PARTNERS INC, $3.77, up 12 pct (1009 ET)
Raymond James expects the brokerage firm to generate $500 million in revenue in 2012 and upgraded the stock to a “strong buy”, saying BGC has sufficient cash flow to pay dividend to stakeholders.
** DIANA CONTAINERSHIPS INC, $6.02, up 9.06 pct (1019 ET)
The shipper posted better third-quarter results on higher time charter revenue as it increased its fleet by two. Time charter revenue rose by about 50 percent to $14.6 million this quarter. Net income more than doubled to $5.7 million.
** DEAN FOODS CO, $17.18, up 4 pct (1022 ET)
Brokerage Goldman Sachs raised its rating on the U.S. dairy company’s stock to a “buy”, benzinga.com said on Monday.
** ENERPLUS CORP , $12.40, up 5 pct (1019 ET)
RBC upgraded the stock of the Canadian oil and gas producer to “outperform” on valuation.
** STMICROELECTRONICS NV , $5.80, up 6.9 pct (1045 ET)
Brokerage UBS Investment research upgraded the chipmaker to “neutral” from “sell” as the company reaffirmed its forecast for the fourth quarter and said it was not planning to split its analog and digital businesses.
“Encouragingly, the market now understands that there will be no fuller break up of the business along digital-analog lines but we believe plans to “de-risk” ST-Ericsson could include further partnerships rather than disposal,” analyst Gareth Jenkins wrote in a note to clients.
The company said last week that it has no plans to buy out partner Ericsson from their struggling wireless chipmaker joint-venture ST-Ericsson.
** LIGAND PHARMACEUTICALS INC, $18.76, up 12.5 pct (1137 ET)
GlaxoSmithKline Plc said U.S. health regulators had approved its drug Promacta, developed along with Ligand Pharmaceuticals, for the additional use of treating hepatitis C patients with a low platelet count who are unable to undergo standard hepatitis C therapy. (Compiled by Tej Sapru in Bangalore)