July 21, 2014 / 3:18 PM / 4 years ago

BUZZ-U.S. Stocks on the Move-Euro Tech, Extreme Networks, Hasbro

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for more market insights, including options activity, ; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks fell on Monday, following the sharpest moves in indexes in the past three months during the two previous sessions, as developments in Ukraine and the Gaza Strip continue to garner investor focus. The Dow Jones industrial average was down 0.65 percent at 16,989.56, the S&P 500 was down 0.56 percent at 1,967.05 and the Nasdaq Composite was down 0.54 percent at 4,408.07.

** EURO TECH HOLDINGS CO LTD, $5.3, +28.33 pct

The water treatment equipment supplier got an approval certificate from China’s Classification Society (CCS) for the company’s 300 cubic meter per hour ballast water treatment systems (BWTS)

Euro Tech’s stock was the biggest percentage gainer on the Nasdaq with more than 950,000 shares traded by 1055 ET, compared with a 10-day moving average of 6,006.

** EXTREME NETWORKS INC, $4.92, +12.59 pct

The Ethernet switch maker reported fourth-quarter adjusted profit and revenue above analysts’ expectations, helped mainly by new business in North America. The company said it expected a profit of 6-8 cents per share, excluding items, and adjusted revenue of between $154 million and $156 million for the quarter. Analysts on average had expected earnings of 3 cents per share on revenue of $146.7 million, according to Thomson Reuters I/B/E/S.

** HASBRO INC, $51.69, -2.86 pct

The second-largest U.S. toymaker’s second-quarter sales rose 8.2 pct to $829.3 million, but missed the analysts’ average estimate of $839 million. Net income fell by 2 cents to 26 cents per share.

** CTI BIOPHARMA CORP, $2.71, +4.63 pct

The Israeli health ministry approved the drug developer’s blood cancer drug, Pixuvri, for patients who have received not more than three previous courses of treatment.

Pixuvri is to be marketed in Israel by Neopharm Group.

** EMC CORP, $27.87, +3.30 pct

Activist investor Elliott Management Corp has taken a $1 billion stake in the data storage equipment maker and plans to push the company to spin off its VMware Inc unit, the Wall Street Journal reported, citing people familiar with the matter.

** BB&T CORP, $37.42, -3.80 pct

The bank reported lower-than-expected second-quarter earnings. The company’s profit was hit by mortgage and tax-related charges in connection with an audit by the Department of Housing and Urban Development.

** BIOLASE INC, $2.09, +8.85 pct

The dental laser maker said it plans to raise $12 million via private placement. Biolase said it would sell 6.3 million shares at $1.92 per share, in line with Friday’s closing price, in an offering representing 31.9 percent of the company’s outstanding shares as of April 30.

** EZCORP Inc, $10.14, -8.81 pct

The pawn broker and payday lender’s CEO, president and director Paul Rothamel was removed from all posts on Friday by Phillip Ean Cohen, who owns 100 percent of the company’s voting rights.

Cohen also removed William Love as chairman and Joseph Beal as director in a change aimed at improving the company’s operating and financial performance.

** ANACOR PHARMACEUTICALS INC, $16.74, +5.68 pct

The drugmaker said it had entered into an agreement with a unit of Swiss drugmaker Novartis AG to market Anacor’s antifungal treatment in the United States.

Anacor will get upfront payments of $40 million and an additional milestone payment of $25 million expected to be paid in January 2015, it said. The FDA approved the drug, Kerydin, for the topical treatment of a fungal infection of the toenail, on July 8

** AK STEEL HOLDING CORP, $8.45, -4.30 pct

** STEEL DYNAMICS INC, $19.775, +6.43 pct

Russian steel maker Severstal OAO said on Monday that it had agreed to sell its two U.S. steel plants for $2.3 billion, withdrawing from the U.S. market at a time of rising tension between Russia and the West and turning its focus to its domestic business.

Severstal said it would sell subsidiaries Severstal Columbus in Mississippi and Severstal Dearborn in Michigan to Steel Dynamics and AK Steel, respectively, a sale which may allow the steelmaker to pay an extra dividend and reduce debt.

** GLU MOBILE INC, $7.465, +9.94 pct

Cowen and Co raised its price target on the mobile game maker’s stock to $10 from $6. The brokerage also raised its full-year non-GAAP revenue estimate to $212 million from $159.5 million, and earnings estimate to 26 cents per share from 3 cents.

** CBS OUTDOOR AMERICAS INC, $34.19, +3.48 pct

CBS Outdoor Americas said it would buy the billboard business from Van Wagner Communications LLC, a privately held company with outdoor advertising in New York’s Times Square and on buses on the Las Vegas strip, for $690 million in cash.

** ROCK-TENN CO, $95.68, -4.27 pct

Macquarie cut its rating on the packaging company’s stock to “neutral” from “outperform”, according to StreetInsider.com. Separately, 10 brokerages have a “buy” or “outperform” rating on the stock, five have a “hold” rating and one has a “sell” rating.

** GOPRO INC, $42.4299, +2.41 pct

JPMorgan and Piper Jaffray started coverage of the action camera maker’s stock with an “overweight” rating. Separately, Raymond James started coverage with a “market perform” rating, Barclays with “equal weight”, Stifel with “hold” and Citigroup and Baird with “neutral.” JPMorgan set a price target of $51 on GoPro’s stock.

** ARENA PHARMACEUTICALS INC, $4.88, -1.41 pct

The drugmaker signed a deal with a unit of Teva Pharmaceuticals Industrials Ltd to sell Arena’s obesity drug in Israel after it is approved for use there.

The drug, Belviq, was approved for use in the United States in June 2012.

** KEY ENERGY SERVICES, $6.9, -1.85 pct

Two brokerages cut their price targets on the oilfield service provider’s stock to $10 from $11, as a result of the slower pace of U.S. activity due to permitting delays in California and lower customer activity levels.

** ALLERGAN INC, $170.59, +1.91 pct

The U.S. drugmaker, which is fighting off a hostile bid from Valeant Pharmaceuticals International Inc, announced 1,500 jobs cuts as part of a $475 million restructuring meant to boost profits over the next six years.

** HALLIBURTON CO, $71.47, +0.76 pct

The world’s No.2 oilfield services provider said it expected higher margins in North America in the current quarter due to strong drilling activity, signaling an industry-wide recovery in the region after a two-year slump.

** REYNOLDS AMERICAN INC, $57.87, -1.33 pct

** LORILLARD INC, $60.68, -1.62 pct

** ALTRIA GROUP INC, $41.74, -1.02 pct

A Florida jury has awarded the widow of a chain smoker who died of lung cancer 18 years ago record punitive damages of more than $23 billion in her lawsuit against the second-biggest U.S. cigarette maker. [ID: nL2N0PV00D]

** MCDONALD’S CORP, $97.855, -1.15 pct

** YUM BRANDS INC, $74.82, -3.36 pct

Restaurant companies McDonald’s and Yum Brands are facing a new food safety scare in China, denting the fast food giants’ efforts to shore up reputations and businesses that were hurt by a 2012 safety scandal in one of their biggest markets.

** ABBVIE INC, $54.04, -1.58 pct

The U.S. drugmaker bought Dublin-based Shire Plc on Friday in a 32 billion pound ($54.7 billion) deal that will allow it to slash its tax bill by relocating to Britain.

** JUNIPER NETWORKS INC, $24.58, +2.42 pct

The network equipment maker’s shares rose after Jesse Cohn, portfolio manager at Elliott Management, said the company’s shares could rise 30 percent or more due to lower valuation relative to its peers and improving prospects, Barrons’ magazine reported over the weekend

** KONINKLIJKE PHILIPS NV, $31.26, -1.33 pct

Philips said on Monday that it expects its core profit to rise in the second half of the year after cost-cutting measures, but said 2014 would still be a challenge. (Compiled By Shubhankar Chakravorty in Bangalore; Editing by Simon Jennings)

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