NEW YORK, Jan 6 (Reuters) - Some U.S. stocks to watch on
Tuesday:
DOW CHEMICAL (DOW.N)
The company said it would pursue legal and other options to
fulfill rights under its agreement with Petrochemical
Industries Co of Kuwait, after Kuwait scrapped a deal to form a
$17.4 billion joint venture with the company. [ID:nN06412074]
Dow shares gained 3 percent to $15.50 in premarket trade.
APPLE (AAPL.O)
Oppenheimer upgraded the technology company to outperform.
[RCH/US]
Shares rose 1.7 percent to $96.20 before the bell.
AMERICAN INTERNATIONAL GROUP (AIG.N)
Maurice Greenberg, the former chief executive of AIG, said
that the company was planning to sell its HSB Group unit at a
"distressed" price, and said he was seeking an explanation for
the sales process from the company.
AIG agreed to sell the unit to German reinsurer Munich Re
for $742 million in December. [ID:nBNG239703]
AIG shares rose 1.2 percent to $1.68 in premarket trade.
SEMICONDUCTOR MANUFACTURING INTERNATIONAL (SMI.N)
INTEL CORP (INTC.O)
Semiconductor Manufacturing is discussing the possibility
of selling a strategic stake in itself to Intel, according to
sources familiar with the talks. The companies declined to
comment. [ID:nSHA25260]
Shares of Semiconductor closed Monday at $2.12 while shares
of Intel, a Dow component, rose 0.5 percent to $14.99.
CELGENE CORP (CELG.O)
The biotech company was downgraded to neutral from
outperform at Robert W. Baird, which cited concerns over the
company's blood cancer drug Revlimid. The firm questioned
whether the drug would be able to meet growth expectations this
year and cut Celgene's price target to $62 from $68.
[ID:nBNG424402]
Celgene shares slid 1.9 percent to $53.30 in premarket
trade.
LIONS GATE ENTERTAINMENT (LGF.N)
The entertainment company agreed to buy TV Guide and TV
Guide Network for $255 million. The assets were previously held
by Macrovision Solutions MVSN.O. [ID:nN05398767]
Shares of Lions Gate closed Monday at $5.61 while
Macrovision shares ended at $12.95.
BANK OF AMERICA (BAC.N)
Bob McCann, the head of brokerage at Merrill Lynch, late
Monday said he would leave the securities firm, which was
recently purchased by Bank of America. [ID:nSP56300]
Shares of Bank of America, a Dow component, gained 0.5
percent to $14.05 in premarket trade.
ARIAD PHARMACEUTICALS (ARIA.O)
CYCLACEL PHARMACEUTICALS (CYCC.O)
Lazard slashed its price targets on the two companies,
dropping each company by two-thirds. Ariad was dropped to $3
from $9 while Cyclacel was dropped to $2 from $6. [RCH/US]
Ariad shares closed Monday at 98 cents while Cyclacel
shares closed at 40 cents.
(Reporting by Ryan Vlastelica, Editing by Chizu Nomiyama)
