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Sept. 9 Some U.S. stocks on the move on Monday:
WALL STREET CLIMBS ON CHINESE DATA, DEALS
U.S. stocks rose to extend last week's advance as upbeat
Chinese data and merger activity boosted sentiment, and as
concerns eased about an imminent Western strike against Syria.
The Dow Jones industrial average rose 0.67 percent,
the S&P 500 gained 0.63 percent and the Nasdaq Composite
added 0.83 percent.
** MOLEX INC, $38.54, up 31.4 pct (12:56 p.m. ET)
The maker of electronic connectors and cable assembly
products said privately owned energy and chemicals conglomerate
Koch Industries would buy it for about $7.2 billion.
** MOSAIC CO, $43.69, up 3.6 pct (12:57 p.m. ET)
** POTASH CORP, $31.41, up 4 pct
** INTREPID POTASH INC, $13.52, up 4.7 pct
** PROSPECT GLOBAL RESOURCES INC, $4.11, up 44 pct
Shares of fertilizer companies jumped after Russian
President Vladimir Putin said on Friday that it was necessary to
resolve a potash dispute with Belarus.
These were Putin's first comments since potash group
Uralkali quit the Russia-Belarus trading agreement in
July - rocking the global potash industry and sparking a
diplomatic and trade row that led to Belarus arresting
Uralkali's head Vladislav Baumgertner.
** DRYSHIPS INC, $3.11, up 8 pct (12:59 p.m. ET)
** EAGLE BULK SHIPPING INC, $5.17, up 2 pct
** BALTIC TRADING LTD, $5.49, up 5.4 pct
** NAVIOS MARITIME HOLDINGS INC, $7.39, up 2.8 pct
Shares of drybulk shipping companies rose as the Baltic
Exchange's main sea freight index recorded the biggest
percentage jump in four years on Monday due to higher demand for
capesize and panamax vessels.
The index, which tracks freight rates for ships carrying dry
bulk commodities such as coal, iron ore and grain, climbed 126
points to 1,478 points, its highest level since Sept. 2, 2009.
** KYTHERA BIOPHARMACEUTICALS INC, $30.91, up 8 pct
(1:32 p.m. ET)
The pharmaceutical company said its partner Bayer
expects to file for marketing approval for its injectable drug
ATX-101 in Europe next year.
The drug, licensed to Bayer outside of the United States and
Canada, aims at reducing chin fat.
** CLIFFS NATURAL RESOURCES INC, $23.13, up 5.8 pct
(1:33 p.m. ET)
Canadian metal explorer First Point Minerals said a joint
venture with the company in the Decar nickel-iron alloy project
in central British Columbia would proceed to the pre-feasibility
study phase. Cliffs currently owns 60 percent stake in the Decar
Brokerage BB&T Capital Markets expects the miner's
third-quarter earnings to be higher than expected, due to a rise
in iron ore prices.
** TOWERS WATSON & CO, $91.01, up 7 pct (1:01 p.m.
International Business Machines Corp said on Friday
that it would move retirees from the company-sponsored health
plan to private insurance exchange Extend Health, owned by
** MTR GAMING GROUP, $4.23, up 18 pct (1:03 p.m.
The racetrack, gaming and hotel operator said it would be
bought by privately held company, Eldorado Resorts, in a stock
merger. Under the deal, MTR stockholders can choose to be paid
in cash at $5.15 per share for up to 5.8 million shares. The
remaining shares will be exchanged for shares in a combined new
company. Eldorado will own 55 percent of the combined company,
Eldorado Resorts Inc, which will be publicly traded.
** APPLE INC, $507.00, up 1.8 pct (1:03 p.m. ET)
Brokerage FBN Securities raised its price target on the
company's stock to $600 from $575 in anticipation of Apple
making an announcement of its iPhone 5S and iPhone 5C on
Tuesday. The brokerage said it expected the phones to start
shipping on Sept. 20. FBN sees the iPhone 5C as an opportunity
for Apple to be successful in China.
** D.R.HORTON INC, $19.21, up 6 pct (02.46 p.m ET)
** PULTEGROUP INC, $16.64, up 7 pct
** TOLL BROTHERS INC, $31.74, up 4 pct
** LENNAR CORP, $33.74, up 5 pct
** KB HOME, $17.00, up 5 pct
The Philadelphia Stock Exchange's housing sector index
rose 3 percent, trading above its 50-day average for the
first time since June 17. The index tracks 20 companies in the
U.S. construction sector.
** GROUPON INC, $11.21, up 4 pct (1:04 p.m. ET)
The online coupon company said it bought last-minute travel
app Blink to boost its growing Groupon Getaways travel business.
Madrid-based Blink works with more than 2,000 hotel partners in
eight European countries. Terms of the deal were not disclosed.
** UNILIFE CORP, $3.51, up 14 pct (1:04 p.m. ET)
The medical device maker said it entered into a long-term
contract to supply pre-filled syringes to Sanofi SA
for use with Sanofi's thrombosis drug, Lovenox.
In addition to future revenue from the sale of the syringes,
Unilife may receive up to $15 million from Sanofi in milestone
payments, with $5 million expected in 2013. The contract period
can extend up to 2024.
** GREEN DOT CORP, $24.65, up 4 pct (1:05 p.m. ET)
SunTrust raised its rating on the prepaid debit card
issuer's stock to "neutral" from "reduce" as it believes faster
growth in the usage of cards will drive the company's growth.
The brokerage also raised its price target on the stock to $26
** ROSETTA GENOMICS LTD, $3.45, up 9 pct (1:05 p.m.
The diagnostic test maker said it has signed credentialing
agreements with FedMed Inc and Fortified Provider Network Inc
for its Cancer Origin test, expanding the company's access to
managed care organizations in the United States.
** BIOLINERX LTD, $2.28, up 9 pct (1:06 p.m. ET)
The drugmaker said the U.S. Food and Drug Administration
granted an orphan drug designation to the company's experimental
blood cancer drug.
The orphan drug status entitles the company to seven years
of market exclusivity in the United States. It is given to drugs
that are intended to treat rare diseases affecting not more than
200,000 people in the United States.
** SAGENT PHARMACEUTICALS INC, $21.47, down 9 pct
(1:06 p.m. ET)
The company said it would offer about 3.4 million common
shares and plans to use the proceeds to fund expenses and
product development, and for general corporate purposes.
** FUSION-IO INC, $13.02, up 20 pct (1:07 p.m. ET)
** SEAGATE TECHNOLOGY PLC, $40.22, up 1.8 pct
** WESTERN DIGITAL CORP, $65.55, up 0.8 pct
FBN Securities upgraded Seagate Technology's stock to
"outperform" from "sector perform," raising its price target to
$15 from $13 as it expects the storage drive maker to make a bid
for Fusion-Io to counter hard drive maker Western Digital Corp's
"increasing enterprise flash assets."
Western Digital said it would buy Virident Systems Inc, a
maker of flash memory for servers, for $685 million in cash.
** COMMUNITY HEALTH SYSTEMS INC, $38.08, down 4 pct
(1:09 p.m. ET)
Citigroup downgraded the U.S. hospital operator's stock to
"neutral" from "buy" and lowered the price target to $42 from
$60, according to the website Benzinga.com.
** BROCADE COMMUNICATIONS, $7.70, up 3 pct (1:09
Brokerage RBC Capital Markets upgraded the network equipment
maker's stock to "outperform" from "sector perform" as it
expects strong demand for Brocade's Fiber Channel protocol. The
brokerage also expects the company to buy back shares and
possibly issue its first ever dividend. RBC raised its price
target on the company's stock to $10 from $7. Brocade's Fiber
Channel protocol based networking products are used to build
storage area networks.
** LIQUIDITY SERVICES INC, $32.66, up 9 pct (1:09
The online auction marketplace posted on Friday transaction
volumes of $90.4 million for August, a 14 percent jump from a
year earlier. In a note to clients, Robert W. Baird & Co analyst
Colin Sebastian said the August data shows further improvement
in marketplace velocity.
** XEROX INC, $10.08, up 0.5 pct (1:10 p.m. ET)
Commercial printer OTC Group said it bought the company's
Xerox Automated Packaging Solution for iGen4 for its new digital
folding carton packaging business. With this, OTC will be able
to offer more digital folding carton packaging options to its
customers in the consumer packaged goods, food and
** HANWHA SOLARONE CO LTD, $3.68, down 7 pct (1:10
The company, which makes silicon ingots, silicon wafers and
photovoltaic modules in China, reported a smaller loss for the
second quarter, but said it had no plans to add more capacity in
the near term.
** SOLARCITY CORP, $30.13, down 1.7 pct (1:11 p.m.
The U.S. solar installer, which is backed by Tesla Motors
founder Elon Musk, said shareholder Paramount GR
Holdings would sell 3.7 million shares of the company. SolarCity
said last month that it would buy direct-marketing solar company
Paramount Solar for about $120 million in a deal intended to
help cut the cost of acquiring new customers.
** ONCOLYTICS BIOTECH INC, $3.09, up 17 pct (1:11
The company said its cancer drug, Reolysin, reduced the size
of tumors in 92 percent of lung cancer patients in a mid-stage
** ISIS PHARMACEUTICALS INC, $31.06, up 11 pct
(1:11 p.m. ET)
Biogen Idec Inc has agreed to pay another $100
million upfront to the drugmaker as a part of a broad
collaboration to develop new medicines for neurological
disorders, the companies said.
** DELTA AIRLINES, $21.29, up 7 pct (1:12 p.m. ET)
The U.S. airline will join the S&P 500 index after the close
of trading on Sept. 10, replacing BMC Software, Standard
& Poor's said on Friday.
** BLACKBERRY LTD, $11.43, up 5.5 pct (1:12 p.m.
The company's largest shareholder, Prem Watsa, has assembled
billions in backing from Canada's biggest pension funds for a
bid, The Sunday Times reported on Sunday. (link.reuters.com/caz82v)
Watsa is the founder and chairman of Fairfax Financial
Holdings Ltd that holds about 10 percent stake in the company.
** MULTIMEDIA GAMES HOLDING CO INC, $36.55, down 3
pct (1:13 p.m. ET)
Brokerage Janney Capital Markets cut its rating on the
gaming machine maker's stock to "neutral" from "buy," citing a
challenging 2014 for the whole gaming equipment industry.
** NETAPP INC, $42.91, up 1.6 pct (1:13 p.m. ET)
Brokerage UBS Investment Research raised its rating on the
data storage equipment maker's stock to "buy" from "neutral,"
according to the website Theflyonthewall.com.
** SONY CORP, $21.44, up 2 pct (1:14 p.m. ET)
The electronics maker announced the Japanese release of its
PlayStation 4 on Monday as the company braces for a gaming
console war with Microsoft Corp that could make or
break the Japanese firm's struggle to return to profit.
(Compiled by Varun Aggarwal; Editing by Kirti Pandey)