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U.S. stocks opened flat on Monday, following a six-day rally
in the benchmark S&P 500, as upbeat manufacturing data in China
was offset by soft readings on business activity in Europe. The
Dow Jones industrial average was down 0.12 percent at
16,926.45, the S&P 500 was up 0.02 percent at 1,963.26
and the Nasdaq Composite was up 2.09 points, or 0.05
percent, to 4,370.13.
** AROTECH CORP, $4.46, -4.50 pct
The provider of defense and security products' said it
expects 2014 revenue in the range of $105 million-$111 million,
lower than the $117 million-$123 million it forecast earlier
** CLIFFS NATURAL RESOURCES INC:, $15.21, +4.61 pct
The U.S. miner said it "proactively" offered to appoint two
new independent directors identified by activist investor
Casablanca Capital. Cliffs Natural Resources nominated nine
directors to its 11-member board annual meeting scheduled for
** SEQUENOM INC, $3.655, +1.81 pct
William Blair raised the life sciences company's stock to
"outperform" from "market perform". Sequenom was executing on
multiple fronts and "a more secure cash situation" from sale of
its genetic analysis business earlier this month, analysts said.
** ROCKWELL MEDICAL INC, $11.85, +6.47 pct
The drugmaker said it received FDA approval to start
manufacturing its vitamin D injection, Calcitriol.
** MERITOR INC, $12.85, -11.93 pct
** EATON CORP PLC ,ETN.N>, $79.28, +2.22 pct
Eaton said it settled a lawsuit with ZF Meritor LLC - joint
venture between truck parts maker Meritor and ZF Friedrichshafen
AG - for $500 million.
** CURIS INC, $1.711, +4.97 pct
The drug developer said partner Roche Holding AG
filed for an U.S. regulatory approval to start mid-stage trial
on their lung disease drug.
** COACH INC, $34.29, -1.27 pct
Wedbush downgraded the upscale retailer's stock to
"underperform" from "neutral", citing worse near- and mid-term
earnings than previously expected following the company's sales
warning last week. "We are also concerned about the simultaneous
renovation and upgrade of the store fleet as we question the
investment given the secular trend towards digital...and Coach's
assertion that retail store traffic will not likely improve for
some time," analyst Corinna Freedman said and cut her price
target to $26 from $40.
** CORINTHIAN COLLEGES INC, $0.412, +23.32 pct
The for-profit education provider said it reached an
agreement with the U.S. Department of Education that would
prevent it from having a cash shortfall. Corinthian said it
would immediately receive $16 million in federal student aid
funds earned through enrollments that will allow its students to
continue their programs. The college operator said last week
that its ability to continue as a going concern was in jeopardy
after the department extended the waiting period to draw down
federal student aid funds.
** ACTAVIS INC, $222.35, +2.52 pct
JP Morgan resumed the Generic drugmaker's stock with an
"overweight" rating. Analysts said they see a strong case for
multiple expansion for Actavis shares, setting price target of
$300. Actavis "has transformed itself into a leading global
specialty pharma player," the analysts said.
** AMERICAN APPAREL INC, $0.7088, +2.87 pct
Dov Charney, who was fired as the clothing retailer's
chairman last week, plans to engage in talks with the company to
shake up its board and management, the company said. Charney
holds a 27.2 pct stake in American Apparel. (1.usa.gov/1iyOA2G)
** ORACLE CORP, $41.28, +1.13 pct
** MICROS SYSTEMS INC, $67.96, +3.33 pct
Oracle said it would buy Micros Systems in a $5.3 billion
deal to expand its offerings for the hospitality and retail
industries. The offer of $68 per share represents a premium of
3.4 percent to Micros' Friday close. Micros shares have risen 14
percent since Bloomberg reported on June 17 that the companies
were in talks over a deal.
** ABBVIE INC, $54.15, +1.59 pct
The drugmaker, which is trying to buy London-listed Shire
Plc, said it expects business performance to remain
strong for the rest of the year and raised its full-year
adjusted earnings forecast to $3.06-$3.16 per share from its
prior forecast of $3.00-$3.10.
** LULULEMON ATHLETICA INC, $41.57, +3.33 pct
Founder Chip Wilson turned to Goldman Sachs as he sought a
board shakeup at the yogawear retailer, the Wall Street Journal
reported. He may consider a proxy fight or joining a private
equity firm in a buyout, the Journal said.
Wilson is working on building a team of advisers that will
likely include Goldman, a source familiar with the situation
** CUBIST PHARMACEUTICALS INC, $73.83, +2.20 pct
The United States FDA approved Cubist's drug, Sivextro, for
treating acute bacterial skin infections on Friday.
Jefferies raises price target to $88 from $87, maintains
"buy". Analysts said sales would reach about $175 million in
2024, assuming the drug is launched in Europe by 2016.
** INTEGRYS ENERGY GROUP, $69.99, +14.83 pct
JWisconsin Energy Corp said it would buy the energy
holding company for $9.1 billion in cash, stock and assumed
debt. Shareholders will get 1.128 Wisconsin Energy shares and
$18.58 cash per Integrys share - translates to $71.47
** CENTRAL GARDEN & PET CO, $9.875, +9.72 pct
** HARBINGER GROUP INC, $13.24, +2.16 pct
Harbinger offered to buy the retailer for $10 per share, or
acquire its pet business for $750 million. The $10 offer
represents a 11.1 percent premium to the stock's Friday close.
Harbinger may increase the offer if Central Garden engaged in "a
constructive dialogue" and grants access to diligence materials.