(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 dipped at the open on Monday as developments in Ukraine and the Gaza Strip look to dominate trading amid a thin economic calendar. The Dow Jones industrial average was down 0.39 percent at 17,032.78, the S&P 500 was down 0.35 percent at 1,971.37 and the Nasdaq Composite was down 0.43 percent at 4,413.16.
** EXTREME NETWORKS INC, $5.0702, +16.02 pct
Network-gear maker Extreme Networks estimated 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, $51.86, -2.54 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, $2.815, +8.69 pct
The drug developer’s shares rose after the Israeli health ministry approved the company’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, $28.15, +4.34 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, $37.35, -3.98 pct
The bank’s shares fell after it 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.
** ANACOR PHARMACEUTICALS INC, $16.51, +4.23 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
** MANPOWERGROUP INC, $80.77, -2.85 pct
The staffing company reported better-than-expected second-quarter results and forecast third-quarter profit above analysts’ expectations, helped by a pick up in hiring in Europe.
** HALLIBURTON CO, $71.72, +1.11 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, $57.43, -2.08 pct
** LORILLARD INC, $60.84, -1.36 pct
** ALTRIA GROUP INC, $41.72, -1.07 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]
** AK STEEL HOLDING CORP, $8.87, +0.45 pct
** STEEL DYNAMICS INC, $19.8, +6.57 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.
** MCDONALD‘S CORP, $98.09, -0.91 pct
** YUM BRANDS INC, $75.1, -3.00 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.
** GOPRO INC, $42.9201, +3.60 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.
** ABBVIE INC, $54.03, -1.60 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.
** CBS OUTDOOR AMERICAS INC, $34.06, +3.09 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.
** KONINKLIJKE PHILIPS NV, $31.07, -1.93 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)