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BUZZ-U.S. STOCKS ON THE MOVE-Chubb, Tetralogic Pharma, Ballard Power

Wed, 01st Jul 2015 13:10

(For faster updates on individual market-movers, Eikon usersplease use search string "STXBZ US"; for the Day Aheadnewsletter, http://link.reuters.com/mex49s; for the Morning NewsCall newsletter, http://link.reuters.com/nex49s)U.S. futures rose on Wednesday after Greek Prime Minister AlexisTsipras signaled he was prepared to accept most of creditors'bailout terms with some modifications. Dow Jones industrialaverage e-mini futures were up 0.98 percent at 17,694,S&P 500 futures were up 0.86 percent at 2,072.25 andNasdaq 100 futures were up 0.92 percent at 4,430.5.

** CHUBB CORP, Tuesday close $95.14, +33.07 pctpremarket

** ACE LTD, Tuesday close $101.68, +8.82 pctpremarket

Property and casualty insurer ACE said it would buy smallerrival Chubb for $28.3 billion to diversify its portfolio andreduce exposure to rock-bottom catastrophe insurance rates.

The deal is at a premium of 30 percent to Tuesday's closingprice for Chubb stock, based on the offer price of about $124.13per share.

** BIOCEPT INC, Tuesday close $2.55, +19.22 pctpremarket

The medical test maker launched a new blood test that couldidentify patients who would respond to breast and lung cancertreatments.

** CONSTELLATION BRANDS INC, Tuesday close$116.02, +3.43 pct premarket

The company reported a better-than-expected quarterlyprofit, helped by higher sales of its Corona and Modelo beers,and said it would buy the Meiomi wine brand for about $315million.

** TETRALOGIC PHARMACEUTICALS CORP, Tuesday close$2.34, +30.34 pct premarket

The drug developer said patients given its experimental drug birinapant in combination with azacitidine showed completeresponse to treatment in mid-stage study.

** GENERAL MILLS INC, Tuesday close $55.72

The maker of Cheerios cereal and Betty Crocker cake mixessaid fourth-quarter profit halved as it recorded a $260 millioncharge to write down the value of one of its frozen and cannedvegetable businesses.

** BALLARD POWER SYSTEMS INC, Tuesday close$2.09, -19.14 pct premarket

The Canadian fuel cell products maker announced anoffering of 8.1 million of its U.S.-listed shares at $1.60 pershare, a 23.5 percent discount to the stock's Tuesday close.

The offering size represents 6 percent of the company'soutstanding shares as of May 13, according to Thomson Reutersdata.

** VALLEY NATIONAL BANCORP, Tuesday close$10.31, +0.97 pct premarket

JP Morgan raised its rating on the bank's stock to"neutral", according to Theflyonthewall.com.

** MELCO CROWN ENTERTAINMENT, Tuesday close$19.63, +2.46 pct premarket

** LAS VEGAS SANDS, Tuesday close $52.57, +2.78 pctpremarket

** WYNN RESORTS LTD, Tuesday close $98.67, +2.56pct premarket

Casino stocks were poised for a second straight day ofgains following a better-than-expected showing for monthlygaming revenue in Macau.

Macau's gaming revenue dropped slightly less than the 39-40percent analysts had forecast though it still suffered its 12thstraight monthly decline.

** GREENBRIER CO INC, Tuesday close $46.85, -0.32pct premarket

The company's third-quarter profit missed estimates for thefirst time in five quarters. Quarterly sales growth also fellshort of market estimates, partly due to an abrupt decline inscrap metal prices.

** GENERAL ELECTRIC CO, Tuesday close $26.57, +0.53pct premarket

The head of General Electric's finance unit said Tuesday heexpects the pace of GE Capital asset sales will accelerate inthe third quarter as the U.S. conglomerate eyes unloading aneven bigger chunk of assets.

"We're going to pick up the pace in the third quarter," GECapital Chief Executive Keith Sherin told Reuters in aninterview.

** AT&T INC, Tuesday close $35.52, +0.39 pct premarket

** DIRECTV, Tuesday close $92.79

AT&T's proposed $48.5 billion acquisition of DirecTV isexpected to get U.S. regulatory approval as soon as next week,according to people familiar with the matter, a decision thatwill combine the country's No. 2 wireless carrier with thelargest satellite-TV provider.

** NIKE INC, Tuesday close $108.02, +0.81 pctpremarket

The world's largest sports shoe company said Chairman andco-founder Phil Knight would step down next year.

Knight recommended that Chief Executive Mark Parker succeedshim as chairman. Parker has been CEO since 2006.

** AMAZON.COM INC, Tuesday close $434.09, +0.84 pctpremarket

Amazon launched its one-hour delivery service, Prime Now,for select areas of London on Tuesday and said it would expandthe program to additional cities in the United Kingdom by theend of the year.

For a fee of 6.99 pounds, Amazon Prime members can haveorders worth 20 pounds ($31.43) or more delivered in one hour,the company said on its UK website on Tuesday.

** EMERSON ELECTRIC CO, Tuesday close $55.43, +0.49pct premarket

The U.S. factory automation equipment maker said it plannedto spin off its network power business as part of its efforts tofocus on high-growth businesses.

** AMYRIS INC, Tuesday close $1.95, +2.56 pctpremarket

The renewable chemicals and fuels company said on Tuesday ithad reached a deal with Total SA. Total will own 75percent of the JV after the restructuring.

** KANDI TECHNOLOGIES GROUP INC, Tuesday close$9.04

The Chinese electric vehicle maker said its joint venture,Kandi Electric Vehicles Group Co Ltd, received a Chinesegovernment subsidy payment of 271.1 mln yuan ($43.7 mln). Kandisaid it received the payment for "pure electric vehicle" salesin the second half of 2014. Kandi Electric Vehicles is a 50-50joint venture between Kandi and Chinese automaker GeelyAutomobile Holdings Ltd. ($1 = 6.20 yuan)

** AUTODESK INC, Tuesday close $50.075

Pacific Crest on Monday lowered its fiscal second-quarterestimates for the company following checks with resellers thatindicate it is behind targets.

"Weak FQ2 results are unlikely to surprise. We are loweringestimates, but remain long-term buyers," Pacific Crest analystBrendan Barnicle wrote.

** MARTEN TRANSPORT LTD, Tuesday close $21.7

The trucking company will replace restaurant chain operatorCracker Barrel Old Country Store Inc in the S&PSmallCap 600 index after close of trading on July 1. CrackerBarrel will replace Dresser-Rand Group Inc in the S&PMidCap 400 index. Germany's Siemens AG has agreed tobuy U.S. oilfield equipment maker Dresser-Rand for $7.6 bln.

** BANCO SANTANDER SA, Tuesday close $7.01, +1.57pct premarket

The Spanish bank and British mobile bankingsoftware provider Monitise have formed a joint ventureto invest in financial technology businesses, they said onWednesday. (Compiled By Manya Venkatesh in Bengaluru; Editing by SimonJennings)

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