(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. stocks dipped at the open on Wednesday as aweaker-than-expected report on private sector employment raisedconcerns that Friday's impending jobs report could also point toworsening conditions in the labor market.
The Dow Jones industrial average was down 0.60percent at 17,669.26, the S&P 500 was down 0.56 percentat 2,056.36 and the Nasdaq Composite was down 0.77percent at 4,862.98.
** GODADDY INC, $26.25, +31.25 pct
The web hosting company's shares rose as much as 34 percentin their debut, valuing the firm at about $5.48 billion,including debt. The company raised $460 million after itsinitial public offering of 23 million class A shares was pricedat $20 per share, above the expected range of $17-$19.
** ON SEMICONDUCTOR CORP, $11.2, -7.51 pct
Goldman Sachs downgraded the power management chip maker'sstock to "sell" from "neutral" and cut its price target to$10.50 from $12.50. The appreciation of the dollar will driveON's European and Asian competitors to be more aggressive onpricing, and data shows that pricing declines intensify when thedollar strengthens, Goldamn analysts wrote.
** TWITTER INC, $50.95, +1.74 pct
Jefferies & Co started coverage of the microblogging serviceprovider's stock with a "buy" rating and price target of $65.Twitter is "well positioned" to benefit from online videoadvertising and mobile tailwinds, Jefferies analysts said.
** PIER 1 IMPORTS INC, $13.16, -5.87 pct
Analysts at Morgan Stanley downgraded the furnitureretailer's stock to "underweight" from "equal-weight" and cuttheir target price to $11 from $13, saying sales at Pier 1'sretail business are expected to decline in the low single digitpercentage range, partly due to store volumes being cannibalizedby e-commerce sales.
** HONG KONG TELEVISION NETWORK LTD, $7.42, -22.47pct
The video production and distribution company said onTuesday that it had not agreed on a possible transaction withAsia Television Ltd (ATV). Seeking Alpha, citing media reports,also said on Tuesday that Hong Kong TV's Executive Chairman WongWai Kay was buying a controlling stake in nearly bankrupt rivalATV.
** ACHAOGEN INC, $7.81, -19.98 pct
The drug developer said it is planning an additionallate-stage trial of its lead drug to treat complicated urinarytract infections, and the U.S. FDA agreed to change the trialprotocol, which Achaogen believes will improve theslower-than-expected patient enrollment rate in the existingtrial. Needham & Co analysts, however, said the changes willmean a more modest initial sales ramp and cut the target priceon the stock by $6 to $15.
** TREVENA INC, $7.28, +11.66 pct
Wedbush Securities started covering the drug developer'sstock with an "outperform" rating and a $15 price target.Analysts said the company's drug for acute heart failure, whichis being tested in mid-stage studies, is "set up for success",and that Actavis Plc will exercise its option for theprogram if the study is successful.
** MICHAEL KORS HOLDINGS LTD, $64.3, -2.21 pct
Analysts at Piper Jaffray cut their rating on the luxuryaccessories retailer's stock to "neutral" from "overweight" andcut their price target to $70 from $89, saying they werecautious about North American same-store sales growth over next6-12 months. North America same-store sales growth slowed to 6percent in the three months ended Dec. 27, falling below 10 pctfor the first time.
** SOLAR3D INC, $5.3202, +6.40 pct
The solar cell developer reported a full-year adjustedprofit, compared with a loss a year earlier.
** FORD MOTOR CO, $15.86, -1.73 pct
** GENERAL MOTORS CO, $36.825, -1.80 pct
** FIAT CHRYSLER, $16.22, -0.55 pct
U.S. consumer demand for new vehicles began to thaw in Marchwith Detroit automakers reporting mixed sales results. FordMotor's U.S. sales fell 3.4 pecrent, while General Motorsreported a 2.4 pecrent fall, and Fiat Chrysler sales grew 2pecrent.
** EURONAV NV, $12.6, +4.48 pct
The tanker company proposed a gross dividend of 25 cents pershare in view of strong tanker markets. The company also plansto distribute at least 80 pct of its "annual net result" forfuture dividends as part of new dividend policy.
** EXCO RESOURCES INC, $2, +9.29 pct
The oil and gas producer named Chief Financial OfficerHarold Hickey chief executive, and said Bluescape Resources CoLLC, an investment firm focused on the oil and gas industry,would buy $10 million of EXCO's shares and an additional $40million in shares on the open market within one year fromclosing. EXCO and Bluescape will work on executing restructuringcommercial contracts and JVs, and increase focus on reducingcosts.
** ENERGY RECOVERY INC, $2.96, +14.29 pct
The energy recovery devices maker said it had received itslargest project to date in the oil and gas industry. SaudiAramco's gas processing plant will become the first to useEnergy Recovery's IsoGen system, a turbogenerator that recyclesotherwise wasted pressure energy and converts it into electricalpower.
** IMMUNE DESIGN CORP, $26.26, +24.40 pct
Analysts at Jefferies & Co upgraded the drug developer'sstock to "buy" after it reported positive data from early-stagestudies of its experimental cancer compounds. Immune Design onTuesday said results from three early studies showed that itstwo primary cancer drugs were safe and showed signs of efficacy.
** CAMPUS CREST COMMUNITIES INC, $6.46, -9.78 pct
The owner and manager of student housing properties said itdoes not anticipate declaring any dividend payments for 2015.The company also suspended the dividend payment on its series Acumulative redeemable preferred shares.
** NYMOX PHARMACEUTICAL CORP, $1.2899, +53.56 pct
The drug developer said it would undertake further analysesof its failed pivotal U.S. late-stage studies, including newlong-term data, of its drug, NX-1207. The company also said itexpects to provide new pivotal late-stage study results in thesecond-quarter or early in the third-quarter.
** WAL-MART STORES INC, $80.6, -2.01 pct
The world's largest retailer is looking at how it sourcesits products, especially considering falling commodity pricesglobally, in an effort to reduce its prices, the head of theretailer's U.S. division said on Wednesday. Speaking at abriefing for analysts and investors, Greg Foran said the gap inpricing between Wal-Mart and its competitors in some markets was"too small".
** COHERUS BIOSCIENCES INC, $27.67, -9.52 pct
The biotech company priced its offering of 4.1 millionshares at $29 each, a 5 pct discount to stock's Tuesday close.The upsized $120 million offering represents 12 percent of thecompany's outstanding shares as of Feb. 28.
** AMERICAN AIRLINES GROUP INC, $50.3101, -4.68 pct
** DELTA AIR LINES INC, $43, -4.36 pct
** UNITED CONTINENTAL HOLDINGS INC, $64.4, -4.24 pct
Analysts at Deutsche Bank cut ratings on airlines' stocks to"hold" from "buy", saying they expect disappointing earningsgrowth from international markets. The combination of a strongUS dollar, greater-than-expected capacity increases by non-USairlines, and decelerating global GDP growth are likely tofurther pressure Deutsche Bank's forecast (from internationalmarkets) for 2015, analysts write in a note.
** MACERICH CO, $79.63, -5.57 pct
** SIMON PROPERTY GROUP INC, $197.54, +0.97 pct
Simon Property Group scrapped its attempt to buy Macerichafter the smaller shopping mall owner rejected its sweetenedoffer of $23.2 billion including debt. Macerich Chief ExecutiveArthur Coppola said the company's board concluded that the offerdid not reflect the full value of the company.
** GLAXOSMITHKLINE PLC, $46.58, +0.93 pct
** MERCK & CO INC, $56.76, -1.25 pct
Cowen & Co analysts said the drugmaker's vaccine totreat shingles may be more effective than Merck's. Glaxo'svaccine HZ/su should be well positioned to capture market sharefrom Merck's Zostavax if final data from a late-stage studyshows HZ/su has better efficacy while treating older patients,analysts said.
** NUVASIVE INC, $45.15, -1.83 pct
The medical device maker said its chief executive of 16years Alex Lukianov had resigned after an independentinvestigation showed he had not complied with the medical devicemaker's expense reimbursement and personnel policies. Theamounts involved appeared immaterial to financial results, thecompany said. NuVasive has appointed board member Greg Lucier asinterim CEO.
** EVERYWARE GLOBAL INC, $0.223, -81.42 pct
The marketer of tabletop and food preparation products saidit expects to file for prepackaged bankruptcy that will give itssecured lenders control of the company after it emerges from thebankruptcy. EveryWare said it expects to file for a prepackagedChapter 11 bankruptcy in the U.S. Bankruptcy Court for theDistrict of Delaware and expects to emerge from bankruptcywithin 60-75 days.
** DYAX CORP, $25, +49.21 pct
The drug developer said its experimental drug, DX-2930, toprevent hereditary angioedema attacks, was found effective in anearly stage study. The drug was also assigned fast-track statusby the U.S. FDA. All seven analysts covering the stock raisedprice targets, saying the strong results show the drug couldeclipse the current standard-of-care preventive treatment forHAE.
** UTI WORLDWIDE INC, $10.3425, -15.91 pct
The logistics company reported a wider-than-expectedfourth-quarter loss, hurt by lower air and ocean freightforwarding yields and lower volumes in freight forwarding. Thecompany also cuts its 2016 adjusted EBITDA forecast to $125million-$150 million from $190 million-$210 million and saidrevenue would be hurt by the strengthening of the dollar. MorganStanley cuts price target by $2.50 to $10, now the lowest onWall Street.
** SYNNEX CORP, $72.95, -5.57 pct
The hardware distributor forecast second-quarter revenue andadjusted profit below analysts' average estimates, sayingrevenue is expected to be lowered by about $130 million due tothe stronger dollar. The company on Tuesday also reportedlower-than-expected first-quarter profit and revenue.
** SEARS HOLDINGS CORP, $42.88, +3.62 pct
The struggling retailer plans to raise more than $2.5billion from shareholders by offering rights to buy shares in areal estate investment trust that will hold some of its stores.The REIT, Seritage Growth Properties, will buy and lease backabout 254 Sears and Kmart stores, Sears said on Wednesday. Searsalso said it would sell 12 stores to a joint venture it wasforming with No.2 U.S. mall operator General Growth PropertiesInc, in which the companies would hold 50 percent each.
** VOLTARI CORP, $2.6701, +164.37 pct
Billionaire investor Carl Icahn raises his stake in thedigital advertising company to 52.3 percent. Icahn bought about4 million Voltari shares at $1.36 each via a rights offering.
** MYLAN NV, $58.4, -1.60 pct
** ABBOTT LABORATORIES, $45.71, -1.34 pct
The generic drug maker priced an offering of 35 millionshares at $58.35 per share, a discount of about 2 percent to thestock's Tuesday close. All shares in the offering are to be soldby Abbott Laboratories for net proceeds of about $1.99 billion.
** CARPENTER TECHNOLOGY CORP, $36.14, -7.05 pct
The alloys maker said on Tuesday that it will cut about 10percent of its salaried workforce, or 200 jobs, to reduce costsamid weak oil and gas prices. The company will also cut about 60outsourced positions.
** SAREPTA THERAPEUTICS INC, $14.15, +6.55 pct
The drug developer appointed Chief Medical Officer EdwardKaye as interim CEO, replacing Christopher Garabedian, whoresigned. Sarepta is also expected to meet with the FDA over thecoming weeks to finalize an application to market its lead drug,eteplirsen, which is designed to attack the underlying cause ofDuchenne muscular dystrophy (DMD), a progressive muscle wastingdisorder.
** CYTOSORBENTS CORP, $10.4201, -21.00 pct
The medical device maker said it expects first-quarter salesto be slightly lower than they were in the fourth-quarter asrestructuring of its direct sales force created a significantgap in sales coverage and resulted in lower direct sales.
** CHESAPEAKE ENERGY CORP, $14.44, +1.98 pct
The oil and gas producer's Chairman Dunham Archie bought 1million shares at $13.98 per share on March 27, according to aregulatory filing on Tuesday. The purchase price represents a1.3 percent discount to the stock's Tuesday close. After thepurchase, Archie holds 2.6 million shares of the company. (Compiled by Ramkumar Iyer in Bengaluru; Editing by SimonJennings)
Glaxosmithkline (GSK)
