Stocks to Watch: BKS, TGT, CELG & More
Take a look at some of Wednesday's midday movers:
Barnes and Noble came off its lows after Chairman Leonard Riggio settled a shareholder lawsuit over the book retailer’s 2009 purchase of a college bookstore chain from Riggio and his wife, just days before it was to go to trial, according to a report from the Wall Street Journal. Riggio agreed to $29 million reduction in the $596 million purchase price.
Target announced it was increasing its quarterly dividend 20 percent to 36 cents a share. But shares reversed their initial gains in the final hour of trading along with the broader market.
Celgene jumped after the biotech company announced it would expand its buyback program by $2.5 billion. Celgene’s shares have fallen about 20 percent from their yearly high in April.
Oil stocks fell as oil prices continue to drop. ExxonMobil,Chevron,Schlumberger, and Valero all traded lower.
Regeneron Pharmaceuticals fell after privately held Ophthotech’s first clinical trial for macular degeneration showed statistical superior efficacy over Regeneron’s treatment. But Deutsche Bank says Ophthotech’s treatment will be a complement to Regeneron’s treatment, not a competitor.
Arena Pharmaceuticals stock continued to rise after an FDA panel voted 18 to 4 last month that potential benefits of its weight loss drug Lorcaserin outweigh the potential risks. The stock is up 133 percent since that panel ruling.
Black and Decker came off its lows after the Wall Street Journal reported the company was putting its hardware unit up for sale.
Zynga got a small boost after an Evercore Partners analyst boosted his rating to "equalweight" from "underweight," pointing to new game releases later this month.
Rambus jumped after an analyst at Sidoti initiated coverage with a buy rating and a $10 price target.
Nucor was lower after forecasting a lower than expected profit as surging steel imports from Turkey and Russia pressured prices.
CNO Financial Group moved higher after Goldman Sachs added the company to its "Conviction Buy List" with a price target of $9.
Tobacco Stocks rose after Morgan Stanley raised price targets for Altria and ReynoldsAmerican. Philip Morris International, which announced earlier in the day that it was buying back stock, and Lorillard also moved higher.
Vistaprint lost ground after Barclays Capital downgraded the online print management company to “underweight." It said fewer searches related to the company’s services and a stronger dollar could lead to weak fourth quarter results.
Navistar initially moved higher after JPMorgan upgraded the engine maker to "neutral" and kept its $30 price target, but erased its gains along with the broader market. The bank, which had been a bear on the company, says the increasing likelihood of new leadership, changes in its engine strategy, and a possible buyout offer from another truck maker, could push shares higher in the near term.
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