Gapping down
In reaction to disappointing earnings/guidance: AIRM -5.8%, CRUS -5.3%, KTCC -4.8%, (light volume), YHOO -4.5%, RES -3.1%, (ticking lower), ILMN -3.1%, PSX -3%, (ticking lower), T -2.1%, BA -1.7%, FLS -1.4%, (light volume), VMW -1%, (target raised to $121 from $113 at JP Morgan; upgraded to Strong Buy from Outperform at Raymond James), WLP -0.8%, YDKN -0.8%, AMGN -0.6%, (also announces positive top-line results from Phase 3 LAPLACE-2 Trial Of Evolocumab (AMG 145) in combination with statins in patients with high cholesterol; study meets co-primary endpoints of LDL cholesterol reduction), NVS -0.5%.
M&A news: BCA -2.8% and ITUB -2.3% (Corpbanca agrees to merge with Itau (ITUB) in Chile and to combine business in Colombia; Itau Unibanco will be the controlling shareholder of the new merged Chilean Bank with a 33.58% ownership interest).
Select oil/gas related names showing early weakness: STO -1.8%, TOT -0.7%, BP -0.7%, PTR -0.6%.
Brazil names modestly lower: VIV -1.9%, TSU -1.8%, BBD -1.6%, VALE -1.5%, PBR -1.4%, CBD -1.4%, ABEV -1.2%, BAK -1.2%, BSBR -0.8%
Other news: PGNX -15.8% (Senior Management to webcast discussion of Phase 2 data from two trials in prostate cancer on January 30), CTIC -4.1% (still checking), NMFC -3.4% (announces secondary public offering of 2.325 mln shares of its common stock on behalf of a selling stockholder, New Mountain Finance AIV), ARIA -2.4% (may be attributed to NVS application submition for LDK378 in US), EMC -2.3% (following VMW results), TSRO -2.2% (proposed public offering of $100 mln of its common stock), PRTA -0.5% (priced an underwritten public offering of ~2.767 mln ordinary shares of Prothena at a price to the public of $26.00/share).
Analyst comments: FRAN -5.1% (downgraded to Sell from Neutral at Goldman), TDC -2.1% (downgraded to Sell from Neutral at Goldman), APOL -1.8% (downgraded at Barclays), PHG -1.6% (Philips downgraded to Equal Weight from Overweight at Barclays ), DHI -1.3% (downgraded to Market Perform from Outperform at Keefe )