PIR, SIGM, SYNA, VION, ARQL, ININ, NVAX, TCM Popular Stocks
U.S. stocks were modestly lower Tuesday afternoon as the financial sector slumped on warnings from noted banking analyst Meredith Whitney, though its decline was offset in part by gains across consumer discretionary and telecommunications stocks. The Dow Jones Industrial Average falling 16 points to 9870, the Standard & Poor’s 500 sliding about 3 points to 1073 and the Nasdaq Composite slipping 0.72 points to 2138.
Retailer Pier 1 Imports Inc. (NYSE:PIR, $5.02, +$0.61, 13.83%) late Monday reported its September same-store sales increased 9.9%. It also said it’s confident about inventory levels as it expects inventory levels to peak at the end of the quarter at $350 million.
Sigma Designs Inc. (NASDAQ:SIGM, $13.45, -$0.88, -6.14%) agreed to acquire Israeli software maker CopperGate Communications Ltd. for $160 million in cash and stock as the semiconductor maker moves to bolster its presence in the networked home-entertainment market.
Jefferies cut its stock-investment rating on Synaptics Inc. (NASDAQ:SYNA, $21.15, -$2.27, -9.69%) to underperform from hold, as the analysts said their channel checks suggest technology company’s business has deteriorated further since Jefferies’ last downgrade in late July.
Vion Pharmaceuticals Inc. (OTC:VION, $0.97, -$0.12, -11.01%) said it is considering restructuring the company and its debt, a sale of the company or its assets, as well as financing options to raise funds for a study of its cancer drug Onrigin. If the development-stage drug maker is unable to raise the money, it may have to limit or cease operations or liquidate its assets.
Following a recent price correction, UBS believes shares of ArQule Inc. (NASDAQ:ARQL, $4.41, +$0.29, 7.04%) have an attractive risk/reward profile. The analysts upgraded their rating on the biotech company to buy from sell. “With desirable assets, key anticipated catalysts in 1H10, and a strong balance sheet, we think ARQL is well-positioned for the next six to 12 months,” the firm said.
Interactive Intelligence Inc. (NASDAQ:ININ, $22.21, +$3.14, 16.47%) forecast third-quarter results above Wall Street’s expectations, citing higher product and services revenue as well as cost-cutting.
Novavax Inc. (NASDAQ:NVAX, $3.79, +$0.12, 3.27%) has received a small-business and innovation research grant that will support continued development of its particle-based vaccine for the respiratory syncytial virus.
Pharmaceutical company Tongjitang Chinese Medicines Co. (NYSE:TCM, $4.35, +$0.42, 10.69%) repurchased a total of 19.3 million American depositary shares, or about 15% of its stock, for about $19.8 million.
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