RMBS, SSNHY, MU, ACAD, BVF, CAH, CFN, CACB Popular Stocks
U.S. stocks traded lower Tuesday. The Dow Jones Industrial Average slid 186 points to 9311, the S&P 500 fell 23 points to 998 and the Nasdaq Composite declined 40 points to 1969.
Shares of Rambus Inc. (NASDAQ:RMBS, $16.26, -$2.84, -14.87%) fell Tuesday, a day after the start date of the memory chip maker’s antitrust trial against Samsung Electronics Co. (PINK:SSNHY, $294.50, +$0.00, +0.00%) was delayed, according to analysts. Capstone Investments analyst Jeff Schreiner said the trial’s judge pushed the start date to Jan. 11 from Sept. 28. Aside from Samsung, Hynix Semiconductor Inc. (HXSCF) and Micron Technology Inc. (NYSE:MU, $7.01, -$0.36, -4.95%) are defendants in the case.
Acadia Pharmaceuticals (NASDAQ:ACAD, $2.05, -$3.79, -64.90%) and partner Biovail Corp. (NYSE:BVF, $12.36, -$0.36, -2.83%) said Tuesday that the Parkinson’s disease psychosis drug they’re co-developing failed to meet its top goal of reducing psychotic systems enough in a late-stage clinical trial, a significant blow to Acadia’s most advanced product and the biopharmaceutical’s fundamentals.
Cardinal Health Inc. (NYSE:CAH, $25.09, +$0.26, 1.05%) completed the spinoff of CareFusion Corp. (CFN, $19.57, +$0.07, +0.36%) through a pro rata distribution of about 81% of the shares of CareFusion common stock.
Cascade Bancorp Inc. (NASDAQ:CACB, $1.21, -$0.13, -9.70%) said its principal subsidiary, Bank of the Cascades, signed an agreement with the Federal Deposit Insurance Corp. and the Oregon Division of Finance and Corporate Securities that requires it to take steps to strengthen the bank’s financial condition and operations.
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