Market Overview

Wednesday's Mid-Day Movers: Does The U.S. Benefit From Iran Deal?; Celgene-Receptos And More

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The U.S., along with five other major powers settled on a nuclear deal with Iran early Tuesday, which limits Tehran’s nuclear program over the course of the next decade for the exchange of lifting sanctions.

According to The Wall Street Journal, Iran still remains a place where Apple will not sell iPhones, Boeing has not sold any spare parts due to price disputes, and oil giant Eni SpA is “quarreling over past outlays.” New entries into the Iranian markets face challenges in both cultural aspects along with legal and bureaucratic.

Iran’s oil industry has had a long history of disappointing the Western oil companies, such as Eni, which claims the Islamic Republic still owes it money for spreading over oil and gas projects that it was once managing before sanctions arose. According to WSJ, Iran will use some billions from the sanctions relief to aid countries hostile to the U.S., but some of these countries are engaged in the fight against ISIS.

Greece still waits on a Parliamentary vote to smoothen a way for a bailout; Prime Minister Alexis Tsipras is under pressure to keep his government under control while satisfying Greece’s creditors demands. Janet Yellen, Chairwoman of the Federal Reserve, announced the hike in rates is still likely this year.

Winners

Receptor Inc (NASDAQ: RCPT) soared 11 percent after reporting the signing of a definitive agreement which allows Celgene Corporation (NASDAQ: CELG) to acquire Receptos for a deal amounting to ~$7.2 billion.

Celgene Corporation (NASDAQ: CELG) was also up 10 percent after the news.

DBV Technologies SA (NASDAQ: DBVT) was up 8 percent after the biopharmaceutical company announced the pricing of its secondary offering; Pricing 3.6 million ordinary shares, switched to 7.2 American Depositary Shares (ADS) for $34 per ADS.

Arena Pharmaceuticals Inc (NASDAQ: ARNA) was lifted 8 percent. Receptos leading drug candidate is Ozanimod, which Arena is developing APD334, in the same class as Ozanimod.

Uranium Energy Corp (NYSE: UEC) increased 7 percent after the Uranium exploration company attained two Final Class I disposal which advances permitting at the Burke Hollow ISR project held in Texas.

Macy’s, Inc. (NYSE: M) shot up 5 percent after Starboard Value’s Jeff Smith announced that Macy’s was his “best idea” according to the Delivering Alpha conference on CNBC.

Losers

Allegheny Technologies Incorporated (NYSE: ATI) dwindled 10 percent after specialty materials and components producer warned of guidance for Q2; The company expects a loss of $0.15-$0.17 a share versus analyst expectations of a positive $0.20 per share.

Penn Virginia Corporation (NYSE: PVA) was down 9 percent as the oil and gas developer was downgraded by Imperial Capital from Outperform rating to In-Line; analysts reduced their price targets from $7.00 to $3.75.

Magnum Hunter Resources Corporation (NYSE: MHR) fell 7 percent as oil prices drop.

Peabody Energy Corporation (NYSE: BTU) declined 4 percent after electricity generation falls for the first time after a three consecutive weekly week gain.

Posted-In: News Intraday Update Movers

 

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