Stocks Open Flat, Apple Inc. Outperforms (AAPL, CRME, S, HES,ADGF, ABVT, AMPE, IPSU, DHT)
U.S. indices came off session low after homebuilders' sentiment remained near a five-year peak. The markets have been digesting the last’s week strong rally, when the major indices closed at multi-year highs.
The Dow Jones Industrial Average lowered by 8 points at 12,325. The S&P 500 SPX +0.14% was up 2 points at 1,406, in line with where it was before the report. The Nasdaq Composite climbed 4 points to 3,059.
This morning, The National Association of Home Builders/Wells Fargo housing market index stayed at 28, which marks the highest level since June 2007, missing economists’ estimates of 29.
CARDIOME PHARMA CORP(NASDAQ:CRME) shares slumped over 48% in the morning session after the company Merck & Co., Inc.(NYSE:MRK) will stop development of its oral vernakalant, which was being evaluated as maintenance therapy for the long-term prevention of atrial fibrillation recurrence.
Threshold Pharmaceuticals, Inc.(NASDAQ:THLD) rose 6.87% to $7.47 after analyst at JMP Securities raised their price target on the stock, citing the company’s TH-302 treatment for soft tissue sarcoma has increased its confidence in the drug's likelihood of success and commercial potential
Apple Inc.(NASDAQ:AAPL) continued to move higher and added another 1% at $591 after announcing a quarterly dividend of $2.65 a share starting in the period beginning July 1, 2012.Furthermore, the company approved buy back worth $10 billion of its stock, begin in the fiscal year starting Sept. 30 and will take place over three years. The announcement came following various arguments by its shareholders to return part of its total cash in order to reduce their cost of holdings.
Sprint Nextel Corporation(NYSE:S) shares plunged 3.50% after analyst at Bernstein downgraded the stock from “market perform” to underperform,” citing a bankruptcy filing "a very legitimate risk" in downgrading the wireless carrier to underperfrom.
Hess Corp.(NYSE:HES) rose 0.455 as the company as hired Goldman Sachs to explore the possible sale of its oil storage and shipment terminal in St. Lucia in the Caribbean.
Adams Golf, Inc.(NASDAQ:ADGF) climbed about 8.70% after the company was agreed to acquired by a subsidiary of sportswear and equipment maker Adidas for $10.80/share in cash, or $70M total.
AboveNet, Inc.(NYSE:ABVT) surged over 16% following the news that Zayo Group has agreed to buy the company for $2.2B Zayo will pay $84.00/share in cash for ABVT, a 13% premium over last Friday's closing price.
Ampio Pharmaceuticals, Inc.(NASDAQ:AMPE) surged 33.58% to $3.64 after announcing positive results for its Optina™ trial for diabetic macular edema.
Imperial Sugar Company(NASDAQ:IPSU) added 6.64% to $5.30 after the US has approved the deal between Imperial Sugar and Arlon Food.
DHT Holdings Inc(NYSE:DHT) continued to move higher and jumped 9.20% to $1.37 after surging over 21% in the prior session without any official news.
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