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U.S. stocks fell for a second day in a broad decline on Tuesday as investors held off from making big bets going into the start of corporate earnings season. The Dow Jones industrial average fell 0.5 percent, the S&P 500 lost 0.48 percent and the Nasdaq Composite dropped 0.88 percent.
** ABBVIE INC, $55.98, -2.47 pct
The U.S. drugmaker raised its offer for Shire Plc to 30.1 billion pounds ($51.3 billion) on Tuesday, hoping to win over its reluctant target after three earlier offers were rejected.
** NEUROMETRIX INC, $2.5299, +33.86 pct
The U.S. FDA cleared the medical device maker’s wearable pain management technology for over-the-counter use.
NeuroMetrix is in late stage development of a consumer-oriented chronic pain treatment product.
** ACTIONS SEMICONDUCTOR CO LTD, $2, -15.97 pct
The chipmaker lowered its second-quarter revenue outlook, citing lower demand from tablet makers. The Chinese company, which makes chips for consumer electronic products, lowered its revenue outlook to about $12 from a range of $15 million to $17 million.
** MACQUARIE INFRASTRUCTURE CO LLC, $67.61, +10.53 pct
The company said it would buy the 50 percent stake in liquids storage provider International-Matex Tank Terminals (IMTT) that it does not control for $1.03 billion in cash and stock.
** ANACOR PHARMACEUTICAL INC, $15.75, -5.91 pct
The drugmaker said the U.S. Food and Drug Administration has approved its treatment for a fungal infection of the nail.
** WESTMORELAND COAL CO, $34.54, -6.22 pct
The coal company started a public offering of $52 million shares. The company said it expects to use the net proceeds to buy shares, to increase financial flexibility and fund acquisitions.
** GUESS INC, $28.45, +3.87 pct
Piper Jaffray upgraded its rating on the women’s apparel retailer’s stock to “overweight” from “neutral,” according to theflyonthewall.com.
** AMERICAN APPAREL INC, $0.8231, -6.99 pct
Investment firm Standard General LP said Monday it gained voting control of ousted Chief Executive Officer Dov Charney’s shares in the firm and will back the retailer in its battle against bankruptcy.
** ALPHA NATURAL RESOURCES INC, $3.375, -7.02 pct
Morgan Stanley cut its price target on the coal producer’s stock to $4 from $5. Analysts on average have a price target of $5, according to Thomson Reuters data.
** SEADRILL LTD, $37.76, -4.65 pct
The offshore drilling contractor launched $1 billion convertible bonds, which will be issued and redeemed at 100 percent of the principal amount and mature in 2019.
** PHH CORP, $24.01, +3.14 pct
The mortgage-lending and car-leasing company said it intends to buy back up to $450 million in stock, which includes a $200 million accelerated stock repurchase program
PHH will also focus on restructuring private label business and plans to invest up to $150 million to diversify across mortgage servicing business. (Compiled by Avik Das in Bangalore; Edited by Maju Samuel)