Among the companies with shares expected to actively trade in
Tuesday's session are Linn Energy LLC (LINE), Zynga Inc. (ZNGA) and
Achillion Pharmaceuticals Inc. (ACHN).
The Securities and Exchange Commission has launched an informal
inquiry into Linn Energy's and LinnCo LLC's (LNCO) accounting,
hedging strategies and proposed merger with Berry Petroleum Co.
(BRY). Linn Energy and LinnCo disclosed the inquiry late Monday.
Linn Energy shares fell 9.8% to $30.03 premarket, while LinnCo
dropped 9.5% to $33.55 and Berry Petroleum fell 6.3% to $39.65.
Zynga's founder Mark Pincus announced Monday that he was
stepping down as CEO of the troubled game maker and will be
replaced by Don Mattrick, who has been leading Microsoft Corp.'s
(MSFT) Xbox division. Shares rose 6.8% to $3.28 premarket.
Achillion said the U.S. Food and Drug Administration has put a
clinical hold on sovaprevir, its experimental oral hepatitis C
treatment, due to safety concerns. Shares dropped 21% premarket to
$6.63.
Novavax Inc. (NVAX) announced positive top-line safety and
immunogenicity data for its respiratory syncytial virus vaccine
candidate form a dose-ranging Phase 1 study in elderly adults.
Shares of the biopharmaceutical company jumped 6.2% to $2.24
permarket.
Kidney dialysis centers owned by DaVita Healthcare Partners Inc.
(DVA) and Fresenius Medical Care AG (FMS) could receive 9.4% less
in Medicare payments, starting in 2014, based on new rates proposed
by the federal government. News of the possible rate cuts, which
came late Monday, sent shares of DaVita falling 7.5% to $112.10 in
premarket trading, while Fresenius shares fell 9% to $32.31. While
lower rates were expected from the Centers for Medicare and
Medicaid Services, the proposed reductions were deeper than some
expected.
Information and measurement company Nielsen Holdings NV (NLSN)
will join the S&P 500 index, replacing Sprint Nextel Corp. (S)
following the wireless carrier's takeover by Japan's SoftBank Corp.
(9984.TO), said S&P Dow Jones Indices. Nielsen's shares rose
3.7% to $34.50 premarket.
Watchlist:
A. Schulman Inc.'s (SHLM) fiscal third-quarter earnings fell 69%
amid continued sluggishness in European markets and
higher-than-expected costs in Latin America, where the company has
been consolidating its Brazilian operations. The company also
lowered its full-year per-share earnings estimate.
Alliance Fiber Optic Products Inc. (AFOP) expects second-quarter
sales to exceed its already increased outlook as demand remained
strong through the quarter.
Government services provider Maximus Inc. (MMS) forecast fiscal
2014 revenue above analyst expectations and said it has added more
than $125 million in new contracts related to the health-insurance
exchange market under the Affordable Care Act.
Internet security software and technology company VirnetX
Holding Corp. (VHC) said Apple Inc. (AAPL) has filed to appeal a
$368 million award the Internet security firm was granted by a jury
in February in a patent infringement case.
Walt Disney Co. (DIS) Chairman and Chief Executive Robert Iger
will remain CEO until 2016, one year later than previously planned,
pushing back a resolution to the long-standing question of who will
succeed him atop the family-entertainment giant.
Xyratex Ltd.'s (XRTX) fiscal first-quarter profit fell 58% as
the data-storage firm continued to suffer from revenue declines in
both of its major business units. But earnings results beat the
company's own projections.
Write to Anna Prior at anna.prior@dowjones.com
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