Among the companies with shares expected to actively trade in
Tuesday's session are Nokia Corp. (NOK, NOK1V.HE), Cytokinetics
Inc. (CYTK) and J.C. Penney Co. (JCP).
Microsoft Corp. (MSFT) struck a $7 billion deal to acquire
Nokia's struggling cellphone business, a bold move to try to catch
up in a fast-growing mobile market that is now dominated by Samsung
Electronics Co. (005930.SE) and Apple Inc. (AAPL). Nokia's American
depositary shares jumped 44% to $5.62 premarket, while shares of
Microsoft slipped 5.3% to $31.62.
Cytokinetics and Amgen Inc. (AMGN) said results from a mid-stage
trial for their experimental drug for acute heart failure failed to
meet its primary endpoint. Shares of Cytokinetics dropped 17% to
$8.67 premarket, while Amgen shares were inactive.
Hedge-fund manager Kyle Bass, of Hayman Capital Management LP,
disclosed a 5.2% stake in J.C. Penney, placing Mr. Bass among the
struggling department-store retailer's largest stockholders. Shares
rose 1.8% to $12.71 premarket.
Anthony P. Zook has resigned as chief executive of Vivus Inc.
(VVUS) due to recurring health issues, just weeks after he had been
appointed to the role. The board appointed former Johnson &
Johnson (JNJ) Group Chairman Seth H. Z. Fischer to take over the
role, effective Tuesday. Vivus shares slid 2.1% to $12.27 in light
premarket trading.
Halozyme Therapeutics Inc. (HALO) said Monday--while U.S.
markets were closed for the Labor Day holiday--that the European
Commission has granted European Union marketing authorization to
the company's partner Roche Holding AG (RHHBY, RO.EB, ROG.VX) for
the use of a time-saving subcutaneous formulation of Herceptin for
the treatment of HER2-positive breast cancer. Halozyme's shares
jumped 11% to $9.24 premarket.
Watchlist:
Consumer products maker Jarden Corp. (JAH) confirmed it has
agreed to buy the nation's largest maker of scented candles for
$1.75 billion in cash, a deal that comes after Yankee Candle's
private-equity owners dropped a plan to sell it earlier this year.
The Wall Street Journal had recently reported the acquisition,
citing sources.
In a first for Microsoft, the company agreed to give an activist
shareholder a director post early next year. Microsoft said Friday
that it reached a "cooperation agreement" with the activist,
ValueAct Capital Management LP, to allow a representative of the
hedge fund to land a board seat early next year. It would be the
first time Microsoft has had a director not solely selected by the
company.
Write to Anna Prior at anna.prior@wsj.com
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