Stocks in the News: Facet Biotech, InterMune, American Eagle

The following is a round-up of news likely to affect stock prices today:

Facet Biotech (FACT) shares soared over 67% in premarket trading after it agreed to be acquired by Abbott Laboratories (ABT) for $722 million, or $27 a share. Facet shares closed at $16.21 on Tuesday. Abbott's bid was above Biogen Idec's (BIIB) hostile offer of $17.50. Merriman downgraded FACT from buy to neutral following the share's climb. Abbott sees the acquisition as a way to enhance its drug pipeline.

InterMune (ITMN) skyrocketed over 66% after an FDA panel backed it experimental drug pirfenidone for treatment of idiopathic pulmonary fibrosis, a fatal lung disease. Wells Fargo upgraded shares from market perform to outperform. ThinkEquity upgraded it from hold to buy.

Barclays (BCS) shares dipped 1.6% in premarket trading after reports the British lender was looking to buy a retail bank in the U.S. to build on its successful investment bank build-up here, the Wall Street Journal reported.

The Children's Place Retail Stores (PLCE) said Wednesday its fourth-quarter net income fell to $34.1 million, or $1.23 a share, but adjusted net income rose to $1.03 a share as revenue rose to $462.8 million. Earnings were short a penny from Wall Street estimates. Shares fell 2.5% ahead of the bell.

Brown-Forman (BF.B), Men's Warehouse (MW) and Gymboree (GYMB) are scheduled to report earnings Wednesday.

American Eagle Outfitters (AEO) said on Tuesday it will close all 28 stores in its Martin + Osa clothing chain and the chain's online business. Shares jumped some 6.8% in premarket trading.

Navistar International (NAV) shares sank over 9% ahead of the bell after the truck and bus maker posted disappointing quarterly results and outlook.

J Crew Group (JCG) on Tuesday posted a net profitof $40.4 million, or 61 cents per share, in its holiday quarter that beat Wall Street estimates of 46 cents per share. Earnings were helped by tight inventory and a 19% revenue growth to $460.6 million.

Collective Brands (PSS) reported late Tuesday a narrower fourth-quarter net loss of $10.9 million, or 17 cents a share, as sales rose to $741.7, beating estimates on both counts. Shares fell 2% on a disappointing outlook.
Read Full Story
  • DJI25430.82-71.50-0.28%
  • NIKKEI 22520977.11-650.23-3.01%
    Hang Seng28523.35-590.01-2.03%
  • USD (PER EUR)1.130.00180.16%
    USD (PER CHF)1.010.00140.14%
    JPY (PER USD)109.80-0.1140-0.10%
    GBP (PER USD)1.32-0.0033-0.25%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.