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U.S. Movers: Apple, Blackstone, Forestar, Herbalife, Loxo, Puma Biotech

Author: Mukesh Buch
Last Update: 1:23 PM ET June 05 2017

1:15 PM New York – Apple and Amazon are said to join Foxconn and bid for Toshiba''s memory business. Blackstone offered to buy Finland-based Sponda $1.98 billion. D.R. Horton offered to acquire 75% stake in Forestar. Herbalife declined after lowered revenues estimate but lifted earnings outlook.

Tollbooth Index edged down 2.69 to 12,391.10.

Earnings Review

Apple Inc (AAPL) fell 1% or $1.56 to $153.90 after the Nikkei business reported the U.S.-based mobile and media devices maker and Amazon.com Inc with Foxconn are expected to bid $28 billion for Toshiba Corp''s NAND flash memory business.

Blackstone Group LP slid 32 cents to $33.37 after the global alternative asset manager €5.19 per share or $1.98 billion or €1.76 billion for Finland-based real estate investor Sponda Oyj.

Sponda Oyj stock soared 22.5% to €5.20.

Forestar Group Inc (FOR) soared 12.5% or $1.78 to $15.98 after the residential real estate developer said its rival D.R. Horton Inc offered to acquire 75% stake for $16.25 per share or about $520 million.

Forestar will remain public to ensure and continued to access capital to help fund its increasing scale, D.R. Horton said.

Herbalife Ltd (HLF) declined 6.3% or $4.69 to $69.18 after the nutritional products maker lowered revenues forecast in the second-quarter to decline between 2% and 6% after new Federal Trade Commission rules.

However, the nutritional products maker lifted adjusted earnings forecast in the range of 95 cents to $1.15 per share from the earlier estimated range of 88 cents to $1.08.

Herbalife now must have to prove that at least 80% of its sales made outside the company''s distributor network, under the new operating guidelines with the Federal Trade Commission. The U.S. regulator recently imposed $200 million file in 2016, the largest ever by the commission.

The company claims in the filing that it has 400,000 “preferred members” who buy products at a discount and are not distributors or marketers.

Loxo Oncology Inc (LOXO) surged 50.5% or $24.78 to $73.73 after the genetically defined cancer products maker said larotrectinib trial demonstrated 76% in LOXO-195 confirmed objective response rate.

Puma Biotechnology Inc jumped 6.5% or $5.34 to $87.29 after the cancer treatment products maker said reported positive trial results for the treatment of metastatic breast cancer.

Stock has nearly doubled in the last three weeks of trading.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc