S&P 500 falls most since November amid concern over valuations

Intercept Drops

Intercept plunged 20% to $356.52. Chief Executive Officer Mark Pruzanski said he may need the help of a larger drugmaker to bring the company’s experimental liver-disease treatment to market.

The stock soared 545% last week after a trial of the drug worked well enough for the testing to be stopped.

Symantec Corp. fell 4.8% to $22.34 after Morgan Stanley lowered its rating on the stock to underweight from equal weight. The brokerage predicted that revenue would rebound more slowly as Symantec reorganizes its sales force, potentially limiting its profitability.

Twitter rose 1.6% to $57.93. Goldman Sachs analyst Heath Terry raised the stock’s price target to $65 a share from $46, citing Twitter’s “significant acceleration” in innovation during the fourth quarter.

Analyst Downgrades

Twitter has seen five trading sessions of declines, falling 17% last week as the microblogging service was hit with analyst downgrades and Cowen & Co. initiating coverage of the stock with the equivalent of a sell rating.

Beam jumped 24% to $83.29, an all-time high. Osaka- based Suntory, the maker of Yamazaki whiskey and the Premium Malt’s beer, is seeking to boost overseas growth by gaining brands such as Maker’s Mark whiskey, Jim Beam and Canadian Club liquor.

Suntory will pay $83.50 per share in cash and take over all of Beam’s outstanding debt, according to a joint statement. The companies said they expect to complete the deal by the end of June. The deal, once completed, will create the world’s third- largest premium spirits company.

Juniper Networks Inc. climbed 9% to $25.66, the highest level since July 2011. The maker of computer-networking equipment has been targeted by activist hedge fund Elliott Management Corp., run by billionaire Paul Singer, which will seek cost cuts, stock buybacks and other changes, two people familiar with the matter said.

Elliott is seeking talks with management and the company’s board, the people said.

Merck & Co. surged 6.6% to $53.17, the highest level in six years. The second-largest U.S. pharmaceuticals company said it will seek early approval of a new cancer treatment and decide the future of the company’s animal health and consumer businesses this year.


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