CORRECT: BEFORE THE BELL -2: US HOT STOCKS TO WATCH

28th Jun 2010 14:37

("BEFORE THE BELL -2: US HOT STOCKS TO WATCH," published at 8:25 a.m. EDT, misidentified Noble Corp. A corrected version follows.) Among the companies whose shares are expected to actively trade in Monday's session are BP PLC (BP), Noble Corp. (NE) and Orexigen Therapeutics Inc. (OREX). BP shares rose 3.5% to $27.96 in premarket trading as fears subsided that a tropical storm would disrupt the cleanup operation, but that good news was tempered by a sharp increase in the company's daily rate of spend on Gulf of Mexico operations to $100 million. Noble has agreed to acquire privately held drilling company FDR Holdings Ltd. for $2.16 billion as the energy company also announced the signing of new contracts with Royal Dutch Shell PLC (RDSA). Noble shares grew 2.5% to $30 premarket while Royal Dutch shell edged up 12 cents to $53.03. Orexigen Therapeutics said its obesity treatment Contrave helped diabetes patients in a midstage trial lose more weight and control blood sugar better than a placebo group. Shares climbed 11% to $4.60 premarket. Arena Pharmaceuticals Inc. (ARNA) said data from a Phase 3 trial of lorcaserin showed the weight-loss drug reduced body weight in all patient subgroups and showed greater improvements in cardiovascular risk factors compared to placebo. Shares grew 3.4% to $3.35 premarket. Isle of Capri Casinos Inc. (ISLE) announced plans to sell at least 9 million shares, using proceeds to pay down the $80 million drawn from a credit line to fund its purchase of the Rainbow casino earlier this month from Bally Technologies Inc. (BYI). Shares fell 3.3% to $12 in light premarket trading. Watch List Destination Maternity Corp. (DEST) announced it will become the exclusive provider of maternity and nursing apparel at namesake locations of Macy's Inc. (M), deepening ties between the two. Destination Maternity, owner of the Motherhood Maternity and A Pea in the Pod brands, has had ties with Macy's for nearly 20 years and currently operates maternity sections in 113 stores. That will surge to having leased space in more thn 615 Macy's by the end of February. Standard & Poor's Ratings Services cut Universal Health Services Inc. (UHS) to junk territory, saying the company's pending $2 billion acquisition of Psychiatric Solutions Inc. (PSYS) will have a dramatic impact on its financial risk profile. -By Dow Jones Newswires; write to [email protected] (END) Dow Jones Newswires June 28, 2010 09:37 ET (13:37 GMT)