Sour inflation data and rising speculation that the Federal Reserve is nearing its first interest rate hike of 2016 sent stocks tumbling Tuesday.
The S&P 500 tumbled 1.24% while the Dow Jones Industrial Average shed 1.09%. The Nasdaq Composite finished lower by 1.54%.
Biostar Pharmaceuticals Inc (BSPM)
Shares of Chinese pharmaceuticals maker Biostar Pharmaceuticals Inc surged 61.8% on more than 16 times the average daily volume after the company said it is launching a new product aimed at treating hinitis and sinusitis.
BSPM said the product, called “Easy Breathing,” will debut in China next month.
“The product is designed to have effects of relieving stuffy nose, inhibiting nasal bacteria and viruses, and mitigating effects on the inflammation of nasal mucosa,” according to a statement issued by BSPM.
Carbonite Inc (CARB)
Cloud computing firm Carbonite Inc jumped 6.4% on nearly quadruple the usual turnover on bullish chatter on the stock.
On Tuesday, Oppenheimer boosted its rating on CARB to “outperform” from “perform.” Oppenheimer has a $21 price target on CARB, implying significant upside from Tuesday’s close.
Oppenheimer said CARB’s management is stabilizing, which should be a catalyst when the company next reports earnings in November.
Yum! Brands, Inc. (YUM)
Yum! Brands, Inc., the operator of KFC and Taco Bell, among other fast-food restaurants, rose nearly 1% after the company said it is planning to return a massive amount of cash to shareholders over the next several years.
Kentucky-based YUM said it is aiming to return up to $13.5 billion to investors by 2019. YUM also said it is looking to increase franchisee ownership of its restaurants to 93% from the current level of 77%.
“The company aims to be least 98 percent franchised by the end of 2018. Shifting to independent owners will enable Yum to reduce risk and lower costs and move to a greater dependence on more stable franchise and license fees,” reports Reuters.
As of this writing, Todd Shriber did not hold a position in any of the aforementioned securities.