U.S. shares moved modestly higher today as investors focused on the coming policy statement from the Federal Reserve. The S&P 500 (INDEXSP:.INX) was little changed at 2,096.19 at 11:42 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) rose less than 0.1 percent to 17,909.31, while the tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) rose 0.1 percent to 5,058.50. Most followed shares included Synergy Pharma, Allergan, Kythera, Celgene, Adobe, Qihoo 360, Starbucks, Bob Evans, T-Mobile US, Energen, and FedEx.
In health-care shares, Synergy Pharmaceuticals (NASDAQ:SGYP) surged 45 percent to $6.73 after the biopharmaceutical company said its drug for idiopathic constipation met the main goal in a late-stage trial. Plecanatide, Synergy's lead experimental drug, mimics a hormone that promotes fluid secretion in the gastrointestinal tract, allowing for normal bowel function.
Allergan PLC (NYSE:AGN) gained 0.5 percent to $299.60 after the Botox maker agreed to buy Kythera Biopharmaceuticals for about $2.1 billion. Kythera is preparing to launch an injection aimed at reducing so-called double chins. Kythera jumped 22.3 percent to $74.24.
Celgene (NASDAQ:CELG) added 1.2 percent to $112.41 after saying its board authorized the repurchase of up to an additional $4 billion in stock, on top of the $5.2 billion remaining from previous authorizations.
Hill-Rom Holdings (NYSE:HRC) gained 7.6 percent to $56.36 after saying that it has agreed to buy privately held Welch Allyn for about $2.05 billion in cash and stock, adding diagnostics to the medical company’s portfolio. The combined company will have $2.6 billion in revenue and a portfolio of diagnostics, sensing and patient monitoring technologies.
In technology stocks, Adobe Systems (NASDAQ:ADBE) fell 0.9 percent to $79.17 after the photoshop maker forecast lower-than-expected revenue and profit for the current quarter. Adobe expected an adjusted profit of $0.45 to $0.51 per share on revenue of $1.18 billion to $1.23 billion for the third quarter. Analysts were expecting a profit of $0.54 per share and revenue of $1.25 billion, according to Capital IQ.
Qihoo 360 Technology (NYSE:QIHU) climbed 7.5 percent to $70.99 after saying it has received a buyout offer from its chief executive that values the Internet company at about $10 billion, joining the ranks of other Chinese companies offered similar deals. Beijing-based Qihoo sells Internet and mobile-security products.
In consumer shares, Starbucks (NASDAQ:SBUX) inched up 0.4 percent to $53.19 after the coffee chain said it is closing its 23-shop La Boulange pastry chain. Starbucks replaced its own baked goods with La Boulange's in its own shops following the transaction, but said running those separate stores have become a distraction.
Bob Evans Farms (NASDAQ:BOBE) advanced 2.9 percent to $48.87 after the full-service restaurant company said earnings fell 57 percent during the quarter ended in April as stronger operating profit at its packaged-food business was offset by losses at its restaurant business.
In other stocks, T-Mobile US (NYSE:TMUS) gained 2.8 percent to $39.95 after Manager Magazin reported that Comcast Corp. is interested in a deal with the mobile-phone company. T-Mobile’s owner, Deutsche Telekom AG, is holding discussions with multiple interested parties, the publication said, citing people it didn’t identify.
Energen (NYSE:EGN) fell 4.2 percent to $70.57 after initiating an offering of 5.7 million shares.
FedEx (NYSE:FDX) slipped 2.9 percent to $176.82 after reporting revenue and adjusted profit that came in shy of Wall Street expectations for its May quarter, and the midpoint of its fiscal 2016 profit outlook range trailed estimates.