Cyberonics shares drop after Medicare appeal denied

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SAN FRANCISCO (MarketWatch) — Cyberonics Inc. shares declined in the extended session Monday after the medical device maker said its appeal of a medical reimbursement decision was denied.

Cyberonics CYBX, +5.49% shares fell 8.1% to $53.10 on moderate volume after an appeals board supported a 2007 decision by the Centers for Medicare and Medicaid that the company’s pacemaker-like device for treating depression did not necessitate national coverage for the device.

The company said it is evaluating options for challenging the decision handed down by the Department of Health and Human Service’s Departmental Appeals Board.

Cerus Corp. CERS, -5.78% shares fell 4.9% to $6.25 on moderate volume after the company said it planned a secondary offering of shares.

Minerva Neurosciences Inc. NERV, +77.50% shares rallied more than 80% after an animal study showed promise of advancing the biotech’s Parkinson’s disease treatment into human studies.

Here were the stocks making notable moves during Monday’s regular session:

Decliners:

Caterpillar Inc. CAT, -0.09% was the Dow Jones Industrial Average’s biggest loser after J.P. Morgan analysts lowered their rating for the stock to underweight, citing concerns about Caterpillar’s direct exposure to oil and gas and indirect exposure to mining, U.S. construction and emerging markets.

General Motors Co. GM, -1.46% shares dropped even after the car maker reported December U.S. sales climbed 19%. Analysts at Sterne Agee had expected a 15% rise in GM’s sales, while analysts at J.P. Morgan saw a 11% rise. Ahead of car makers reporting their monthly U.S. sales figures, analysts in general had projected a robust performance in December, traditionally a strong month for auto sales.

Ford Motor Co. F, +0.14% lost ground after the company said Monday its December U.S. sales rose 1%. Sterne Agee analysts had expected sales to rise nearly 4%, while J.P. Morgan analysts expect a 2% rise.

HollyFrontier Corp. HFC, -4.32% shares dropped after the petroleum refiner late Friday said it would book a pretax charge of up to $400 million in the fourth quarter because of lower oil prices.

Overall, energy-related stocks continued their recent downtrend as oil slumped again, with Nabors Industries Ltd. NBR, -4.16% Denbury Resources Inc. DNR, -7.83% and Transocean Ltd. RIG, +0.24% showing some of the biggest losses among S&P 500 stocks.

Southwestern Energy Co. SWN, -4.27% shares fall 4% after Susquehanna cuts the companies rating from positive to neutral.

Oasis Petroleum Inc. OAS, -9.45% tanked after Susquehanna cut the energy company to neutral from positive.

Gainers:

Boston Scientific Corp. BSX, +4.46% was the S&P 500’s biggest winners Monday after J.P. Morgan analysts lifted their rating for the stock to overweight, citing expectations for a strong 2015 and an even better 2016.

Zimmer Holdings Inc. ZMH, +3.73% was another big gainer in the S&P 500, helped by analysts at both Morgan Stanley and J.P. Morgan lifting their rating for the stock to overweight.

SOURCE: http://www.marketwatch.com/story/gm-ford-hollyfrontier-shares-in-focus-monday-2015-01-04

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