Morning Buzz: Conatus (CNAT), Apple (AAPL), Yahoo (YHOO), Chipotle Mexican Grill (CMG)

Shares of Conatus Pharmaceuticals Inc. (CNAT) are higher by 23.34% to $3.54 in pre-market trading on Wednesday after the company announced positive results with its experimental drug, Emricasan, in initial stage of Phase 2 liver cirrhosis clinical trial.

Conatus said the drug showed consistent improvement across additional liver disease biomarkers in the overall patient population.

Apple Inc (AAPL) – The tech giant’s stock plunged 2.50% to $100.25 on Wednesday, a day after a report from Japanese news outlet Nikkei suggested Cupertino may reduce its iPhone 6S and 6S Plus output by 30% in January-March quarter vs original plans.

Yahoo! Inc. (YHOO) shares declined 1.27% to $31.79 in pre-market trading following a letter by activist shareholder Starboard Value LP that calls for a shakeup in management, board composition and strategy at the web portal.

In its letter, which was released publicly Wednesday morning, Starboard noted that “investors have lost all confidence” in the company’s management and the board to create value for shareholders and threatened a proxy fight to oust executives and board members.

Chipotle Mexican Grill, Inc. (CMG) shares are trading lower by nearly 2% to $449 in early trading following a CNBC report that says the company has been subpoenaed by a Federal Grand Jury.

 

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