Morning Buzz: BioMarin Pharmaceutical (BMRN), Yahoo (YHOO), Cellceutix (CTIX), Wal-Mart (WMT)

Shares of BioMarin Pharmaceutical Inc. (BMRN) are lower by nearly 3% to $95 in pre-market trading on Wednesday after a panel of outside experts called by the FDA gave largely negative feedback on the drug maker’s experimental muscle disorder drug. The FDA will decide on the approval of Kyndrisa (drisapersen) by December 27.

Yahoo! Inc. (YHOO) — Web Portal’s unsolicited rating outlook has been cut to “Negative” from “Stable” by Standard & Poor’s based on the company’s prospects for poor revenue growth and higher costs for acquiring traffic. S&P’s credit rating for Yahoo remains at BB+.

“We could lower our rating on Yahoo if the company’s competitiveness in its display or search advertising businesses continues to decline and it is not able to reverse the negative operating trends affecting earnings before interest, tax, depreciation and amortization (EBITDA),” S&P said in a statement.

Cellceutix Corporation (CTIX) shares surged 10.84% to $1.74 in pre-market trading following the company’s announcement that the FDA has granted Fast Track Designation for Brilacidin-OM, an oral rinse formulation of CTIX’s defensin-mimetic Brilacidin, for the prevention of oral mucositis.

Wal-Mart Stores (WMT) — A U.S. investigation into potential foreign bribery by the retailer has unearthed evidence of possible misconduct by the company in Brazil, according to a WSJ report.

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