U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH

Among the companies with shares expected to actively trade in Tuesday's session are Nokia Corp. (NOK, NOK1V.HE), Cytokinetics Inc. (CYTK) and J.C. Penney Co. (JCP).

Microsoft Corp. (MSFT) struck a $7 billion deal to acquire Nokia's struggling cellphone business, a bold move to try to catch up in a fast-growing mobile market that is now dominated by Samsung Electronics Co. (005930.SE) and Apple Inc. (AAPL). Nokia's American depositary shares jumped 44% to $5.62 premarket, while shares of Microsoft slipped 5.3% to $31.62.

Cytokinetics and Amgen Inc. (AMGN) said results from a mid-stage trial for their experimental drug for acute heart failure failed to meet its primary endpoint. Shares of Cytokinetics dropped 17% to $8.67 premarket, while Amgen shares were inactive.

Hedge-fund manager Kyle Bass, of Hayman Capital Management LP, disclosed a 5.2% stake in J.C. Penney, placing Mr. Bass among the struggling department-store retailer's largest stockholders. Shares rose 1.8% to $12.71 premarket.

Anthony P. Zook has resigned as chief executive of Vivus Inc. (VVUS) due to recurring health issues, just weeks after he had been appointed to the role. The board appointed former Johnson & Johnson (JNJ) Group Chairman Seth H. Z. Fischer to take over the role, effective Tuesday. Vivus shares slid 2.1% to $12.27 in light premarket trading.

Halozyme Therapeutics Inc. (HALO) said Monday--while U.S. markets were closed for the Labor Day holiday--that the European Commission has granted European Union marketing authorization to the company's partner Roche Holding AG (RHHBY, RO.EB, ROG.VX) for the use of a time-saving subcutaneous formulation of Herceptin for the treatment of HER2-positive breast cancer. Halozyme's shares jumped 11% to $9.24 premarket.

 
   Watchlist: 
 

Consumer products maker Jarden Corp. (JAH) confirmed it has agreed to buy the nation's largest maker of scented candles for $1.75 billion in cash, a deal that comes after Yankee Candle's private-equity owners dropped a plan to sell it earlier this year. The Wall Street Journal had recently reported the acquisition, citing sources.

In a first for Microsoft, the company agreed to give an activist shareholder a director post early next year. Microsoft said Friday that it reached a "cooperation agreement" with the activist, ValueAct Capital Management LP, to allow a representative of the hedge fund to land a board seat early next year. It would be the first time Microsoft has had a director not solely selected by the company.

Write to Anna Prior at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires