BUZZ-U.S. Stocks on the Move-Energy stocks, Yum! Brands, Cyren

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U.S. stocks were lower shortly after the opening bell on Wednesday, weighed down by a sharp decline in the energy sector as oil prices slumped. The Dow Jones industrial average was down 0.88 percent at 17,644.02, the S&P 500 was down 0.78 percent at 2,043.78 and the Nasdaq Composite was down 0.58 percent at 4,738.82.

** GLAXOSMITHKLINE PLC (Other OTC: GLAXF - news) , $43.45, -1.50 pct

Bank of America Merrill Lynch cut its rating to "underperform" from "neutral" on Britain's biggest drugmaker , citing near-term margin pressures, lower long-term expectations for new respiratory products and reduced buybacks given lower earnings.

** SEVENTY SEVEN ENERGY INC (NYSE: SSE - news) , $4.86, -13.98 pct

** REX ENERGY CORP (Other OTC: RXNRP - news) , $5.245, -4.03 pct

** SANCHEZ ENERGY CORP, $7.17, -5.28 pct

** HALCON RESOURCES CORP, $1.76, -7.37 pct

** WHITING PETROLEUM CORP (NYSE: WLL - news) , $31.81, -5.19 pct

** BREITBURN ENERGY PARTNERS LP, $9.4499, -7.63 pct

** CALIFORNIA RESOURCES CORP, $5.66, -7.52 pct

Oil and gas companies' stocks fell as global oil prices touched a five-year low and at least 4 brokerages cut ratings and price targets on about 50 companies. Brent crude oil fell more than $2 a barrel to a new five-year low on forecasts that oversupply would keep building until next year after OPEC decided not to cut output.

** CONOCOPHILLIPS (NYSE: COP - news) , $63.33, -2.51 pct

** CHEVRON CORP, $103.38, -3.39 pct

** ENERGY XXI (NasdaqGS: EXXI - news) (BERMUDA) LTD, $2.9201, -8.75 pct

** GOODRICH PETROLEUM CORP (NYSE: GDP - news) , $3.64, -11.00 pct

** OASIS PETROLEUM INC (NYSE: OAS - news) , $11.7, -7.58 pct

** CONTINENTAL RESOURCES INC (NYSE: CLR - news) , $34.66, -4.20 pct

** HESS CORP, $69.49, -3.73 pct

U.S. oil and gas producers are scaling back capital spending plans for 2015, following a sharp decline in oil prices over the past six months. Global oil and gas exploration projects worth more than $150 billion are likely to be put on hold in 2015 as plunging oil prices render them uneconomic, according to data from Norwegian consultancy Rystad Energy.

** YUM! BRANDS INC, $71.9, -4.41 pct

At least three brokerages, including Barclays Capital, cut price targets on the stock after the company on Tuesday lowered its full-year profit forecast for the second time, hurt by a slower-than-expected recovery in China after a food safety scare in July.

"The question remains whether the China segment will ever return to full strength," Barclays (LSE: BARC.L - news) analyst Jeffrey Bernstein wrote in a note, cutting his price target to $74 from $75.

** SEVCON INC (NasdaqCM: SEV - news) , $8.87, +13.57 pct

The controls maker for electric and hybrid vehicles won a contract to supply motor controllers to a "Tier-1 automotive supplier" in Southeast Asia. The company said the contract could result in $50 million in revenue through 2020.

** CYREN LTD (NasdaqCM: CYRN - news) , $2.38, +36.47 pct

The Israeli cloud-based cyber security provider said some of its technology will be used in China-based mobile application security provider Bangcle's products. Bangcle's security software covers 500 million mobile phones worldwide.

** WARREN RESOURCES INC (NasdaqGS: WRES - news) , $1.46, -9.32 pct

The oil and gas producer said it was deferring crude oil development in Wilmington oil field due to weak prices. Warren said it expects capital spending to drop to about $80 million in 2015.

** ENERGOUS CORP, $7.45, -6.88 pct

The company, which is developing technology to charge electronic devices wirelessly, priced a public offering of 2.9 million shares at $7 per share, a discount of 12.5 percent to the stock's Tuesday closing.

** BELDEN INC (NYSE: BDC - news) , $80.64, +7.63 pct

The networking and cable product maker said on Tuesday that it would buy Portland-based cyber security firm Tripwire for $710 million. The deal is expected to add 65 cents per share to Belden's adjusted income from continuing operations in 2015.

** UNITED CONTINENTAL HOLDINGS INC, $64.46, +3.10 pct

** DELTA AIR LINES INC (NYSE: DAL - news) , $46.64, +0.67 pct

** SOUTHWEST AIRLINES CO (NYSE: LUV - news) , $41.91, +2.90 pct

Barclays raised its rating to "overweight" from "underweight" and price target to $76 from $52 on U.S. airline operator United Continental (NYSE: UAL - news) 's stock.

The company is expected to outperform Delta Air Lines and Southwest Airlines in 2015, analyst David Fintzen wrote in note.

** ARCA BIOPHARMA INC (NasdaqCM: ABIO - news) , $0.8688, +8.46 pct

The U.S. FDA granted orphan drug designation to ARCA's experimental drug as a potential treatment of viral hemorrhagic fever post-exposure to Ebola virus. ARCA's drug, rNAPc2, has demonstrated post-exposure efficacy in animal models of the Ebola hemorrhagic fever virus. It was originally developed as a cardiovascular therapy for thrombosis and other indications.

** JPMORGAN CHASE & CO (Xetra: 850628 - news) , $61.23, -1.95 pct

Fed Vice Chairman Stanley Fischer says the bank will need more than $20 billion of additional capital to comply with the proposed extra capital cushion for the largest U.S. banks.

"While we're still reviewing the Fed's proposal, we are well capitalized and intend to meet their requirements and time frames...," JPMorgan (LSE: JPIU.L - news) spokesman Andrew Gray said.

** CYTORI THERAPEUTICS INC (NasdaqGM: CYTX - news) , $0.52, +11.85 pct

The U.S. FDA granted conditional approval for a key clinical trial to evaluate the company's cell therapy as a potential treatment for impaired hand function in scleroderma patients. Cytori's technology, called the Celution System, needs a successful pivotal trial and FDA approval before it can be marketed in the United States.

** LINN ENERGY LLC, $13.68, -6.43 pct

Stifel analysts cut their price target on the oil and gas company's stock to $22 from $27, citing a lower commodity price environment. The median price target on stock is $25, according to Thomson Reuters data.

** SEADRILL LTD, $11.79, -3.12 pct

UBS (NYSEArca: FBGX - news) cut its price target on the Norway-based offshore driller's Oslo-listed shares to NOK 85 from NOK 210, citing lower oil prices. Analysts expect Brent to average below $70/bbl in 2015 and also cited current market condition having a negative affect on demand for deepwater units.

** KRISPY KREME DOUGHNUTS INC (NYSE: KKD - news) , $18.69, -7.38 pct

The doughnut retailer on Tuesday reported third-quarter profit and sales below expectations, hurt by higher promotions to boost traffic and lower sales at company-owned stores, compared with a year earlier.

** GOLDMAN SACHS (NYSE: GS-PB - news) , $194.22, -1.36 pct

The U.S. Federal Reserve on Tuesday proposed requiring eight of the largest U.S. banks to hold an extra capital cushion, and said the firms will need more equity if they rely on risky types of debt. Most of the banks, which include Citigroup (NYSE: C - news) and Goldman Sachs, would be held to higher capital requirements than under a similar rule by global regulators, officials said.

** COMTECH TELECOMMUNICATIONS CORP (NasdaqGS: CMTL - news) , $37.35, -4.11 pct

The communications equipment maker decided to remain independent after completing review of strategic alternatives. Comtech had begun its review in August, saying that merger or sale of the company was possible.

** CITIGROUP INC, $55.25, -1.07 pct

Citigroup will record $2.7 billion in litigation expenses and another $800 million in repositioning charges, leaving the third-largest U.S. bank "marginally profitable" in the fourth quarter, its chief executive officer said on Tuesday.

** FREEPORT-MCMORAN COPPER & GOLD INC, $24.81, -1.27 pct

The U.S. miner has agreed to pay 16.3 percent more in annual processing charges to large Chinese copper smelters in 2015, with the 10-year high fee likely to set the benchmark for China. (Compiled by Lehar Maan in Bengaluru,; Editing by Simon Jennings)