March 12 (Reuters) - Some U.S. stocks on the move on Tuesday: (For more market insights, including options activity, click on ; for The Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/faq23t)
U.S. stocks sagged on Tuesday as investors paused after a seven-session string of gains, sending large-cap technology shares lower.
The Dow Jones industrial average fell 15.12 points, or 0.10 percent. The Standard & Poor’s 500 Index slipped 5.18 points, or 0.33 percent. The Nasdaq Composite Index lost 17.00 points, or 0.52 percent.
** LIFE TECHNOLOGIES CORP, $62.82, up 3 pct (1328 ET)
The Wall Street Journal reported on Monday that private equity firm KKR & CO LP is considering teaming up with other private equity firms to bid for the biomedical laboratory equipment maker, citing people familiar with the matter. (r.reuters.com/gyd66t)
Reuters had reported on Jan. 29 that private equity firms KKR, Blackstone Group LP, Bain Capital LLC and TPG Capital LP were interested in buying the company. Last week, Reuters reported that a number of PE firms were exploring a joint offer for Life Technologies.
** PANASONIC CORP, $7.26, up 3 pct (1327 ET)
The Japanese electronics maker will hire 350 new graduates in FY 2014, about the same number as in FY 2013, a Nikkei report said.
“Considering the company’s severe financial situation, the fact that it’s keeping its hiring levels flat-- as opposed to cutting headcount like so many other consumer tech firms --strikes as a positive,” says Tachibana Securities market analyst Kenichi Hirano.
** XENOPORT INC, $7.80, down 9 pct (1352 ET)
The pharmaceutical company on Monday reported fourth-quarter revenue which missed analysts’ estimates. Brokerages Credit Suisse and Leerink Swann lowered their 2013 earnings estimates for the company, citing increased expenses in 2013. Xenoport said it expects the net use of cash for 2013 to be in the range of $100 million to $110 million.
** J.C. PENNEY CO INC $15.79, up 5 pct (1353 ET)
Morningstar Inc analyst Paul Swinand said market chatter surrounding CEO Ron Johnson’s departure sent shares of the U.S. retailer up on Tuesday, even though the company has denied the rumours.
** BLACK DIAMOND INC, $8.55, up 6 pct (1353 ET)
The sports equiment supplier’s fourth-quarter sales rose 34 percent, helped primarily by the contribution of businesses it acquired in the second half of 2012. The company also posted a profit of 2 cents per share, while analysts had forecast a loss of 3 cents per share, according to Thomson Reuters I/B/E/S.
** DELEK US HOLDINGS INC, $39.37, down 3 pct (1353 ET)
The oil refiner said it would offer about 7.8 million shares in an underwritten secondary offering from its shareholder, Delek Hungary Holding. The underwriter also has an option to purchase an additional 1.2 million shares from the shareholder. The company also said it will repurchase $75 million of stock.
** BIOFUEL ENERGY CORP, $5.63, up 10 pct (1350 ET)
** PACIFIC ETHANOL INC, $0.41, up 4 pct (1355 ET)
** GREEN PLAINS RENEWABLE ENERGY, $12, up 5 pct (1354 ET)
U.S. ethanol blending credits, known as RINs, lost nearly half their value in morning trading on Tuesday after a sustained rally that took prices to record highs on Monday, but values were paring losses by midday.
Market sources said a setback was seen as due after the rapid rise in values in recent days, given the volatility of the market. Still, many said a rebound was likely.
RIN, which stands for Renewable Identification Number, is a 38-character numeric code that producers or importers of renewable fuels are required to generate for each gallon and it acts as a credit toward the standard when the alternative fuel is blended with gasoline.
** SEARS HOMETOWN AND OUTLET STORES INC, $37.62, down 12 pct (1327 ET)
The home appliance, hardware and tools retailer reported a 0.5 percent decline in same-store sales for the fourth quarter ended Feb. 2, hurt by a 4.8 percent decrease in comparable store sales at its Outlet business. Outlet constitutes 22 percent of total sales.
** ZYNGA INC, $3.74, down 5 pct (1330 ET)
The stock pulled back, a day after it rose on speculation that Yahoo Inc might be interested in acquiring the gaming company. “We don’t believe that (Zynga CEO) Mark Pincus wants to sell at this time. Nor do we believe that Yahoo would have any interest in acquiring a content creator such as ZNGA when its strategy is to partner with varied content providers,” Macquarie analyst Ben Schachter wrote in a note on Monday.
Smaller rival Glu Mobile Inc launched its first real-money mobile gambling game on Tuesday. Zynga plans to offer real money casino games in Britain by the middle of this year.
** METROPCS COMMUNICATIONS INC, $10.27, down 2 pct (1329 ET)
The company defended its proposed merger with T-Mobile USA in a letter to shareholders on Tuesday amid a proxy battle ahead of its April 12 shareholder meeting.
Two big shareholders have criticized the deal announced in October, worried over the valuation of MetroPCS and the proposed $21 billion debt level of the combined company.
** ELBIT IMAGING LTD, $2.59, up 19 pct (1131 ET)
The Israel-based company said that the Tel Aviv District Court on Tuesday appointed an expert to negotiate restructuring of the company’s debt.
In late February, the retail-focused real estate company and two of its major noteholders agreed to restructure its debt.
** TANDY LEATHER FACTORY INC, $6.91, up 12 pct (1331 ET)
The specialty leather retailer and distributor posted a higher fourth-quarter profit, helped by a 13 percent rise in sales at its retail Leathercraft business.
The retail Leathercraft business accounted for more than 60 percent of the company’s sales in the quarter ended Dec. 31.
** ANALOGIC CORP, $79.16, up 8 pct (1332 ET)
The imaging equipment maker reported a 10 percent jump in second-quarter revenue on Monday on higher demand for its CT and MRI systems.
** RED HAT INC, $50.97, down 4 pct (1333 ET)
Citi cut its rating on the stock of the world’s largest distributor of Linux operating software to “neutral” from “buy”.
** AVG TECHNOLOGIES NV, $12.22, down 10 pct (1333 ET)
Morgan Stanley downgraded its rating on the PC and mobile anti-virus software maker’s stock to “equal weight” from “overweight”, according to StreetInsider.com.
** CADENCE DESIGN SYSTEMS INC, $14.05, down 3.6 pct (1334 ET)
DA Davidson downgraded the chip-design software maker to “neutral” from “buy”, according to StreetInsider.com.
** ACCRETIVE HEALTH INC, $10.86, up 7 pct (1334 ET)
The Chicago company on Tuesday said it signed a multi-year agreement with Salem Health to provide revenue cycle management services to the Oregon-based operator’s acute care hospitals. Salem Health is one of the largest of the 58 acute care hospitals in the state, Accretive Health said in a statement.
** SYNAGEVA BIOPHARMA CORP $51.98, down 4 pct (1331 ET)
The company forecast a bigger-than-expected loss for full-year 2013, citing spending requirements for further development of SBC-102, an enzyme replacement therapy, and other research activities.
** AMEDISYS INC, $11.45, down 6.6 pct (1334 ET)
Home healthcare provider Amedisys Inc’s fourth-quarter profit halved and the company forecast full-year results well below expectations as the industry battles reimbursement cuts and slowing growth.
** YANDEX NV, $23.16, down 7 pct (1335 ET)
Russia’s most popular search engine said on Tuesday that its existing shareholders, including co-founder and CEO Arkady Volozh, will sell about 7.4 percent of the company’s shares, worth roughly $600 million.
** GAFISA SA , $4.11, down 5 pct (1336 ET)
The Brazilian homebuilder posted a fourth-quarter net loss of 98.9 million reais ($50.47 million), worse than the most pessimistic market forecasts, as its low-income Tenda unit continued to weigh on results.
** ENDEAVOUR SILVER CORP , $6.39, up 10.5 pct (1336 ET)
The company’s fourth-quarter profit soared on higher production. Net profit for the fourth quarter jumped to $14.8 million, or 15 cents per share, from $16,000, or nil per share, a year earlier. Revenue increased 29 percent to $66.7 million.
The company said it continued to expect silver production to increase 12 to 18 percent and gold production to increase 19 to 27 percent in 2013.
** DICK‘S SPORTING GOODS INC, $47.53, up 5 pct (1336 ET)
Goldman Sachs Investment Research added the sporting retailer back to its “conviction buy list” after having removed it on Dec. 10. The brokerage said it expects same-store-sales trends to recover as weather trends normalize. BMO Capital Markets also upgraded the stock to “outperform” as it sees the sporting goods retailer’s new concept stores grabbing market share. The brokerage also said the current comparable store sales weakness was “largely transitory”.
** AURICO GOLD INC, $6.83, up 5 pct (1336 ET)
** SIBANYE GOLD LTD, $6.08, up 3 pct (1329 ET)
** IAMGOLD CORP, $7.20, up 8 pct (1338 ET)
Shares of gold producers rose as bullion prices hit a two-week high.
** LAREDO PETROLEUM HOLDINGS INC, $18.91, up 6 pct (1335 ET)
The oil and gas producer reported a quarterly net profit that was in line with analysts’ expectations, aided by increased production. Output was boosted by higher drilling activity in the oil-rich Permian Basin.
** BON-TON STORES INC, $12.65, up 6 pct (1338 ET)
The department store operator reported a better-than-expected fourth-quarter profit as it resorted to lesser discounting during the holiday season. This also helped gross margins which rose to 36.2 percent from 34.6 percent a year earlier.
** RADIOSHACK CORP, $3.35, down 4 pct (1339 ET)
Goldman Sachs downgraded the consumer electronics retailer to “sell” from “neutral,” saying the company operates with a challenged business model because of its dependence on mobiles.
The brokerage also said it sees minimal equity value as the company has a lofty leverage and believes its turnaround plan has a low probability of success.
** MERCK & CO INC, $45.06, up 3 pct (1340 ET)
The pharmaceutical company said on Tuesday that an independent monitoring board had allowed it to continue with a huge trial assessing the safety and effectiveness of its blockbuster Vytorin cholesterol treatment.
** CABELA‘S INC, $60.20, up 12 pct (1340 ET)
The outdoor sporting goods retailer forecast first-quarter earnings 10 to 15 cents higher than Wall Street estimates, helped by strong sales of merchandise, including firearms and ammunitions.
** GLU MOBILE INC, $2.90, up 20 pct (1341 ET)
The developer of games for smartphone and tablets said it was publishing its first real-money mobile gambling game.
New Jersey Governor Chris Christie approved online gambling within the state’s border last month, a move that he hopes can help boost state revenues and revive Atlantic City casinos.
** SUNTECH POWER HOLDINGS CO LTD, $1.07, down 7 pct (1332 ET)
The cash-strapped company said it would stop production at a solar panel making facility in Goodyear, Arizona on April 3, affecting 43 employees.
Higher production costs, U.S. import tariffs on China-made solar cells and global oversupply caused the facility’s closure, Suntech said in a statement.
** IROBOT CORP, $23.99, up 5 pct (1341 ET)
The robot maker raised its first-quarter forecast and named a new chief financial officer.
The company now expects earnings of 16 to 20 cents per share, up from its previous forecast of a break even to a profit of up to 7 cents per share.
** OCZ TECHNOLOGY GROUP INC, $2.05, up 18 pct (1342 ET)
The solid-state hard drive maker said on late Monday it got a $30 million credit facility with Hercules Technology Growth Capital.
** L&L ENERGY INC, $2.15, up 6 pct (1340 ET)
The Seattle-based coal company on Monday reported a300 percent increase in profit for its third quarter ended Jan. 31 after the acquisition of two new mines in Guizhou, China helped boost production.
** CVR ENERGY INC, $59.78, up 2 percent (1343 ET)
** CVR REFINING LP, $31.95, up 6.5 percent (1339 ET)
Oil refiner and fertilizer maker CVR Energy posted a quarterly profit that beat analysts’ estimates on higher refining margins. The company’s refining arm, CVR Refining, said adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose more than three times due to better-than-expected results at Wynnewood refinery.
** HECKMANN CORP, $4.15, up 12 pct (1343 ET)
The wastewater management company posted a better-than-expected net profit on Monday, boosted by its merger with Power Fuels and growth in its legacy Heckmann Water Resources business.
** DIAMOND FOODS INC $16.05, down 8.8 pct (1344 ET)
The snack food maker reported second-quarter results that missed Wall Street estimates, hurt by a decline in sales of it nuts brands, Diamond of California and Emerald.
The company which gets more than half of its sales from nuts, said net revenue from the brand fell 29.6 percent to $115.4 million.
** GOVERNMENT PROPERTIES INCOME TRUST, $25.11, down 5 pct (1344 ET)
The real estate investment trust’s shareholder, CommonWealth REIT, sold about 10 million shares of Government Properties at $25.20 per share, a discount of 5 percent to their Monday closing price.
** YUM BRANDS INC, $68.88, up 1.5 pct (1344 ET)
The KFC parent reported an unexpected 2 percent rise in February sales at established restaurants in China, boosted by the Chinese New Year and the easing worries about a food safety scare that drove away customers.
** VERIFONE SYSTEMS INC, $21.50, up 5 pct (1345 ET)
The maker of credit card swipe machines said Chief Executive Douglas Bergeron will step down after more than a decade at the company’s helm.
** LAKELAND INDUSTRIES INC, $4.29, down 13 pct (1332 ET)
The maker of protective clothing said its Brazilian operations will post a loss in the fourth quarter due to weak sales. The loss could potentially result in the company being in default of its credit facility with TD Bank, it said.
** PERFECT WORLD CO LTD, $10.66, down 8 pct (1346 ET)
The Chinese online game developer’s quarterly profit fell 67 percent as revenue declined and operating costs rose from the year-ago period.
** BIOSCRIP INC, $12.10, up 11 pct (1350 ET)
The company reported fourth-quarter results.
BioScrip, which also offers home health and hospice services, also forecast revenue for 2013 above analysts’ estimates.
** U.S. SILICA HOLDINGS INC, $24.29, down 8 pct (1351 ET)
The No. 2 U.S. commercial silica maker said on Monday that an affiliate of Golden Gate Capital, its top shareholder, would sell 8.5 million U.S. Silica shares.
** LEXINGTON REALTY TRUST, $11.73, down 2.6 pct (1351 ET)
The real estate investment trust said it plans to offer 15 million shares to raise money to repay all of the outstanding borrowings under its unsecured revolving credit facility.
Compiled by Pallavi Ail in Bangalore; Editing by Sreejiraj Eluvangal