12 Min Read
March 28 (Reuters) - Some U.S. stocks on the move on Thursday:
U.S. stocks edged higher, with the S&P 500 rising just above its record closing high, which has acted as a significant resistance point in recent weeks.
The Dow Jones industrial average gained 43.12 points, or 0.30 percent, to 14,569.28. The Standard & Poor's 500 Index gained 3.60 points, or 0.23 percent, to 1,566.45. The Nasdaq Composite Index gained 3.64 points, or 0.11 percent, to 3,260.16.
The benchmark topped at 1,565.40. The record closing high on the S&P is 1,565.15, set Oct. 9, 2007. Its record intraday high is 1,576.09, set two days later.
** BLACKBERRY , $14.93, up 2.4 pct (1201 ET)
The smartphone maker reported a surprise quarterly profit on Thursday, but its subscriber base fell slightly more than expected, and revenue remained far below year-earlier levels.
BlackBerry, based in Waterloo, Ontario-based, said it sold about 1 million of the new Z10 device in the quarter, and shipped roughly 6 million smartphones in the quarter ended March 2.
** PINNACLE FOODS INC, $22.47, up 12.3 percent (1202 ET)
Shares of the packaged foods maker rose in their New York Stock Exchange debut on Thursday.
Shares opened at $22.26 after the Blackstone Group LP backed company raised $580 million in its initial public offering. The IPO values the company at around $2.3 billion.
Pinnacle Foods shares priced at $20, at the top of their expected range of $18 to $20.
** REPROS THERAPEUTICS INC, $15.62, up 71 pct (1202 ET)
The company said its experimental drug to treat low levels of testosterone met the main goals of a key study, succeeding in bringing patients' testosterone levels to a normal range.
** SOUTHCROSS ENERGY PARTNERS LP, $22.07, down 14 pct (1209 ET)
The natural gas pipeline company reported a fourth-quarter loss and lowered its income forecast for the year, citing weak natural gas liquids prices and reduced gas supply volumes.
** SYNNEX CORP, $37.19, down 9 pct (1215 ET)
The hardware distributor's quarterly revenue missed Wall Street expectations and the company forecast a weaker-than-expected second quarter as it anticipates lower demand.
Credit Agricole downgraded the company's stock to "underperform" from "buy", benzinga.com reported.
** AEGION CORP, $22.96, down 7 pct (1203 ET)
The company, which provides technologies and services to protect industrial pipelines from corrosion, lowered its first-quarter earnings forecast citing project delays due to adverse weather conditions. It also said it faced delays from customers for many scheduled contracts for its energy and mining, and commercial and structural platforms.
** ONCOLYTICS BIOTECH INC, $3.14, up 5 pct (1204 ET)
The Canadian drugmaker said a mid-stage trial of its experimental lung cancer drug, Reolysin, met the main goal of the study.
** CHICAGO BRIDGE & IRON CO, $61.66, up 4.4 percent (1204 ET)
The second-largest U.S.-listed engineering company by backlog updated its forecast for a $27 billion backlog of projects to grow in 2013.
** VANGUARD HEALTH SYSTEMS INC, $14.68, down 8.5 pct (1205 ET)
Wells Fargo Securities downgraded the home health provider to "market perform" from "outperform" after the company lost the Arizona Managed Medicaid contract for acute care.
Vanguard's Phoenix health plan, which provides Medicaid benefits, was the only incumbent Medicaid provider in Arizona that did not re-win its contract, Sheryl Skolnick, an analyst with CRT Capital Group said.
** CHEMBIO DIAGNOSTICS INC, down 3.3 pct, $4.98 (1205 ET)
The diagnostic test providers' public offering of 1.2 million shares was priced at $5 per share, 15 cents below its Wednesday close.
** FINISH LINE INC, $19.50, up 6.6 pct (1206 ET)
The athletic footwear retailer reported fourth-quarter profit above Wall Street estimates, helped by lower expenses.
** METROPCS COMMUNICATIONS INC, $10.93, up 3.7 pct (1207 ET)
Influential proxy advisory firm ISS threw its weight behind opponents of MetroPCS Communications's proposed merger with T-Mobile USA, saying the deal undervalued the company and shareholders should vote against it.
** FIVE BELOW INC, $37.61, down 3.9 pct (1207 ET)
The specialty value retailer forecast first-quarter and full-year results below Wall Street estimates, despite reporting strong fourth-quarter results, as it expects costs related to its new distribution centre and public company expenses to hurt gross margins in the first half of fiscal 2013.
** UTI WORLDWIDE INC, $14.15, down 4 pct (1208 ET)
The transport company reported a lower quarterly revenue due to falling volumes in its air freight business and weak pricing in freight forwarding.
** SPRINT NEXTEL CORP, $6.17, up 2 pct (1208 ET)
Wireless service provider Clearwire said on Wednesday that it would draw on $80 million in financing from Sprint Nextel Corp, which is seeking to buy it.
The U.S. government is seeking oversight of network equipment purchases as a condition to approve the $20 billion takeover of Sprint by Japanese mobile carrier Softbank Corp , the Wall Street Journal reported, citing people familiar with the matter.
** INTERCONTINENTAL HOTEL GROUP, $30.50, up 3 percent (1209 ET)
Qatari-backed investor Constellation Hotels has bought the InterContinental London Park Lane hotel in a deal worth about 400 million pounds ($605 million), a source close to the transaction told Reuters.
** PARAMETRIC SOUND CORP, $18.40, up 9 pct (1209 ET)
The audio equipment maker said it has hired Houlihan Lokey, an advisory-focused investment bank, to help assess strategic alternatives.
** DECKERS OUTDOOR CORP, $56.32, up 7.2 pct (1209 ET)
Brokerage Jefferies & Co raised its price target on the shoe maker's stock to $100 from $65 and said prices of sheepskin, which is a major raw material for its UGG boots, are expected to decline in 2013, compared with roughly an 80 percent rise in the last two years.
"Further, as the company continues to branch out to more transitional product and its new UGG Pure material, a lower dependency on sheepskin should provide further tailwinds," analysts at Jefferies wrote in a note to clients.
** SIGNET JEWELERS LTD, $67.34, up 6.4 pct (1210 ET)
The company reported better-than-expected quarterly results, lifted by sales gains at its mid-range Kay Jewelers chain, and raised its quarterly dividend by 25 percent.
** WINNEBAGO INDUSTRIES INC, $21.30, down 2.6 pct (1210 ET)
The largest U.S. motor home maker's profit topped market expectations for the third straight quarter as surging demand for its motorhomes drove up revenue by nearly a third and pushed its order backlog to pre-recession levels.
** SJW CORP, $26.32, down 3.9 pct (1211 ET)
The water supplier priced a public offering of its 1.3 million shares at $26.50 each, below the stock's Wednesday close of $27.41 on the New York Stock Exchange.
** ADVANCED ENERGY INDUSTRIES INC, $18.52, down 3.3 pct (1211 ET)
BofA Merrill Lynch downgraded the company's stock to "underperform" from "buy," according to Theflyonthewall.com. The company makes equipment used in products such as semiconductors and solar panels.
** COMMERCIAL METALS CO, $15.81, down 2.7 pct (1212 ET)
The metal recycler reported a lower net profit for the second quarter due to weak margins in its recycling and international mills businesses and economic challenges in markets like Europe.
The company said it does not expect any improvement in earnings in its international marketing and distribution segment due to weak global markets.
** TUMI HOLDINGS INC, $20.96, down 3.9 pct (1213 ET)
The high-end luggage maker on Wednesday announced a secondary offering of 10.1 million of the company's common stock at $21.10 per share.
The selling stockholders included funds managed by or entities affiliated with Doughty Hanson & Co Managers Limited and two of Tumi's executive officers.
** US AIRWAYS GROUP, $16.98, up 1.9 pct (1218 ET)
A judge on Wednesday approved AMR Corp's plan to merge with US Airways Group, a step toward creating the world's largest airline.
** BIOGEN IDEC INC, $189.95, up 3.9 pct (1221 ET)
U.S. regulators on Wednesday approved a new multiple sclerosis drug made by Biogen that is widely expected to become the No. 1 oral treatment for the disease, with annual sales topping $3 billion.. The stock is trading at a life high.
** GREENBRIER CO INC, $22.60, up 5.9 pct (1221 ET)
The freight-car maker said it received orders for 5,400 railcars, valued at about $575 million, for the first three months of calendar year 2013.
** VERINT SYSTEMS INC, $36.68, up 5.3 pct (1222 ET)
The developer of video and audio monitoring systems and analytical software reported better-than-expected second-quarter results on Wednesday and forecast revenue growth of 6 to 7 percent for the year ending Jan. 31, 2014.
"We expect margins to expand as analytics software increases as a percentage of overall revenue," JP Morgan analyst Paul Coster wrote in a note to clients, and raised his price target on the stock to $41 from $39.50.
** GT ADVANCED TECHNOLOGIES, $3.24, up 8.1 pct (1222 ET)
The Solar and LED equipment maker said it signed a deal with Powertec Energy Corp to supply technology for production of 6,000 million metric ton annually (MTA) polysilicon for expansion of Powertec's projects in Taiwan.
** THE EXONE COMPANY, $32.62, up 6.6 pct (1223 ET)
The 3D printing company, which went public in February, reported higher fourth-quarter revenue on Wednesday, helped by a rise in demand for its new printer models.
** PVH CORP, $107.84, down 4.3 pct (1223 ET)
The clothing maker forecast 2013 profit well short of Wall Street estimates as it now expects its acquisition of Warnaco to drag on earnings this year due to the additional time needed to complete the integration.
** STEELCASE INC, $14.73, down 1.6 pct (1223 ET)
The office furniture maker reported a quarterly loss due to charges from goodwill impairment and restructuring, and the company forecast first-quarter revenue below analysts' expectations.
** MOSAIC CO, $59.47, up 1.3 pct (1224 ET)
The U.S. fertilizer producer reported a 26 percent rise in third-quarter profit, driven by higher potash and phosphate volumes, and said it expects producer inventories to be drawn down in coming months.
** A.P. PHARMA INC, $0.37, down 35.5 pct (1224 ET) U.S. health regulators denied approval to A.P. Pharma's drug for treating chemotherapy-induced nausea and vomiting, and asked for additional analysis of existing late-stage data on the drug.
** CHESAPEAKE ENERGY CORP, $20.22, down 1.5 pct (1224 ET)
The oil and gas company's search for a new chief executive to replace Aubrey McClendon is likely to extend beyond an April 1 deadline, according to a person familiar with the situation.
** PANASONIC CORP, $7.38, down 1.8 pct (1225 ET)
The Japanese electronics company said it will apply for voluntary delisting of its American Depositary Shares from the New York Stock Exchange in early April, as its listing on the exchange is "not economically justified".
"The trading volume of Panasonic's ADSs on the NYSE accounts for only a small fraction of the total trading volume of Panasonic's shares," the company said in a statement.
Panasonic also said it will spend 250 billion yen ($2.7 billion) over the next two years on a fresh round of restructuring to revive the company, but did not indicate if that spending would cover any possible job cuts.
** RAIT FINANCIAL TRUST, $7.91, down 2.8 pct (1225 ET)
The real estate financial trust priced its upsized offering of 8 million common shares at $7.87 per share, a discount to its Wednesday's closing price. The company had about 60.7 million shares outstanding as of 15 March, 2013. (Compiled by Garima Goel)