April 16, 2013 / 3:56 PM / 4 years ago

MARKET PULSE-Anaren, Sarepta, Goldman Sachs, Coca-Cola, Citigroup

13 Min Read

(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)

April 16 (Reuters) - Some U.S. stocks on the move on Tuesday:

Wall St Extends Gains, Nasdaq Rises 1 Pct

U.S. stocks extended gains, with the Nasdaq composite index climbing 1 percent, rebounding from sharp declines in the prior session, as gold prices stabilized. The Dow Jones industrial average gained 103.98 points, or 0.71 percent, to 14,703.18. The Standard & Poor's 500 Index rose 13.41 points, or 0.86 percent, to 1,565.77 and the Nasdaq Composite Index added 30.05 points, or 0.93 percent, to 3,246.54.

** COCA-COLA CO, $42.26, up 5.4 pct (1124 ET)

The beverage maker reported a slightly higher-than-expected quarterly profit on Tuesday and announced a deal to unload some distribution territory to five independent U.S. bottlers,

** JOHNSON & JOHNSON, $83.50, up 2.2 pct (1145 ET)

The diversified healthcare company reported better-than-expected first-quarter earnings, as growth of newer medicines for cancer, hepatitis C and blood clots offset declining sales of its treatments for heartburn and attention deficit disorder.

** ALCOA INC, $8.15, up 1.4 pct (1132 ET)

The stock gained as copper prices edged up on hopes that the outlook for growth and demand from top consumer China would improve in coming months, prompting some short covering activity following hefty falls in the previous session. Three-month copper on the London Metal Exchange traded at $7,250 a tonne in official rings, up from Monday's close of $7,202, propping up shares of the largest U.S. aluminum producer.

** BOEING CO, $87.60, up 1 pct (1125 ET)

Jefferies & Co raised its price target on the aircraft maker's stock to $115 from $87. "Given the lengthy backlog and productivity initiatives, we can see earnings per share growing through 2016," analyst Howard Rubel wrote in a client note.

** GOLDMAN SACHS GROUP INC, $144.49, down 1.5 pct (1143 ET)

The New York-based bank reported higher quarterly earnings on Tuesday but said revenue from client trading fell 10 percent, raising questions about the health of its biggest money maker.

** CITIGROUP INC, $46.37, up 3 pct (1008 ET)

The No.3 U.S. bank's stock gained momentum after strong first-quarter results on Monday prompted at least two brokerages to raise their price target on the stock. "Our gut is the results likely confirm investor confidence and people stay long as Citi is interesting on an absolute basis and relative to US regionals and some European peers," Nomura analyst Glenn Schorr wrote in a note. Schorr also raised his target price on the stock to $50 from $45. Raymond James analyst Anthony Polini also increased his target price on the stock to $56 from $52. The bank had reported a stronger-than-expected 30 percent jump in profit on Monday on investment banking growth.

** U.S. BANCORP, $32.85, down 2 pct (1042 ET)

The fifth-largest U.S. commercial bank by assets reported a 1 percent decrease in quarterly revenue due to lower income from its mortgage banking business.

** GENERAL MOTORS CO, $29.27, up 1.2 pct (0934 ET)

The largest U.S. automaker said its first-quarter global sales rose 3.6 percent to nearly 2.4 million vehicles, as a strong showing in its two largest markets, the United States and China, offset cooling demand in Europe.

** RENEWABLE ENERGY GROUP INC, $8.92, up 4 pct (1108 ET)

West Central Cooperative, a beneficial owner of the biodiesel producer, said it sold 12,100 Renewable Energy shares at $9.50 each - a 11 percent premium to the stock's Monday's close on the Nasdaq.

Homebuilder Stocks

** D.R. HORTON INC, $22.38, up 2 pct (0938 ET)

** TOLL BROTHERS INC, $31.24, up 2 pct (0938 ET)

** PULTEGROUP INC, $18.43, up 3 pct (0938 ET)

** LENNAR CORP, $39.19, up 4 pct (0938 ET)

** KB HOME, $21.25, up 3 pct (0938 ET)

** BEAZER HOMES USA INC, $14.96, up 2 pct (0939 ET)

Ground-breaking to build new U.S. homes rose in March to the highest level since June 2008, adding to evidence of a healthier housing market. The Commerce Department said on Tuesday that starts at building sites for homes rose 7.0 percent last month to a 1.04 million-unit annual rate. That was higher than analysts' expectations of a 930,000-unit rate.

Gold Stocks

** NEWMONT MINING CORP, $34.48, up 1.65 pct (0935 ET)

** ANGLOGOLD ASHANTI LTD, $19.48, up 6.5 pct (0935 ET)

** HARMONY GOLD MINING COMPANY LTD, $5.14, up 3 pct (0935 ET)

** BARRICK GOLD CORP , $20.34, up 2.8 pct (0936 ET)

** FIRST MAJESTIC SILVER INC, $12.61, up 3.3 pct (0936 ET)

** YAMANA GOLD INC , $12.28, up 3.5 pct premarket

** KINROSS GOLD CORP, $5.70, up 4.8 pct (0938 ET)

** RANDGOLD RESOURCES LTD, $72.21, up 4.6 pct (0938 ET)

Gold rebounded more than 1 percent after falling to two-year lows, although caution prevailed among investors worried over the health of the global economy. Gold's recovery comes a day after it shed $125 an ounce, its biggest-ever daily drop, as the selling that began on Friday stalled after prices hit their cheapest since January 2011. Spot gold was up 1.6 percent at $1,373.86 an ounce by 0714 GMT after hitting a session low of $1,321.35.

** UNIPIXEL INC, $35.70, up 12 pct (1100 ET)

Eastman Kodak Company and the LCD film maker said on Tuesday they have entered a manufacturing and supply agreement to produce touch sensors based on UniPixel's UniBoss multi-touch sensor film. The two companies will open a new manufacturing facility at Eastman Business Park in Rochester later this year. Unipixel shares touched a year-high at $36.83 earlier in the day.

** PEP BOYS-MANNY MOE AND JACK, $10.86, down 4 pct (1113 ET)

The automotive parts and service chain's quarterly loss widened from a year ago and missed the analysts' estimates of posting a profit of 5 cents per share, as the company took a pension related charge of $17.8 million for the quarter.

** STILLWATER MINING CO, $11.03, up 6 percent (0956 ET)

The platinum and palladium producer's shares rose on an uptick in prices of the precious metals. Platinum and palladium, which have been hammered by heavy selling along with other commodities, regained strength On Tuesday. Spot platinum was up 3 percent to $1,443 an ounce and palladium rose 4 percent to $678.50.

** SAREPTA THERAPEUTICS INC, $34.15, down 13 pct (0938 ET)

The company said U.S. health regulators have asked for additional information on eteplirsen, its experimental drug to treat a rare degenerative disease in boys.

At least two brokerages downgraded Sarepta's stock, citing the possibility that the drug will take longer to reach market.

** KEYNOTE SYSTEMS INC, $11.28, down 13 pct (1002 ET)

The company, which provides Internet and mobile cloud monitoring tools, estimated quarterly profit well below analysts' estimates saying four projects representing about $1.6 million in revenue were not accepted by customers. Shares touched their lowest in two-and-a-half years. Keynote said it expects a profit of 7 cents to 9 cents per share, excluding items, and revenue of $28.5 million to $29.5 million. Analysts expected an adjusted profit of 19 cents per share and revenue of $31.1 million, according to Thomson Reuters I/B/E/S.

Real Estate Investment Trusts

** PIEDMONT OFFICE REALTY TRUST, $19.38, down 0.7 pct (0939 ET)

** BOSTON PROPERTIES INC, $109.25, up 1 pct (0939 ET)

** DIGITAL REALTY TRUST INC, $70.09, down 0.1 pct (0940 ET)

** PROLOGIS INC, $40.88, up 0.7 pct (0940 ET)

** EASTGROUP PROPERTIES INC, $60.93, up 1.5 pct (0940 ET)

** FIRST POTOMAC REALTY TRUST, $14.96, up 3.3 pct (0940 ET)

** DOUGLAS EMMETT INC, $25.54, down 0.2 pct (0942 ET)

Morgan Stanley said it expected REITs to remain in a sweet spot in 2013 given low interest rates and modest economic growth. The brokerage also said limited construction activity, especially in the commercial industry, would keep new supply off the market. Morgan Stanley raised its ratings on Boston Properties, EastGroup Properties and First Potomac to "overweight" from "equal weight." However, the brokerage cut its rating on Piedmont Office to "underweight" from "equal weight," citing operating performance challenges. Morgan Stanley also downgraded Douglas Emmett to "underweight" from "overweight."

** HALCON RESOURCES CORP, $6.97, up 8 pct (1027 ET)

Raymond James analysts initiated coverage on the oil and gas producer's stock with an "outperform" rating on Monday, estimating over 300 percent production growth this year. "The 81 percent liquids profile opens the door for higher margins with improving cost efficiencies and allows for strategic divestitures," analyst Andrew Coleman said.

** NORTHWEST BIOTHERAPEUTICS, $4.30, up 7 pct (1001 ET)

The biotechnology company said a late-stage trial testing its experimental brain cancer therapies has been adopted as a national priority trial in the UK, under a program managed by the National Institute for Health Research. Northwest said the support will help provide operational support for its study.

** Hertz Global Holdings Inc, $23.24, up 4 pct (0953 ET)

The No. 2 U.S. car rental company said it would buy a stake of about 20 percent in China Auto Rental (CAR), China's domestic market leader in car rentals. Under the agreement CAR will be granted a license for an initial 5-year term to operate on behalf of Hertz in China.

** ZIX CORP, $3.70, up 6.9 pct (1004 ET)

The company, which offers email encryption services, said on Monday it settled the lawsuit brought against it by RPost for alleged patent infringement. Terms of the settlement were not disclosed.

** WOLVERINE WORLD WIDE INC, $46.84, up 5 pct (0940 ET)

Wolverine World Wide's first-quarter results comfortably beat Wall Street estimates, as strong business in the United States offset challenges in Europe, prompting the shoemaker to forecast strong full-year results.

** HCA HOLDINGS INC, $36.20 , down 1.4 pct (0942 ET)

The largest U.S. for-profit hospital operator on Monday announced a preliminary first-quarter revenue estimate that was below Wall Street expectations.

** MACK-CALI REALTY CORP, $27.26, down 3.1 pct (0946 ET)

The real estate investment trust said on Monday that it intends to reduce its second quarter dividend from the current 45 cents per common share to 30 cents per common share, to retain cash for investing in the company's multi-family residential platform.

Deutsche Bank cut its rating on the company's stock to "hold" from "buy."

** LDK SOLAR CO LTD, $1.03, down 8 pct (0946 ET)

The company partially defaulted on a $24 million bond due on Monday, almost a month after rival Suntech Power Holdings Co Ltd defaulted on its bonds, which could spark fears about the ability of other Chinese solar companies to repay debt. German-listed shares of the company fell about 26 percent on Tuesday morning.

** GENTIUM SPA, $7.94, up 3 pct (0946 ET)

The Italy-based pharmaceutical company said it appealed against the European health regulator's recommendation against granting marketing approval to Gentium's liver disorder drug. European Medicines Agency's Committee for Medicinal Products for Human Use has 60 days, from date of appeal filed, to consider a revision of its initial opinion.

Gentium is also seeking approval for the drug, named defibrotide, in the United States.

** J.C. PENNEY CO INC, $14.50 up 0.7 pct (0947 ET)

The U.S. retail chain has borrowed $850 million from its $1.85 billion revolving credit facility to help buy inventory as the department store operator revamps its business strategy after a failed turnaround.

Macy's Inc has filed an appeal challenging a judge's ruling that J.C. Penney can sell unbranded Martha Stewart goods in its stores for now - the latest salvo in a legal war between the two retailers over rights to the domestic doyenne's products.

** ANAREN INC, $22.25, up 13.5 pct (0947 ET)

Investment firm Vintage Capital Group LLC offered to buy telecommunication components maker Anaren for $23 per share in a deal valuing it at about $300 million.

** NETGEAR INC, $29.38, down 4.85 pct (0948 ET)

The network equipment maker estimated first-quarter revenue and earnings below analysts' expectations, citing lower-than-planned shipments of its new network attached storage product.

** W.W. GRAINGER INC, $240.06, up 6 pct (0949 ET)

The industrial distributor's first-quarter profit beat analysts' expectations, driven by a 13 percent rise in operating income, and the company raised the lower end of its 2013 forecast. (Compiled by Aditi Shrivastava; Editing by Joyjeet Das)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below