April 17, 2013 / 3:40 PM / 4 years ago

MARKET PULSE-Apple, Bank of America, Caterpillar, Acura, Badger Meter

12 Min Read

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April 17 (Reuters) - Some U.S. stocks on the move on Wednesday:

Wall St Down More Than 1 Pct in Broad Selloff

Stocks extended losses with the top equity indexes down more than 1 percent after a batch of disappointing earnings reports and another drop in commodity prices. The Dow Jones industrial average fell 148.6 points, or 1.01 percent, to 14,608.18, the S&P 500 lost 22.09 points, or 1.4 percent, to 1,552.48 and the Nasdaq Composite dropped 57.61 points, or 1.76 percent, to 3,207.02.

** CIRRUS LOGIC INC, $19.01, down 11 pct (1022 ET)

** APPLE INC, $405.90, down 5 pct (1030 ET)

The audio chip maker estimated fourth-quarter revenue below analysts' estimates, saying it will record a charge related to an inventory pile up. Its first-quarter revenue forecast also fell short of Wall Street expectations. Cirrus has long followed the fortunes of Apple, from which it gets nearly all its revenue, and some analysts speculated on Wednesday that the weak forecast suggested lacklustre iPhone 5 sales.

** BANK OF AMERICA CORP, $11.72, down 4.5 pct (1124 ET)

The second-largest U.S. bank reported a lower-than-expected first-quarter profit from a year earlier and its revenue fell.

** CATERPILLAR INC, $81.00, down 1.9 pct (0946 ET)

Macquarie Equities Research downgraded the stock of the world's largest maker of construction equipment to "neutral" from "outperform," and cut its price target to $88 from $112. The brokerage said it expects Caterpillar to cut its outlook. China's weaker GDP numbers and greater-than-expected declines in mining capex will also weigh, it said.

** ENDO HEALTH SOLUTIONS INC, $35.29, up 1.3 pct (0946 ET)

** ACURA PHARMACEUTICALS INC, $3.47, up 61 pct (0955 ET)

** PAIN THERAPEUTICS INC, $3.12, up 9 pct (0955 ET)

Endo jumped after the U.S. Food and Drug Administration blocked a non abuse-deterrant painkiller made by Purdue Pharma and all generics of the drug as well, increasing the chance that the agency will also deny approval to non abuse-deterrant generic versions of Endo's painkiller Opana.

Shares of other abuse-deterrent drugs makers, Acura and Pain Therapeutics, also rose on the news.

** INNERWORKINGS INC, $10.86, down 22.6 pct (0947 ET)

The company, which provides printed products such as brochures and catalogs to companies, cut its forecast for 2013 as a large retail client transferred a "significant" portion of its work to another company. InnerWorkings also estimated first-quarter profit below expectations on Tuesday.

** BNY MELLON CORP, $27.18, down 2.1 pct (0947 ET)

The world's largest custody bank said first-quarter revenue fell 1 percent as the world's largest custody bank lost $266 million from a high-stakes tax battle with the U.S. Internal Revenue Service.

** BADGER METER INC, $46.27, down 11.6 pct (0951 ET)

The water meter maker reported free-quarter earnings below analysts' estimates as the company's meter replacement activities were hurt by increased snow cover.

** TEXTRON INC, $26.01, down 11.4 pct (0951 ET)

The world's largest maker of business aircraft reported a quarterly profit below analysts' estimates on weak demand for business jets and a decline in sales to the military, and it cut its full-year profit forecast.

** CIRRUS LOGIC INC, $19.33, down 9.7 pct (0949 ET)

The audio chip maker estimated fourth-quarter revenue below analysts' estimates as inventory piled up after customers migrated from a high-volume product to one of its newer products. The Apple Inc supplier's first-quarter revenue forecast also fell short of Wall Street expectations.

** ALKERMES PLC, $27.61, up 7.8 pct (0950 ET)

The Irish drugmaker said its experimental oral treatment for major depressive disorder helped significantly reduce depressive symptoms in patients who were not helped by standard therapies in a mid-stage study. Entire data from the 142-patient trial is expected to be released at a medical meeting between May 28 and May 31.

** ATLAS PIPELINE PARTNERS LP, $34.50, down 2.7 pct (1016 ET)

The pipeline operator said it would buy privately owned natural gas gathering and processing company TEAK Midstream LLC for $1 billion in cash to expand into the Eagle Ford shale field in South Texas.

** ABIOMED INC, $17.59, up 7.7 pct (0947 ET)

The medical device maker reported preliminary fourth-quarter revenue above market estimates, helped by higher worldwide sales of its heart pump Impella.

** CAS MEDICAL SYSTEMS INC, $2.02, up 6.3 pct (0954 ET)

The medical device maker said it will launch its Fore-Sight Elite Absolute Tissue Oximeter in the fourth quarter of this year, after U.S. health regulators approved the product to provide absolute cerebral oxygenation levels in adult and transitional adolescent patients weighing 40 kilograms or more.

** ASML HOLDINGS NV , $71.26, up 5.1 pct (0946 ET)

The world's leading provider of tools for making computer chips reported better-than-expected first-quarter results. The Dutch firm also named finance chief Peter Wennink chief executive and pledged to stick to its strategy to develop technology used to make the next generations of smartphones and tablets.

** CYMER INC, $100.28, up 4 pct (0956 ET)

Netherlands-based ASML that has agreed to buy Cymer, a supplier of lithography light sources used to make chips, reported better-than-expected first-quarter results on Wednesday and reiterated its full-year outlook for sales.

** UNIPIXEL INC, $39.51, up 6 pct (1105 ET)

Brokerage Williams Financial Group raised its price target on the LCD film maker's stock to $60 from $40, citing the company should be able to "scale much faster to substantial volumes," after the manufacturing and supply agreement with Eastman Kodak Company.

** NEURALSTEM INC, $1.12, up 5.7 pct (0945 ET)

The drug developer said U.S. health regulators allowed it to test its spinal cord-derived human neural stem cells in a mid-stage study to treat Lou Gehrig's disease, a rare and fatal brain disorder, after the cells proved safe in humans in an earlier trial.

** BIOLINERX , $1.90, up 4.5 pct (0946 ET)

The Israeli biopharmaceutical company said its experimental drug to treat ulcerative colitis - a form of inflammatory bowel disease (IBD) - reduced rectal bleeding in a mid-stage study. IBD is a chronic inflammatory gastrointestinal disease that causes chronic abdominal pain, discomfort, bloating and alteration of bowel habits.

** LINEAR TECHNOLOGY CORP, $34.86, down 5 pct (1029)ET

The chipmaker reported a better-than-expected third-quarter profit on lower tax rate on Tuesday and said it had higher bookings in the automotive and industrial end-markets.

Energy Stocks

** BILL BARRETT CORP, $18.46, down 3.9 percent (1036 ET)

** MCDERMOTT INTERNATIONAL INC, $10.10, down 4.5 percent (1036 ET)

** ROYALE ENERGY INC, $2.67, down 2.5 percent (1037 ET)

** PDC ENERGY INC, $38.66, down 5.1 percent (1037 ET)

** REX ENERGY CORP, $14.90, down 4.2 percent (1038 ET)

** GOODRICH PETROLEUM CORP, $13.11, down 9.8 percent (1038 ET)

** PENN WEST PETROLEUM LTD , $8.81, down 5 percent (1026 ET)

Brent crude fell below $99 per barrel, weighed by the prospect of sluggish fuel demand in top consumers the United States and China and rising stockpiles of U.S. crude. Brent crude on Wednesday sank to $98.80, the weakest since July 2012. U.S. crude slipped 2 percent to $87.15.

** MARTEN TRANSPORT LTD, $19.75, up 4 pct (0952 ET)

The temperature-sensitive truckload carrier reported a first-quarter profit that beat analysts' estimates, and operating revenue jumped about nine percent, as the company reduced expenses and improved equipment utilization for the quarter.

** RIO TINTO PLC , $43.19, down 5.4 pct (1045 ET)

Protesters blocked the entrance to Vale SA's Moatize coal mine in Mozambique on Wednesday, saying the Brazilian mining giant had not paid them adequate compensation for relocating them five years ago. Vale and global mining giant Rio Tinto have invested heavily in the Moatize region, attracted by the 23 billion tonnes of coal estimated to sit there.

** BIOSCRIP INC, $12.17, down 7 pct (1021 ET)

The company, which offers pharmacy and home health services, said it started an underwritten public offering of common stock.

BioScrip also said it plans to refinance existing debt with proceeds of new senior secured credit facility, including revolving credit facility of $325 million.

** E2OPEN INC, $13.50, down 27 pct (1044 ET)

The cloud-based software provider reported lower-than-expected fourth-quarter results on an 18 percent drop in professional services revenue, and forecast a significantly bigger-than-expected current-quarter loss on Tuesday.

"Because of advances in the company's products, the products do not take as long to install, resulting in less demand for professional services," Pacific Crest Securities analyst Brendan Barnicle wrote in a note. He said the company indicated that it is deemphasizing its internal professional services business, which resulted in the much lower forecast.

** MATTEL INC, $44.82, up 4 pct (0949 ET)

The world's largest toymaker reported better-than-expected first-quarter results, helped by tight cost controls and strong demand for American Girl products and Monster High dolls.

** FREEPORT MCMORAN COPPER & GOLD INC, $28.40, down 3 pct (0953 ET)

Workers at the Indonesian unit of Freeport have refused to rule out a repeat of a 2011 strike that crippled the world's largest copper mine, trade union officials said in the run-up to pay negotiations next month.

** ABBOTT LABORATORIES, $37.09, up 1.9 pct (0949 ET)

The company's quarterly earnings from continuing operations were roughly in line with Wall Street forecasts, rising sharply on demand for the company's nutritional and diagnostic products.

** J.C. PENNEY, $14.92, down 1.8 pct (0950 ET)

A New York appeals judge on Tuesday stopped the retailer from selling some Martha Stewart goods in its stores until Thursday, when he is expected to decide whether to extend the block while an appeal from Macy's Inc is pending.

** ST. JUDE MEDICAL INC, $42.72, up 1.4 pct (0950 ET)

The medical device maker said its quarterly earnings rose on lower expenses.

** INTEL CORP, $21.62, down 1.3 pct (0948 ET)

The world's largest chip maker said its current-quarter revenue would decline as much as 8 percent and trimmed its 2013 capital spending plans, as personal computer sales drop due to the growing popularity of tablets and smartphones. Shares of the company rallied as much as 3 percent after hours but quickly gave up the gains.

** EQUITY RESIDENTIAL, $57.71, down 1.3 pct (0954 ET)

Raymond James cut its rating on the stock of Equity Residential to "market perform" from "outperform," saying that the apartment owner is still in the complicated process of integrating Archstone assets and it has large exposure to the Washington DC metro which is facing more supply pressure than most markets. The brokerage said new supply deliveries are not happening evenly across the country, and there are specific submarkets that could see temporary dislocations.

** HUNTINGTON BANCSHARES INC, $7.14, down 1.2 pct (0952 ET)

The bank reported first-quarter results that were marginally above estimates but net income fell 1 percent from the year-ago quarter.

** PNC FINANCIAL SERVICES GROUP INC, $65.42, down 1 pct (0953 ET)

The 12th-largest U.S. bank by assets, reported a higher-than-expected first-quarter profit, as the bank earned higher interest and fee income.

** CSX Corp, $23.90, down 1 pct (0953 ET)

The No. 2 U.S. railroad, said on Tuesday that quarterly profit rose as it cut expenses and saw shipment volumes of some merchandise rise, helping the company fight a still-weak coal business.

** BOSTON PRIVATE FINANCIAL HOLDINGS INC, $9.69, up 1 pct (0948 ET)

The bank holding company for Boston Private Bank & Trust Co said it will repurchase all its preferred stock held by the Carlyle Group, which represented 48 percent of Carlyle's equity ownership in BPFH. (Compiled by Aditi Shrivastava; Editing by Joyjeet Das)

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