May 1, 2013 / 3:09 PM / 4 years ago

MARKET PULSE-Merck, Titan Pharma, Neutral Tandem, Synacor, Accelrys

17 Min Read

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May 1 (Reuters) - Some U.S. stocks on the move on Wednesday:

Wall St Down on Weak Data, Earnings; Fed on Tap

U.S. stocks fell on Wednesday, weighed by a slew of economic data that suggested weaker-than-expected growth. The Dow Jones industrial average dropped 0.40 percent, the Standard & Poor's 500 Index fell 0.47 percent, and the Nasdaq Composite Index fell 0.56 percent.

** MERCK & CO INC, $44.76, down 5 pct (0930 ET)

The drugmaker reported disappointing first-quarter sales on a surprising downturn for its Januvia diabetes medicine, the company's biggest product and usual earnings driver, and it cut its profit forecast for the full year.

** TITAN PHARMACEUTICALS INC, $0.34, down 80 pct (0932 ET)

U.S. health regulators rejected an experimental drug to treat opioid addiction made by Titan Pharmaceuticals and asked for additional data showing it works, the company said. The drug, Probuphine, is a long-acting version of buprenorphine, a drug sold by British rival Reckitt-Benckiser Group Plc under the brand names Subutex and Suboxone.

** NEUTRAL TANDEM INC, $4.12, up 38 pct (0931 ET)

The network connectivity services provider sold its global data services business to GTT, a cloud network provider, for $54.5 million on Tuesday.

It also reported better-than-expected first-quarter revenue on higher demand for its services.

** MINDSPEED TECHNOLOGIES INC, $3.03, up 32 pct (0932 ET)

The company, which supplies chips for network infrastructure applications, reported a smaller-than-expected adjusted loss and posted revenue above estimates on Tuesday.

The company also said it hired Morgan Stanley to evaluate strategic options.

** BRIGHTCOVE INC, $7.29, up 21 pct (1010 ET)

The online video publisher reported a smaller-than-expected first-quarter loss on Tuesday. The company also forecast current-quarter and full-year revenue above estimates.

** SYNACOR INC, $3.55, up 21 pct (0933 ET)

The company, which helps companies build their own content delivery portals, said it will offer Verizon Communications Inc's 5 million FiOS TV subscribers access to TV shows and movies from one online portal. Verizon FiOS is a bundled Internet access, telephone, and television service that operates over a fiber-optic network.

** REGAL BELOIT CORP, $65.05, down 17 pct (1014 ET)

The maker of electric motors, mechanical and electrical motion controls and power generation products reported a first-quarter profit below analysts' expectations, hurt by weak demand from the U.S. commercial and industrial markets.

Regal Beloit earned $1.08 per share, excluding items. Analysts on average expected earnings of $1.15 per share, according to Thomson Reuters I/B/E/S.

** DIXIE GROUP INC, $6.95, up 16 pct (1025 ET)

The carpet and rug manufacturer's shares rose to a more than four-year high on Wednesday after the company reported a 20 percent jump in first-quarter sales in a seasonally weak quarter, as a recovering housing market helped drive demand in its residential business.

** BANKRATE INC, $15.45, up 15 pct (0950 et)

The operator of personal finance websites reported a higher-than-expected first-quarter profit as revenue from its mortgage and deposits business increased.

Several brokerages raised their price targets on the stock.

** ACCELRYS INC< ACCL.O>, $8.50, down 14 pct (0949 ET)

The company, which provides software products to healthcare companies, reported first-quarter results below analysts' estimates and cut its 2013 guidance, hurt by a shortfall in orders. It now expects a profit of 32 cents to 34 cents per share, down from its earlier forecast of 36 cents to 39 cents.

Accelrys also cut its revenue forecast to $176 million-$181 million from $185 million-to $190 million.

** MUELLER WATER PRODUCTS INC, $6.74, up 14 pct (1018 ET)

The company reported second-quarter results above analysts' expectations due to higher shipments of its valves, hydrants and brass products.

"This quarter was our best overall second-quarter performance since 2008," Chief Executive Gregory Hyland said in a statement.

** ULTIMATE SOFTWARE GROUP INC, $108.66, up 12 pct (1021ET)

The company, which provides workforce management software on cloud, reported better-than-expected first-quarter results as demand for its services rose.

Canaccord Genuity raised its rating on the stock to "buy" from "hold" and price target to $110 from $105. Stifle Nicolaus raised its price target to $110 from $108.

** ENTROPIC COMMUNICATIONS INC, $3.78, down 11 pct (1000 ET)

The company, which designs chipsets for video and broadband multimedia applications, reported weaker-than-expected first-quarter revenue on Tuesday, prompting Needham & Co to lower its rating on the stock to "hold" from "buy".

Mizuho Securities cut its price target to $5 from $6.

** TRULIA INC, $32.34, up 11 pct (0959 ET)

The company, which runs a real-estate search engine, reported better-than-expected first-quarter revenue on Tuesday as it saw higher traffic on its website from mobile devices, and forecast current-quarter revenue comfortably above analysts' estimates.

J.P. Morgan upgraded the stock to "overweight" from "neutral" and raised its price target to $41 from $34. RBC Capital markets raised its price target to $44 from $41.

** GREEN DOT CORP $17.39, up 11 pct (1006 ET)

The prepaid debit card company's quarterly profit beat analysts' estimates as card revenue rose. The company on Tuesday also reiterated its earnings outlook for the full year.

Compass Point raised its rating on the stock to "buy" from "neutral".

** SOURCEFIRE INC, $52.75, up 11 pct (0933 ET)

The network security software maker's quarterly profit modestly missed estimates, hurt by a decline in its federal business, but the company forecast a smaller-than-expected second-quarter loss.

"After seeing a number of first-quarter earnings come in below expectations, Sourcefire bucked the trend posting a solid quarter, which although slightly below the Street, was in-line with guidance," Lazard Capital analyst Joel Fishbein said in a note to clients.

** COTT CORP, $9.9, down 10 pct (0953 ET)

The Canadian soft drink maker reported a 4 percent drop in first-quarter revenue as its private label business lost market share and sales of its carbonated soft drinks fell in North America.

** CHESAPEAKE ENERGY CORP, $19.82, up 2 pct (0930 ET)

The company reported a quarterly profit that topped Wall Street expectations on Wednesday, helped by lower production expenses and higher oil and natural gas prices.

** MASTERCARD INC, $543.46, down 2 pct (1001 ET)

The world's second-largest credit and debit card network reported a higher-than-expected rise in quarterly profit as more people used credit and debit cards instead of cash but growth slowed in the United States.

** IPG PHOTONICS CORP, 56.9, down 10 pct (1002 ET)

The specialized laser maker reported lower-than-expected first-quarter revenue due to falling demand for its products and forecast second-quarter results largely below analysts' estimates. (r.reuters.com/sep77t)

** RPX CORP $14.67, up 9 pct (1013 ET)

The company, which provides patent risk management services, reported quarterly results on Tuesday that beat analysts' estimates, helped by client additions.

** ION GEOPHYSICAL CORP, $5.73, down 8 pct (1021 ET)

The company, which provides geophysical technology, services and solutions for the global oil and gas industry, said it would offer up to $175 million of its senior notes due 2018 for sale, and use the proceeds to repay existing debt.

** CLOUD PEAK ENERGY CORP, $18.04, down 8 pct (1000 ET)

Brean Capital cut its rating on the coal miner's stock to "hold" from "buy", after the company's first-quarter results missed estimates due to higher-than-expected costs, and it lowered its earnings outlook due to persistently weak prices.

** MERCURY SYSTEMS INC, $8.24, up 7 pct (1030 ET)

The company, which makes processing systems and software for commercial and defense industries, reported a 9 percent rise in quarterly revenue on Tuesday, on higher sales to defense customers.

CRT Capital raised its rating on the stock to "fair value" from "sell" on Wednesday.

** HIMAX TECHNOLOGIES INC, $5.12, down 7 pct (0933 ET)

The Taiwanese chipmaker said in a filing that one of its major shareholders and largest customer, Innolux Corp, intends to sell-off its stake in the company. Innolux owned about 15 percent of the company at the end of April.

** TRIMBLE NAVIGATION LTD, $26.83, down 7 pct (0933 ET)

The company forecast current-quarter results below analysts' estimates, hurt by spending cuts in the United States and severe weather conditions in Europe and North America, which delayed the agricultural and construction seasons.

** CAVIUM INC, $33.71, up 7 pct (0934 ET)

The chipmaker reported better-than-expected first-quarter results on Tuesday.

Piper Jaffray raised it price target on the stock to $26 from $22. Needham and Co raised its price target to $38 from $37.

** SPX CORP, $69.44, down 7 pct (0934 ET)

The company, which makes equipment used in producing liquids ranging from petroleum to dairy products, reported quarterly results that missed analysts' expectations and forecast full-year earnings below estimates.

"While the performance across most of SPX was fundamentally in line with our expectations, we were disproportionally impacted in a few discrete areas, particularly in our thermal segment," Chief Executive Christopher Kearney said in a statement. "We are taking actions to address these areas and improve our performance, including accelerated restructuring plans to address our cost structure in certain European operations."

** DREAMWORKS ANIMATION SKG INC, $20.5, up 6 pct (0933 ET)

The company reported better-than-expected quarterly results, helped by the worldwide success of its animated film, "The Croods."

** OUTDOOR CHANNEL HOLDINGS INC, $9.3, up 6 pct (0934 ET)

Leo Hindery's InterMedia raised its offer for the cable network to $237 million in cash, outbidding a rival offer from Stan Kroenke's Kroenke Sports & Entertainment LLC.

** HYATT HOTELS CORP, $40.32, down 6 pct (0937 ET)

The company, which owns and operates the Park Hyatt, Grand Hyatt and Hyatt Regency hotels, posted a quarterly profit that beat analysts' estimates, helped by higher room rates as the company gained from increased demand in the United States.

** ADT CORP, $41.41, down 5 pct (1010ET)

The company, which provides electronic security systems such as fire alarms, reported lower-than-expected second-quarter results.

**BIG 5 SPORTING GOODS CORP, $17.65, up 5 pct (1009 ET)

Big 5 Sporting Goods reported first-quarter results on Tuesday that comfortably beat Wall Street estimates, as more customers visited its stores, and the retailer forecast strong profit for the second quarter.

The El Segundo, California-based company said its second-quarter same-store sales had begun positively, benefiting from normal weather and a favorable shift in the Easter holiday.

Brokerages Needham & Co and SunTrust Robinson Humphrey raised their price targets on the company's stock.

** ENDOLOGIX INC, $14.24, down 5 pct (0933 ET)

The maker of minimally invasive treatments for aortic disorders said on Tuesday that it expects a delay in the launch of its Ventana system in the United States, as it had a higher-than-expected number of renal re-interventions during the first 120 procedures. Lazard cut its price target on the stock to $17 from $19.

** GENWORTH FINANCIAL INC, $10.5, up 5 pct (0931 ET)

The life and mortgage insurer's first-quarter profit more than doubled, beating analysts' estimates, helped by strong performance in its U.S. mortgage insurance business.

** HUMANA INC, $77.61, up 5 pct (0934 ET)

The health insurer reported a much higher-than-expected first-quarter profit on Wednesday, but expressed uncertainty about 2014, when lower U.S. government rates for private Medicare insurance take effect.

** ANGLOGOLD ASHANTI LTD, $19, down 3 pct (1035 et)

** BARRICK GOLD CORP , $19.16, down 3 pct (1035 et)

** FIRST MAJESTIC SILVER INC , $11.86, down 4 pct (1035 et)

** YAMANA GOLD INC , $11.29, down 9 pct (1036 et)

** KINROSS GOLD CORP , $5.30, down 3 pct (1036 et)

** RANDGOLD RESOURCES LTD, $79.91, down 2 pct (1037 et)

** ROYAL GOLD INC, $53.31, down 4 pct (1037 et)

Gold fell on Wednesday as buying slowed down due to holidays in China and parts of Europe, and as investors waited to see if the U.S. Federal Reserve would stick to its stimulus program to spur the economy. Gold fell 0.7 percent to $1,466.06 an ounce by 1151 GMT. U.S. gold futures for June delivery were down 0.4 percent at $1,464.00 an ounce.

** VANGUARD HEALTH SYSTEMS INC, $14.00, down 4 pct (0958 ET)

The operator of healthcare delivery networks on Tuesday reported a decline in patient discharges for the January-March period and lowered its full-year profit forecast.

** PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, $20, down 4 pct (0956 ET)

The REIT said late on Tuesday that it would sell 10 million common shares. It intends to use the net proceeds from the offering to repay debt and for other general corporate purposes.

** SOLARWINDS INC, $48.66, down 4 pct (0959 ET)

The network management software maker's first-quarter revenue missed analysts' estimates and it forecast current-quarter results below expectations as it struggles to sell new licenses.

** TIM HORTONS INC, $56.58, up 4 pct (0955 ET)

Highfields Capital, a U.S. hedge fund agitating for drastic change at the iconic Canadian coffee-and-doughnut chain , is set for an uphill battle convincing some long-term institutional investors of the merits of its case.

** VIACOM INC, $66.5, up 4 pct (0935 ET)

The company reported a 6 percent drop in revenue because of a weak slate of movies from its studio Paramount Pictures, but advertising revenue turned positive during the quarter.

** AMERICAN CAPITAL LTD, $14.51, down 4 pct (0935 ET)

The asset manager reported a smaller-than-expected first-quarter profit, hurt by lower fee and investment income. Fee income fell 15 percent to $11 million.

** COMCAST CORP, $42.37, up 3 pct (0932 ET)

The biggest U.S. cable company and owner of NBC posted a higher quarterly profit on Wednesday, driven by strength on the cable side of the business.

** MANITOWOC CO INC, $18.16, down 3 pct (0936 ET)

The company reported first-quarter results below analysts' expectations and received fewer orders for cranes. Manitowoc earned 9 cents per share from continuing operations, excluding items, on revenue of $898 million for the first quarter. Analysts on average expected earnings of 14 cents per share on revenue of $911.6 million, according to Thomson Reuters I/B/E/S.

** MAGNACHIP SEMICONDUCTOR CORP, $16.35, up 2 pct(1033 ET)

The Korea-based company reported first-quarter adjusted earnings on Tuesday that beat analysts' expectations as more chipmakers used its foundry services.

** TIME WARNER INC, $58.39, down 2 pct (1000 ET)

The owner of the CNN cable network, premium TV service HBO, and a movie studio posted a higher first-quarter profit on Wednesday, as growth in its cable networks offset declines in the film, TV entertainment and publishing units.

** AMGEN INC, $105.89, up 2 pct (0935 ET)

** BIOGEN IDEC INC, $216, down 1 pct (0936 ET)

Goldman Sachs analysts added Amgen to their 'Americas Conviction List' and upgraded the company to "buy" from "neutral", saying that the company's late-stage pipeline of drugs could mitigate the loss of revenue from those drugs that go off patent from the fourth quarter.

The brokerage also downgraded Biogen to "neutral" from "buy" and pulled it from their conviction list, saying it sees the company's "risk-reward" profile as balanced.

** IAC/INTERACTIVE CORP, $48.8, up 2 pct (0936 ET)

The Web-holding company reported a better-than-expected first-quarter profit, but revenue fell short of estimates. IAC reported revenue of $742.3 million, compared with analysts' expectations of $757.3 million, according to Thomson Reuters I/B/E/S.

** GARMIN LTD, $34.32, down 2 pct (0937 ET)

The company's first-quarter profit came in below analysts' average estimate as revenue from its core personal navigation devices business fell further. (Compiled by Maria Ajit Thomas in Bangalore; Editing by Roshni Menon)

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