17 Min Read
May 10 (Reuters) - Some U.S. stocks on the move on Friday:
U.S. stocks open little changed on Friday but remained on track for a third straight week of gains, while a pair of strong corporate earnings helped the Nasdaq register a small advance. The Dow Jones industrial average was down 12.20 points, or 0.08 percent, at 15,070.42. The Standard & Poor's 500 Index was down 0.05 points, or 0.00 percent, at 1,626.62. The Nasdaq Composite Index was up 7.65 points, or 0.22 percent, at 3,416.82.
** MOLYCORP INC, $7.33, up 31 pct (1346 ET)
The U.S. rare earths producer reported a narrower-than-expected first quarter loss. Excluding extraordinary items, the adjusted loss was 15 cents a share. Analysts, on average, had been expecting a loss of 27 cents a share, according to Thomson Reuters I/B/E/S.
** DELL INC, $13.42, up 0.8 pct (1202 ET)
Activist investor Carl Icahn and Southeastern Asset Management Inc, two of Dell's largest shareholders, have proposed an alternative to a $24.4 billion buyout deal led by founder Michael Dell.
Icahn said Friday that he would personally contribute a couple of billion dollars to finance a $5.2 billion bridge loan for his alternative to a $24.4 billion buyout deal led by founder Michael Dell.
** ACTAVIS INC, $116.75, up 9.3 pct (1323 ET)
** WARNER CHILCOTT PLC, $17.51, up 16.6 pct (1324 ET)
Generic drugmaker Actavis, formerly Watson Pharmaceuticals, is in early talks to acquire specialty pharmaceutical company Warner Chilcott, according to a report from Bloomberg News.
** PAIN THERAPEUTICS INC, $2.74, down 48.3 pct (1203 ET)
** DURECT CORP, $0.93, down 41.5 pct (1204 ET)
Pain Therapeutics said Pfizer, its marketing partner for painkiller Remoxy, was yet to decide on continuing to seek regulatory approval for the drug.
Durect Corp provided the technology used in Remoxy.
** TRUE RELIGION APPAREL INC, $31.59, up 7.3 pct (1100 ET)
The premium jeans maker said it would be acquired by investment management firm TowerBrook Capital Partners LP in a deal worth about $835 million.
** STIFEL FINANCIAL CORP, $33.11, down 3 pct (1326 ET)
The regional investment bank and brokerage said on Thursday its profit during the first quarter was hit by merger-related charges from its acquisition of smaller rival KBW Inc, but pointed to the strong performance of its wealth management division.
** ARCELORMITTAL , $13.13, up 4.5 pct (1326 ET)
The world's largest steelmaker defied fears of a profit warning on Friday and kept its earnings forecast for this year, helped by deep cost cutting in Europe.
** DATARAM CORP, $4.84, up 60 pct (1225 ET)
The manufacturer of computer memory and software products said it had extended its partnership with chipmaker Advanced Micro Devices Inc, under which Datatram will help AMD manufacture its new Gamer Series memory. The high-performance RAM memory is compatible with both AMD and Intel platforms.
The stock, trading more than four times its average 10-day volume, was the top percentage gainer on the Nasdaq at 1226 ET.
** LIPOSCIENCE INC, $6.53, down 23 pct (1232 ET)
The diagnostic tests maker on Thursday posted a bigger-than-expected first-quarter loss and lowered its full-year revenue forecast below analysts's expectations, citing shortage of new sales representatives and delays in product placements, among multiple other factors.
** HESS CORP, $69.69, down 1.7 pct (1204 ET)
The U.S. oil and gas company is stripping John Hess of his chairman duties, as the company scrambles to avoid an embarrassing defeat by an activist investor.
Hess, under pressure from major shareholder Elliott Management, said it will separate the roles of chairman and chief executive immediately following its annual meeting next week.
** UBIQUITI NETWORKS INC, $19.57, up 21.2 pct (1206 ET)
The wireless products maker on Thursday reported better-than-expected third-quarter results and forecast current-quarter revenue and adjusted profit well above expectations.
"In an earnings season characterized by several negative pre-announcements, Ubiquiti delivered a beat and a raise driven by a rebound in core AirMax sales," Wedbush analyst Sanjit Singh wrote in a note.
** GRANITE CONSTRUCTION INC $30.31, up 5 pct (1142 ET)
Goldman Sachs upgraded the company's stock to "neutral", saying that improving construction spending will benefit the construction materials company.
** MERITOR INC, $6.36, up 4 pct (1148 ET)
Morgan Stanley raised the target price on the truck parts maker's stock to $9 from $8.
** AIR LEASE CORP, $29.53, down 3 pct (1151 ET)
The aircraft leasing company's first-quarter profit met Wall Street expectations, but fell short on revenue.
** 3D SYSTEMS CORP, $42.25, down 1.7 pct (1207 ET)
The company, which makes equipment for 3D printing, said it would sell 7.5 million shares at $40 each in a public offering.
Brokerage Janney capital initiated its rating on the company's stock with a "buy" and a price target with $56.
** UNILIFE CORP, $2.72, up 47.5 pct (1207 ET)
The medical device maker said it is close to announcing its first major long-term supply contract for its Unifill syringe with a major pharmaceutical customer and expects the deal to generate revenue immediately.
** GEVO INC, $1.59, down 4 pct (0940 ET)
A U.S. district court gave its final judgment dismissing the biofuel company's assertion that Butamax Advanced Biofuels LLC infringed its patent. The two companies have been involved in a court battle over a patent for a method to commercially produce isobutanol.
** SERVICESOURCE INTERNATIONAL INC, $6.60, up 17.25 pct (1210 ET)
The company reported better-than-expected first-quarter results, helped by higher subscription renewals for its software which helps manage service contract renewals.
Brokerage JMP Securities raised its price target on the company's stock to $12 from $10.
** STARTREK INC, $4.61, down 22 pct (1211 ET)
The business process outsourcing services provider posted a first-quarter loss against analysts' expectations for a profit. The company's gross margin fell to 8.8 pct from 10.5 percent a year earlier, hurt by the closure of its Cornwall, Canada facility and weak business in the Asia Pacific region.
** LIFEVANTAGE CORP, $2.11, down 13 pct (1123 ET)
The company cut its earnings forecast to the range of 6 to 7 cents per share, down from its earlier view of 13 to 15 cents per share.
It also said third-quarter results were affected by the recall of its dietary supplement Protandim.
** BONANZA CREEK ENERGY INC, $35.56, down 4.2 pct (1212 ET)
The oil and natural gas producer on Thursday posted a higher quarterly profit that missed analysts' expectations due to higher lease operating costs and general and administrative expenses.
** EV ENERGY PARTNERS LP, $43.08, down 3.9 pct (1212 ET)
The oil and natural gas producer reported a quarterly loss, compared with analysts' expectations for a profit, due to a fall in prices of crude oil and natural gas liquids.
ALLSCRIPTS HEALTHCARE SOLUTIONS INC, $13.19, down 4.7 pct (1213 ET)
The healthcare IT provider reported lower-than-expected first-quarter profit on lower bookings for its software.
Allscripts reported an adjusted profit of 9 cents per share, which was 5 cents lower than Street estimates, according to Thomson Reuters I/B/E/S.
"We are investing heavily in both, our clients and our products, and so while our financial results for the quarter are not surprising, they are not satisfactory and not indicative of our long term potential," CEO Paul Black said in a statement.
** TESLA MOTORS INC, $77.07, up 11 pct (1214 ET)
Consumer Reports magazine awarded a near-perfect score to Tesla Motors Co's Model S on Thursday, a day after the electric car maker reported its first quarterly profit in its 10-year history.
Several brokerages including Barclays, Baird, and Jefferies & Co also raised their price targets on the company's stock on Thursday.
** DRDGOLD LTD, $565, down 5.5 pct (1107 ET)
** HARMONY GOLD MINING COMPANY LTD, $4.46, down 4.5 pct (1107 ET)
** RANDGOLD RESOURCES LTD, $77.07, down 4 pct (1107 ET)
** AURICO GOLD INC, $4.68, down 3.5 pct (1107 ET)
** BARRICK GOLD CORP , $20.36, down 3 pct (1107 ET)
** FIRST MAJESTIC SILVER INC, $11.32, down 3 pct (1107 ET)
** YAMANA GOLD INC , $11.74, down 3 pct (1107 ET)
** KINROSS GOLD CORP, $5.41, down 3 pct (1107 ET)
** NEWMONT MINING CORP, $32.29, down 2.5 pct (1107 ET)
** ANGLOGOLD ASHANTI LTD, $18.45, down 1 pct (1107 ET)
Gold dropped 2.5 percent to a two-week low on Friday, on track for its biggest one-day drop since mid-April, as a breach of key chart levels prompted heavy selling of U.S. futures, already pressured by a stronger dollar.
Spot gold fell as low as $1,420.60 an ounce and was down 2.4 percent at $1,422.75 an ounce at 1435 GMT, while U.S. gold futures for June delivery were down 3.2 percent at $1,422.
** SEQUENOM INC, $4.13, up 15.6 pct (1214 ET)
The genetic analysis products maker reported a first-quarter revenue which increased about 158 percent over the comparable quarter, helped by strong sales of its MaterniT21 PLUS test, which detects certain chromosomal abnormalities including Down Syndrome.
** COLEMAN CABLE INC, $16.68, up 13.5 pct (1219 ET)
The electrical wire and cable maker reported better-than-expected first-quarter results on higher demand for its products and lower costs. The company also forecast current-quarter revenue largely above estimates as it anticipates improvement in the U.S. commercial and construction markets.
** PROGENICS PHARMACEUTICALS, $4.50, up 4.6 pct (1219 ET)
The company posted better-than-expected first-quarter revenue, helped by an increase in collaboration revenue.
** OPTIMER PHARMACEUTICALS INC, $12.54, down 15.9 pct (1220 ET)
The company reported a larger-than-expected first-quarter loss, hurt by an inventory sell-down of its antibiotic Dificid.
Brokerages Needham and Baird cut their ratings on the stock.
** ADVISORY BOARD CO, $49.82, up 9.08 pct (1056 ET)
The company, which provides software for healthcare and educational professionals, reported better-than-expected fourth-quarter results and forecast full-year results well above analysts' expectations on Thursday.
Brokerage Northland Capital Markets upgraded the company's stock to "outperform" from "market perform" and raised its price target to $56 from $50.
** DIODES INC, $50.01, up 9.5 pct (1220 ET)
The semiconductor maker's first-quarter results beat analysts' estimates, as revenue from higher margin regions of North America and Europe rose. The company also forecast current-quarter revenue largely above estimates.
** STONERIDGE INC, $9.09, up 5.2 pct (1220 ET)
Brokerage BB&T Capital Markets raised its rating on the company's stock to "buy" from "hold", Theflyonthewall.com reported on Friday, a day after the company reported first-quarter results above Wall Street estimates and maintained its full-year profit forecast.
** AMARIN CORP PLC, $7.25, up 6 pct (1221 ET)
The biopharmaceutical company on Thursday reported initial sales numbers for its newly launched heart drug Vascepa. Lazard Capital Markets described the first Vascepa quarter "as good as could be realistically expected."
With the potential for Vascepa's launch momentum to build, investor interest in Amarin shares could broaden in the back half of the year, the brokerage said. It raised its price target on the Amarin stock to $12 from $11. [r.reuters.com/puh97t ]
** ACETO CORP, $10.93, up 7.6 pct (1221 ET)
The company - which sells active pharmaceutical ingredients, generic drugs and specialty chemicals - reported third-quarter results which beat analysts' estimates on strong sales in its pharmaceutical ingredients business.
** LIVEPERSON INC, $8.38, up 3 pct (1117 ET)
The chat software provider's stock appears to be recovering from its sharp fall of 34 percent on Thursday.
"The intraday tumble strikes us as an overreaction and the stock may be a good candidate for a short-term trading opportunity," The Benchmark Company analyst Mark Schappel wrote in a note on Thursday.
** AFFYMAX INC, $1.27, down 29.8 pct (1221 ET)
The struggling drugmaker said in a filing on Thursday that its independent accounting firm expressed substantial doubt about the company's ability to continue as a going concern in their most recent audit report. (r.reuters.com/kyc97t)
** FOREST OIL CORP, $4.81, up 2.9 pct (1222 ET)
Stifel Nicolaus upgraded the oil and gas producer's stock to "buy", saying it expects production to grow by the second half of the year, fueled by the company's oily Eagle Ford shale assets, where oilfield services sector leader Schlumberger Ltd picked up a 50 percent working interest in April.
** BOINGO WIRELESS INC, $7.15, up 8 pct (1222 ET)
The Wi-Fi software and services provider's first-quarter revenue beat estimates as it entered into network advertising and sponsorship agreements with various companies and also signed an agreement to provide its services at three airports in China.
The company on Thursday also forecast current-quarter and full-year 2013 revenue largely above estimates.
** TOWER JAZZ , $6.37, down 4.8 pct (1223 ET)
The Israeli chipmaker TowerJazz on Thursday reported lower revenue and net profit in the first quarter due to a contractual decline in sales to Micron Technology at its Japanese plant, but expects improvement in each of the next quarters.
** ERICKSON AIR-CRANE INC, $22.65, up 8.2 pct (1223 ET)
The company, which provides aviation services to commercial and government customers, reported a surprise first-quarter profit as higher demand from the timber and energy industries led to a 34 percent jump in revenue.
** UNIVERSAL DISPLAY CORP, $28.22, down 15.4 pct (1223 ET)
The provider of organic light-emitting diode (OLED) display technologies on Thursday reported a first-quarter loss after operating costs rose 56 percent to $22.1 million. The company also forecast full-year 2013 revenue largely below estimates.
Brokerages Piper Jaffray and Canaccord Genuity cut their price target on the company's stock.
** PRICELINE.COM, $763.30, up 3.5 pct (1224 ET)
The online travel agency on Thursday gave a forecast for second-quarter profit that was below analysts' estimates, as it cited the effects of global expansion costs.
** GAP INC, $40.64, up 4.7 pct (1224 ET)
The clothing retailer reported a company-wide 7 percent gain in April same-store sales, led by a big surge at its low-priced Old Navy chain, and it gave a current-profit forecast on Thursday that was also above Wall Street expectations.
** AUTONAVI HOLDINGS LTD, $12.90, down 12.6 pct (1231 ET)
Alibaba Group, China's largest e-commerce firm, is set to take a 20 to 30 percent stake in Chinese digital mapping and navigation firm AutoNavi, local media reported, as it aims to boost its competitveness by beefing up its product lineup.
** NVIDIA, $14.48, up 4 pct (1243 ET)
The graphics chipmaker on Thursday posted better-than expected results for the first quarter including record gross margins, despite a slowing PC industry.
** BT GROUP PLC, $47.41, up 11.7 pct (1244 ET)
Britain's BT underlined its return to form ahead of its pending pay-TV battle with BSkyB, raising its outlook after improvements across the board helped it beat forecasts and send its shares soaring.
** MGM RESORTS INTERNATIONAL, $15.65, up 3.4 pct (1245 ET)
MGM on Thursday filed a proposal with the state of Maryland to develop an $800 million casino resort, after winning the right to proceed with the project in a costly lobbying effort against rival Penn National.
** FLOTEK INDUSTRIES INC, $16.65, up 3.7 pct (1245 ET)
The oilfield equipment provider said it would buy privately-held Florida Chemical Co for about $103 million in cash and stock. The Florida-based company processes citrus oils and makes products for use in the oil and gas business.
** HECLA MINING CO, $3.16, down 4.2 pct (1246 ET)
The No. 2 U.S. silver miner by output reported a 16 percent drop in first-quarter sales as prices of the precious metal fell.
** AIR METHODS CORP, $35.62, down 3.3 pct (1246 ET)
The air medical transportation company posted a wider-than-expected first-quarter loss as revenue fell due to lower flight volumes, and operating expenses increased. (Compiled by Sruthi Ramakrishnan in Bangalore; Editing by Sreejiraj Eluvangal)