10 Min Read
May 14 (Reuters) - Some U.S. stocks on the move on Tuesday:
U.S. stocks rose and extended a recent rally, with the S&P 500 and Dow hitting a new intraday high as investors bet that the market's upward momentum would continue.
Large-cap banks including Bank of America and Citigroup Inc were among the day's biggest advancers.
The Dow Jones industrial average was up 0.49 percent, the Standard & Poor's 500 Index up 0.79 percent and the Nasdaq Composite Index up 0.76 percent.
** BANK OF AMERICA CORP, $13.34, up 2.7 pct (1315 ET)
** MORGAN STANLEY, $24.40, up 3 pct (1315 ET)
** CITIGROUP INC, $50.09, up 2.3 pct (1315 ET)
** WELLS FARGO & CO, $38.69, up 1.2 pct (1315 ET)
Americans resumed cutting back on debt in the first quarter as mortgage and credit card balances fell, while overall delinquency rates improved, data from the New York Federal Reserve showed on Tuesday.
** GOLDMAN SACHS GROUP INC, $154.38, up 3.2 pct (1225 ET)
A New York appeals court dismissed a case against Goldman brought by a bond insurer who claimed it was fraudulently induced to insure the bank's Abacus product tied to subprime mortgages.
** BLACKBERRY , $15.22, down 4 pct (1247 ET)
BlackBerry announced plans on Tuesday to offer its popular instant messaging system on rival devices and introduced a new mid-tier smartphone targeted at countries where its faded brand remains strong.
** NOKIA, $3.62, down 5.7 pct (1257 ET)
Nokia unveiled a metal version of its Lumia smartphone on Tuesday, striving to catch up with Samsung and Apple Inc in the lucrative handset market.
However, Nokia is unlikely to pose a threat to Apple and Samsung in smartphones, according to a study conducted by brokerage MKM Partners to gauge U.S. consumer behavior with regard to smartphones, tablets and PCs.
"Currently 1 percent of respondents own a Nokia smartphone, down from nearly 3 percent in Oct," wrote Michael Genovese, managing director and communications equipment analyst at the brokerage. "Fifty-seven percent of respondents plan to purchase either an Apple or Samsung in the near-term," he added.
** SONY CORP, $21.00, up 11.2 pct (1258 ET)
Billionaire hedge fund investor Daniel Loeb on Tuesday called on Sony to spin off its lucrative entertainment arm, setting the stage for a clash between the activist fund and management at the Japanese electronics maker.
** YAHOO INC, $26.75, up 1.3 pct (1251 ET)
Yahoo plans to ramp up advertising and marketing efforts as it seeks to break its reliance on an "aging demographic" and become more relevant among young adults, the company's finance chief said.
** PDI INC, $5.12, up 26 pct (1259 ET)
The company, which provides sales reps and other commercial services to drugmakers, on Monday reported a profit for the first quarter, compared with a loss a year earlier, helped by the execution of multi-year new contract wins and lower expenses.
** CHINA CERAMICS CO LTD, $2.05, down 10.8 pct (1259 ET)
The Chinese ceramic tile maker reported a 60 percent fall in first-quarter revenue as the weak domestic real estate and construction markets led to a drop in sales volume and average selling prices for the company.
** INTEROIL CORP, $85.95, up 10 pct (1230 ET)
The liquefied natural gas producer reported a 3 percent rise in first-quarter revenue, helped by higher sales volumes due to increased utilization of its refinery.
Raymond James analyst Pavel Molchanov reiterated his "outperform" rating on the company's stock, saying that despite an uneventful quarter, he saw "multiple near-term catalysts, including an LNG partnership with an international company".
** TRINA SOLAR LTD, $5.40, down 8.9 pct (1259 ET)
** YINGLI GREEN ENERGY, $2.40, down 4.7 pct (1300 ET)
Chinese solar panel producer Trina Solar estimated panel shipments at between 390 megawatts (MW) and 400 MW for the first quarter, lower than its prior outlook of 420 MW to 430 MW.
The company also said its profit for the quarter ended March 31 would be hurt by a foreign currency exchange loss in the range of $18.5 million to $19.5 million, and the reversal of an accounts receivables provision of $10.5 million to $11.5 million.
** SODASTREAM INTERNATIONAL, $65.02, up 13.6 pct (1300 ET)
Oppenheimer & Co raised its price target on the stock to $68 from $60 after the company, whose machines make carbonated drinks from tap water, set a $1 billion sales target by 2016 at its analyst and investor day on Monday.
** SYNACOR INC, $3.95, up 12 pct (1236 ET)
Synacor, which helps companies build their own content delivery portals, will demo Cloud ID Social Login with Google+ and advanced TV Everywhere technologies in the Developer Sandbox at the Google I/O conference in San Francisco on May 15-17.
** ACURA PHARMACEUTICALS INC, $2.43, up 8 pct (1148 ET)
Roth Capital Partners initiated coverage of the specialty pharmaceuticals company with a "buy" rating and a price target of $4.50.
** INVACARE CORP, $14.81, up 8 pct (1313 ET)
The medical equipment maker said the U.S. Food and Drug Administration accepted the first of the three certification audits, allowing the company to resume manufacturing and distributing parts from its Taylor Street facility in Ohio.
Invacare reached an agreement with the FDA in December on the terms of a consent decree and said it would limit production and design on two of its facilities until they were certified to be in compliance with the FDA's regulations.
** SUNSHINE HEART INC, $5.51, up 7 pct (1227 ET)
The heart device developer reported a smaller-than-expected first-quarter loss as it used less cash for operating activities than a year earlier.
** TEARLAB CORP, $9.10, up 14 pct (1300 ET)
The company's first-quarter revenue jumped nearly six-fold from a year earlier, helped by strong sales of its systems for diagnosing dry eye disease.
Brokerages Canaccord Genuity and Roth Capital Partners raised their target price on the stock.
** EDWARDS LIFESCIENCES CORP, $71.44, up 6 pct (1210 ET)
The heart device maker said its board authorized a share repurchase program of up to $750 million. The company also said that Chief Executive Michael Mussallem will buy $5 million of its newly issued shares under a private placement on Wednesday.
** STRATASYS LTD, $93.95, up 10 pct (1301 ET)
Four brokerages raised their price target on the 3D printer maker's stock on Tuesday, a day after the company reported a first-quarter adjusted profit above analysts' estimates.
** WUXI PHARMATECH, $20.57, up 2.8 pct (1301 ET)
Oppenheimer & Co raised its price target on the stock to $25 from $22 after the company stood by its full-year adjusted earnings forecast. The brokerage said the outlook was "too conservative and upside exists".
** SOLARCITY CORP, $33.19, down 7.5 pct (1302 ET)
The U.S. solar panel installer on Monday reported a larger-than-expected quarterly loss, reversing a year-ago profit, due to higher costs.
** TAKE-TWO INTERACTIVE SOFTWARE INC, $17.15, up 4.5 pct (1302 ET)
The video game publisher reported better-than-expected revenue and earnings in the fourth quarter on Monday, driven by strong sales of "Borderlands 2," and assured investors that its flagship "Grand Theft Auto V" title was on track for the holidays.
** CREE INC, $59.42, down 2.7 pct (1302 ET)
Analysts at Stern Agee & Leach downgraded their rating on the light-emitting diode maker's stock to "neutral" from "buy", citing "aggressive behavior" by competitor Philips. The analysts said Cree could face some disruptions in the next two quarters as Philips Lighting North America has been forcing agents to choose between its and Cree's products.
** FUSION-IO INC, $15.00, up 3.4 pct (1306 ET)
UBS Investment Research raised its rating on the memory drive maker to "buy" from "neutral," according to theflyonthewall.com.
** INFORMATION SERVICES GROUP INC, $2.09, up 10 pct (1307 ET)
The advisory company on Monday reported better-than-expected revenue and adjusted earning for the first quarter on higher demand for its services.
** NANOSPHERE INC, $3.11, up 11.5 pct (1307 ET)
The maker of diagnostic tests said it signed a distribution deal with Japan-based Hitachi High-Technologies Corp. Hitachi will exclusively market Nanosphere's products in Japan. Terms of the deal were not disclosed.
** DEAN FOODS CO, $19.87, up 3.7 pct (1308 ET)
Brokerage Janney Montgomery Scott upgraded the dairy company to "buy" from "neutral," saying it expects the company to complete the long-awaited spin-off of its WhiteWave business on May 17. Dean shares rose as much as 4 percent to $19.97 in early trading -- their highest in more than two years.
** WESTERN GAS PARTNERS LP, $60.95, down 3.6 pct (1308 ET)
The company, which processes and transports oil and gas, offered 6.1 million units at $61.18 per unit, representing a discount of 3.3 percent to the stock's closing price of $63.24 on Monday.
** SUBURBAN PROPANE PARTNERS LP, $47.66, down 4.7 pct (1309 ET)
The propane and refined fuels distributor offered 2.7 million units at $48.16 per unit, representing a discount of 3.8 percent to the stock's closing price of $50.05 on Monday.
** WORLD ACCEPTANCE CORP, $88.42, down 4.41 pct (1351 ET)
The pawn and payday lender's utter dependence on predatory loan practices makes the company very vulnerable, short-seller CitronResearch.com said. The short-seller added that the company draws half its profitability from "credit insurance", a loan add-on that harms customers. (link.reuters.com/hux97t)
** BROADVISION INC, $9.60, up 14 pct (1214 ET)
The software company said it signed an agreement with NTT Communications Corp, a unit of NTT Group, to offer its new Task Management service through NTT's Biz Mail.
The stock was one of the top percentage gainers on the Nasdaq. (Compiled by Sruthi Ramakrishnan in Bangalore; Editing by Maju Samuel)