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May 22 (Reuters) - Some U.S. stocks on the move on Wednesday:
U.S. stocks rose, giving up some gains after an initial rally, after Federal Reserve Chairman Ben Bernanke said the central bank needed to see further signs of traction in the economy before it tapered its economic stimulus efforts.
The Dow Jones industrial average was up 0.42 percent, the S&P 500 0.36 percent and the Nasdaq Composite 0.23 percent.
** SAKS INC, $15.51, up 14 pct (1020 ET)
The luxury department store chain hired Goldman Sachs to explore strategic alternatives, including a sale, the New York Post reported, citing a source briefed on the matter.
** ZALE CORP, $7.01, up 30 pct (1021 ET)
The mid-tier specialty jeweler said the former chief executive of its biggest rival, Kay Jewelers parent Signet Jewelers Ltd, will be its new chairman. Terry Burman, who was Signet's CEO from 2000 to 2011 and oversaw large U.S. market share gains that came partly at Zale's expense, will take up the post next Friday, Zale said.
Zale, which three years ago faced sharply declining sales and narrowly averted a cash shortage, also reported that sales at stores open at least a year rose 1.4 percent in the third quarter.
** PFIZER INC, $29.79, up 3.5 pct (1023 ET)
** ZOETIS INC, $32.30, down 2 pct (1024 ET)
Pfizer said on Wednesday it will spin off its majority stake in animal health business Zoetis to shareholders by allowing them to swap Pfizer stock for Zoetis stock at a 7 percent discount.
** MULTIBAND CORP, $3.20, up 24 pct (1024 ET)
The home service provider for DirecTV agreed to be taken private by wireless telecom networking company Goodman Networks Inc for $3.25 per share, or about $68 million. The deal represents a 25 percent premium to Multiband's Tuesday close. Including debt, Goodman will pay $116 million.
** INSMED INC, $13.20, up 17 pct (1058 ET)
Analysts at Leerink Swann raised their target price on the drug developer's stock, saying that there is a compelling marketing opportunity for the company's lead drug Arikace to treat non-tuberculous mycobacteria (NTM) infections as there are no other approved treatments.
"Our literature search and checks with key opinion leaders have led us to be more bullish on Arikace's potential in NTM," they wrote in a note to clients.
** MANNKIND CORP, $6.01, up 12 pct (1031 ET)
The medical device maker could be a takeover target if its diabetes therapy gets approval, investment website Seeking Alpha said. (link.reuters.com/xuq38t)
The therapy, called Afrezza, is intended for the treatment of adult patients with Type 1 and Type 2 diabetes. The therapy consists of a powder loaded into a cartridge which is used as an inhaler.
MannKind had a market value of about $1.46 billion as of Tuesday's close, according to Thomson Reuters data.
** DYCOM INDUSTRIES INC, $22.76, up 12 pct (1024 ET)
The company, which provides engineering, construction and maintenance services, reported better-than-expected quarterly results, helped by a near 50 percent jump in contract revenue. It also forecast fourth-quarter results above analysts' expectations.
** TARGET CORP, $69.52, down 4 pct (1026 ET)
The company cut its full-year profit forecast while turning in a weak first quarter with disappointing sales, as a chilly start to spring kept shoppers from buying seasonal items like clothing.
(For graphic, click: link.reuters.com/haq38t)
** NETAPP INC, $38.24, up 4 pct (1028 ET)
The data storage equipment maker, under pressure from activist shareholder Elliott Management, said it would spend about $1 billion in the next four months to buy back shares.
At least 11 brokerages raised their price targets on the company's stock by up to $8.
"We have long questioned NetApp's stingy capital allocation and expect investors to now cheer using some of its sizeable $4.7 billion net cash," Evercore Partners said in a note.
** LE GAGA HOLDINGS LTD, $3.71, up 11 pct (0951 ET)
The China-based greenhouse vegetable producer said it received an offer from a consortium led by its chairman and CEO to take the company private.
** AMARIN CORP PLC, $7.08, up 1.4 pct (1030 ET)
The drugmaker said it received a notice of allowance from the U.S. Patent and Trademark Office for a patent covering its method to reduce triglycerides, a type of fat in the blood, using its drug Vascepa in patients who are also using another class of cholesterol-lowering drugs known as statins.
** AMAG PHARMACEUTICALS INC, $23.40, down 7 pct (1030 ET)
The company said its marketing partner in Switzerland, Takeda Pharmaceutical Co Ltd, is recalling a batch of Amag's anemia drug, Rienso, because of a death and several cases of hypersensitivity.
** TOLL BROTHERS INC, $38.56, up 7 pct (1033 ET)
The luxury homebuilder reported stronger-than-expected results on higher average selling prices and booked its highest quarterly orders in seven years.
** NPS PHARMACEUTICALS INC, $15.99, up 10 pct (1034 ET)
The biopharmaceutical company, which focuses on gastrointestinal and endocrine disorders, expects to raise $87.2 million by offering 6 million shares at $14.53 per share, the same price at which the stock closed on Tuesday.
** MERCK & CO INC, $48.13, up 2 pct (1034 ET)
Merck said it has entered into a $5 billion share repurchase agreement with Goldman Sachs Group Inc, as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly generics.
** APPLE INC, $445.11, up 1 pct (1034 ET)
The company's Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more.
** ONCOLYTICS BIOTECH INC, $2.87, up 6 pct (1035 ET)
The company said preliminary results of a mid-stage trial testing its cancer drug Reolysin along with two other cancer drugs showed that the combination met the main goal of reducing the size of tumors in patients with metastic melanoma, a type of skin cancer.
** CITI TRENDS INC, $13.36, up 6 pct (1057 ET)
The fashion apparel retailer, which reported first-quarter results below Wall Street expectations, said comparable store sales increased 9 percent in April from a year earlier. In the first two weeks of May, they rose 2 percent.
"The big positive news is that we are seeing improvements in our ladies business while not yet positive, sales decreases for the last six weeks in the ladies business are in single digits," a company executive said on a conference call with analysts.
"This is a large improvement over the double-digit decreases of the last several quarters."
** CVR PARTNERS LP, $24.60, down 7 pct (1035 ET)
The nitrogen fertilizers maker said Coffeyville Resources LLC, a unit of CVR Energy Inc, will sell 12 million CVR Partners units at $25.15 apiece, a near 5 percent discount to the stock's Tuesday close.
** BALTIC TRADING LTD, $3.68, down 9 pct (1119 ET)
The U.S. drybulk shipper said it would sell 5.6 million shares of its common stock at $3.60 per share to raise about $20 million. The stock closed at $4.05 on Tuesday.
The company said it will use the proceeds to acquire vessels or for working capital and general corporate purposes.
** BRISTOL-MYERS SQUIBB CO, $46.42, up 5 pct (1054 ET)
Citigroup analyst Andrew Baum raised his rating on the stock to "buy" from "neutral", saying that peak sales from the company's immunotherapy drugs to treat cancer are likely to exceed $10 billion by 2022.
"We believe this market (for immunotherapy drugs) will generate sales of up to $35 billion (a year) over the next 10 years and be used in some way in the management of up to 60 percent of all cancers," he said on Wednesday.
Citi's forecast is considerably higher than current market consensus, but if it proves correct, then cancer immunotherapy would exceed the peak market value of top blockbuster drug classes such as statins for high cholesterol.
** GALENA BIOPHARMA INC, $2.61, up 4 pct (1058 ET)
JMP Securities analysts initiated coverage on the company' stock with a "market outperform" rating, saying that its experimental cancer vaccine NeuVax could generate sales of $469 million in the United States and key European markets by 2020 as an after-surgery treatment for breast cancer.
Neuvax is currently being tested in a late-stage study for breast cancer.
** LTX-CREDENCE CORP, $5.87, down 3 pct (1026 ET)
The company, which makes automated test equipment used by chipmakers, reported third-quarter results that fell short of Wall Street estimates, and forecast current-quarter revenue below expectations.
** TRANSCAT INC, $7.20, up 10.9 pct (1052 ET)
The provider of test and measurement equipment and services reported a 50 percent jump in fourth-quarter profit, driven by growth in its service business.
** PIONEER NATURAL RESOURCES CO, $144.23, up 3.8 pct (1054 ET)
Analysts at UBS Investment Research raised the oil and gas producer's price target to $155 from $140, citing strong production rates at its second Northern Wolfcamp well in Florida.
** TANGOE INC, $15, up 12 pct (1121 ET)
The telecommunications software company signed a software development agreement with SAP AG under which the companies will work to integrate Tangoe's Mobile telecom expense management software suite with SAP's mobile secure portfolio.
** WPX ENERGY INC, $20.40, up 1.2 pct (0954 ET)
Analysts at Susquehanna Financial Group raised their price target on the oil and gas producer to $18 from $15. (Compiled by Neha Alawadhi in Bangalore; Editing by Maju Samuel)