11 Min Read
June 26 (Reuters) - Some U.S. stocks on the move on Wednesday:
U.S. stocks advanced for a second straight day on Wednesday as a weak reading on economic growth had the effect of easing concerns that the Federal Reserve would soon begin to lessen its stimulus. The Dow Jones industrial average was up 0.58 percent, the Standard & Poor's 500 Index 0.51 percent, and the Nasdaq Composite Index 0.58 percent.
** LUXOFT HOLDINGS INC, $20.09, up 18 pct (1017 ET)
Shares of the Russian software developer, a unit of IBS Group, rose 20 percent in their market debut, valuing the company at about $641 million.
** FIRST CASH FINANCIAL SERVICES INC, $48.28, down 12.6 pct (1112 ET)
Janney Capital Markets cut its price target on the payday lender's stock to $48 from $52, citing continued gold pressure, depreciation of Mexican peso and slow U.S. consumer loan growth. FBR Capital Markets also lowered its price target on the stock to $58 from $62 citing similar concerns. First Cash lowered its 2013 earnings forecast to $2.75-$2.90 from $3.10-$3.24 on Tuesday.
** SYNAPTICS INC, $39.88, up 11 pct (0951 ET)
The touchscreen chipmaker, which counts smartphone makers Samsung, Blackberry and HTC among its customers, raised its revenue outlook for the current quarter, citing higher-than-expected sales from mobile products.
** CANADIAN SOLAR INC, $10.01, up 12 pct (1118 ET)
Samsung Renewable Energy Inc said it reached a partnership agreement with the solar company to develop a new manufacturing facility in London, Ontario to produce PV modules and medium voltage power stations.
** MISTRAS GROUP INC, $17.98, down 12 pct (0950 ET)
The engineering services company said revenue would miss analyst estimates in 2013 and 2014 due to falling demand for its services.
** CROWN MEDIA HOLDINGS INC, $2.65, up 7 pct (10:21 ET)
The company's shares added to their 19 percent jump on Tuesday, when its unit and largest shareholder, greeting card company Hallmark Cards, said it was considering taking its parent private. (r.reuters.com/fut29t)
** KANDI TECHNOLOGIES CORP, $6.12, down 9 pct (1117 ET)
The maker of all-terrain vehicles entered into an agreement with two institutional investors to sell about 4.4 million shares at $6.03 each, at a discount of 1.5 percent to its Tuesday share closing price. The Chinese company has 32.5 million shares outstanding, according to Thomson Reuters data.
** TERADATA CORP, $51.68, up 6.5 pct (1116 ET)
The big-data analytics company announced a suite of offerings including new product platforms, software, consulting services and customer support for the Hadoop open-source software framework.
** PANDORA MEDIA INC, $17.35, up 6 pct (1007 ET)
Cowen and Co upgraded the online radio service's stock to "outperform" from "market perform" and raised its price target to $22 from $15, citing "share gains in the $15 billion U.S. terrestrial radio market".
** NETGEAR INC, $30.93, down 5.4 pct (1141 ET)
Goldman Sachs cut its rating on the network equipment maker's stock to "sell" from "neutral", saying the U.S retail wireless local area network (WLAN) market is in decline. Netgear's retail WLAN market share gains should slow as new competitors enter the U.S. market, the brokerage said in a note dated June 25, and reduced its price target by $5 to $33.
** VERIZON COMMUNICATIONS INC, $50.64, up 0.5 pct (1011 ET)
** BCE INC, $39.47, down 4.3 pct
** TELUS CORP, $29.94, down 5.6 pct
** ROGERS COMMUNICATIONS INC, $40.19, down 8 pct
Verizon has offered to buy Canadian telecommunications startup Wind Mobile and is also in talks with rival startup Mobilicity over a potential deal, according to sources familiar with the situation. Verizon's entry would create a potentially powerful rival to BCE, Telus and Rogers Communications.
** FIVE BELOW INC, $35.95, down 6 pct (0953 ET)
The discount-store operator said it priced its secondary offering at $36.00 per share. All the shares are being offered by selling shareholders, including certain members of the company's management. The stock closed at $38.20 on the Nasdaq on Tuesday.
** AMBIT BIOSCIENCES CORP, $7.15, up 5 pct (0943 ET)
The company said it will start late-stage testing of its experimental blood cancer drug early next year, based on positive data from a mid-stage study.
** TATA MOTORS LTD, $22.75, down 4 pct (1034 ET)
Indian shares fell after the rupee slumped to a record low, escalating worries that foreign investors may exacerbate outflows and dimming chances of an interest rate cut by the Reserve Bank of India.
** ALLOT COMMUNICATIONS LTD, $13.97, up 4 pct (0949 ET)
Wedbush Securities Inc upgraded the stock to "outperform" from "market perform" and raised its price target to $17 from $15, saying it anticipates bookings from Europe and North America to improve. Allot, which supplies technology that allows telecom operators to monitor and allocate bandwidth, said on Tuesday it has secured orders from two customers in Europe and one in the United States to assist in their LTE network.
** HARTFORD FINANCIAL SERVICES GROUP, $30.29, up 4 pct (0948 ET)
The insurer increased its share buyback by $750 million to $1.25 billion and raised its quarterly dividend by 50 percent to 15 cents per share.
** VERASTEM INC, $13.19, up 4 pct (1002 ET)
The company said it would begin an early study on its experimental cancer drug that targets the underlying cause of tumor metastasis and recurrence.
** MOSAIC CO, $53.94, down 3.5 pct (1015 ET)
The fertilizer maker said it will not be able to repurchase its Class A restricted shares which are held by various trusts and family shareholders of agribusiness giant Cargill Inc CARG.UL until after Nov. 26.
** WILLIAMS PARTNERS LP, $50.20, up 2 pct (1031 ET)
** WILLIAMS COMPANIES INC, $32.97, up 3 pct (1031 ET)
Williams Partners said in a regulatory filing on late Tuesday that its expects insurance to cover financial effects of the explosion and fire that occurred earlier this month at its Geismar, Louisiana, olefins plant. (link.reuters.com/sep29t)
** U.S. SILICA HOLDINGS INC, $20.32, up 2 pct (1013 ET)
Management of the company, which makes sand proppants used in hydraulic fracturing, told a Jefferies and Co energy summit in Boston that demand growth in the industry this year should be at or above 15 percent, compared with earlier expecations of 10-15 percent growth, Jefferies analysts said in a note. The company is benefiting from tight supply and a pickup in oil and gas activity in the U.S. Mid-Continent.
** ADOBE SYSTEMS INC, $45.53, up 2 pct (0948 ET)
Brokerage Jefferies & Co upgraded the Photoshop maker's stock to "buy" from "hold", saying its survey suggested Adobe has more new users, and probably less churn than it previously expected. The brokerage also said Adobe's Creative Cloud model will drive operating margins. Creative Cloud is the subscription-based version of its flagship software package.
** AEROVIRONMENT INC, $20.13, up 3 pct (0947 ET)
The maker of unmanned aircraft systems reported better-than-expected fourth-quarter results on Tuesday.
** APOLLO GROUP INC, $18.29, down 5 pct (0946 ET)
** STRAYER EDUCATION INC, $47.65, down 3.5 pct (1036 ET)
The for-profit education company reported lower-than-expected third-quarter results on Tuesday as new student enrollments slipped again. The company also forecast full-year revenue largely below market expectations.
** MELLANOX TECHNOLOGIES LTD, $50.82, up 4 pct (0946 ET)
Brokerage Stifel Nicolaus upgraded the Israel-based chip designer's stock to "buy" from "hold", citing the launch of Intel Corp's next generation, higher performance server processors later in 2013 and through 2014. Mellanox supplies chip equipment to Intel.
** HOME BANCSHARES INC, $24.83, up 8 pct (0936 ET)
The bank holding company said it would buy Liberty Bancshares Inc in a $280 million cash-and-stock deal to expand in Arkansas. Shareholders of Liberty Bancshares will receive $250 million of Home BancShares common stock and $30 million in cash. The combined entity will have about $7.1 billion in total assets, $5.6 billion in deposits and $4.5 billion in loans.
** HUNTINGTON BANCSHARES INC, $7.92, up 2 pct (0945 ET)
** PNC FINANCIAL SERVICES GROUP, $73.84, up 1.5 pct
** SYNOVUS FINANCIAL CORP, $2.87, up 1 pct
The U.S regional banks' stock rose on positive economic data showing strong gains in business spending plans last month and the largest annual rise in house prices in seven years in April. The S&P/Case Shiller home price composite index, an indicator of housing market's strength, for 20 metropolitan areas, rose 12.1 percent in April from a year ago, the largest annual rise since March 2006.
** MICROSOFT CORP, $34.01, up 1 pct (0943 ET)
Thousands of software developers flock to San Francisco for Microsoft's annual three-day developer conference called 'Build', where the world's largest software company will release a test version of its widely publicized Windows 8.1 update.
Analysts at Morgan Stanley raised their price target on the stock from $36 to $40, citing a potential restructuring of the company to sharpen focus on key assets and better PC data.
** BARRICK GOLD CORP, $15.34, down 5 pct (0937 ET)
** KINROSS GOLD CORP, $4.62, down 4 pct
** YAMANA GOLD INC, $8.66, down 4 pct
** NEWMONT MINING CORP, $27.41, down 5 pct
** IAMGOLD CORP , $3.93, down 5 pct
** SILVER STANDARD RESOURCES INC, $5.65, down 4 pct
** ROYAL GOLD INC, $40.15, down 5 pct
Gold fell to its lowest in almost three years on Wednesday, putting it on course for a record quarterly loss, as U.S. economic data increased fears the Federal Reserve will soon end ultra-loose monetary policy.
Credit Suisse cut price target on several gold and silver stocks.
** BOISE-CASCADE CO, $25.54, down 3 pct (0936 ET)
The wood products manufacturer said it expected to report second-quarter earnings of 11 to 21 cents per share, on July 23. Analysts were expecting 43 cents, according to Thomson Reuters I/B/E/S.
** GENERAL MILLS INC, $47.70, down 1 pct (0935 ET)
The packaged food company behind Yoplait yogurt and Progresso soups, reported fourth-quarter earnings on Wednesday that met Wall Street expectations but it gave a forecast for the new fiscal year that was below them, as it sees higher costs for ingredients.
** RACKSPACE HOSTING INC, $37.89, up 5 pct (0935 ET)
Brokerage Wells Fargo upgraded the web hosting company's stock to "outperform" from "market perform", according to theflyonthewall.com. (Compiled by Kanika Sikka; Editing by Maju Samuel)