10 Min Read
July 1 (Reuters) - Some U.S. stocks on the move on Monday:
U.S. stocks kicked off the third quarter on Monday with gains of 1 percent or more, supported by data that showed U.S. manufacturing bounced back and construction spending near a four-year high. The Dow Jones industrial average was up 1.04 percent, the S&P 500 up 1.08 percent, and the Nasdaq Composite up 1.4 percent.
** ZYNGA INC, $3.05, up 9.4 pct (1334 ET)
The struggling games publisher could replace its chief executive Mark Pincus with Microsoft Corp executive Don Mattrick, possibly as early as Monday, according to a report by AllThingsD. Zynga shares shot up as much as 12 percent.
** STEINWAY MUSICAL INSTRUMENTS INC, $35.19, up 15.6 pct (1035 ET)
The 160-year-old manufacturer of pianos, saxophones and trumpets, said on Monday it had agreed to be acquired by private equity firm Kohlberg & Co. in a deal valued at about $438 million.
** ONYX PHARMACEUTICALS INC, $131.95, up 52 pct (0931 ET)
The cancer drugmaker said on Sunday it rejected a roughly $10 billion takeover offer from larger biotechnology company Amgen Inc as too low but was still considering selling itself. Canaccord Genuity raised the price target on Onyx's stock to $140 from $105.
** ACURA PHARMACEUTICALS INC, $2.52, up 34 pct (0932 ET)
The company said partner Pfizer Inc will expand the marketing of its pain drug, Oxecta, in the fourth quarter. Acura receives tiered royalties ranging from 5 percent to 25 percent on net sales of the drug, which was developed using its technology.
** INSMED INC, $9.44, down 21.3 pct (0933 ET)
The company's experimental lung infection drug did not fare as well as a competing drug developed by Novartis AG in a lung function test.
** SPHERIX INC $6.40, up 43 pct (1040 ET)
The lifesciences company said it has raised $500,000 through a private placement of its stock, and intends to use the proceeds to buy certain patents. The company said in May it may be forced to close business if it was unable to raise additional funds. [ r.reuters.com/far39t ]
** ARIAD PHARMACEUTICALS INC, $19.96, up 14 pct (1125 ET)
Jefferies & Co said second-quarter sales of Ariad's cancer drug, Iclusig, "are tracking slightly higher than current expectations". Iclusig sales could be about $11.2 million in the second quarter versus consensus estimates of about $10.4 million, the brokerage said in a research note.
** PANDORA MEDIA INC, $19.91, up 8 pct (1033 ET)
Morgan Stanley upgraded the online radio service's stock to "overweight" from "equalweight", according to Streetinsider.com. The stock is the best pure-play as radio dollars shift to online channels, says analyst Scott Devitt.
** TESLA MOTORS INC $115.05, up 7 pct (1016 ET)
Jefferies & Co raised its price target on the electric car maker's stock to $130 from $70, saying Tesla was on track to deliver 21,000 Model S cars in 2013.
** BLACKBERRY , $10.36, down 1 pct (0934 ET)
Needham & Co and Societe Generale downgraded the smartphone maker's stock, while UBS Investment Research, Jefferies & Co and Canaccord Genuity cut their price targets. The company's total market value plunged by more than one-fourth on Friday after the smartphone maker reported dismal quarterly results, prompting deeper skepticism about a long-promised turnaround.
** BIOMARIN PHARMACEUTICAL INC, $59.75, up 7 pct (0939 ET)
The drugmaker said it submitted the marketing application for its enzyme replacement therapy to Brazilian regulators. BioMarin expects a decision from the regulator in mid 2014.
** CORELOGIC INC, $24.36, up 5 pct (1040 ET)
The real estate data analytics company said it would buy two units from Decision Insight Information Group for $661 million to expand its property and casualty insurance business.
** Nokia Corp, $3.93, up 5 pct (0932 ET)
The phone maker announced plans to buy out Siemens AG's share of their network equipment joint venture, betting on the technology to run 4G networks as it struggles in the smartphones business. Nokia gains full control of the profitable venture Nokia Siemens Networks (NSN) for $2.2 billion, a cheaper than-expected price, analysts said.
** APPLE INC, $401.39, up 1.2 pct (0935 ET)
Apple has applied for a trademark for "iWatch" in Japan, a patent official said on Monday, signalling the iPhone maker may be moving ahead with plans for a watch-like device as gadget makers turn their attention to wearable computers.
** CITIGROUP INC, $48.65, up 1.4 pct (0935 ET)
Citigroup will pay Fannie Mae $968 million to resolve potential mortgage repurchase claims for breaches of representations on loans sold to Fannie Mae between 2000 and 2012.
** EZCORP Inc, $16.63, down 1.6 pct (0958 ET)
The pawn broker and payday lender said it expects to fall short of its third-quarter profit forecast as plunging gold price crimps margins.
** YRC WORLDWIDE, $30.50, up 6 pct (1022 ET)
BB&T Capital Markets raised its rating on the trucking company's stock to "buy" from "hold", saying operational and financial improvements could result in a debt refinancing in the next three-to-five quarters.
** THRESHOLD PHARMACEUTICALS INC, $5.5, up 5 pct (1009 ET)
The drugmaker said the U.S. FDA allowed it to increase the number of patients in its late-stage soft tissues sarcoma study to 620 from 450. The company said it will not conduct an interim analysis to check how many patients in the trial survived without the disease progressing. More patients provides certainty in the outcome of the study, said Brean Capital Inc analyst Gene Mack, who estimates Threshold's drug could garner peak annual sales of about $700 million.
** HOLLYFRONTIER CORP, $41.54, down 3 pct (1331 ET)
Analysts at J.P. Morgan Securities downgraded the petroleum refiner's stock to "underweight" from "neutral", according to theflyonthewall.com.
** INTERDIGITAL INC, $37.93, down 15 pct (0937 ET)
InterDigital lost the first round of its case against Huawei Technologies, Nokia Corp and ZTE Corp , after a judge at the International Trade Commission said on Friday in a preliminary decision that they did not violate cell phone patents owned by InterDigital.
** LIGAND PHARMACEUTICALS INC, $43.23, up 15 pct (0950 ET)
Cantor Fitzgerald raised its price target on the biopharmaceutical company's stock to $36 from $28.
** HOMEX DEVELOPMENT CORP, $3.89, up 4.2 pct (1108 ET)
Mexico's government said on Friday it would offer 1.5 billion pesos ($115.16 million) in additional housing subsidies, a 25.9 percent boost from what has already been allocated this year to help a sector hit by slowing sales and liquidity problems.
** CANADIAN SOLAR INC, $11.95, up 8.7 pct (1053 ET)
The company said it signed an agreement to supply photovoltaic modules of 91 megawatts to Soleq Solar Co Ltd in Thailand. Module deliveries have already commenced and are expected to be completed in the fourth quarter of 2013, Canadian Solar said.
** BARRICK GOLD CORP, $15.14, down 4 pct (1102 ET)
The gold producer said on Friday it is slowing construction at its Pascua-Lama gold project in South America, as it looks to rein in spending on the severely delayed project, already billions of dollars over budget. Analysts at BMO Capital Markets cut their rating on the company's stock to "underperform" from "market perform" on Sunday.
** NOODLES & CO, $39.80, up 8.2 pct (1041 ET)
Shares of the casual restaurant chain operator continued to rise on Monday after they more than doubled in their market debut on Friday.
** COEUR MINING INC, $12.76, down 4.1 pct (1148 ET)
Analysts at BMO Capital Markets downgraded the silver miner's stock to "underperform" from "market perform" and cut their price target to $10 from $16.50, saying lower silver prices and "questionable growth" are weighing on the company. Coeur's key growth project, the La Preciosa silver deposits in Mexico, ranked in the lower quartile of BMO Research's silver sector analysis and assessment of 24 potential new silver mines.
** CHINA SUNERGY CO LTD, Friday close $2.08, up 2 pct (0938 ET)
The solar panel maker reported higher first-quarter shipments due to increased demand from France, its largest market, and said it expects margins to expand in the current quarter.
** INTUIT INC, $62.73, up 2.7 pct (0939 ET)
The maker of tax-preparation software TurboTax said it would sell its financial services unit to private equity firm Thoma Bravo for $1.03 billion as it focuses on its core tax-preparation software business.
** FLEEMATICS GROUP PLC, $32.00, down 3.7 pct (0940 ET)
The fleet management software maker said on Friday it will sell 1 million shares and its CEO and other shareholders will sell 7 million shares.
** BEST BUY CO INC, $28.65, up 5 pct (0956 ET)
Best Buy shares rose to their highest level in two years on Monday after Credit Suisse gave a thumbs-up to the turnaround efforts of the world's largest electronics chain. Credit Suisse resumed coverage of Best Buy's stock with an "outperform" rating and raised its price target on the stock to $40 from $32. "... The most important new game changer is the vendor agreements (with Microsoft Corp and Samsung Electronics Co Ltd ) to operate within Best Buy stores," analysts wrote in a note to clients.
** NEWS CORP, $14.90, down 2.3 pct (1225 ET)
** 21ST CENTURY FOX, $29.30, up 2 pct
News Corp, which includes the Wall Street Journal and HarperCollins, and 21st Century Fox, the fast-growing entertainment business, started trading as separate companies on the Nasdaq on Monday. (Compiled by Kanika Sikka; Editing by Don Sebastian)