Wall Street rose at the open on Friday, helped by gains in big companies like Google Inc and Morgan Stanley following their results.
The Dow Jones industrial average rose 0.03 percent, the S&P 500 gained 0.28 percent and the Nasdaq Composite added 0.77 percent.
** GOOGLE INC, $981.04, up 10 pct (9:50 a.m. ET)
The company’s quarterly results beat Wall Street’s expectations as the Internet search giant expanded its mobile and overseas businesses while keeping ad-rate declines in check.
** ADVANCED MICRO DEVICES INC, $3.57, down 12 pct (9:49 a.m. ET)
The company posted a 6 percent decline in personal computer chip sales, dampening hopes that its fast-growing gaming-console business can take up the slack.
Brokerage BofA Merrill Lynch cut its rating on the company’s stock to “neutral” from “buy,” according to Theflyonthewall.com.
** MORGAN STANLEY, $29.47, up 2 pct (9:49 a.m. ET)
The company third-quarter revenue jumped 50 percent, helping adjusted earnings beat expectations, as higher income from equities sales and trading made up for a drop in the Wall Street bank and brokerage’s fixed-income business.
** GENERAL ELECTRIC CO, $25.40, up 3 pct (9:49 a.m. ET)
The company said third-quarter profit and revenue fell, mainly due to its shrinking finance arm and negative effects of foreign currency. However, the U.S. industrial conglomerate posted a record backlog of orders and said six of its seven industrial businesses grew earnings.
** AMAZON.COM INC, $317.26, up 2 pct (9:48 a.m. ET)
UBS raised its rating on the world’s largest online retailer’s stock to “buy” from “neutral,” citing a reacceleration of its revenue growth in the fourth quarter through strong holiday season sales, growth in its Kindle ecosystem and advertising business.
** ALIMERA SCIENCES INC, $1.95, down 28 pct (9:48 a.m. ET)
** PSIVIDA CORP, $2.42, down 36 pct
Alimera Sciences said U.S. health regulators declined to approve its eye implant for retinal swelling and indicated the need for a new clinical trial. Alimera licensed the drug from pSivida Corp in 2005.
** VOXELJET AG, $23.50, up 81 pct (10:01 a.m. ET)
Shares of the Germany-based maker of commercial 3D printers doubled in their market debut on Friday. Voxeljet raised $72.8 million after selling 5.6 million American depositary shares (ADS) at $13 each, the low end of the pricing range. Stockholders sold an additional 900,000 ADS.
** ARIAD PHARMACEUTICALS INC, $2.63, down 41 pct (9:47 a.m. ET)
The company said it would discontinue a late-stage trial of its blood cancer drug, barely two weeks after the U.S. Food and Drug Administration placed a partial hold on enrollment for all trials testing the drug. The company said it had come to an agreement with the FDA that the trial should be terminated as patients treated with the drug, Iclusig, had developed blood clots in their arteries.
** ALIGN TECHNOLOGY INC, $58.60, up 28 pct (9:47 a.m. ET)
The dental products maker’s quarterly results beat expectations for the third time in a row due to strong sales of its invisible braces. Shipments of Invisalign braces rose about 16 percent in the third quarter, indicating that more doctors were showing confidence in the product.
** INTUITIVE SURGICAL INC, $378.88, down 5 pct (9:46 a.m. ET)
The company on Thursday reported a lower third-quarter profit as sales of its high-priced da Vinci surgical robots declined sharply. The company said full-year revenue growth was likely to come in at the lower half of its already slashed forecast range.
** PARKER HANNIFIN, $113.27, up 6 pct (9:46 a.m. ET)
The maker of hydraulic and motion control systems for the manufacturing and transport industries posted better-than-expected first-quarter profit and raised its full-year earnings forecast. Parker Hannifin said orders rose 5 percent in the quarter, and it was raising its outlook as it expected a larger-than-expected gain from the GE Aviation joint venture, which would be recorded in the second quarter.
Parker Aerospace, an operating unit of Parker Hannifin, and GE Aviation formed a joint venture in November last year to produce fuel nozzles for GE Aviation commercial engine platforms.
** VERIZON COMMUNICATIONS INC, $49.41, up 1 pct (9:46 a.m. ET)
The telecoms company posted higher-than-expected third-quarter earnings and revenue on Thursday, driven by wireless growth.
Deutsche Bank upgraded the company’s stock to “buy” from “hold” and two other brokerages raised their price targets.
** ANACOR PHARMACEUTICALS INC, $13.20, up 22 pct (9:45 a.m. ET)
The drugmaker said it has been awarded $100 million in damages from Valeant Pharmaceuticals International Inc in a dispute over an agreement for the development of its topical antifungal treatment for a nail infection. The agreement was between Anacor and Dow Pharmaceuticals Inc, which was acquired by Valeant in 2008. Anacor had alleged breach of contract, misappropriation of trade secrets and unfair competition by Dow Pharmaceuticals.
** HONEYWELL INTERNATIONAL INC, $85.05, down 2 pct (9:44 a.m. ET)
The U.S. manufacturing conglomerate posted lower-than-expected quarterly revenue and cut its full-year sales forecast, citing delays in closing sales to some customers.
** SCHLUMBERGER LTD, $94, up 3 pct (9:44 a.m. ET)
The world’s largest oilfield services company reported a better-than-expected 20 percent rise in quarterly profit as offshore drilling increased in North America and demand rose from the Middle East and Asia.
** CHIPOTLE MEXICAN GRILL INC, $480.81, up 9.5 pct (9:43 a.m. ET)
The company said on Thursday that better-than-expected sales at established restaurants boosted quarterly profits and signaled it might raise prices in the middle of 2014 to offset higher food costs.
** BAKER HUGHES INC, $56.24, up 8 pct (9:42 a.m. ET)
The world’s third-largest oilfield services company reported a better-than-expected quarterly profit, driven by strong drilling activity in the Middle East and Asia Pacific.
** TEXTRON INC, $27.19, down 1 pct (9:42 a.m. ET)
The company reported a 31 percent fall in quarterly profit from continuing operations due to sluggish sales of its jets as small business owners delay spending in an uncertain U.S. economy.
** FIRST HORIZON NATIONAL CORP, $11.19, down 2 pct (9:42 a.m. ET)
The bank reported a third-quarter loss of 45 cents per share. Analysts were expecting a profit of 18 cents per share, according to Thomson Reuters I/B/E/S. The bank recorded lower net interest income in the quarter and non-interest expenses rose 65 percent to $433.5 million.
** INGERSOLL-RAND PLC, $66.01, up 4 pct (9:42 a.m. ET)
The maker of Trane air conditioners and Thermo King refrigeration units reported better-than-expected quarterly results, helped by a rebound in the U.S. housing market.
** SAFEWAY INC, $33.76, up 1 pct (9:51 a.m. ET)
The company said its board authorized an additional $2 billion in stock repurchases, adding to the roughly $800 million the grocery store operator had left under an existing authorization at the end of the third quarter.
** OCCIDENTAL PETROLEUM CORP, $97.34, down 0.8 pct (9:41 a.m. ET)
The oil and gas company will look to sell a minority stake in its Middle East and North African operations and said it would consider options for some of its oil and gas assets in the Rocky Mountain region.
** JINKOSOLAR HOLDING CO LTD, $26.37, up 1.4 pct (9:41 a.m. ET)
The Chinese solar panel maker said it would develop a 120 megawatt distributed photo voltaic power plant in Electromechanical Industrial Park in Zhenjiang New Area in China’s Jiangsu province in three years. With a total investment of more than 1 billion yuan ($164 million), the project will be the largest distributed PV power plant in China, the company said.
** ACACIA RESEARCH CORP, $15.38, down 21 pct (9:40 a.m. ET)
The company, which buys and licenses patent rights to various technologies, reported lower-than-expected quarterly results as it was unable to close deals at the right price.
The company could not get the right price for the licensing of its patents, Chief Executive Matthew Vella told analysts on a post-earnings conference call.
** EPR PROPERTIES, $49.51, down 1 pct (9:53 a.m. ET)
The specialty real estate investment trust (REIT) said it priced a public offering of 3.6 million common shares. The company said it would get about $176.8 million in proceeds, before deducting underwriting discounts and offering costs.
** IBM CORP, $173.86, down 0.6 pct (9:38 a.m. ET)
The company has reassigned the head of its growth markets unit, a source with knowledge of the move said, after the company reported a surprisingly steep drop in quarterly hardware sales in China on Thursday. James Bramante’s reassignment was first flagged during the company’s conference call on Wednesday, when Chief Financial Officer Mark Loughridge said sales chief Bruno Di Leo would be taking over at the unit, which oversees growth markets for the company.
** CEPHEID, $40.20, up 4 pct (9:37 a.m. ET)
The molecular diagnostics company reported a 24 percent rise in third-quarter revenue to $100.1 million, beating Street estimates of $93.9 million, as demand grew for its diagnostic products, including the GeneXpert system. California-based Cepheid also raised its full-year revenue outlook.
** WELLS FARGO & CO, $42.54, down 0.4 pct (9:36 a.m. ET)
The largest U.S. mortgage lender is laying off 925 employees in its home loan unit as rising rates cut into demand for refinancing. The San Francisco bank provided a 60-day notice on Wednesday to the workers whose jobs will be eliminated nationwide, a spokesman said in a statement.
** LAS VEGAS SANDS CORP, $72.60, up 2 pct (9:33 a.m. ET)
The casino operator, owned by billionaire Sheldon Adelson, on Thursday posted better-than-expected third-quarter earnings, boosted by positive trends at its Macau and Singapore operations.
** CALLON PETROLEUM CO, $6.97, up 6 pct (9:33 a.m. ET)
At least three brokerages raised their price target on the oil and gas company’s stock after it announced on Thursday a sale of its offshore properties to W&T Offshore Inc for $100 million. (Compiled by Sneha Banerjee in Bangalore; Editing by Kirti Pandey)