Oct 22 (Reuters) - U.S. stocks climbed on Tuesday, with the S&P 500 at a record intraday high, after weaker-than-expected job creation last month validated expectations the Federal Reserve will maintain its economic stimulus into next year.
The Dow Jones industrial average was up 0.39 percent at 15,452.99. The Standard & Poor’s 500 Index was up 0.39 percent at 1,751.52. The Nasdaq Composite Index was up 0.03 percent at 3,921.31. The S&P earlier hit a record intraday high at 1,759.33.
** SYMMETRICOM INC, 7.18, up 50.2 pct (1:33 p.m. ET)
** MICROSEMI CORP, $26.32, up 3 pct (1:33 p.m. ET)
Power-management chipmaker Microsemi said it would buy atomic clock equipment maker Symmetricom for about $230 million. Microsemi’s offer of $7.18 per share is a premium of 50 percent to Symmetricom’s closing price on Monday.
** OXYGEN BIOTHERAPEUTICS INC, $1.98, up 41.4 pct (1:34 p.m. ET)
The medical products and cosmetics maker agreed to acquire some assets of privately held Phyxius Pharma, including the experimental drug levosimendan, for about $4.8 million in stock.
The drug, which is in late-stage trials, is aimed at preventing cardiac surgery patients from developing low cardiac output syndrome.
Upon closing of the deal, Phyxius Pharma CEO John Kelley will become Oxygen’s CEO, the company said.
** PAIN THERAPEUTICS INC, $3.66, up 12.5 pct (2:28 p.m. ET)
** PFIZER INC, $30.64, up 0.8 pct
Pfizer said it has decided to develop the abuse-resistant painkiller made by partner Pain Therapeutics, six months after the pharmaceutical giant’s comments raised fears it would drop the drug.
** PRETIUM RESOURCES INC, $3.38, down 27 pct (1:35 p.m. ET)
The independent consultant that recently quit Pretium Resources’ flagship gold exploration project has accused the company of making “erroneous and misleading” claims, the company said. Pretium said on Tuesday that its management and the other independent consultant on the project, Snowden Mining Industry Consultants, have “significant concerns” with the accusations by Strathcona Mineral Services Ltd. Pretium shares have fallen by about 50 percent since Oct. 9, when Pretium first said Strathcona had resigned from the project.
** GROUPON INC, $9.76, down 7.8 pct (2:54 p.m. ET)
The daily discount deals provider’s third-quarter domestic gross billings could decline from the second quarter, ITG Group’s Steve Weinstein said in a note on Tuesday. Groupon’s billings in the United States slowed down in August, and the decline continued into September, Weinstein said. The company reports third-quarter results on Nov. 7.
** ARC GROUP WORLD WIDE INC, $11.96, up 18.5 pct (14:25 p.m. ET)
According to Seeking Alpha, the wireless network component manufacturer's stock is up after a post on super-trades.com said Arc's shares could double or triple. (r.reuters.com/das93v)
** ZIONS BANCORP, $27.62, down 7.5 pct (1:36 p.m. ET)
The regional lender reported a stronger-than-expected quarterly profit but two brokerages lowered their price target on the company’s stock citing slower loan growth and weak net interest margins. “With already low provisions and some cost burdens ahead, Zion has fewer levers to offset the weaker revenue starting point”, Jefferies analyst wrote in a note to clients.
Citigroup downgraded the company’s stock to “neutral” from “buy,” according to flyonthewall.com. Zions Bancorp reported a 7 percent fall in interest income to $473.4 million on Monday. Net interest margin fell to 3.22 percent, compared with 3.58 percent, a year earlier.
** ADVANCED MICRO DEVICES INC, $3.1, down 6.2 pct (1:36 p.m. ET)
Brokerage Sanford C. Bernstein downgraded the chipmaker’s stock to “underperform” from “market perform,” according to the website theflyonthewall.com
** PLX TECHNOLOGY INC, $5.78, down 7.3 pct (1:37 p.m. ET)
The chipmaker, whose products are used in digital TVs and video surveillance equipment, reported a 4.5 percent drop in third-quarter revenue on Monday.
** GENTEX CORP, $28.74, up 4.1 pct (1:37 p.m. ET)
The company, which makes camera-based driver-assist systems, said it expects current quarter revenue to increase 20 to 25 percent compared with the year-ago period, and beat analysts’ expectations in the third quarter.
** ASTEC INDUSTRIES INC, $35.18, down 4.2 pct (1:39 p.m. ET)
The specialized equipment maker reported third-quarter results below analysts’ expectations, hurt by weak sales to the aggregate and mining markets. “Continued rainy weather during the quarter in some parts ... hampered many of our customers and a continued lack of clarity on the future of highway funding has made many of our customers hesitant to spend on major equipment purchases,” Chief Executive Don Brock said in a statement on Tuesday.
** TAL EDUCATION GROUP, $16.89, up 6.1 pct (1.40 p.m ET)
The after-school tutoring services provider in China forecast third-quarter revenue to be $69.5 million to $71.0 million, higher than analysts’ expectations of $61.7 million according to Thomson Reuters I/B/E/S. The company reported second-quarter revenue of that rose 35.1 percent to $92 million.
** WAUSAU PAPER CORP, $13.08, up 2.6 pct (1:43 p.m. ET)
New York-based investment adviser Starboard Value LP asked Wausau Paper to immediately initiate share repurchase of $100 million or more. Starboard Value, which is the largest shareholder of the paper and paper products manufacturer, asked the company to reduce corporate overhead and relocate its headquarters to Kentucky or Ohio.
** QEP RESOURCES INC, $32.90, up 5.8 pct (1:44 p.m. ET)
Brokerage Guggenheim Securities raised its price target on the oil and gas producer’s stock citing higher margin oil growth in the upstream, which the brokerage expects will gain momentum in the coming quarters, and not the immediate dropdown of all remaining midstream assets. Activist hedge fund Jana Partners LLC has taken a 7.5 percent stake in QEP Resources, according to regulatory paperwork filed on Monday.
** REGIONS FINANCIAL CORP, $9.59, down 4.5 pct (1:46 p.m. ET)
The lender reported weaker-than-expected quarterly profit as it earned lower non-interest income. Non-interest income fell 7 percent to $495 million, while total revenue was down 2.3 percent to $1.32 billion. Mortgage income fell $17 million from the second quarter to $52 million as consumer demand for mortgages slowed due to rising interest rates.
** DARA BIOSCIENCES INC, $0.50, down 15.3 pct (1:47 p.m. ET)
The pharmaceutical company said it will sell 5.1 million shares of the company’s common stock to certain institutional investors at a price of $0.50 per share, which represents a discount of 15 percent to the stock’s Monday close. The direct offering will fetch Dara about $2.6 million in gross proceeds.
** MEI PHARMA INC, $10.55, up 3.3 pct (1:48 p.m. ET)
Stifel Nicolaus raised its price target on the oncology company’s stock to $15 from $11 saying it was “cautiously optimistic” about data from an early-stage trial on its experimental drug ME-344. It now views ME-344 as a viable clinical candidate that “could provide significant upside pending continued clinical success.”
** FOREST OIL CORP, $5.04, down 7.8 pct (1:49 a.m. ET)
Brokerage Morgan Stanley downgraded the oil and gas producer’s stock to “underweight” from “equal weight,” according to Theflyonthewall.com.
** LEXMARK INTERNATIONAL INC, $38.03, up 6.1 pct (1:53 p.m. ET)
The printer maker reported better-than-expected quarterly results on higher revenue from its services and software businesses, and forecast fourth-quarter profit largely above analysts’ estimates.
** LOCKHEED MARTIN CORP, $129.30, up 3 pct (1:54 p.m. ET)
The No. 1 supplier to the Pentagon, reported higher third-quarter earnings on Tuesday despite a 4 percent drop in sales, and lifted its forecast for full-year earnings.
** ALCOA INC, $9.06, up 5.3 pct (2:03 p.m. ET)
The U.S. aluminum producer and Russia’s titanium producer VSMPO-AVISMA Corp will form a joint venture to meet growing demand for high-end titanium and aluminum products from aircraft manufacturers.
** DUPONT, $59.95, down 0.8 pct (9:54 a.m. ET)
The largest U.S. chemical maker by market value said it expects earnings to more than double this quarter as its fast-growing agriculture business overcomes traditional seasonal weakness.
** NETFLIX INC, $331.88, down 6.5 pct (2:04 p.m. ET)
Many analysts said the stock is vastly overvalued following a 282 percent rise in the share price over the year.
** TRANSOCEAN LTD, $49.28, up 5.8 pct (2:11 p.m. ET)
The offshore drilling provider said it will replace Dell Inc in the S&P 500 after the close of trading on October 28.
** WHIRLPOOL CORP, $144.53, up 10.3 pct (2:12 p.m. ET)
The company raised its full-year earnings forecast after strong sales of its home appliances in Europe and North America helped the company to more than double its quarterly profit.
** NOKIA OYJ, $7.38, up 3.28 pct (2:13 p.m. ET)
The mobile phone handset maker has unveiled its first tablet and large-screen smartphones, which will form part of Microsoft’s global push to become a leading player in consumer devices when it takes over the Finnish company’s handset business.
Billionaire investor Daniel Loeb has taken a position in the Finnish company’s stock, saying it is currently inexpensive and is poised to return a lot of cash to investors.
** GENTIUM SPA, $31.53, up 6.5 pct (2:14 p.m. ET)
The Italy-based drugmaker said it received European approval to market its drug, Defitelio, for the treatment of severe hepatic veno-occlusive disease in adults and children undergoing hematopoietic stem cell transplantation therapy. No other treatment for the condition presently exists in Europe or the United States.
Veno-occlusive disease, is a potentially life-threatening condition in which some of the small veins in the liver are obstructed, which typically occurs as a complication of stem cell transplantation.
** DEPOMED INC, $7.76, up 7.33 pct (2:15 p.m. ET)
** PDL BIOPHARMA INC, $8.05, up 0.2 pct
PDL BioPharma said it acquired the rights to receive royalties and milestones on sales of diabetes drugs licensed by Depomed for $240.5 million in cash. The rights acquired include Depomed’s agreements with Merck & Co Inc on sales of Janumet and with Santarus Inc on sales of Glumetza.
JMP securities raised its price target on Depomed’s stock to $10 from $9, saying the deal with PDL was a significant positive and that he expects the company to continue to pursue acquisition/in-licensing opportunities, further adding to its cash balance.
** RENT-A-CENTER INC, $34.76, down 3.4 pct (2:16 p.m. ET)
The rent-to-own retailer reported a weaker-than-expected profit for the third quarter, hurt by a fall in prices for electronic products and increased promotional activity. The company, which rents out consumer electronics and appliances, to forecast full-year earnings below Wall Street expectations.
** FREEPORT-MCMORAN COPPER AND GOLD INC, $36.42, up 3.9 pct (2:17 p.m. ET)
The world’s second-largest copper miner is expected to record a drop in year-on-year earnings on the back of lower gold and copper prices. Quarter-on-quarter though, the market is expecting stronger results on higher realized prices and volumes and lower costs after operations were temporarily suspended at its Grasberg mine in the second quarter.
** DELTA AIR LINES INC, $25.50, up 3.3 pct (2:18 p.m. ET)
The U.S. carrier, reported a higher quarterly profit on Tuesday as revenue rose in the seasonally strong summer period.
** EMC CORP, $24.18, down 4.19 pct (2:18 p.m. ET)
** VMWARE INC, $86.05, up 4.11 pct
** FUSION-IO INC, $13.30, down 4.3 pct
The world’s largest data storage equipment maker, reported lower-than-expected quarterly results and cut its full-year revenue forecast, hurt by a fall in U.S. federal spending. EMC’s unit, VMware Inc, reported a higher-than-expected quarterly profit on Monday, but said it expected government-related revenue to be flat in the current quarter due to the recent two-week government shutdown.
Fusion is a rival of EMC.
** TRI POINTE HOMES INC, $15.76, up 5.8 pct (10:06 a.m. ET)
** WEYERHAEUSER CO, $30.36, up 0.8 pct (10:06 a.m. ET)
Homebuilder Tri Pointe, backed by Barry Sternlicht’s Starwood Capital Group LLC, is in advanced talks to buy Weyerhaeuser’s homebuilding division for about $2.7 billion, according to people familiar with the matter.
** COACH INC, $49.64, down 8.4 pct (10:07 a.m. ET)
The company, known for its Poppy handbags, posted a smaller-than-expected quarterly revenue as sales slipped in North America, its largest market.
** FOREST LABORATORIES INC, $45.34, up 2.3 pct (10:09 a.m. ET)
Forest Laboratories new chief executive signaled strategic changes that will help the drugmaker focus on multiple new growth areas as it prepares to lose patent protection on another of its top-sellers.
** RADIOSHACK CORP, $3.00, down 14.8 pct (10:09 a.m. ET)
The U.S. retailer posted a much deeper loss than analysts were expecting and confirmed that it has received commitments for $835 million in new debt financing.
** ILLUMINA INC, $88.53, up 8.3 pct (10:10 a.m. ET)
The gene sequencing products maker’s results beat analysts’ estimates for the eighth straight quarter, and it forecast higher-than-expected earnings for the year.
** E-COMMERCE CHINA DANGDANG INC, $10.06, down 13.3 pct (10:52 a.m. ET)
The online retailer said it would report third-quarter revenue below its forecast after cutting back on sales of lower-margin products to improve earnings.
** ARM HOLDINGS PLC, $49.14, down 5.1 pct (10:55 a.m. ET)
The UK-based microchip designer saw weak smartphone demand over the summer, which resulted in its royalty revenue missing expectations and there was no forecast that it would bounce back quickly.
** RUCKUS WIRELESS INC, $17.05, down 6 pct (11:18 a.m. ET)
Goldman Sachs downgraded the WiFi products maker’s stock to “neutral” from “buy,” according to Theflyonthewall.com.
** ENDEAVOUR INTERNATIONAL CORP, $6.16, down 13 pct (11:08 a.m. ET)
The oil and gas producer lowered its forecast for third-quarter production, citing delay in Rochelle field development in the United Kingdom and downtime for annual maintenance.
** CARDIOVASCULAR SYSTEMS INC, $26.80, up 18 pct (11:24 a.m. ET)
The medical device maker said it received the U.S. health regulator’s approval to market its heart device to treat severe accumulation of calcium in coronary arteries.
** BON-TON STORES INC, $10.93, down 4 pct (11:19 a.m. ET)
Brokerage Imperial Capital downgraded the department store operator’s stock to “in line” from “outperform,” saying the temporary U.S. government shutdown and warmer-than-normal fall weather in the United States could hurt comparable-store sales and earnings in the third quarter.
** PENTAIR LTD, $64.09, down 2.5 pct (11.20 a.m ET)
The maker of water management and fluid processing products reported third-quarter earnings below analysts’ estimates as sales in its infrastructure business fell 22 percent. The company also forecast fourth-quarter and full-year earnings below estimates.
** NU SKIN ENTERPRISES INC, $111.87, up 9 pct (10:58 a.m. ET)
The skin-products maker’s third-quarter earnings handily topped Wall Steet estimates on the back of strong demand in China, prompting the company to raise its full-year revenue forecast.
** ANGLOGOLD ASHANTI LTD, $16.27, up 9 pct (10:17 a.m. ET)
** ENDEAVOUR SILVER CORP, $4.8, up 8 pct
** FIRST MAJESTIC SILVER CORP, $12.22, up 5.3 pct
** PRIMERO MINING CORP, $5.7, up 7.5 pct (1:46 p.m. ET)
Gold rose to a three-week high on Tuesday after weak U.S. jobs figures raised expectations the Federal Reserve will keep its stimulus undiminished well into 2014.
Spot gold, lower initially, rebounded 1.3 percent to its highest since Oct. 1 at $1,334.14 an ounce.
** CAPELLA EDUCATION CO, $54.94, down 4.6 pct (11.47 a.m ET)
The online education company said it expects fourth-quarter revenue to decline 0.5 percent to 1.5 percent and total enrollment to fall by 1.5 percent to 2.5 percent. The company’s total enrollment in the third quarter fell 1.4 percent and new enrollment dropped 1.3 percent.
** POLARIS INDUSTRIES INC, $130.01, down 4.4 pct (12:02 p.m.)
The company said sales of its motorcycles fell 6 percent during the quarter, despite the highly publicized reintroduction of the Indian brand bike.
** AK STEEL HOLDING CORP, $3.98, down 2 pct (2:35 p.m. ET)
The steelmaker reported a smaller-than-expected loss for the third quarter and said it expected sequentially better fourth-quarter results as its operations normalize after an unplanned outage in its Ohio facility.
** WATER CORP, $102.39, down 4 pct (11:54 a.m. ET)
The laboratory instruments maker reported third-quarter results below Wall Street estimates due to slower growth in sales from their pharmaceutical base.
** ODYSSEY MARINE EXPLORATION INC, $2.95, up 12 pct (1:34 p.m. ET)
The U.S. salvage company said Director David Saul bought 44,540 shares of the company at $2.63 each, in line with the stock's Monday close. (link.reuters.com/tyr93v)
** ULTRA CLEAN HOLDINGS INC, $8.40, up 18.2 pct (2:01 p.m. ET)
The chip gear maker reported a better-than-expected third-quarter profit and said its net liquidity imrpoved by nearly $6.5 million from the previous quarter.
At least three brokerages raised their price targets on the stock. (Compiled by Sampad Patnaik,; Editing by Joyjeet Das)