January 22, 2014 / 1:28 PM / 4 years ago

MARKET PULSE-Coach, IBM, AMD, VMWare, AMAG Pharma, Parker Hannifin

13 Min Read

(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock index futures were little changed on Wednesday, as investors looked to the next round of earnings reports for direction in a stock market that has been unable to find its footing after rallying about 30 percent last year. Dow Jones industrial average futures were down 0.23 percent at 16,318, S&P 500 futures were down 0.10 percent at 1,836.6 and Nasdaq 100 futures were up 0.03 percent at 3,610.75.

** COACH INC, Tuesday close $52.55, -5.86 pct premarket

The company said comparable sales in North America fell 13.6 percent in the final quarter of 2013, the latest sign it is losing share in the handbag market to fast-growing rivals such as Michael Kors Holdings Ltd and kate spade.

** IBM CORP, Tuesday close $188.43, -3.33 pct premarket

The world's biggest technology services company missed revenue expectations for the fourth consecutive quarter as it grappled with weakening demand for its servers and storage equipment, particularly in growth markets like China.

** FREEPORT MCMORAN COPPER & GOLD INC, Tuesday close $35.26, -2.18 pct premarket

The miner reported a decline in fourth-quarter earnings as copper and gold prices dropped.

** UNITED TECHNOLOGIES CORP, Tuesday close $114.99, +0.22 pct premarket

The world's largest maker of elevators and air conditioners, reported a rise in fourth-quarter profit that topped Wall Street estimates, helped by a stronger performance across its businesses. However, the company's revenue came below analysts' estimates.

** INTERACTIVE BROKERS GROUP INC, Tuesday close $22.6, -2.70 pct premarket

The electronic broker's fourth-quarter results were below analysts' estimates, mainly due to a 62 percent fall in pre-tax income in its market making segment. The company posted net income of 7 cents per share on revenue of $262.9 million. Analysts were expecting the company to earn 19 cents per share on revenue of $285.2 million, according to Thomson Reuters I/B/E/S.

** BOB EVANS FARMS INC, Tuesday close $15.77, -4.70 pct after market

The company slashed its fiscal 2014 earnings forecast on Tuesday as severe U.S. winter hurt customer traffic and increased operating expenses at its restaurants. Bob Evans cut its 2014 adjusted earnings forecast to $2.20-$2.30 per share from $2.60-$2.65 per share.

Brokerage Janney Capital Markets cut its price target on the restaurant operator's stock on Wednesday to $45 from $52.

** SUPER MICRO COMPUTER INC, Tuesday close $18.5, +14.16 pct premarket

Needham raised its price target on the server maker's stock to $23 from $16 after the company reported better-than-expected quarterly results on Tuesday and forecast current-quarter profit and revenue above analysts' estimates.

** CA INC, Tuesday close $34.26, +1.87 pct premarket

The business management software maker reported on Tuesday better-than-expected results for the third quarter, helped by its recent acquisitions of software companies, Layer 7 and Nolio.

** HURON CONSULTING GROUP, Tuesday close $62.76, +5.30 pct after market

The consulting company said it expected full-year earnings to top the high end of its forecast due to higher-than-expected performance-based fees in the healthcare segment. The company said it expected to earn $2.88-$2.92 per share from continuing operations.

** CONSOL ENERGY INC, Tuesday close $38.18

The company, which wants to transform into an exploration and production (E&P) company with a coal unit, said it expected to double the size of its E&P operations by 2016. The natural gas and coal producer named Timothy Dugan as chief operating officer of its E&P business.

** ADVANCED MICRO DEVICES INC, Tuesday close $4.17, -7.91 pct premarket

The chipmaker forecast a steeper-than-expected fall in current quarter revenue, signaling that sales of gaming consoles were not growing fast enough to offset slowing PC sales.

** VMWARE INC, Tuesday close $97.36, -1.90 pct premarket

The cloud software maker said it would buy mobile security company AirWatch for about $1.18 billion in cash and about $365 million in installment payments and assumed unvested equity.

** AMAG PHARMACEUTICALS INC, Tuesday close $21.86, -15.92 pct premarket

The drugmaker said the U.S. Food and Drug Administration rejected its application for wider use of its iron deficiency drug due to safety concerns and asked for more trial data.

** PARKER HANNIFIN CORP, Tuesday close $126.82, -3.80 pct premarket

The maker of motion and control technologies reported second-quarter profit that beat analysts' estimates as orders rose 5 percent.

However, the company forecast 2014 earnings of $6.40 per share, below average analyst estimate of $6.57 per share, according to Thomson Reuters I/B/E/S.

** NOVO NORDISK A/S, Tuesday close $38.62

New prescriptions for Novo Nordisk's Victoza, the firm's top selling diabetes drug in the United States, rose during the first full week of 2014 despite the loss of a major contract, brokerage Nordea said on Tuesday, quoting national medical data.

** CREE INC, Tuesday close $62.83, +2.58 pct premarket

The LED maker reported a 75 percent rise in second-quarter profit, driven by higher sales in its lighting products business. Net income rose to $35.7 million, or 29 cents per share, in the quarter ended Dec. 29 from $20.4 million, or 18 cents per share, a year earlier.

** ABB LTD, Tuesday close $26.68, -4.54 pct premarket

The Swiss engineering group told investors it would miss fourth-quarter profit expectations due to weak orders at its power division and delays on wind projects in the North Sea.

** BLACKBERRY LTD, Tuesday close $9.93, +2.82 pct premarket

The smartphone maker said on Tuesday it intended to divest the majority of its real estate holdings in Canada, as it seeks to bolster its balance sheet and turn around its fortunes.

** GLAXOSMITHKLINE PLC, Tuesday close $54.95, +0.25 pct premarket

** ABBOTT LABORATORIES, Tuesday close $39.12, +1.00 after market

The 9th U.S. Circuit Court of Appeals in San Francisco on Tuesday ordered a new trial for GlaxoSmithKline against an Abbott Laboratories spinoff because Abbott excluded a potential juror, who was gay. The case involved Abbott's pricing of HIV medications. Glaxo accused Abbott of improperly hiking the price of one drug, Norvir, to help it preserve sales growth of one of its other HIV blockbusters, Kaletra. Glaxo had sought $571 million, but was awarded $3.5 million after a four-week trial in 2011. Glaxo appealed the lower court's decision to allow Abbott to exclude the juror.

** AMAZON.COM INC, Tuesday close $407.05, -0.24 pct premarket

The company is in the early stages of developing a pay-TV streaming service with live programming, according to a report in The Wall Street Journal. Amazon approached at least three media companies, according to people familiar with the matter, the Journal reported.

** NUANCE COMMUNICATIONS INC, Tuesday close $14.89, +7.05 pct premarket

The company, whose software powers the Siri feature on Apple Inc's iPhones, raised its estimates for first-quarter adjusted revenue and earnings on Tuesday.

** NEKTAR THERAPEUTICS, Tuesday close $13.51

The company said it commenced a public offering of 8.5 million shares of its common stock. Nektar said it would use part of the proceeds of the stock sale to fund research and development.

** MARRIOTT INTERNATIONAL INC, Tuesday close $50.79

The U.S. hotel chain said it would buy South Africa's Protea Hospitality Holdings for $186 million. Protea owns 116 hotels with 10,148 rooms in seven African countries and the deal will make Marriott the largest hotel company in the Middle East and Africa. Marriott said the deal would not have a material impact on its 2014 results.

** Ironwood Pharmaceuticals Inc, $14.75

The drugmaker posted a smaller-than-expected quarterly loss, helped by strong sales of its constipation drug, Linzess.

Cantor Fitzgerald analysts said the quarter was "directionally positive" for Ironwood, raising their price target on the stock to $12 from $11. Credit Suisse raised the price target to $18 from $16, while Mizuho raised it to $17 from $15.

** PEABODY ENERGY CORP, Tuesday close $17.76

The coal miner said its unit had received an "imminent danger order" on Jan. 15 under the Federal Mine Safety and Health Act for the North Antelope Rochelle Mine near Gillette, Wyoming. A Mine Safety and Health Administration inspector said there was excess coal accumulation and coal dust in an area within a crusher facility where "hot work" was being done. Peabody said it took corrective action and activity resumed in the affected area within hours. (link.reuters.com/fyd36v)

** COMCAST CORP, Tuesday close $53.31

** TIME WARNER CABLE INC, Tuesday close $134.51

Comcast has added Barclays Plc as an adviser as it evaluates a potential deal for Time Warner Cable, according to people familiar with the matter.

** BOEING CO, Tuesday close $141.67, -0.30 after market

Discount airline Norwegian Air Shuttle ASA said on Tuesday that a fuel leak on a Boeing 787 Dreamliner caused a flight from Bangkok to Oslo to be delayed by 19 hours.

** VERIZON COMMUNICATIONS INC, Tuesday close $47.7, -0.73 pct premarket

The company's acquisition of Intel Corp's venture to create a web-based TV service may be the catalyst that pushes U.S. cable players to start similar products to fend off fast-growing video rivals such as Netflix Inc and Amazon.com Inc.

** SEARS HOLDINGS CORP, Tuesday close $37.85

The company is closing its downtown Chicago flagship outlet in April, the latest move by the retailer to cut the number of its stores as it relies more on online retailing.

** XILINX INC, Tuesday close $47.54, -4.00 after market

The chipmaker forecast current-quarter revenue largely below analysts' estimates, hurt by weak sales to telecom, aerospace and defense customers.

** TEXTRON INC, Tuesday close $36.10

The world's largest maker of business jets, reported a 17 percent rise in quarterly profit as sales of its flagship Cessna aircraft picked up after five straight quarters of decline.

** F.N.B CORP, Tuesday close $12.85, -2.72 pct after market

The financial services company posted a fourth-quarter profit below analysts' estimates as its non-interest expense grew by 20.3 percent. The company's net income in the quarter was $28.44 million, or 18 cents per share. Analysts had expected a profit of 21 cents per share, according to Thomson Reuters I/B/E/S.

** MOTOROLA SOLUTIONS INC, Tuesday close $67.11

The company, which makes walkie-talkies, rugged mobile computers and tablets, reported a 3 percent rise in quarterly revenue, helped by higher government sales.

** TARGET CORP, Tuesday close $59.20, +0.25 after market

The retailer said it would stop offering health coverage to part-time workers, citing new public insurance exchanges floated by the U.S. government. Less than 10 percent of the company's 361,000 employees currently participate in the insurance plan that is being discontinued, Target said in a company blog post on Tuesday.

** ASTRAZENECA, Tuesday close $65

The company said European regulators had approved Xigduo for type 2 diabetes, in what was the first green light for a fixed dose combination of a SGLT2 inhibitor and metformin. The drug combines in a twice daily tablet Forxiga, a SGLT2 inhibitor that reduces the reabsorption of excess glucose, and metformin, a standard in treating the condition.

** COVIDIEN PLC, Tuesday close $68.19

The company said it would stop making a device for treating high blood pressure due to weak demand for the product, raising more doubts about the future of the novel technology.

** NOVARTIS AG, Tuesday close $81.37

The Swiss drugmaker plans to reorganize parts of its domestic workforce, cutting up to 500 jobs in its pharmaceutical division to free resources for new roles to support the product launches, the company said on Tuesday.

** TEXAS INSTRUMENTS INC, Tuesday close $43.85, -1.00 after market

The company plans to cut 1,100 jobs in the United States, Japan and India, or about 3 percent of its global workforce, in a corporate restructuring to save $130 million by the end of 2014.

** NEWS CORP, Tuesday close $16.76

The company said Lex Fenwick was leaving as chief executive of Dow Jones, less than two years after taking the helm, an abrupt departure that calls into question the future of its news wires and other products aimed at financial institutions.

** DARDEN RESTAURANTS INC, Tuesday close $50.77

Starboard Value has urged the company to delay plans to spin off of its struggling Red Lobster chain, becoming the second activist investor in as many weeks to call on the company to rethink its strategy for improving results. (Compiled by Neha Dimri in Bangalore; Edited by Kirti Pandey)

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