(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. stocks fell on Friday as a number of bellwether names, including Amazon and Ford, fell following their quarterly results, overshadowing positive numbers from Microsoft. The Dow Jones industrial average was down 0.89 percent at 16,355.33, the S&P 500 was down 0.88 percent at 1,862.05 and the Nasdaq Composite was down 1.78 percent at 4,074.698.
** AMAZON.COM INC‘S, $306.66, -9.04 pct
The e-commerce company’s shares fell on Friday after analysts raised concerns on the company’s spending on technology, content and new warehouses. At least 13 brokerages cut their price targets on the stock.
At least a dozen brokerages cut their price targets on the stock.
** BANK OF AMERICA CORP, $15.965, -2.30 pct
The U.S. Department of Justice is asking BofA to pay more than $13 billion to settle allegations the bank overstated the quality of mortgage bonds it sold during the housing bubble, according to Bloomberg News.
** ECHO GLOBAL LOGISTICS, $19.775, +9.44 pct
The logistics services provider reported a 21 percent rise in first-quarter revenue. “Despite a capacity constrained environment, we achieved a record quarter of both gross and net revenues,” Chief Executive Doug Waggoner said.
** SPS COMMERCE INC, $46.98, -10.39 pct
The company, which provides cloud-based supply chain management and data analytics software, on Thursday forecast second-quarter adjusted profit largely below analysts’ average estimate, prompting at least two brokerages to cut their price target on the company’s stock. The company also reported first-quarter results marginally above expectations.
“Despite no change in fundamentals and near-term optimism over trends and market opportunity, we’re lowering our price target to $65 based on recent multiple compression across our overall software-as-a-service SaaS universe,” Needham & Co analysts wrote in a note to clients.
** IMMUNOGEN INC, $12.335, -10.55 pct
The biotechnology company posted a wider-than-expected third-quarter loss and cut its revenue outlook for the full year. It now sees revenues between $60-$64 million, down from its previous view of between $71-$75 million.
** WEATHERFORD INTERNATIONAL LTD, $20.33, +10.43 pct
The oilfield services provider reported a better-than-expected profit, helped largely by outsized Latin American margins due to the completion of work in Mexico and higher margin activity in Argentina and Brazil.
The company, which has identified 6,600 jobs for elimination, said it completed 56 percent of the planned workforce reduction in the first quarter.
Weatherford also said it had started the process of closing 20 underperforming operating locations in various countries.
** DANA HOLDING CORP $21.41, -8.31 pct
The supplier of driveline, sealing, and thermal-management technologies reported first-quarter results that were below expectations as a result of unfavorable currency in South America and a $17 million charge for devaluation of the Venezuela Bolivar.
The company said it expects operations to be impacted by continued emerging market volatility in 2014.
Dana expects production in Venezuela to resume in the second half of this year. A case of nominal or no production during the last nine months of 2014 could reduce full-year earnings by as much as $40 million.
** DECKERS OUTDOOR CORP, $83.26, +6.02 pct
The shoe retailer reported a much better-than-expected 12 percent rise in fourth-quarter revenue, helped by strong sales online and of new styles of UGG shoes.
“Efforts to diversify the product offering and reduce dependence on the December period are already bearing results, as evidenced by strong performance in the past 3 months,” Jefferies analyst Randal Konik wrote in a note.
** HOMEAWAY INC, $34, -7.96 pct
At least three brokerages cut their price targets on the vacation rental homes website’s stock after it forecast in-line current-quarter revenues following a strong quarterly sales beat on Thursday.
Separately, Chairman Brian Sharples sold about $1.1 million of the stock, it was revealed in a regulatory filing on Thursday.
** NEW RESIDENTIAL INVESTMENT CORP, $6.18, -0.96 pct
The REIT priced its offering of 25 million common shares for gross proceeds of about $150 million. The pricing came below yesterday’s close of $6.24.
** OPEN TEXT CORP, $49.01, +6.36 pct
The Canadian business software maker posted a higher third-quarter profit on Thursday, helped by an increase in license and customer services revenues.
** SIERRA BANCORP, $15.67, +0.77 pct
The lender’s income for the quarter ended March 31 rose to $3.8 million, or 26 cents per share, from $2.3 million, or 16 cents per share, a year earlier, as the company cut costs and set aside less money to cover sour loans. Analysts on average were expecting the company to earn 23 cents per share, according to Thomson Reuters I/B/E/S.
** NEWPARK RESOURCES, $12.25, +5.60 pct
The oilfield services provider posted a bigger profit in the first quarter as revenue from its mats rental business grew about 66 percent. Net income rose to $35 million, or 36 cents per share, in the quarter ended March 31 from $17.4 million, or 18 cents per share, a year earlier.
** PRINCIPAL FINANCIAL GROUP INC, $46.26, +3.28 pct
The investment management company’s income available to common stockholders for the first quarter rose to $293.7 million, or 95 cents per share, from $178.3 million, or 61 cents per share, a year earlier, as its assets under management grew.
The earnings beat analysts’ average estimate of 92 cents per share, according to Thomson Reuters I/B/E/S. The company increased its quarterly dividend 14 percent to 32 cents per share, and authorized repurchase of up to $200 million common stock.
** DEVRY EDUCATION GROUP, $46.2, +14.47 pct
The for-profit education provider reported third-quarter results well above analysts’ expectations.
“We made good progress on our plan to turn around and transform DeVry University, including narrowing the rate of decline in new student enrollment, improving student persistence, and accelerating our cost reduction initiatives,” Chief Executive Daniel Hamburger said.
** MASCO CORP, $20.51, -8.64 pct
The building products maker reported lower-than-expected profit from continuing operation for the first-quarter, hurt by decelerated housing starts in the second half of 2013. Chief Executive Keith Allman said the negative impact of deceleration was felt during the first quarter of 2014.
** ITRON INC, $39.99, +10.96 pct
The power meter on Thursday reported a better-than-expected first-quarter results, helped by higher electricity revenue, stronger booking and a better backlog, prompting at least three brokerages to raised their price target on the company’s stock.
The company also said Steven Helmbrechtits co’s chief financial officer will be departing effective December 31, 2014.
** APPLIED MICRO CIRCUITS CORP, $10.19, +4.09 pct
The chipmaker on Thursday reported a better-than-expected fourth-quarter adjusted profit due to lower operating expenses, but marginally missed revenue expectation for the quarter. While, brokerage Susquehanna Financial Group raised its price target by $2 to $76, two other brokerages cut their price target on the company’s stock.
** SIRIUS XM HOLDINGS INC, $3.09, -3.29 pct
Pivotal Research cut its price target on the satellite radio provider’s shares to $3.75 from $4.25 citing two quarters of the share underperforming. The company reported a better-than-expected 11 percent rise in quarterly revenue on Thursday.
** YANDEX NV, $23.84, -10.66 pct
Shares of Russia’s biggest search engine dropped after President Vladimir Putin called Internet a “CIA project,” raising fears that the country may put stricter controls on the Internet.
** COMMVAULT SYSTEMS INC, $47.615, -30.57 pct
The company, which provides data management software, reported fourth-quarter revenue below estimates. CommVault said strong results in EMEA were offset by lower-than-expected results in the Americas, which hurt its license revenue growth for the quarter.
The company, whose stock has lost 8 percent of its value in the year so far, said it would increase investments across in the company in fiscal 2015 and said it aims to deliver double digit revenue growth in 2015.
** MICROSOFT CORP, $39.945, +0.21 pct
New chief executive Satya Nadella got off to a winning start with Wall Street on Thursday as the world’s largest software company eased past analysts’ profit estimates despite the pressure of falling computer sales.
** SUNPOWER CORP, $34.14, +6.62 pct
The solar panel maker reported a better-than-expected first-quarter profit on Thursday as revenue rose in its largest North American market.
** CYTOKINETICS INC, $4.7, -63.82 pct
Cytokinetics said its experimental treatment for Lou Gehrig’s disease - a progressive neurodegenerative disorder - failed the main goal in a mid-stage trial.
** LIFEPOINT HOSPITALS INC, $56.7, +5.96 pct
** TENET HEALTHCARE INC, $45.73, +8.21 pct
** HCA HOLDINGS INC, $53.32, +5.52 pct
** COMMUNITY HEALTH SYSTEMS INC, $39.82, +6.33 pct
LifePoint Hospitals reported quarterly results driving up hospital operators’s stocks as the volumes weren’t as bad as analysts had expected.
CRT Capital analyst Sheryl Skolnick said “it’s pretty clear to us that this was a decent quarter in a really poor environment, that expectations certainly were low enough.”
** DOT HILL SYSTEMS CORP, $4.035, +1.38 pct
Brokerage Wunderlich initiated coverage of the stock with a “buy” rating and $7 price target, saying that the storage systems maker is signing up new original equipment makers and is growing faster than the market growth rate.
“We believe that there is leverage in the operating model and margins could continue to expand,” analyst Kaushik Roy wrote in a note to clients. “We believe there is significant upside to the stock as EPS growth accelerates going forward.”
** GIGAMON INC, $17.07, +6.16 pct
The maker of network traffic management software reported better-than-expected first-quarter revenue on Thursday despite a large transaction with a customer not materializing and other deals slipping into the second quarter.
** OREXIGEN THERAPEUTICS INC, $5.5675, +0.68 pct
Wells Fargo initiated coverage with an “outperform” rating, saying it sees “high likelihood of FDA approval” for the biopharmaceutical company’s experimental obesity drug NB32. The U.S. Food and Drug Administration is expected to decide on the drug, formerly known as Contrave, by June 10.
** MARKETO INC, $26.15, -9.08 pct
The marketing company reported a smaller-than-expected first-quarter loss on Thursday and forecast a smaller-than-expected loss for the year.
** FORD MOTOR CO, $15.788, -3.26 pct
Ford Motor posted lower-than-expected first-quarter profit on Friday as the No. 2 U.S. automaker saw higher warranty costs in North America for older vehicles by $400 million.
** YINGLI GREEN ENERGY HOLDING CO LTD, $3.63, -13.98 pct
The solar panel maker said its follow-on public offering of 25 million American Depositary Shares, each representing one ordinary share of the company, was priced at $3.50 - a 17 percent discount to the stock’s Thursday close of $4.22.
** PLUG POWER, $5.42, -9.82 pct
The fuel-cell maker said it would raise $124.3 million through an offering of 22.6 million shares after pricing them at$5.50 each. Plug Power plans to use the proceeds for working capital and general corporate purposes, which may include capital expenditures and potential acquisitions.
** BALLARD POWER SYSTEMS, $4.06, +2.40 pct
** UNITED TECHNOLOGIES CORP, $117.06, -1.61 pct
Fuel cell products maker Ballard said on Thursday it has acquired intellectual property assets consisting of about 800 patents, patent applications, and patent licenses from United Technologies.
** REINSURANCE GROUP OF AMERICA INC, $75.61, -4.52 pct
The life reinsurance provider’s profit for the quarter ended March 31 dropped to $136.7 million, or $1.92 per share, from $185.5 million, $2.49 per share, a year ago, due to higher-than-expected mortality claims in North America.
** COLGATE-PALMOLIVE CO, $66.09, -0.51 pct
The maker of Colgate toothpaste reported a 16 percent drop in quarterly profit, hurt by a one-time charge related to the fall in value of the Venezuelan bolivar.
** STARBUCKS CORP, $71.32, +0.32 pct
The world’s biggest coffee chain on Thursday reported that quarterly sales at established stores in its U.S.-dominated Americas region accelerated slightly as it attracted more customers, who spent more during each visit.
** ALTERA CORP, $33.01, -3.31 pct
At least three brokerages raised their price targets on the company which makes programmable chips after it reported better-than-expected first-quarter profit on Thursday as wireless sales rose on stronger-than-expected Chinese LTE deployments.
** MELLANOX TECHNOLOGIES LTD, $33.48, -15.63 pct
The company, which makes chips and data transmission products used in data centers, reported first-quarter results that missed Wall Street estimates hurt by lower-than-expected revenue from one of its largest customers and as customers in the high performance computing market paused spending ahead of new product launches.
** CALAMP CORP, $18.685, -24.14 pct
The wireless device maker on Thursday reported lower-than-expected fourth-quarter results due to a delay in shipping some orders. The company also forecast current-quarter results below analysts’ average estimate.
** STATE STREET CORP, $64.02, -2.60 pct
The world’s second-largest custody bank reported a 22 percent fall in quarterly profit, mainly due to higher operating expenses.
** WEYERHAEUSER CO, $29.575, +2.91 pct
The timber conglomerate reported a better-than-expected first-quarter profit as its acquisition of Longview Timber Holdings began paying off but said it expected low prices and higher costs to hurt timberland earnings in the current quarter.
** PRESTIGE BRANDS HOLDINGS INC, $32.2, +17.91 pct
The marketer and distributor of healthcare and cleaning products said it would buy rival Insight Pharmaceuticals Corp for $750 million in cash to expand its feminine care products range.
** BAIDU INC, $161.05, +0.82 pct
At least one brokerage raised its target price on the Chinese Internet company’s stock after it forecast better-than-expected revenue for the second quarter.
** CLEAN HARBORS INC, $61.01, +5.17 pct
Privately owned activist fund Relational Investors LLC disclosed a 9.08 percent stake in the hazardous waste manager, saying it is “undervalued,” according to a regulatory filing.
** UNDER ARMOUR INC, $48.69, -3.43 pct
S&P Dow Jones indices said the athletic gear maker may would replace Beam Inc in the S&P 500 index.
** VISA INC, $200.94, -4.04 pct
The world’s largest credit and debit card company, said its revenue growth would slow this quarter due to a strong U.S. dollar.
** CIRRUS LOGIC INC, $21.72, +5.28 pct
A supplier to Apple Inc, forecast current-quarter revenue well above analysts’ estimates, helped by strong demand for its audio chips from the iPhone and iPad maker, sending its shares up 4 percent after the bell.
** CLIFFS NATURAL RESOURCES INC, $17.92, -4.48 pct
** ALPHA NATURAL RESOURCES, $4.14, -8.00 pct
Cliffs Natural, which is facing off against an activist investor that wants to break it up, posted a first-quarter loss on Thursday on the back of lower market prices for iron ore and metallurgical coal
Alpha Natural shares were also down on the news.
** PANDORA MEDIA INC, $23.615, -16.26 pct
The online streaming music service reported a better-than-expected rise in first-quarter revenue on Thursday because advertisers picked up spending. Total revenue rose almost 70 percent to $194.3 million, beating analysts expectations of $175 million, according to Thomson Reuters I/B/E/S.
** EDWARDS LIFESCIENCES CORP, $80.33, +0.07 pct
The medical device maker said on Thursday quarterly net earnings fell due to higher manufacturing costs, unfavorable foreign exchange rates and a year-earlier gain of $83.6 million related to patent litigation.
** LATTICE SEMICONDUCTOR CORP, $8.62, +6.29 pct
The chipmaker reported first-quarter results that beat analysts’ estimates on Thursday. The company said growth was driven by its consumer end market and increased new product category sales.
** E2OPEN INC, $16.86, -7.26 pct
The supply chain management software maker forecast lower-than-expected revenue for the year ending February 2015.
At least three brokerages cut their price targets on the stock on Friday. (Reporting By Simon Jennings)