May 5, 2014 / 6:39 PM / 3 years ago

MARKET PULSE-Hyperdynamics, BroadSoft, Realogy, Trex, Cadiz, Mattson

11 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. stocks were little changed on Monday as upbeat economic data was offset by concerns over an escalation of tensions between Ukraine and pro-Russia separatists. The Dow Jones industrial average was down 0.03 percent at 16,507.50 and the S&P 500 was up 0.05 percent at 1,882.07.

** HYPERDYNAMICS CORP, $3.797, +154.83 pct

The oil and gas company said its project partner Tullow Oil had lifted the force majeure declared on its offshore exploration block in Guinea.

Hyperdynamics said it was trying to satisfy the conditions necessary to resume production, including a clarification that a U.S. regulatory investigation of the company would not hurt Tullow's operations under the production sharing contract.

** CADIZ INC, $8.05, +30.26 pct

The Orange County superior court on Friday upheld the validity of the environmental approvals for a water conservation, recovery and storage project by the land and water resources developer. The trial court denied all six petitions challenging the project's environmental review.

** BROADSOFT INC, $19.89, -20.44 pct

The company, which provides internet-based communications services to telecom companies, forecast second-quarter profit and revenue below analysts' estimates. It also reported lower-than-expected first-quarter results on Monday.

** B/E AEROSPACE, $98.27, +10.47 pct

The company, a $9 billion maker of aircraft cabin interior products, said on Sunday it was exploring strategic alternatives including a possible sale, merger or spin off of the company or selected businesses.

German aircraft seating maker Recaro is looking into the news, an executive said on Monday.

** AROTECH CORP, $3.97, +17.80 pct

The defense and security products company said its battery and power systems business had received new orders from military customers for about $5.2 million.

** TWITTER INC, $38.99, -0.08 pct

The six-month "lockup" - the period after the initial public offering during which early investors are barred from selling their shares - ends on Monday. Restrictions on about 470 million shares will be removed. The expiration of the lockup period could put additional pressure on the stock.

According to an article in the May 5 edition of Barron's, Twitter still looks overpriced even after a 47 percent drop from its late December high of $74.

** TYSON FOODS INC, $38.37, -10.04 pct

The largest U.S. meat processor reported weaker-than-expected quarterly profit on higher expenses and said it expects pork supplies to be down as much as 4 percent this year due to a deadly piglet virus.

** PFIZER INC, $29.87, -2.86 pct

The company reported revenue well below Wall Street expectations on falling sales of generic medicines, underscoring its interest in pursuing a $106 billion bid for rival AstraZeneca to promote new business growth.

** JPMORGAN CHASE & CO, $54.04, -2.77 pct

The investment bank expects second-quarter revenue from bond and equity trading to decline by about 20 percent from a year earlier, the biggest U.S. bank by assets said on Friday.

Citigroup and Morgan Stanley cut their price target on the company's stock.

** NORDION INC, $12.38, +6.91 pct

Sterigenics, a sterilization services provider owned by private equity firm GTCR LLC, raised its buyout offer for Nordion to $758 million from $727 million on Monday, after the Canadian medical isotope supplier received a rival bid from an unnamed buyer.

** AAON INC, $31.44, +8.79 pct

The maker of air-conditioning and heating equipment reported a 37.6 percent rise in first-quarter profit due to higher prices. The company also announced a 30 percent increase in its semi-annual cash dividend. [ID;nMKWfWgnSa]

** REALOGY HOLDINGS CORP, $38.67, -9.35 pct

The real estate services company said it expected second-quarter home sales to be down 5-7 percent at two its business - Real Estate Franchise Services, and Title and Settlement Services.

** TREX CO INC, $70.28, -11.50 pct

The maker of wood and plastic composite products reported first-quarter results that missed analysts' average estimates as a severe winter led to a decrease in sales.

** MATTSON TECHNOLOGY INC, $2.09, +12.37 pct

Chief Executive Chen Fusen Ernie has purchased 20,000 shares in the company at $1.93 for a total of $38,600. Mattson makes semiconductor wafer-processing equipment.

** RITCHIE BROS AUCTIONEERS, $23.015, -8.23 pct

The industrial auctioneer reported lower-than-expected first-quarter sales on Monday due to a dip in revenue rate from the company's underwritten business, offsetting its gross auction proceeds (GAP). The underwritten business, which includes guarantee and inventory contracts, represented 24 percent of GAP in the quarter ended March 31.

** ALERE INC, $35.3, +4.28 pct

The diagnostic tests provider said it separated the roles of chairman of the board and chief executive, and that it intended to select a consulting organization to assist it with a comprehensive review of its strategy and operations.

Alere said its board selected Gregg Powers as chairman and that CEO Ron Zwanziger would continue in his role.

"We view the separation in CEO/chairman roles as an encouraging development given some investor hesitation towards the overall role played by the existing CEO following several years of more mixed success," Raymond James analyst Nicholas Jansen wrote in a note.

** AMBARELLA INC, $23.88, -3.48 pct

The video-processing chip maker's Chief Executive, Wang Feng-Ming, sold 20,500 shares in the company, according to a filing by Ambarella late on Friday.

Chief Technology Officer Kohn Leslie also sold 42,000 shares.

** TARGET CORP, $60.08, -3.11 pct

The company removed Chairman and Chief Executive Gregg Steinhafel on Monday in the wake of a devastating data breach that hurt the No. 3 U.S. retailer's profits, shook customer confidence in the company and prompted congressional hearings.

** GOLDMAN SACHS GROUP INC, $155.96, -1.84 pct

A major proxy advisory firm recommended shareholders vote against Goldman Sachs executive compensation plan and added that Morgan Stanley was also paying its top staff too much.

** ARIAD PHARMACEUTICALS INC, $7.58, +4.84 pct

Jefferies & Co analyst Eun Yang on Friday raised her rating on the company's stock to "buy" from "hold", saying that a survey of doctors showed that their use of the company's leukemia drug was minimally impacted by its temporary suspension from the market and its restriction to a smaller group of patients.

Sales of the drug, Iclusig, were suspended in October after it was associated with a higher-than-expected risk of life-threatening blood clots and narrowing of blood vessels, but Ariad resumed selling it with a revised label in January.

Yang also said Jefferies' 50-physician survey indicated that sales of Iclusig were steadily growing after its re-entry in the market, and raised her price target on the Ariad stock to $14 from $8.

** KING DIGITAL ENTERTAINMENT PLC, $18.81, +7.12 pct

The three lead underwriters of the company's IPO started coverage of the stock with "buy" ratings or the equivalent, two days ahead of the release of the "Candy Crush Saga" game maker's first results as a public company.

** SOTHEBY'S, $44.29, +2.07 pct

Sotheby's said it reached an agreement with Daniel Loeb's Third Point LLC, giving the hedge fund three seats on the auctioneer's board.

** KBR INC, $24.34, -5.81 pct

The engineering and construction company said it intended to restate its financial statements for the year ended Dec. 31, 2013. The company also said it had identified an overstatement of about $9 million in pretax revenue for the quarter ended March 31, 2014.

** LA JOLLA PHARMACEUTICAL CO, $9.51, +5.20 pct

HC Wainwright & Co analyst Reni Benjamin started coverage on the company's stock with a "buy" rating and a target price of $17, saying that its lead experimental drug showed the best efficacy and safety in its class, when used as a treatment for chronic kidney disease.

Benjamin said that the company could attract partners for the drug, codenamed GCS-100, which inhibits a protein linked with inflammatory diseases, as interest in the fields of inflammation and fibrosis grows.

Noble Financial analyst Rahul Jasuja also raised his price target on the company's stock to $34 from $16.

** KOSMOS ENERGY LTD, $10.16, -7.55 pct

The oil and gas producer said it had plugged and abandoned its FA-1 well in the Foum Assaka Offshore block in Morocco after the well failed to have commercial hydrocarbons.

The well had reached a depth of 3,830 meters.

** CHINA MOBILE GAMES AND ENTERTAINMENT GROUP LTD, $19.54, +11.53 pct

Barclays initiated coverage of the company, which develops games for mobile phones, with an "overweight" rating and a price target of $32 on Friday.

** TESCO CORP, $20.72, +6.75 pct

The company, which delivers technology-based services to oil and gas companies, announced a $100 million share repurchase program and initiated a quarterly dividend of $0.05 per share on Monday.

** LIFETIME BRANDS INC, $14.96, -8.22 pct

Vice-President Miller Evan sold 20,000 shares of the kitchenware maker, according to a filing with the U.S. Securities and Exchange Commission. Evan sold the shares for $361,588. (link.reuters.com/set98v)

** NEW ORIENTAL EDUCATION AND TECHNOLOGY, $24.01, -5.84 pct

Deutsche Bank downgraded its rating on the China-based for-profit education provider to "hold" from "buy", citing competition.

The brokerage said social network YY Inc's new online education platform, 100.com, could threaten New Oriental's 'star teacher'-led offline large-class English test preparation and training businesses, which account for 30-40 percent of the company's earnings.

** QUICKSILVER RESOURCES INC, $3.17, -4.80 pct

The oil and gas producer's stock fell on Monday ahead of its first-quarter results on Tuesday. The company is expected to report a bigger loss in the quarter. The company in March cut its first-quarter and full-year production outlook.

** SABRE CORP, $15.88, -3.17 pct

The airline ticketing technology provider said on Monday that Southwest Airlines Co has decided to end the competitive bid process for the company's reservations system. Sabre said that Southwest Airlines had awarded the contract to a competitor. (Compiled by Natalie Grover; Edited by Maju Samuel)

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