9 Min Read
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s)
U.S. stock indexes rose slightly on Monday. The Dow Jones industrial average was up 0.18 percent at 17,604.69, the S&P 500 was up 0.24 percent at 2,036.78 and the Nasdaq Composite was up 0.29 percent at 4,645.88.
** ALIBABA GROUP HOLDING LTD, $116.38, +1.59 pct
** JD.COM INC, $26.4, +6.71 pct
Shares of the Chinese online retailers rose ahead of "Singles Day" on Tuesday, when they offer heavy discounts. Alibaba shares hit their record high of $117.25.
"Singles Day" is now the largest day of online sales in the world. Last year, Alibaba said it processed 254 million orders worth $5.8 billion on the day, according to Financial Times (on.ft.com/144gQUI)
** TIME WARNER CABLE INC, $137.99, -3.91 pct
** COMCAST CORP, $53.035, -3.84 pct
** CHARTER COMMUNICATIONS INC, $152.19, -2.67 pct
** CABLEVISION SYSTEMS CORP, $18.55, -1.96 pct
Shares of cable internet service providers fell after U.S. President Barack Obama took a strong stance on new 'net neutrality' regulations being drafted by the Federal Communications Commission, saying the agency should reclassify broadband to regulate it more like a public utility.
** J.C. PENNEY CO INC, $7.33, -6.27 pct
A shortfall in projected sales growth for the century-old retailer could drive the stock down 35 percent, according to the Nov. 10 edition of Barron's, which notes the company's chances of reaching its long-term financial goals look slim.
** DENDREON CORP, $0.2426, -74.25 pct
The biotechnology company filed for chapter 11 bankruptcy protection on Monday and said it had reached agreements on the terms of a financial restructuring with certain bond holders.
** TOLL BROTHERS INC, $33.45, +3.82 pct
The largest U.S. luxury homebuilder reported a 29 percent jump in quarterly revenue as it sold more homes at higher prices. The number of homes finished rose 22 percent to 1,807 in the fourth quarter ended Oct. 31, while the average selling price rose 6.3 percent to $747,000, the company said.
** DEAN FOODS CO, $16.26, +12.76 pct
The largest U.S. milk processor reported a quarterly adjusted loss that was smaller than market estimates. The company, hammered by rising milk prices, also forecast an adjusted profit for the current quarter, its first this year, as it expects a fall in the prices of butterfat - a key ingredient in products such as ice creams and cottage cheese.
The stock was the top percentage gainer on the New York Stock Exchange.
** ACHILLION PHARMACEUTICALS INC, $12.5999, +24.63 pct
** GILEAD SCIENCES INC, $107.86, +1.32 pct
** MERCK & CO INC, $58.76, -0.98 pct
Interim data from Achillion's ongoing mid-stage study testing its drug ACH-3102 along with Gilead's Sovaldi showed 100 percent cure rate in 12 hepatitis-C patients after eight weeks of treatment.
However, Merck's attempt to shorten hepatitis-C treatment to just four weeks by adding Gilead's Sovaldi to its own oral two-drug combination did not show the desired efficacy due to a high rate of relapse, according to interim data from a mid-stage study.
** PORTUGAL TELECOM, $1.68, +10.53 pct
Isabel dos Santos, the daughter of Angola's president, launched a takeover bid for the company at 1.35 euros per share on Sunday in an attempt to thwart a 7-billion-euro bid for the Portuguese company's assets.
** HYDROGENICS CORP, $16.85, -7.11 pct
The Canadian fuel cell maker's loss more than doubled in the third quarter, mainly due to increased expenses and a weaker Canadian dollar.
** RESOLUTE ENERGY CORP, $2.86, -20.78 pct
The oil and gas producer's shares fell to a record low of $2.85 after it said it would not sell its Aneth field in Southwestern United States due to market volatility caused by a rapid decline in oil prices.
Wunderlich analyst Jason Wangler expressed worries about the company's liquidity, saying that "the company has to effectively limp along."
** AKEBIA THERAPEUTICS INC, $8.62, -19.44 pct
The drug developer posted a bigger-than-expected loss for the third quarter as development of its anemia drug led to a doubling of operating expenses. The company said last month that serious side effects were associated with the drug in patients with anemia related to chronic kidney disease who were not on dialysis.
The stock hit a record low of $8.70 and was the top percentage loser on the Nasdaq.
** MEMORIAL RESOURCE DEVELOPMENT CORP, $23.755, -6.22 pct
The oil and gas company said certain shareholders were selling 30 million of its shares. Memorial said it would not sell any shares in the offering and would not receive any proceeds from the sale.
** CANCER GENETICS INC, $7.01, +16.83 pct
The diagnostic company reported a higher-than-expected revenue for the third quarter, driven by strong growth in its clinical testing volumes. Cancer Genetics reported revenue of $3.2 million, higher than the average analyst estimate of $3.1 million.
** MOTORCAR PARTS OF AMERICA INC, $32.1, +9.67 pct
The auto parts maker reported a better-than-expected profit for the second quarter as it continued to experience "strong" interest in new products and growth in its rotating electrical business. Motorcar said an aging vehicle population and lower fuel costs supported the growth in profit.
The stock rose to a record high of $33.76.
** LIGHTINTHEBOX HOLDING CO LTD, $7.56, +9.57 pct
The online retailer announced a partnership with mobile app provider Baidu Dianxin to explore global mobile market opportunities.
** QUICKSILVER RESOURCES INC, $0.591, -26.13 pct
The oil and gas producer's total average daily production fell 10 percent in the third quarter to 245.6 million cubic feet equivalent
** URANIUM RESOURCES INC, $2.32, +19.59 pct
The uranium producer's shares continued to rally after the company on Friday announced an exploration program for 2015. Uranium Resources said it expected to spend about $825,000 in 2015 for drilling and geophysical logging at the Alta Mesa Este and Butler Ranch projects in south Texas.
** AMERICAN EAGLE OUTFITTERS INC, $12.4, -4.17 pct
** ABERCROMBIE & FITCH CO, $28.48, -3.46 pct
Teen apparel retailers' stocks fell as analysts took a bearish view on the sector. Barclays cut its outlook on the U.S. apparel, accessories and footwear retail sector to "negative" from "positive". At least two brokerages cut their ratings on American Eagle's stock and Barclays also cut its price target to $11 from $15.
At least six brokerages cut their price targets on Abercrombie's stock and Wunderlich Securities cut its price target by $18 to $30.
** OREXIGEN THERAPEUTICS INC, $4.91, +27.53 pct
The drugmaker posted a third-quarter profit, compared with a year-earlier loss, as it recognized two milestone payments for its obesity drug, Contrave.
** GOPRO INC, $76.0999, -3.74 pct
The wearable camera maker filed for a follow-on offering of up to $800 million of Class A common stock. GoPro did not specify how many shares it will sell and how many shares will be offered by selling stockholders. GoPro's CEO Nicholas Woodman said he planned to sell a portion of his holdings in the company.
** GOGO INC, $15.64, -6.01 pct
The in-flight wireless Internet service provider reported a third-quarter net loss of 29 cents per share, bigger than the 26 cents analysts had expected on average.
** CHEETAH MOBILE INC, $20.45, +1.24 pct
The Chinese security software maker reported better-than-expected revenue and profit for the third quarter. Cheetah Mobile's revenue from online marketing services, its biggest division, more than doubled in the quarter and revenue from its internet value-added services business, its second biggest, rose four-fold. The company also forecast fourth-quarter revenue above the average analyst estimate.
** ARQULE INC, $1.1331, +6.90 pct
The drug developer's data showed its prostate cancer drug, tivantinib, improved survival among patients, without the disease getting worse.
** BLACKBERRY, $11.013, +4.59 pct
The company, which has completed the first phase of its two-year turnaround plan, is now focused on profitability and will not spread itself thin by attempting to launch too many new devices, Chief Executive John Chen said.
** WALTER INVESTMENT MANAGEMENT CORP, $16.77, -3.45 pct
Sterne Agee cut its rating on the mortgage servicer's stock to "neutral" from "buy", according to Theflyonthewall.com. (Compiled by Avik Das in Bangalore; Editing by Kirti Pandey)