November 19, 2014 / 6:28 PM / in 3 years

BUZZ-U.S. Stocks on the Move-Second Sight, Stage Stores, Constellium

(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. stocks fell on Wednesday, following record closing highs on the S&P 500 and Dow in the previous session, ahead of minutes from the most recent Federal Reserve policy meeting. The Dow Jones industrial average was down 0.07 percent at 17,675.43, the S&P 500 was down 0.20 percent at 2,047.76 and the Nasdaq Composite was down 0.33 percent at 4,687.094.

** SECOND SIGHT MEDICAL PRODUCTS INC, $19.7101, +119.00 pct

Shares of the company, a maker of artificial retinas that partially restores sight for the blind, rose as much as 150 percent in their market debut. The company’s offering of 3.5 million shares priced was at $9 per share, raising $31.5 million.

** STAGE STORES INC, $18.59, +18.11 pct

The apparel and accessories retailer reported better-than-expected third-quarter revenue as sales quickened during the back-to-school season and demand rose for its warm clothing in autumn.

The company forecast flat to 2 percent comparable sales growth in the holiday shopping quarter.

** CONSTELLIUM NV, $17.66, -15.78 pct

The aluminum products maker’s third-quarter net income fell 73 percent. The company said it records unrealized losses of 33 million euros ($41.40 mln) on derivatives

** CHINA DISTANCE EDUCATION HOLDINGS LTD, $17.92, +19.71 pct

The Chinese education company’s fourth-quarter revenue increased 30 percent, driven by 15 percent rise in enrollments.

The company said it expects 2015 revenue to rise 27-32 percent.

** CLIFFS NATURAL RESOURCES INC, $8.73, -14.50 pct

The miner said it may have to close its Bloom Lake iron ore mine in Quebec, weeks after it revealed that three “big steelmakers” were in talks to invest in the project.

** OPLINK COMMUNICATIONS INC, $24.185, +13.81 pct

Koch Industries subsidiary Koch Optics Inc will buy the optical networking device maker for about $445 million in cash, or $24.25 per share.

The price represents about 14 percent premium to Oplink stock’s closing price on Tuesday.

** AGIOS PHARMACEUTICALS INC, $95.375, +13.80 pct

The drug developer said its experimental blood cancer drug, AG-120, showed significant clinical activity in an early stage trial.

Canaccord Genuity raised its price target on the stock to $111 from $97, the highest among the six brokerages covering the stock.

** LEJU HOLDINGS LTD, $12.23, -13.63 pct

The Chinese real estate services provider reported lower-than-expected third-quarter revenue and cut its 2014 revenue forecast due to a weak classifieds business.

** SYNCHRONOSS TECHNOLOGIES INC, $43.83, -7.94 pct

Robert W. Baird & Co cut its rating on the software maker’s shares to “underperform” from “neutral” and price target to $42 from $47, according to Theflyonthewall.com.

Baird analysts said rising capital expenditure and increasing dependency on customers Verizon Communications Inc and AT&T Inc were hurting pricing.

** STAPLES INC, $13.96, +9.40 pct

The largest office supply retailer reported higher-than-expected quarterly sales and profit as demand recovered for core office supplies such as paper and ink products after six quarters of decline.

** TARGET CORP, $71.94, +6.56 pct

The fourth-largest U.S. retailer reported a better-than-expected quarterly profit as U.S. same-store increased for the first time in four quarters. (link.reuters.com/kac53w)

** E-HOUSE CHINA HOLDINGS LTD, $8.66, -9.13 pct

The Chinese real estate services provider’s third-quarter revenue and profit missed analysts’ estimates due to a weak domestic market.

The company cut its 2014 revenue forecast, citing lower-than-expected revenue in its real estate brokerage and information & consulting businesses.

** VERTEX PHARMACEUTICALS INC, $114.99, +3.56 pct

Pharmaceutical investment firm Royalty Pharma will buy royalties on the drugmaker’s cystic fibrosis drugs for $3.3 billion from Cystic Fibrosis Foundation.

** JETBLUE AIRWAYS CORP, $13.36, +5.03 pct

The company announced that it would charge certain customers for their first checked bag, yielding to pressure from analysts who criticized the airline for not adding fees in step with other carriers.

** LOWE‘S COS INC, $62.23, +6.32 pct

The No. 2 U.S. home improvement products retailer raised its full-year profit and sales forecast as an improving job market encourages home owners to increase spending on renovations. (here)

** SYNERGY PHARMACEUTICALS INC, $3.06, +3.38 pct

The biopharmaceutical company said its experimental drug for opioid induced constipation was found safe and effective in a mid-stage trial.

** VIPSHOP HOLDINGS LTD, $22.5, -5.10 pct

The Chinese online discount retailer’s fourth-quarter sales forecast failed to top analysts’ estimates for the first time this financial year.

** BLACKBERRY LTD, $10.34, -3.90 pct

Morgan Stanley downgraded the Canadian smartphone company’s stock to “underweight” after keeping “equal-weight” since June. The brokerage believes that the market is “too optimistic” in assuming BlackBerry will reach a target of $350 million in new software revenue in 2016.

** FIAT CHRYSLER AUTOMOBILES AUTOMOBILES NV, $12.26, -4.29 pct

** HONDA MOTOR CO LTD, $31.17, -1.52 pct

Chrysler and Honda were among the five global automakers asked by the U.S. auto safety regulator to expand nationwide a regional recall of potentially lethal air bags.

** MOSAIC CO, $47.83, +2.27 pct

Susquehanna Financial Group upgraded the fertilizer maker’s stock to “positive” from “neutral”, citing an improved outlook for potash.

** PARAMOUNT GROUP INC, $18.26, +4.34 pct

Shares of Paramount rose as much as 5.7 percent in market debut, valuing the owner of San Francisco’s landmark One Market Plaza building and Washington DC’s Liberty Place at $4.51 billion.

** CABOT OIL & GAS CORP, $34.37, +3.31 pct

** EQT CORP, $95.82, +2.39 pct

** SOUTHWESTERN ENERGY CO, $33.84, +2.39 pct

** RANGE RESOURCES CORP, $73.76, +3.22 pct

The oil producers’ shares rose as Brent crude climbed above $79/barrel on speculation OPEC may act to stabilize prices. Morgan Stanley oil analysts led by Adam Longson think OPEC is likely to cut production sooner or later.

** TESLA MOTORS INC, $248.8499, -3.43 pct

Morgan Stanley cut its 2015 delivery forecast for the electric sports car maker’s Model X crossover SUV to 5,000 from 15,000. “We have adopted our Model X forecasts not only for a 3Q launch (which we expect to be late 3Q), but also for a slow ramp once deliveries begin,” analyst Adam Jonas wrote in a note.

** ZILLOW INC, $124.3, +4.49 pct

Hedge fund Caledonia said the real estate website operator is its biggest ever bet.

Caledonia targeted an enterprise value for Zillow of $50 billion, or implied share price of $770.

** LA-Z-BOY INC, $24.25, +7.40 pct

The furniture retailer reported a better-than-expected second-quarter profit on Tuesday as gross margin rose to 35.5 percent from 34.8 percent.

** PETSMART INC, $77.2, +4.86 pct

** KKR & CO LP, $22.97, +1.23 pct

Buyout firms KKR and Clayton, Dubilier & Rice LLC (CD&R) have teamed up to take Pet care products retailer PetSmart private for more than $7.5 billion, people familiar with the matter said on Tuesday, as the auction for the pet food retailer heats up.

** DOLLAR GENERAL CORP, $64.13, -3.08 pct

** FAMILY DOLLAR STORES INC, $77.99, -1.09 pct

Dollar General, the U.S. chain of variety stores, may need to divest more than 4,000 stores to win approval from the U.S. Federal Trade Commission for its acquisition of discount retailer Family Dollar Stores, the New York Post reported, citing two sources close to the situation.

** DISH NETWORK CORP, $73.72, +8.65 pct

** VERIZON COMMUNICATIONS INC, $50.495, -1.42 pct

** AT&T INC, $35.37, -0.98 pct

** T-MOBILE US INC, $27.47, -1.44 pct

The U.S. airwaves auction of so-called AWS-3 frequencies on Tuesday breached its reserve price of $10.1 billion, according to the Federal Communications Commission, less than a week after bidding began.

The auction is the largest opportunity for wireless carriers to get access to new airwaves since 2008 and although the bidding is anonymous, the largest U.S. wireless carrier Verizon Communications, No. 2 AT&T, No. 4 T-Mobile US and satellite provider Dish Network were expected to be the biggest bidders.

** BARRICK GOLD CORP, $12.81, -3.61 pct

The gold miner named mining industry veteran Shaun Usmar as its chief financial officer designate on Tuesday, marking the latest shake-up at the world’s biggest gold miner.

** LNB BANCORP INC, $15.92, +4.12 pct

The bank holding company will pay a fourth-quarter cash dividend of 3 cents per share, an increase of 2 cents per share from the third quarter. (Compiled by Ankit Ajmera in Bangalore; Edited by Maju Samuel)

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