Dec 6 (Reuters) - Some U.S. stocks on the move on Thursday:
(For more market insights, including options activity, click on ; For the Morning News Call newsletter, click on link.reuters.com/nex49s; For The Day Ahead newsletter, click on link.reuters.com/mex49s)
U.S. stocks managed slight gains by midday as Broadcom’s upbeat guidance and a turnaround in Apple shares helped lift technology stocks, while investors monitored news from Washington for signs of progress on the “fiscal cliff” negotiations. The Dow Jones industrial average was up 0.06 percent, the Standard & Poor’s 500 Index was up 0.12 percent and the Nasdaq Composite Index was up 0.47 percent.
** APPLE INC, $547.42, up 2 pct (1235 ET)
Apple erased initial losses of as much as 3.7 percent at the open, which briefly brought the market capitalization of the world’s largest publicly traded company below $500 billion. By midday, Apple’s stock was up, a day after its worst drop in four years.
** EPOCH HOLDING CORP $27.68, up 26 pct (1211 ET)
Canada’s No. 2 bank Toronto-Dominion Bank agreed to buy the asset manager for $668 million in cash, or $28 per share, representing a 28 percent premium to Epoch’s Wednesday close.
** LIFEVANTAGE CORP, $2.12, down 16 pct (1255 ET)
The company announced a voluntary recall and replacement of select lots of its Protandim dietary supplement, citing potential health risk.
** HI-TECH PHARMACAL CO INC, $34.98, up 13 pct (1211 ET)
The specialty pharmaceutical company reported a second-quarter profit that beat Wall Street view on higher sales of its over-the-counter products. Hi-Tech reported earnings of 66 cents per share on revenue of $57.5 million. Analysts had expected a profit of 53 cents per share on revenue of $55 million, according to Thomson Reuters I/B/E/S.
** VERA BRADLEY INC, $23.10, down 12 pct (1212 ET)
The handbag maker forecast lower-than-expected results for the fourth quarter as the holiday selling season got off to a slow start, hurt in part by superstorm Sandy.
** DRAGONWAVE INC, $2.00, down 10 pct (1216 ET)
The Canadian telecom network equipment maker cut its third-quarter revenue forecast as shipment of orders were delayed.
** SUPERMEDIA INC, $2.20, up 10 pct (1215 ET)
** DEX ONE CORP, $1.06, up 13 pct (1215 ET)
The directory publishers said they reached an agreement with senior lenders to extend the maturity dates of the companies’ senior secured debt up to 26 months until Dec. 31, 2016 as part of their proposed merger. The companies said in August they will combine in a stock-for-stock merger.
** AKAMAI TECHNOLOGIES INC, $38.85, up 9 pct (1211 ET)
** AT&T INC, $33.75, down 0.5 pct (1212 ET)
The company has agreed to work with AT&T on content delivery network (CDN) services, which deliver content faster by avoiding Internet congestion.
** UTI WORLDWIDE INC, $12.87, down 8 percent (1214 ET)
The logistics company reported quarterly results below analysts’ expectations, hurt by sluggish airfreight demand and slowing global trade. UTi Worldwide earned 16 cents per share, excluding items, on revenue of $1.13 billion for the third quarter. Analysts on average had expected earnings of 25 cents per share on revenue of $1.22 billion, according to Thomson Reuters I/B/E/S.
** ZYNGA INC, $2.50, up 8 pct (1214 ET)
The social games maker said on Wednesday it filed a preliminary application to run real-money gambling games in Nevada, a significant step in cracking a complex but potentially massive new market that could resuscitate its faltering business.
** MGM RESORTS INTERNATIONAL, $10.83, up 8 percent (1214 ET)
The casino operator would launch a $4 billion refinancing credit at a lender meeting on Friday, sources told Thomson Reuters LPC.
** EMULEX CORP, $6.50, down 7 pct (1245 ET)
The storage-equipment maker said it intends to make an offer for New Zealand-based network equipment maker Endace Ltd for about $130 million. “While we believe it is prudent for ELX to diversify its revenue opportunities, we think it is entering a competitive field,” BMO Capital analyst Keith Bachman wrote in a note.
** DERMA SCIENCES INC, $11.11, up 7 pct (1213 ET)
The medical device and pharmaceutical company made a public offering of 3.06 million shares at $10.34 per share. The offering is expected to close on or about Dec. 11. Derma expects to raise about $29 million from the share sale and about $34 million if underwritten in full.
** NEW ORIENTAL EDUCATION AND TECHNOLOGY GROUP, $17.62, up 7 pct (1216 ET)
The largest provider of private educational services in China said late on Wednesday that it was not the Deloitte client referred to by the U.S. SEC in proceedings against accounting firms in China.
** WALTER ENERGY INC, $33.60 pct, up 6 pct (1217 ET)
The world's biggest miner BHP Billiton Ltd could be mulling a $55 per share cash bid for the U.S.-based metallurgical coal producer, Britain's Daily Mail said on Wednesday, without citing sources. ( link.reuters.com/saf54t)
** ALIGN TECHNOLOGY INC, $24.90, down 5 pct (1217 ET)
The dental products maker on Wednesday said it expects fourth-quarter results to come in at the low end of its previously forecast range, given continued softness in the dental market and the effect of superstorm Sandy on its customers’ practices.
** SAFEWAY INC, $18.18, up 4 pct (1216 ET)
The second-largest U.S. supermarket chain said it will pay its quarterly cash dividend of $0.175 per share on Dec. 31, instead of January, when it is typically paid.
** FREEPORT-MCMORAN COPPER & GOLD INC, $30.90, down 4 pct (1219 ET)
** PLAINS EXPLORATION & PRODUCTION CO, $43.48, down 2 pct (1219 ET)
** MCMORAN EXPLORATION CO, $15.27, down 3 pct (1219 ET)
Shares of Freeport-McMoRan fell further, a day after it said it had struck deals to expand into energy by acquiring Plains Exploration and McMoRan Exploration for $9 billion, prompting at least four analysts to downgrade the Freeport-McMoRan stock.
** MEN‘S WEARHOUSE INC, $30.2, down 4 pct (1213 ET)
The clothing retailer cut its full-year profit outlook on the back of lower-than-expected retail sales in both the United States and Canada in November, mainly due to superstorm Sandy.
** H&R BLOCK INC, $18.01, up 4 pct (1220 ET)
The biggest U.S. tax preparer reported a narrower-than-expected quarterly loss as its cost-reduction measures continued to pay off.
** FINISAR CORP, $13.82, up 4 pct (1220 ET)
The network equipment maker reported second-quarter results that were ahead of analysts’ estimates, helped by higher demand for its tunable XFP transceivers and wavelength selective switches. MMK Partners raised its price target on the company’s stock to $16 from $15.
** UNIVERSAL DISPLAY, $24.80, up 8 pct (1302 ET)
A posting on investment website Seeking Alpha said shares of LED supplier Universal Display could be up on a Reuters report that Samsung Electronics' Galaxy S IV will feature an "unbreakable" plastic display, which suggests the use of Universal's flexible OLED technology. (link.reuters.com/meg54t)
** LULULEMON ATHLETICA INC, $70.73, up 3 pct (1218 ET)
The Canadian yogawear retailer will open its first full store in Hong Kong and start testing in up to 15 countries over the next two years, Chief Executive Christine Day said.
** EVERBANK FINANCIAL CORP $14.69, up 3 pct (1218 ET)
Brokerage Raymond James raised the bank’s rating to “strong buy” from “outperform”.
** DELCATH SYSTEMS INC, $1.41, down 3 pct (1212 ET)
The company said on Wednesday that it was revising the label in its marketing application for its experimental cancer drug following discussions with U.S. health regulators. The drug was initially meant to target cancer which spread to the liver after originating in the eye and skin. The company is now going to focus on cancer which originates from the eye, as 90 percent of the patients in the late-stage study suffered from this condition.
** J.C. PENNEY CO INC, $18.12, up 3 pct (1224 ET)
The retailer’s shares rose after Loblaw Cos Ltd, Canada’s largest grocer, said it plans to create a real estate investment trust to hold most of its property assets. JP Morgan analyst Matthew Boss said investors are considering whether JC Penney could also package its real estate to create a REIT or do something similar to provide liquidity. But he added: “To me it seems like a very low probability type of an event given the upfront costs and rent conversion in light of their current liquidity situation,” Boss told Reuters.
** SIRIUS XM RADIO INC, $2.82, up 2 pct (1221 ET)
The board of the company approved a $2 billion common stock repurchase program and issued a special dividend, giving a big payout to its biggest shareholder, Liberty Media.
** SMITHFIELD FOODS INC, $23.30, up 2 pct (1222 ET)
The largest U.S. pork and hog producer’s second-quarter profit beat estimates as margins rose and volumes grew in its packaged meats business, and the company said it expects the growth to continue for the rest of its fiscal year. (Compiled by Maria Ajit Thomas in Bangalore)