8 Min Read
Dec 12 (Reuters) - Some U.S. stocks on move on Wednesday:
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U.S. stocks rose for a sixth day on Wednesday as investors anticipated that the U.S. Federal Reserve will announce a fresh stimulus plan to support the economy at the end of a two-day monetary policy meeting. The futures for the S&P 500 were up 0.28 percent, the Dow Jones futures rose 0.27 percent and the Nasdaq 100 futures rose 0.14 percent.
** JINKOSOLAR HOLDING CO LTD, $5.88, up 11 pct (1125 ET)
** TRINA SOLAR LTD, $3.95, up 16 pct (1125 ET)
** YINGLI GREEN ENERGY HOLDING CO, $2.12, up 17 pct (1125 ET)
** JA SOLAR HOLDINGS CO LTD, $3.85, up 13 pct (1125 ET)
** LDK SOLAR CO LTD, $1.21, up 17 pct (1125 ET)
Chinese solar stocks shot up on Wednesday after reports indicated that the Asian country had taken steps to further its support for the ailing industry. The stock movement is a knee-jerk reaction to the news that China is extending its support for its domestic solar industry, said Aaron Chew, analyst at Maxim Group.
LDK Solar on Wednesday said it entered into discussions with certain creditors to get flexibility with respect to certain terms and conditions of its offshore debt.
** GEOSPACE TECHNOLOGIES $75.21, down 5.8 pct (1137 ET)
The company, which makes instruments and equipments to process seismic data, reported quarterly results that fell far short of analysts' expectations due to weak orders. Geospace earned 33 cents per share on revenue of $37.0 million for the fourth quarter, well below the profit of 64 cents per share and revenue of $47.1 million that analysts had expected according to Thomson Reuters I/B/E/S.
** ACADIA PHARMACEUTICALS INC, $4.90, up 11 pct (1112 ET)
The biopharmaceutical company said it will raise gross proceeds of $86.4 mln from private placement to support the completion of the late-stage study on its drug to treat Parkinson's disease psychosis.
The company's shares will be sold at $4.43 each and the placement is expected to close on Dec. 17.
** COINSTAR INC, $52.62, up 4 pct (1122 ET)
Verizon Communications Inc and Coinstar said they will launch their video rental service later this month. The joint venture that will combine the Redbox DVD rental kiosk business with an Internet video offering from Verizon would sell subscriptions starting at $8 per month for unlimted streaming, combined with four one-night credits for DVDs.
Northland Capital raised Coinstar's rating to 'outperform' from 'market perform'.
** INCYTE CORP, $16.64, down 7 percent (1138 ET)
Gilead Sciences Inc will buy Canada's YM BioSciences Inc for about $465 million in cash to gain access to its experimental drug to treat myelofibrosis - a rare blood disorder.
Shares of Incyte, which already sells a myelofibrosis drug named Jakafi, fell on Gilead's announcement.
** NORTHSTAR REALTY FINANCE CORP, $6.38, down 4 pct (1120 ET)
The company priced its offering of 25 million shares at $6.40 per share, a discount to its Tuesday's closing price.
** COBALT INTERNATIONAL ENERGY INC, $25.06, down 9 pct (1137 ET)
The oil explorer said Tuesday it will offer $1.2 billion of senior convertible notes due in 2019. Cobalt also granted a 13-day option to the underwriters to purchase an additional $180 million of notes. All of the proceeds from the sale will fund the company's capital expenditures, Cobalt said in a statement.
** HARVARD BIOSCIENCE INC, $4.33, up 14 pct (1137 ET)
The maker of tools for life science research announced a potential IPO offering of its unit's common stock. The IPO plans for Harvard Apparatus Regenerative Technology were filed with U.S. Securities and Exchange Commission. Following the IPO, Harvard Bioscience will own a stake of at least 80 percent in the unit.
** HESS CORP, $51.96, up 3 pct (1137 ET)
The oil and gas company said it had encountered 245 net feet of oil pay in an exploration well located in the Deepwater Tano/ Cape Three Points license, located offshore Ghana. Hess holds a 90 percent interest in the block, while the Ghana National Petroleum Corp holds the remaining 10 percent.
** ALPHA NATURAL RESOURCES INC, $9.52, up 5 pct (1136 ET)
Analysts at Tudor, Pickering, Holt & Co upgraded the coal miner's stock to "accumulate", citing the company's improved liquidity position, cost control demonstrated this year and the debt restructuring effort underway.
** ZIOPHARM ONCOLOGY INC, $4.22, down 5 pct (1136 ET)
Jefferies downgraded the cancer drugmaker to "hold" from "buy", saying it sees low likelihood of clinical and regulatory success for its chemotherapy drug palifosfamide. Late-stage trial data for the drug, being studied as a potential treatment of metastatic soft-tissue sarcoma and for metastatic small-cell lung cancer, is expected at the end of the first quarter of 2013.
** DELTA AIR LINES INC, $10.94, up 3 pct (1136 ET)
Delta said on Wednesday that it expected profit growth in 2013 and would introduce a plan to return cash to shareholders.
** CENTRAL GARDEN & PET COMPANY, $10.34, down 12.7 pct (1136 ET)
The lawn, garden and pet supplies company forecast a weak first quarter, citing lower sales in its decor business and higher marketing costs.
** ELI LILLY & CO, $49.08, down 3 pct (1135 ET)
Eli Lilly plans to conduct a big new trial of its experimental Alzheimer's disease treatment among patients with mild symptoms, keeping alive a drug that failed two earlier large studies among patients with mild to moderate Alzheimer's. The company said on Wednesday it decided, after talks with health regulators, not to seek U.S. approval of the drug, solanezumab, at least for now, based on data from the earlier trials.
** INTELIQUENT INC, $2.87, up 10 pct (1135 ET)
The network connectivity services provider said it settled a previously disclosed dispute with one of its largest customers relating to the termination of certain long distance traffic. As part of the settlement, Inteliquent will make a one-time payment of $9 million in December to this customer.
** SUCAMPO PHARMACEUTICALS, $5.22, up 5 pct (1135 ET)
The drugmaker said U.S. regulators approved a supplemental new drug application for its drug Rescula in patients with open-angle glaucoma or ocular hypertension. The drug can now be used as a first-line agent or concomitantly with other topical ophthalmic drug products to lower intraocular pressure, Sucampo said, adding it would begin selling Rescula for the newer indication in the first quarter of 2013.
** WAL-MART STORES INC, $69.23, down 2.5 pct (1048 ET)
India's government announced an inquiry into lobbying practices by Wal-Mart on Wednesday after a report that the giant retailer had pressed U.S. lawmakers to help gain access to foreign markets.
** AETNA INC, $46.30, up 4 pct (1130 ET)
The third-largest U.S. health insurer late Tuesday forecast higher operating earnings in 2013 and revenue growth of 9 percent as the health insurer's medical plans add more members.
** ACCESS MIDSTREAM PARTNERS LP, $32.82, down 3 pct (1130 ET)
Chesapeake Energy on Tuesday agreed to sell most of its remaining natural gas processing and gathering assets to Access Midstream Partners for $2.16 billion as it continues to sell assets to pay down its heavy debt load.
The sale was done in tandem with another transaction in which U.S. pipeline and energy infrastructure company Williams is paying $2.4 billion to buy a big stake in Access from private equity firm Global Infrastructure Partners (GIP). (Compiled by Garima Goel in Bangalore)