Jan 18 (Reuters) - Some U.S. stocks on the move on Friday:
U.S. stocks edged lower on Friday from a five-year high for the S&P 500 as a weak outlook from tech heavyweight Intel offset a better-than-expected quarterly profit at Morgan Stanley. The Dow Jones industrial average was down 0.15 percent, the Standard & Poor’s 500 Index down 0.31 percent, and the Nasdaq Composite Index down 0.51 percent.
** TRIUS THERAPEUTICS INC, $4.78, down 9 pct (0937 ET)
The drugmaker said it plans to offer and sell its common shares through a public offering, but did not give the actual size or terms of the offering. Citigroup and Leerink Swann are acting as joint book-running managers and Baird is acting as a co-lead manager for the proposed offering.
** GEVO INC, $2.17, up 7.46 pct (1103 ET)
The renewable chemicals and biofuels company’s shares jumped for the second consecutive day after it said on Thursday that Colorado Senator Mark Udall met its Chief Executive Patrick Gruber to discuss alternative energy technologies for Colorado and the U.S. economy, Raymond James analyst Pavel Molchanov said.
** WIPRO LTD, $9.18, down 7.37 pct (1015 ET)
India’s No.3 software services provider’s less-than-perfect score on its quarterly earnings report card threw a measure of doubt over the sector’s near-term outlook, with new projects and contracts still elusive.
** FINISAR CORP, $14.39, down 7.6 pct (0942 ET)
Brokerage Jefferies & Co downgraded the network equipment maker to “under perform” from “hold”, saying demand for the company’s traditional optical communication components could be hit by new silicon-photonics products from Intel Corp and Cisco Systems Inc.
The brokerage also cut its price target on the company’s stock to $7.50 from $14.00.
** MOVADO GROUP INC, $36.5, up 7 pct (1055 ET)
Citi Investment Research upgraded the watchmaker’s stock to “buy” from “neutral”, benzinga.com reported. The brokerage said it believes the company is well positioned for reorders as inventories are running flattish.
** MORGAN STANLEY, $22.01, up 6 pct (0935 ET)
The company’s Chief Executive James Gorman said the bank has turned itself around and can meet its goals for profitability, his boldest pronouncements yet about the near-term potential for a company that has long lagged its peers.
** FABRINET, $13.98, up 5 percent (1023 ET)
JP Morgan Securities upgraded the maker of optical communication devices, saying the company will recapture peak-level revenue and margins in 2013.
** AZZ INC, $38.96, down 5.7 pct (1029 ET)
The electrical equipment and components maker forecast fiscal 2014 earnings of $2.50-$2.75 per share on revenue of $625-$660 million, below analysts’ expectations of $2.80 per share on revenue of $679.7 million.
** SONY CORP, $12.61, up 5.88 pct (1018 ET)
Japan’s Sony Corp said it would sell its U.S. headquarters building in New York City for $1.1 billion, the highest price paid for a single U.S. office building in two years, to a consortium led by real estate developer The Chetrit Group.
** GEO GROUP, $32.55, up 5.96 pct (1026 ET)
** CORRECTIONS CORP OF AMERICA, $37.59, up 2.34 pct
GEO Group, which operates a range of correctional and detention facilities, opted to convert to a real estate investment trust after it received a favorable letter from the Internal Revenue Service in relation to its conversion.
Shares of rival Corrections Corp of America were also up on the news.
** MATTHEWS INTERNATIONAL CORP, $31.86, down 5 pct (1254 ET)
The memorialization and funeral services provider reported first-quarter profit below analysts’ estimates, hurt by higher costs.
** PEOPLE‘S UNITED FINANCIAL INC, $12.26, down 4 pct (1243 ET)
The Connecticut-based lender reported muted loan growth across its business segments in its fourth-quarter results on Thursday evening, and at least two brokerages cut their price targets on the company’s stock.
** NANOMETRICS INC, $15.70, up 4 pct (1024 ET)
The maker of devices that measure thickness of thin-films used in precision electronic gear has higher exposure to Intel Corp’s spending on a relative basis, Pacific Crest Securities analyst Weston Twigg said. Intel said on Thursday projected this year’s capital spending at $13 billion, plus or minus $500 million, exceeding many analysts’ estimates for about $10 billion.
** TRIUMPH GROUP INC, $69.90, up 4 percent (1240 ET)
The aircraft parts supplier said it will buy the pump and engine control systems business of Goodrich from United Technologies Corp for $195 million. The deal is expected to immediately start adding to Triumph Group’s earnings.
** NETFLIX INC $101.70, up 4 pct (0935 ET)
Janney Capital Markets upgraded the video streaming company to “buy” from “neutral”. The brokerage said Netflix’s deal with Walt Disney Co and the potential for a deal with Sony are changing how studios, multi-system operators and investors approach the company. Janney also said competition is not a threat yet. “Competition has not yet materialized to the extent that it poses significant near-term risk,” analyst Tony Wible said in a note, and raised his fair value estimate to $129.
In December, Disney agreed to give Netflix exclusive TV distribution rights to its movies, becoming the first major studio to stream its movies to TV viewers via Netflix instead of distributing them to HBO, Showtime or other premium TV channels.
** CLARCOR INC, $47.52, down 4 percent (1017 ET)
William Blair downgraded the stock of the filtration products maker to “market perform”, citing slowing growth and full valuation.
** ARCH COAL INC, $7.37, up 3.8 pct (1033 ET)
** JAMES RIVER COAL, $2.98, up 3.8 pct (1034 ET)
Share prices of coal companies are rising in response to China’s slightly better-than-expected economic growth data for the fourth quarter, CRT Capital Group analyst Kuni Chen said. The nation is the world’s largest consumer of coal.
** PALO ALTO NETWORKS INC $56.23, up 3 pct (1053 ET)
Goldman Sachs added the security software maker to the Americas Conviction List, StreetInsider.com reported. The company’s products are successfully replacing those of legacy vendors as the core firewall and its installed base is likely to see a change in 2013, the website said quoting Goldman. The recent selloff in the stock has created an attractive entry point for the fastest growing public security vendor, the brokerage said.
** TYSON FOODS, $21.95, up 3 pct (1043 ET)
BMO Capital markets raised its rating on the largest U.S. meat company stock to “outperform” from “market perform”. The brokerage said Cargill Inc’s closure of its Texas beef processing facility is a “game changer” as the move is likely to boost the outlook for Tyson’s beef business.
** IXIA, $19.29, down 2.9 pct (1033 ET)
Brokerage Lazard Capital Markets downgraded the maker of telecom network testing products to “neutral” from “buy” saying it expects the company’s customers to remain cautious about their IT spending until the first half of 2013.
** SCHLUMBERGER LTD, $75.64, up 3 pct (1218 ET)
The world’s largest oilfield services company reported fourth-quarter earnings just ahead of recently reduced expectations on strong demand for oil and gas drilling services beyond the shores of North America.
** GENERAL ELECTRIC CO, $21.70, up 2 pct (0937 ET)
The company reported a better-than-expected, 7.5 percent rise in fourth quarter profit and a sharp increase in its backlog of equipment orders.
** STATE STREET CORP, $52.80, up 5 pct (0950 ET)
The bank said it would cut about 630 jobs worldwide, about 2 percent of its workforce, as it reported a 26 percent boost in fourth-quarter net income amid pressure from some of its largest shareholders to cut expenses.
** JOHNSON CONTROLS INC, $30.51, down 4.54 pct (1029 ET)
The largest U.S. auto parts supplier forecast a smaller-than-expected profit for the current quarter due to lower auto production in Europe.
** CORNERSTONE ONDEMAND INC, $31.85, up 4.5 pct (1116 ET)
Goldman Sachs upgraded the HR software maker to “buy” from “neutral” and raised its price target on the company’s stock to $40 from $35, citing growing demand for the company’s subscription-based software in 2013.
** ROCKWOOD HOLDINGS INC, $52.74, up 4 pct (1115 ET)
Credit Suisse added the specialty chemicals producer to its “focus list”, saying the company will significantly outperform the broader chemical sector over the next 12 months on catalysts such as repurchase of $400 million shares by March and separation from its less valuable titanium dioxide pigments business.
** LIFE TECHNOLOGIES CORP, $60.10, up 9 pct (0940 ET)
The biotechnology company is exploring a potential sale and has retained banks to advise it on the process. The company, whose market value surged to roughly $10.5 billion, said its board has hired Deutsche Bank Securities and Moelis & Company to assist in its “annual strategic review.”
** RESEARCH IN MOTION LTD, $15.63, up 4 pct (0940 ET)
The BlackBerry maker’s shares surged after Jefferies Group boosted its rating and price target on the company, days ahead of the crucial launch of a line of smartphones powered by the company’s new BlackBerry 10 software.
** INTEL CORP, $21.24, down 6 pct (0942 ET)
** ADVANCED MICRO DEVICES, $2.63, down 4 pct (0942 ET)
Intel, the world’s leading chipmaker, forecast quarterly revenue that disappointed Wall Street, and a sharp increase in capital spending it plans for 2013 unnerved investors already concerned about slow demand for personal computers.
Smaller rival AMD’s shares were down.
** ASSURED GUARANTY LTD $14.00, down 4 pct (0942 ET)
Bond rating agency Moody’s Investor Service downgraded the bond insurer’s institutional strength rating to A3 from Aa3, which could impair its ability to write new business.
** FIRST HORIZON NATIONAL CORP, $9.91, down 3.5 pct (0943 ET)
The lender reported a fall in its net interest income for the fourth quarter as banks continue to face margin pressures amid low interest rates. Provision for credit losses rose 50 percent to $15 million.
** ASSOCIATED BANCORP, $13.68, down 3 pct (1030 ET)
The lender kept aside more money to cover bad loans in the fourth quarter. Provison for credit losses tripled to $3 million. Brokerage Stifel Nicolaus downgraded the bank to “hold” from “buy”, StreetInsider.com reported.
** AMERICAN EXPRESS CO, $59.53, down 1.96 pct (1023 ET)
The credit card company reported fourth-quarter results consistent with the pre-announced estimates of last week. The results were hurt by plunging U.S. card services revenue. It set aside 77 percent more to cover possible card defaults in the quarter.
** NUPATHE INC, $3.73, up 13 pct (0944 ET)
The company said U.S. health regulators granted marketing approval to its first product, a battery-powered migraine patch named Zecuity, causing its shares to jump about 21 percent in extended trade.
** CAPITAL ONE FINANCIAL CORP, $56.95, down 7.5 pct (0945 ET)
The company’s fourth-quarter profit missed analysts’ expectations it set aside more money to cover defaults on its credit cards.
** AMERICAN GREETINGS CORP, $16.62, up 7 pct (0946 ET)
The founding family raised its offer price to take the gift card and party goods company private. Chief Executive Zev Weiss, other members of the founding Weiss family and related parties offered $17.50 per American Greetings share, up from their previous offer of $17.18.
** EAGLE BULK SHIPPING INC, $2.12, down 3 pct (0946 ET)
Shares of the drybulk shipper rose as higher demand for capesizes drove shipping rates up. The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry commodities, rose for an eleventh straight day on Thursday on higher demand for capesizes.
** RIO TINTO, $54.82, up 2 pct (0947 ET)
The global miner sacked Chief Executive Tom Albanese on Thursday and revealed a $14 billion writedown almost entirely on the value of his two most significant acquisitions, the Alcan aluminium group and Mozambican coal. (Compiled by Arpita Mukherjee in Bangalore)