20 Min Read
Feb 7 (Reuters) - Some U.S. stocks on the move on Thursday:
U.S. stocks fell further, with the Nasdaq falling 1 percent, as a sharp drop in the euro against the safe-haven dollar and yen curbed investors' appetite for risky assets. The Dow Jones industrial average was down 119.84 points, or 0.86 percent, at 13,866.68. The Standard & Poor's 500 Index was down 12.31 points, or 0.81 percent, at 1,499.81. The Nasdaq Composite Index was down 30.76 points, or 0.97 percent, at 3,137.72.
** JP MORGAN CHASE & CO, $47.95, down 1.3 pct (1147 ET) Emails and employee interviews filed as part of a lawsuit show that the company flouted quality controls as it bundled mortgages into complex financial instruments, the New York Times reported.
** OXIGENE INC, $5.39, up 23 pct (1145 ET)
The biopharmaceutical company said a mid-stage study showed its experimental drug Zybrestat in combination with Roche's Avastin to treat patients with ovarian cancer was well-tolerated and showed no additional safety concerns. Oxigene expects to provide top-line trial data at the end of the year.
** VIASAT INC, $46.64, up 22 pct (1036 ET)
The wireless communications provider reported a surprise profit on Wednesday for the third quarter helped by higher revenue from its government and satellite broadband service.
"We believe VSAT's strong 3Q subscriber results demonstrate that VSAT has smoothed some of the operational challenges that hindered early results," Needham & Co analyst Richard Valera wrote in a note on Thursday, raising his rating on the stock to "buy" from "hold."
** GLOBAL CASH ACCESS HOLDINGS INC, down 14 pct (1015 ET)
Sterne Agee cut its target price on the stock after the cash access provider provided its full-year cash earnings outlook between 76 cents and 83 cents per share.
** RTI BIOLOGICS INC, $4.13, down 13 pct (1049 ET)
The company, which provides tissue and bone implants for surgeries, forecast 2013 results below Street estimates. The company said it expects weakness in the first half of 2013 due to its customers' reaction to an October warning letter from the U.S. Food and Drug Administration related to environmental conditions at its tissue processing facility.
** IGNITE RESTAURANT GROUP INC, $12.75, down 11 pct (1035 ET)
The operator of Joe's Crab Shack restaurants said it will buy Romano's Macaroni Grill for about $55 million in cash, and expects to incur about $8 million in acquisition-related costs. Robert W. Baird & Co downgraded Ignite's stock to "neutral" from "outperform."
** CON-WAY INC, $34.91, up 9 pct (1125 ET)
The trucking and logistics company reported higher quarterly revenues, above analysts' estimates, boosted by a 3.6 percent increase in its biggest freight operations revenue.
Citigroup upgraded its stock to "buy" from "neutral," raising the price target to $39 from $30.
** HORNEBACK OFFSHORE SERVICES INC, $41.92, up 8 percent (1000 ET)
The oilfield services provider reported better-than-expected results on Wednesday as utilization for its high-specification offshore supply vessels was near maximum levels for the quarter, and dayrates for its deepwater vessels were strong. The company also said fresh rates for some of its OSVs had improved to $38,000-$42,000, from $30,000-$36,000 last quarter.
** SCHWEITZER MAUDUIT INTERNATIONAL INC, $36.80, down 9 pct (1042 ET)
The company which supplies specialty papers to the tobacco industry, reported lower-than-expected profit for the fourth quarter, hurt by expenses partly related to quality issues and forecast full-year profit below analysts estimates. Schweitzer Mauduit also said it will shut down its paper mill in Philippines and sell its Indonesian mill as the operations were "not financially sustainable."
** GENTIVA HEALTH SERVICES INC, $9.38, down 7 pct (1041 ET)
The home healthcare provider's quarterly results missed expectations due to the reduction of Medicare reimbursement rates.
** SCRIPPS NETWORKS INTERACTIVE INC, $59.49, down 6 pct (1043 ET)
The U.S. broadcaster reported fourth-quarter results that missed analyst estimates as expenses for the quarter increased 14 percent due to higher employee costs and investments in planned domestic and international growth initiatives, the company said in a statement.
** EQUIFAX INC, $56.75, down 6 pct (1028 ET)
The business information provider forecast first-quarter adjusted earnings largely below analysts' estimates as disposal of two small business units will lower its net income.
** MAXIMUS INC, $72.80, up 5 percent (1030 ET)
The company, which provides health and human services to governments, raised its full-year outlook above analysts estimates on the back of better-than-expected first-quarter results that benefited from a recent acquisition and a marked growth in delivery volumes. "We now expect that health appeals volumes will remain robust for the remainder of the fiscal year," Chief Executive Richard Montoni said in a statement.
** GARTNER INC, $49.72, down 5 pct (1022 ET)
The world's biggest technology research and advisory firm reported lower-than-expected quarterly revenue on an 8 percent drop in revenue from consulting. It also forecast 2013 revenue largely below estimates.
** THE GAP INC, $32.10, down 4 pct (1033 ET)
The company, which owns clothing retailers Banana Republic and Old Navy as well as its namesake brand, said it sees fourth-quarter earnings of between 70 and 71 cents per share.
Janney Capital Markets analysts said the outlook will be viewed as "not good enough," resulting in shares to trade off.
** HEARTLAND PAYMENT SYSTEMS INC, $31.10, down 4 pct (1052 ET)
The payment processor forecast better-than-expected annual results and increased its quarterly dividend, but shares fell as the company's fourth-quarter revenue fell short of Wall Street estimates.
"There is some evidence beneath the surface that the business is weakening a bit... the company saw very slow growth in new merchants and no improvement in sales force initiatives," Stifel Nicolaus analyst Chris Brendler said.
** STEREOTAXIS INC, $2.18, down 4 pct (1007 ET)
The company said Chief Financial Officer Sam Duggan will resign, effective Feb. 22. Martin Stammer will take over as interim CFO.
** TETRA TECHNOLOGIES INC, $9.17, up 3 pct (1050 ET)
Brokerage Sterne Agee upgraded the oilfield services provider's shares to "buy" from "neutral," citing a growth in earnings as Tetra Tech streamlines its operations. The company's focus on fluids, production testing and production enhancement businesses will drive more predictable and consistent earnings performance over the next several years, the brokerage said in a note.
** SALLY BEAUTY HOLDINGS INC, $26.12, down 3 pct (1026 ET)
The cosmetic products retailer reported first-quarter results below Wall Street estimates as fewer customers purchased its beauty supplies. Same-store sales rose 2.8 percent in the quarter ended Dec. 31, compared with an increase of 7.1 percent a year earlier.
** LEAPFROG ENTERPRISES, $8.69, down 4 pct (1120 ET)
The educational toy company's fourth-quarter results beat estimates on strong sales of its children's tablet, LeapPad, but flagged concerns about a sluggish global economy and a declining US toy market. Needham & Co analyst Sean McGowan, who has a "hold" rating on the stock, wrote that the company's growth is likely to slow. McGowan said the LeapPad may reach saturation levels in 2013. LeapFrog expects to report a first-quarter loss of 7 to 9 cents per share.
** O'REILLY AUTOMOTIVE INC, $100.63, up 8.7 pct (1001 ET)
The auto parts retailer forecast 2013 earnings between $5.57 and $5.67 per share, beating analysts' expectations of $5.44 per share, according to Thomson Reuters I/B/E/S.
** ANN INC, $30.11, down 8.2 pct (1002 ET)
The women's apparel retailer estimated current-quarter sales below analysts' expectations as a new line of brightly colored clothes failed to attract customers at its LOFT brand, which caters to younger women.
** ADVANCE AUTO PARTS INC, $78.23, up 7.3 pct (1001 ET)
The auto parts retailer posted a fourth-quarter profit of 88 cents per share, largely beating analysts' expectations of 75 cents per share.
** BREITBURN ENERGY PARTNERS LP, $19.81, down 3.9 pct (1002 ET)
The oil and gas producer on Wednesday started a public offering of 13 million units. The company intends to use proceeds from the offering to pay down debt.
** NETEASE INC, $49.29, up 8 pct (1002 ET)
The Chinese online gaming company reported fourth-quarter profit above analysts' expectations helped by growing popularity of its existing games and launch of new games such as Kung Fu Master, Soul of the Fighter and Heroes of Tang Dynasty II.
** BLACKBERRY , $16.57, up 3.3 pct (1003 ET)
Wells Fargo Securities upgraded the stock to "outperform" as it expects the company's gross margin to improve on increased BlackBerry 10 growth. BlackBerry, which is in the process of changing its legal name from Research In Motion Ltd, said on Wednesday it had its best ever first day of a launch of a new BlackBerry smartphone in Canada.
** TERADATA CORP, $63.00, down 5.3 pct (1003 ET)
The analytics and data storage company forecast a 2013 profit that may miss estimates, as its North American customers continued to keep a tight reign on budgets.
** MACY'S INC, $40.38, up 2.3 percent (1003 ET)
The department store operator reported a 11.7 percent rise in same-store sales in January, trumping the 6.2 percent rise analysts expected on average, as new fashions introduced after the holiday season kept customers coming to its stores.
** KOHL'S CORP, $45.57, up 1.4 percent (1003 ET)
The apparel and accessories store retailer reported January same-store sales that rose 13.3 percent and said comparable-store sales in the quarter rose 1.9 percent.
** TRONOX INC, $18.44, down 1.6 pct (1005 ET)
The paint materials company estimated that its fourth-quarter revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) would be lower than previously anticipated as three ore shipments were either delayed or cancelled by customers, and as it wrote down the value of its inventory by $9.6 million. The company estimated revenue of $482 million and adjusted EBITDA of $70 million for the quarter ended Dec. 31.
** EXELON CORP, $31.89, up 2.9 percent (1006 ET)
The largest nuclear operator in the United States said it will cut its dividend by 41 percent to $1.24 per share from the second quarter to free up money to invest in growth. The move was "positive subject to dividend sustainability," analysts at Tudor, Pickering, Holt & Co said, adding that the dividend was above their expectations of $1.00 to $1.10. Exelon also reported fourth-quarter profit that met analysts' estimates as Constellation Energy's contribution to margins helped offset lower energy prices and higher nuclear fuel costs. Exelon closed its acquisition of Constellation last March.
** CIGNA CORP, $60.19, up 0.9 pct (1006 ET)
The health insurer reported a higher-than-expected fourth-quarter profit, helped by the acquisition of Medicare provider HealthSpring, and raised its outlook for 2013.
** VISA INC, $158.61, down 1.3 pct (1007 ET)
The company's quarterly profit beat analysts' estimates for the ninth consecutive quarter as credit, debit and transactions grew at the world's largest payments network.
** JOHNSON & JOHNSON, $74.92, down 0.6 pct (1007 ET)
Brokerage Credit Suisse downgraded the company's stock to "underperform" from "neutral."
** DEVRY INC, $30.39, up 20 pct (1007 ET)
The for-profit education company posted a higher-than-expected quarterly profit on lower costs and higher enrollments at its medical and healthcare colleges in the United States and Canada.
** AKAMAI TECHNOLOGIES INC, $34.65, down 16.7 pct (1008 ET)
The Internet content delivery company forecast current-quarter revenue below analysts' expectations as the company plans to wind down some media contracts.
** GREEN MOUNTAIN COFFEE ROASTERS INC, $44.37, down 9.3 pct (1008 ET)
The maker of the Keurig single-cup coffee brewer and K-Cups expects sales growth in the current quarter that is slightly lower than analysts expected as retailers work through unsold inventory of its products after a slower-than-expected holiday season.
** MONSTER WORLDWIDE INC, $5.21, down 10.9 pct (1008 ET)
The online recruitment company, which is up for sale, reported a quarterly loss and said it exited its businesses in Brazil, Mexico and Turkey.
** TRIQUINT SEMICONDUCTOR INC, $4.76, down 10.8 pct (1009 ET)
The chipmaker forecast current-quarter results below analysts' estimates after some orders were pulled into the fourth quarter.
** PATTERSON-UTI ENERGY INC, $22.34, up 7.4 pct (1009 ET)
The onshore driller's fourth-quarter results beat analysts' expectations on strong performance at its pressure pumping business, which is used in the hydraulic fracturing process that releases oil and gas from shale rocks. Profit at the company's contract drilling business also exceeded analysts estimates.
** TRUE RELIGION APPAREL INC, $27.96, up 17.7 pct (1009 ET)
The premium jeans maker forecast full-year earnings between $1.89 and $1.95 per share, above analysts' expectations of $1.86 per share, according to Thomson Reuters I/B/E/S.
** ZUMIEZ INC, $22.25, up 0.5 pct (1010 ET)
The teen-focused retailer increased its fourth-quarter earnings forecast to between 65 cents and 66 cents per share.
** BUNGE LTD, $74.72, down 5.9 pct (1011 ET)
The agribusiness company reported a fourth-quarter loss, hurt by goodwill impairment and other charges, and said Chief Executive Alberto Weisser would retire.
** IROBOT CORP, $20.75, down 12.9 pct (1017 ET)
The robot maker forecast first-quarter results largely below analysts' estimates late on Wednesday, citing an uncertain economic environment in Europe. It expects to break even or earn up to 7 cents per share on revenue between $98 million and $102 million. Analysts on average were expecting earnings of 7 cents per share, excluding items, on revenue of $103.2 million, according to Thomson Reuters I/B/E/S.
** ATMEL CORP, $6.23, down 12.7 pct (1017 ET)
The company, which supplies chips used for making touchscreens for smartphones to Samsung Electronics and Dell Inc, forecast first-quarter revenue of $311 million to $328 million on seasonal declines in MaxTouch, memory and ASIC businesses. Analysts on an average had a first-quarter revenue forecast of $331.2 million, according to Thomson Reuters I/B/E/S.
** PEREGRINE SEMICONDUCTOR CORP, $9.94, down 9.5 pct (1018 ET)
Canaccord Genuity cut the price target on the company's stock to $17 from $23
** ORASURE TECHNOLOGIES INC, $6.36, down 9.5 pct (1018 ET)
The company forecast a first-quarter loss between 18 cents and 19 cents per share, while analysts were expecting a loss of 14 cents per share.
** GEOSPACE TECHNOLOGIES CORP, $101.80, up 8.5 pct (1016 ET)
The company, which designs instruments to acquire seismic data, reported a better-than-expected quarterly profit. The company reported a first-quarter profit of $1.70, topping analyst's expectations of $1.22 per share, according to Thomson Reuters I/B/E/S.
** GREEN PLAINS RENEWABLE ENERGY INC, $8.90, up 8 pct (1041 ET) The ethanol producer's fourth-quarter profit more than doubled on gains from sale of 12 grain elevators in Iowa and Tennessee to agricultural company The Andersons. Green Plains shed 83 percent of its grain storage capacity with the deal, thus increasing income from its non-ethanol operations.
** YELP INC, $20.818, down 7 pct (1019 ET)
The consumer review website posted a bigger-than-expected quarterly loss and its shares fell 6 percent in after-market trading as the company faces competition from Facebook.
** SERVICESOURCE INTERNATIONAL INC, $6.15, down 7.2 pct (1020 ET)
The company, which helps manage service contract renewals, mainly for tech companies, reported a quarterly profit of 5 cents per share that beat analysts' expectations of 1 cent per share, according to Thomson Reuters I/B/E/S.
** TOWERS WATSON CO, $65.58, up 6 pct (1201 ET)
The employee-benefits consultancy firm's second-quarter results easily beat analysts' estimates, and the company forecast third-quarter revenue largely above expectations. Towers Watson earned $1.48 per share, excluding items, on revenue of $946 million. Analysts on average expected earnings of $1.26 per share, excluding items, on revenue of $897 million, according to Thomson Reuters I/B/E/S. For the current quarter, the company forecast revenue between $940 million and $960 million, largely above the analysts' estimate of $943.5 million.
** SONY CORP , $15.01, down 5.1 pct (1012 ET)
The company stuck with its full-year profit forecast as a weaker yen and asset sales underpinned earnings, offsetting weaker demand for its televisions, game consoles and other devices.
** SIERRA WIRELESS INC , $12.03, down 3.2 pct (1020 ET)
The Canadian wireless communication equipment maker said higher operating costs will result in a first-quarter loss, even after posting a profit that beat analysts' estimates in the latest three months.
** FMC CORP, $60.01, down 3 pct (1017 ET)
The chemicals company forecast full-year earnings between $3.81 and $4.01 per share, largely below analysts' expectations of $4 per share, according to Thomson Reuters I/B/E/S.
** US AIRWAYS GROUP INC, $14.99, up 2.9 pct (1011 ET)
** AMR CORP, $1.33, up 9 pct (1012 ET)
The American Airlines parent and US Airways are hashing out the last major details of a merger agreement that would create the world's largest airline and are racing to finalize a deal, the Wall Street Journal reported citing people close to the discussions.
** TESORO CORP, $52.49, down 2.6 pct (1017 ET)
The company reported a smaller-than-expected quarterly profit of $1.34 per share, below analyst's expectations of $1.37 per share, according to Thomson Reuters I/B/E/S.
** NEWS CORP, $27.51, down 2.5 pct (1012 ET)
Rupert Murdoch's company reported higher quarterly revenue and profit on strong growth at its cable assets including its Regional Sports and FX networks.
** HERBALIFE INC, $36.67, up 2.4 pct (1016 ET)
The embattled nutritional supplements company is disclosing more information about how much its U.S. distributors earned in 2012 than it did in 2011, though the details are unlikely to satisfy critics like billionaire hedge fund manager Bill Ackman.
** IAC/INTERACTIVECORP, $43.92, up 2.1 pct (1021 ET)
The web-holding firm said growth in its search business will slow from the "meteor ride" of the past two years, but it was confident of double-digit growth for the "foreseeable future."
** ALLSTATE CORP, $44.96, up 1.5 pct (1019 ET)
The home and auto insurer's quarterly profit fell 45 percent on losses from superstorm Sandy, but the company said it has paid out about 95 percent of Sandy claims and is seeing rate increases across businesses.
The stock touched its highest levekl in a year.
** SPRINT NEXTEL CORP, $5.70, down 1.7 pct (1014 ET)
The No.3 U.S. mobile service provider, which is seeking to sell 70 percent of its shares to Japan's SoftBank Corp, posted higher fourth-quarter revenue even as it lost subscribers due to the wind-down of its older Nextel network.
** COGNIZANT TECHNOLOGY SOLUTIONS CORP, $76.96, up 1 pct (1014 ET)
The IT services company reported a higher quarterly profit as revenue from financial services clients jumped 20 percent.
** STARWOOD HOTELS & RESORTS WORLDWIDE INC, $61.92, up 1 pct (1013 ET)
The hotelier, whose brands include Sheraton and Westin, reported a 59 percent fall in fourth-quarter profit from continuing operations as costs rose, and said it expects demand to be higher this year. (Compiled by Mridhula Raghavan in Bangalore)