13 Min Read
(Removes incorrect OfficeMax, Office Depot item. For correction click. The error appeared in earlier editions of Market Pulse)
Feb 25 (Reuters) - Some U.S. stocks on the move on Monday:
U.S. stocks turned negative on Monday, dragged lower by financial and housing shares and a reversal of early market gains based on voting in Italy where there were fears of a hung parliament that could undermine stability in the euro zone. The Dow Jones industrial average fell 5.26 points, the S&P 500 lost 0.24 points and the Nasdaq Composite added 5.8 points.
** BARNES & NOBLE INC, $14.65, up 8 pct (1053 ET)
Barnes & Noble Inc Chairman Leonard Riggio, joining a growing list of executives lining up to buy the fading companies they founded, offered to buy the bookseller's declining retail business, leaving it to focus on its more promising Nook e-reader and college bookstores.
Barnes & Noble's stock was the top percentage gainer on the New York Stock Exchange at 1122 ET.
** 3D SYSTEMS CORP, $32.37, down 15 pct (1053 ET)
** STRATASYS INC, $61.15, down 9 pct (0952 ET)
** EXONE CO, $25.25, down 5 pct (0951 ET)
3D Systems reported a 45 percent rise in sales, but missed analysts' expectations, making the three-dimensional printer maker's shares one of the top percentage losers on the New York Stock Exchange.
** AFFYMAX INC, $2.38, down 86 pct (1126 ET)
** AMGEN INC, $90.24, up 4 pct (1054 ET)
U.S.-based Affymax and Japan's Takeda Pharmaceutical Co said they are voluntarily recalling all lots of anemia treatment Omontys (peginesatide) in the United States due to reports of serious hypersensitivity reactions, including some deaths.
Omontys competes with Amgen's big-selling red blood cell booster Epogen.
Affymax stock, trading about ten times its daily volume, was the top percentage loser on the Nasdaq at 1120 ET.
** ZYNGA INC, $3.58, up 12 pct (1054 ET)
** CAESARS ENTERTAINMENT CORP, $12.04, up 4 pct (1054 ET)
** BOYD GAMING CORP, $6.61, up 0.15 pct (1055 ET)
** LAS VEGAS SANDS CORP, $51.96, up 2 pct (1055 ET)
** WYNN RESORTS LTD, $118.01, up 0.57 pct (1056 ET)
** INTERNATIONAL GAME TECHNOLOGY, $15.98, up 0.56 pct (1056 ET)
** MGM RESORTS INTERNATIONAL, $12.58, up 1 pct (1057 ET)
Nevada on Friday became the first U.S. state to legalize interstate online poker and allow state-to-state gaming agreements, beating New Jersey to the punch and putting in place a potential nationwide framework for Internet wagering.
However RBC Capital Markets analyst John Kempf said New Jersey governor Chris Christie could sign a revised internet gambling bill on Tuesday. Christie had earlier vetoed an online wagering bill but indicated that he may sign an amended version.
A number of companies have already been granted Nevada licenses for online poker, but were prepared to be limited to serving Nevada residents.
** ELAN, $11.23, up 6 pct (1057 ET)
Investment firm Royalty Pharma has made a $6.6 billion bid approach to Elan, seeking to scupper the Irish drugmaker' s plan to spend most of the proceeds from a major drug sale on deals and instead give the money to shareholders.
The stock was trading about two times its daily volume.
** UNIVERSAL DISPLAY CORP, $29.3, down 11 pct (1102 ET)
Brokerage Piper Jaffray & Co cut its price target on the LED supplier's stock by $2 to $16, saying that Samsung may source organic LED displays for its Galaxy smartphones from another vendor along with Universal Display's products.
** DILLARD'S INC, $77.06, down 9 pct (1114 ET)
The department store chain posted a fourth-quarter profit that missed Wall Street expectations.
** GLOBAL GEOPHYSICAL, $3.17, down 27 pct (1057 ET)
The oil and gas geoscience services provider posted a wider-than-expected quarterly loss due to execution issues in certain programs and delays in seismic library sale closures.
The company's stock, trading about two times its daily volume, was the top percentage loser on the New York Stock Exchange at 1130 ET.
** VENAXIS INC, $2.5, up 19 pct (1058 ET)
Canaccord Genuity analyst Jeffrey Frelick upgraded the medical test-maker's stock to "buy" from "hold", saying the company's blood-based appendicitis test was on track for FDA approval and estimated the U.S. market opportunity for the test to be about $700 million.
** FRONTLINE LTD, $2.14, down 15 pct (1050 ET)
Oslo-listed oil tanker operator Frontline extended losses on Monday after it warned that it may miss bond repayments due in 2015 and be forced to restructure again if the market depression continues.
Shares of the company, controlled by billionaire John Fredriksen, fell 13 percent on Friday.
Analysts at Jefferies and Deutsche Bank lowered their price target on the company's stock on Monday on the potential restructuring.
** SWIFT ENERGY CO, down 2 pct, $13.62 (1052 ET)
At least three brokerages cut their price targets on the oil and gas company's stock after the company forecast lower production growth and unveiled a bigger-than-expected cut in capital expenditure. Analysts also noted that the likelihood of a joint venture for the company's Eagle Ford assets was not too high.
** SANDRIDGE ENERGY INC, $5.65, down 5 pct (1058 ET)
Analysts viewed Sinopec's $1.02 billion deal for some of Chesapeake Energy Corp's Mississippi Lime oil and gas properties as a negative for SandRidge as the deal did not include Chesapeake's assets in Kansas, where the oil and gas company has a large foothold.
"Could see lateral read causing weakness in fellow this morning, as headline deal metrics appear to favor Sinopec and also because the deal doesn't appear to include more speculative Kansas acreage," Robert W. Baird & Co analysts said in a note.
** MCEWEN MINING INC ; $2.69, up 6 pct (1046 ET)
** AURICO GOLD ; $6.62; up 3 pct (1046 ET)
Shares of gold producers were up after rallying stock markets and a broadly lower dollar helped the metal recoup some of last week's losses, but investors were cautious ahead of Fed Chairman Ben Bernanke's testimony to Congress later this week.
Spot Gold price hit a seven-month low last Thursday on worries that the central bank might wind down its bond buying programme.
** HERTZ GLOBAL HOLDINGS INC, $19.96, up 6.5 pct (1058 ET)
** AVIS BUDGET GROUP, $24.09, up 2 pct (1059 ET)
Hertz reported a quarterly loss due to costs related to its acquisition of Dollar Thrifty, but adjusted profit beat analysts' expectations and the car rental company forecast strong results for 2013 on higher pricing.
** AZZ Inc, $43.94, up 5 pct (1110 ET)
The electrical products maker said it would buy Aquilex Specialty Repair and Overhaul LLC for $250 million in cash to expand its services to nuclear and other energy industries.
** QUICKSILVER RESOURCES INC, $2.08, up 4 pct (1100 ET)
The oil and gas company said it was in advanced negotiations for a joint venture in its Barnett sale and Horn River operations and set a budget of $120 million for the year, 69 percent lesser than what it spent last year. Quicksilver, however, posted a fourth-quarter loss on higher-than-expected costs.
** WEBMD HEALTH CORP, $21.48, up 5 pct (1100 ET)
Raymond James upgraded its rating on the health information website's stock to "strong buy" from "market perform", saying the company's quarterly results was the turning point in the business.
The brokerage said the company's management was changing the business model to better adapt to customer needs, which was yielding improvement.
** ENDEAVOUR SILVER CORP ; $6.06, up 4 pct (1100 ET)
The Canadian miner on Monday said proven and probable silver reserves rose 37 percent to 23.1 million ounces in 2012.
The company, which owns and operates the Guanacevi and the Guanajuato mines in Mexico, also reported higher gold proven and probable reserves.
** RADIAN GROUP INC, $8.23, up 3.5 percent (1101 ET)
Jim Cramer, the host of CNBC's "Mad Money", said on Friday the mortgage insurer's stock could be a steal as the company benefits from the housing turnaround.
** ITT EDUCATION, $16.20, down 13 pct (1101 ET)
ITT Educational Services said it was being investigated by the U.S. Securities and Exchange Commission about its private student lending programs.
** PEARSON, $17.65, down 5 pct (1101 ET)
British learning and media group Pearson warned earnings will stall this year as it launched a 150-million-pound ($228.99 million) overhaul to counter a tough advertising market and tighter educational budgets.
The new chief executive of said the Financial Times (FT) is not for sale, refuting repeated media speculation about the newspaper's future at the company.
** DONALDSON CO, $35.65, down 2 pct (1103 ET)
The maker of filtration and exhaust control products reported quarterly results below analysts' expectations as operating margins shrank and said it expects weak market conditions to continue in the near term.
Donaldson earned 34 cents per share on revenue of $596 million for the second quarter ended Jan. 31. Analysts on average expected earnings of 38 cents per share on revenue of $605 million, according to Thomson Reuters I/B/E/S.
** DEUTSCHE BANK AG, $47.50, up 1 pct (1103 ET)
** CME GROUP INC, $58.59 up 1 pct (1104 ET)
Deutsche Boerse said it was not in talks with Chicago Board of Trade owner CME Group, after a report that the German stock exchange had received a tentative approach from the U.S. company.
** BLACKBERRY, $13.58, up 3 pct (1104 ET)
As BlackBerry launches the first smartphone from its make-or-break BB10 line in India, one of its most loyal markets, the company faces new competition from a formidable rival that has long had a minimal presence in the country.
More than four years after it started selling iPhones in India, Apple is now aggressively pushing the iconic device through installment payment plans that make it more affordable, a new distribution model and heavy marketing blitz.
** CHESAPEAKE ENERGY CORP, $19.60, down 4 pct (1105 ET)
China Petroleum & Chemical Corp (Sinopec) will buy half of Chesapeake Energy's Mississippi Lime oil and gas properties in Oklahoma for $1.02 billion to increase its presence in the booming North American shale gas industry.
** AVID TECHNOLOGY INC, $6.82, down 11 pct (1106 ET)
The audio and video editing software maker delayed reporting its fourth-quarter results, saying it needed more time to evaluate "accounting treatment related to bug fixes, upgrades and enhancements to certain products."
The stock was trading more than three times its daily volume.
** CUMMINS INC, $114.54, up 1.5 pct (1106 ET)
Brokerage Goldman Sachs upgraded the U.S. engine maker's stock to "conviction buy" from "buy", according to Theflyonthewall.com.
** MEAD JOHNSON NUTRITION CO, $76.03, down 4 pct (1107 ET)
The maker of Enfamil baby formula said the Hong Kong government has imposed a regulation to limit the flow of formula milk products to Mainland China to ensure adequate supplies for local infants and young children.
The company said it's earnings forecast will remain unchanged as the impact of the new regulation is difficult to quantify, Mead said in a regulatory filing.
** DYNAVAX TECHNOLOGIES INC, $1.95, down 34 pct (1107 ET)
U.S. health regulators denied approval for Dynavax Technologies' adult hepatitis B vaccine and sought additional data to evaluate its safety, delaying the market entry of a faster-acting and less frequently needed vaccine for the liver-attacking infection.
The stock, trading almost three time its daily volume, was one of the two top percentage losers on the Nasdaq at 1130 ET.
** COOPER TIRE & RUBBER CO, $26.79, up 5.5 pct (1107 ET)
The tire maker reported quarterly results above analysts' expectations, helped by higher global demand and lower rubber costs.
** HEALTHWAYS INC, $11.96, up 4 percent
William Blair analyst upgraded the healthcare management provider's stock to "outperform" from "market perform", saying the company's future looks bright as it is signing very long-term contracts to develop partnerships with leading health systems.
** HECLA MINING CO, $4.92, up 1 pct (1108 ET)
The No. 2 U.S. silver miner by output, reported a better-than-expected profit and said it will produce more silver this year as its Lucky Friday mine in Idaho restarted, sending its shares up 3 percent in premarket trading.
** THOMPSON CREEK METALS, $3.33, down 6 pct (1108 ET)
The molybdenum miner reported a bigger-than-expected quarterly loss on a $530.5 million non-cash pre-tax write down of its assets at the Endako Mine.
** OFFICE DEPOT INC, $4.05, down 4 pct (1108 ET)
** OFFICEMAX INC, $11.85, down 3 pct (1109 ET)
Office Depot said on Friday that following talks with the largest holder of its common stock, Starboard Value LP, it is extending the deadline for nominating candidates for its board at its annual meeting. (Compiled by Chandni Doulatramani in Bangalore)