March 1, 2013 / 6:20 PM / 5 years ago

MARKET PULSE-Deckers, MGIC, Superior Industries, Foster Wheeler

(For more market insights, including options activity, click on STXNEWS/US; for the Day Ahead newsletter link.reuters.com/mex49s; for The Morning News Call newsletter, link.reuters.com/faq23t)

March 1 (Reuters) - Some U.S. stocks on the move on Friday:

US STOCKS-STRONG DATA LIFTS WALL ST, TRUMPS SEQUESTER FEARS

U.S. stocks edged higher on Friday as strong economic figures more than offset growth concerns out of China and Europe and as investors shrugged off expected across-the-board U.S. goverment spending cuts. The Dow Jones industrial average added 38.09 points, the S&P 500 gained 3.4 points and the Nasdaq Composite added 7.68 points.

** BEST BUY CO INC, $16.52, up 1 pct (1231 ET)

Best Buy and founder Richard Schulze have ended their talks after Schulze and private equity investors sought three board seats in exchange for taking a minority stake in the company, a source familiar with the matter said on Friday.

The world’s largest consumer electronics chain posted quarterly results. Best Buy lost $409 million, or $1.21 per share, in the fourth quarter ended Feb. 2, compared with a loss of $1.82 billion, or $5.17 per share, a year earlier.

** ATLANTIC POWER CORP , $7.12, down 28.5 pct (1231 ET)

The power company, which generates and sells electric power to utility companies in Canada and the United States, said it will cut its annual dividend to 40 Canadian cents per share, from C$1.15 per share.

The stock, which was the top percentage losers on the New York Stock Exchange, was trading more than two and a half times its average 10-day volume at 1232 ET.

** WENDY‘S CO, $5.46, down 4 pct (1233 ET)

Wendy‘s, the second-largest U.S. hamburger chain, reported higher quarterly profit and stuck by its 2013 profit forecast on Thursday, even as its customers face new financial pressures from higher taxes and gasoline costs.

** MGIC INVESTMENT CORP, $3.62, up 22 pct (1233 ET)

The mortgage insurer’s stock continued to build on its Thursday’s gain. The company on Thursday said it was considering reinsuring some of its businesses and raising capital after it reported a sharp deterioration in its ability to pay claims at the end of the fourth quarter.

The stock was one of the most heavily traded stock on the New York Stock Exchange. By 1143 ET, 1.9 million shares had exchanged hands, three times of their 25 days moving average.

The stock, one of the top percentage gainers on the New York Stock Exchange, was trading almost two times its average 10-day volume at 1232 ET.

** MBIA INC, $10.26, up 6 pct (0108 ET)

Shares of the bond insurer rose on Friday as investors bet that a new investigation into Bank of America Inc’s mortgage practices would pressure the bank to settle a $5 billion lawsuit with the company.

** INTUITIVE SURGICAL INC, $554.08, up 9 pct (1234 ET)

Cantor Fitzgerald analyst Jeremy Feffer upgraded the stock to “buy” from “hold”, saying the fall in the medical device maker’s share price on Thursday was a gross overreaction. Bloomberg reported that U.S. health regulator has started an investigation into procedure safety of Intuitive’s surgical robots system da Vinci.

The stock was trading about two times its average 10-day volume.

** GAP INC, $33.68, up 2 pct (1235 ET)

Gap’s fourth-quarter profit beat estimates, helped by higher comparable store sales in North America and the apparel retailer raised its dividend for this year by 20 percent to 60 cents.

** CHESAPEAKE ENERGY CORP, $19.85, down 1.5 pct (1235 ET)

Chesapeake Energy said the U.S. Securities and Exchange Commission was investigating the company and Chief Executive Aubrey McClendon and had issued subpoenas for information and testimony.

** DEUTSCHE BANK, $43.80, down 4 pct (1236 ET)

Goldman Sachs downgraded the stock of the investment bank to “sell” from “neutral”, saying the U.S. Federal Reserve’s proposal on foreign banks has a reasonable likelihood of being adopted.

The U.S. Federal Reserve moved to introduce new capital requirements on large foreign bank holding companies in December.

** CORONADO BIOSCIENCES INC, $8.03, up 10 pct (1236 ET)

Piper Jaffray analyst Ian Somaiya initiated coverage on the pharmaceutical company with an “overweight” rating, saying Coronado’s lead clinical candidate, CNDO-201, is a novel therapy which utilizes pig whipworm to modify the immune system and reduce inflammation.

“Our bullish stance also stems from Coronad’s management team ... and increases our confidence in CNDO-201’s clinical and regulatory pathway,” Somaiya wrote in a note.

The stock was trading about two-and-a-half times its average 10-day volume.

** SUPERIOR INDUSTRIES INTERNATIONAL, $19.05, down 12 pct (1237 ET)

The company, which makes aluminum wheels for passenger cars and light-duty vehicles, reported a lower-than-expected quarterly profit as labor and maintenance costs increased.

The company earned 10 cents per share. Analysts were expecting earnings of 15 cents per share, according to Thomson Reuters I/B/E/S. Selling, general and administrative costs rose 18.6 percent to $7.3 million in the quarter.

** FOSTER WHEELER LTD, $20.04, down 17 pct (1138 ET)

The oil and gas service provider reported a lower-than-expected profit in the fourth quarter as orders for boilers fell 73 percent in its Global Power Group business, which provides services to generate steam to utilities.

The stock, one of the top percentage losers on the Nasdaq, was trading nearly five times its average 10-day volume at 1238 ET.

** CLOVIS ONCOLOGY, $20.93, up 11 pct (1238 ET)

The cancer drugs developer’s experimental lung cancer drug, CO-1686, has shown to be safe so far and is on track to becoming the first treatment that targets specific agents that cause non-small cell lung cancer, Leerink Swann analyst Marko Kozul wrote in a note.

Citing this, Kozul backed his “outperform” rating on Clovis stock, even after the company reported a bigger-than-expected fourth-quarter loss on Thursday.

The stock was trading almost six times its average 10-day volume.

** PENGROWTH ENERGY CORP , $4.52, up 9 pct (1239 ET)

The oil and natural gas producer reported an 11 percent increase in fourth-quarter funds from operations, helped by increased production. Quarterly production rose 23 percent to average 94,039 barrels of oil equivalent per day. During 2012, Pengrowth increased proved and probable reserves by about 55 percent or 213 million barrels of oil equivalent.

** 8X8 INC, $6.77, up 12 pct (1239 ET)

Northland Capital raised the Internet telephony company’s stock to “outperform” from “market perform,” saying the company continues to add new customers with substantially higher-than-corporate average ARPU.

The stock was trading almost one-and-a-half times its average 10-day volume.

** SINCLAIR BROADCAST INC, $15.67, 11 pct (1240 ET)

The U.S. TV station owner said it reached an agreement with DirecTV on a new retransmission consent pact and as a result DirecTV will continue to carry all of Sinclair’s stations.

The stock, one of the top percentage gainers on the Nasdaq, was trading more than two-and-a-half times its average 10-day volume.

** FEDERAL-MOGUL CORP, $7.34, down 9 pct (1241 ET)

Goldman Sachs downgraded the auto parts supplier to “sell” from “neutral,” saying the company’s earnings outlook has worsened due to a more challenging volume, mix and cost execution backdrop.

The stock was trading about one and a half times its average 10-day volume.

** LLOYDS BANKING GROUP, $3.19, down 3 pct (1242 ET)

Britain’s biggest retail bank Lloyds set aside another 1.5 billion pounds ($2.3 billion) to compensate customers mis-sold loan insurance, hitting its shares and tempering prospects for a swift sale of the government’s stake.

The stock was trading more than six times its average 10-day volume.

** ADA-ES INC, $28.30, up 6.5 pct (1242 ET)

The coal technology provider said Clean Coal Solutions LLC, its joint venture with NexGen Resources and Goldman Sachs , has finalized a $10 million contract for a refined coal facility with an undisclosed investor.

The stock was trading nearly three times its average 10-day volume.

** OPEXA THERAPEUTICS INC, $2.07, up 8 pct (1243 ET)

Nasdaq granted extension until May 15 for the biopharmaceutical company to meet the requirement for continued listing on the stock market. Opexa had been notified last November that it had fallen under the minimum stockholders’ equity required to maintain its listing.

** SEQUENOM INC, $4.34, up 5.5 pct (1243 ET)

Piper Jaffray analyst William Quirk upgraded the life sciences company’s stock to “overweight” from “neutral” citing increased favorable reimbursement decisions for Sequenom’s Down’s syndrome test, MaterniT21, from insurers like Aetna, Humana, CareFirst and multiple Blue Cross and Blue Shield providers.

“We believe reimbursement momentum has shifted in Sequenom’s favor and we are anticipating a steady flow of favorable coverage decisions going forward,” Quirk wrote in a note.

** ING GROEP NV $7.83, down 2 pct (1244 ET)

ING Groep, the biggest Dutch financial services company, agreed on Thursday to reduce its stake in Brazilian insurer SulAmérica Seguros e Previdencia SA SULA11.SA, raising funds to help repay a state bailout received after the global financial crisis.

** GROUPON INC, $4.96, up 9.5 pct (1244 ET)

Groupon fired Andrew Mason as chief executive officer on Thursday, ousting a co-founder who captured headlines with his quirky style but failed to reverse a crumbling share price or stop a gradual erosion of its main daily deals business.

** NOMURA HOLDINGS INC $5.98, up 4 pct (1245 ET)

Nomura Holdings said on Friday that it would cut its stake in Nomura Real Estate Holdings in a deal that will raise about $577 million as Japan’s largest brokerage prepares for tougher capital regulations.

** SANDRIDGE ENERGY INC $5.41, down 5 pct (1245 ET)

SandRidge Energy’s shares fell as results from its wells in the Mississippi Lime shale field prompted analysts to question the potential upside of the asset, despite the company reporting a surprise quarterly profit.

The stock was trading nearly two-and-a-half times its average 10-day volume.

** HARRIS TEETER SUPERMARKETS INC, $43.95, up 2 pct (1248 ET)

The grocery chain, which has been exploring a sale, has drawn interest from Publix Super Markets Inc, Bloomberg reported citing people with knowledge of the situation.

Royal Ahold NV, the Dutch owner of Stop & Shop stores, has also expressed interest in acquiring the company, though neither parties have made an offer yet, Bloomberg said. (link.reuters.com/myf46t)

** CITIGROUP INC, $41.26, up 0.5 pct (1249 ET)

Citigroup on Friday raised the estimate of its possible legal and regulatory risk in excess of reserves to $5 billion from $4 billion.

** SIBANYE GOLD LTD, $5.92, up 4.5 pct (1249 ET)

The South African gold miner said it will resume production at its Beatrix mine, after the Department of Mineral Resources and Production lifted the ban it had imposed on blasting operations at the Number 3 Shaft following a fatal accident on Thursday.

The stock was trading nearly two-and-a-half times its average 10-day volume.

** AMERICAN PUBLIC EDUCATION INC, $35.97, down 7 pct (1250 ET)

The parent of online learning provider American Public University System said new student enrollments fell 8 percent to 22,600 in the fourth quarter ended Dec. 31.

The company also forecast current-quarter earnings in the range of 55 cents to 58 cents per share. Analysts on average were expecting 59 cents per share, according to Thomson Reuters I/B/E/S.

The stock was trading about four times its average 10-day volume.

** COMMONWEALTH REIT, $23.50, down 7 percent (1250 ET)

The office building operator increased the maximum tender amount for its debt repurchase plan to $650 million from $450 million.

** ICAHN ENTERPRISES LP, $62.67, down 12 pct (1251 ET)

The company controlled by Carl Icahn priced its offering of 3.2 million shares of depositary units at $63 per depositary unit, a discount to its Thursday’s closing price.

The stock was one of the top percentage losers on the Nasdaq at 0104 ET.

** ENTREMED INC, $2.60, down 12 pct (1251 ET)

The pharmaceutical company said it expects to receive about $10.7 million, net of expenses, after institutional investors agreed to buy its securities in a registered direct offering.

The stock was trading about three times its average 10-day volume.

** DECKERS OUTDOOR CORP, $45.89, up 13.5 pct (1252 ET)

The shoe maker posted a fourth-quarter profit above Wall Street expectations, prompting at least two brokerages to raise their price target on the stock.

“With the fourth quarter now behind us, what really matters is that (Deckers) is well positioned for 2013 with cleaner inventories, improving (same-store sales) trends and margin tailwinds from lower sheepskin costs,” analysts at Jefferies wrote in a client note and raised their price target on the stock to $65 from $60.

The stock, one of the top percentage gainers on the Nasdaq, was trading about four times its average 10-day volume at 1259 ET.

** OSIRIS THERAPEUTICS INC, $7.00, up 6 pct (1253 ET)

The stem cell products maker said it established a direct sales force for its wound-care matrix named Grafix. The team will be deployed initially in 10 major metropolitan areas in the United States and is expected to double over the coming year, Osiris said in a statement.

** MEDIVATION INC, $46.00, down 6 pct (1253 ET)

The maker of prostate cancer drug Xtandi on Thursday reported lower-than-expected fourth-quarter collaboration revenue, which included sales from the first full quarter of Xtandi’s time on the market.

Medivation forecast full-year expenses of about $285 million to $300 million, which Maxim Group analyst Jason Kolbert said were higher than he expected and may create some short-term pressure on the company.

The stock was trading almost two times its average 10-day volume.

** OMNIVISION TECHNOLOGIES INC, $13.90, down 10 pct (1254 ET)

The imaging chipmaker reported better-than-expected quarterly results but forecast current quarter below analysts’ estimates.

The company expects fourth-quarter earnings of $0.14 to $0.29 per share and revenue of $300 million to $330 million. Analysts on average expected earnings of $0.32 per share, on revenue of $371.4 million, according to Thomson Reuters I/B/E/S.

The stock was trading more than five times its average 10-day volume.

** NANOSPHERE INC, $2.21, up 13 pct (1254 ET)

The maker of diagnostic tests could achieve profitability by 2016, Canaccord Genuity analyst Jeffrey Frelick wrote in a note, saying the company, with its attractive portfolio of tests, was growing at about 16 percent annually.

The analyst began coverage of Nanosphere stock with a “buy” rating and a target price of $5.

The stock was one of the top percentage gainers on the Nasdaq at 0100 ET.

** SAUER-DANFOSS INC, $58.71, up 8 pct (1254 ET)

Danish industrial group Danfoss A/S increased its offer to buy out the rest of Sauer-Danfoss it does not already own, valuing the company at $2.83 billion.

Danfoss offered $58.50 per share for the 24.4 percent of Sauer-Danfoss it does not own, up from its $49 per share bid in November.

The stock was trading nearly eight times its average 10-day volume.

** ROSETTA STONE INC, $12.78, up 10 pct (1255 ET)

The company, which makes language learning software, reported better-than-expected quarterly results, helped by a rise in subscribers for its online products.

** SALESFORCE.COM INC, $181.94, up 7.5 pct (1256 ET)

Salesforce.com reported better-than-expected quarterly sales of $835 million on Thursday, as its cloud-based services continued to sell well despite an uncertain macroeconomic picture.

The stock was trading almost two times its average 10-day volume.

** CERUS CORP, $3.57, up 9 pct (1256 ET)

The blood safety products maker reported a narrower loss on strong sales of its Intercept disposable kits.

Cerus posted a fourth quarter loss of $1.7 million, or 7 cents per share, compared with a loss of $7.7 million, or 16 cents per share, a year earlier.

The stock was trading about eight and a half times its average 10-day volume.

** IMMERSION CORP, $6.28, down 6 pct (1257 ET)

The touch feedback technology provider reported a fourth-quarter loss and forecast 2013 revenue below analysts’ estimates, and said its license with Samsung Electronics had expired.

“Until we have greater clarity with regards to our Samsung relationship, it is difficult to provide comprehensive annual guidance at this time,” said Chief Executive Vic Viegas.

The stock was trading more than two times its average 10-day volume.

** MCDERMOTT INTERNATIONAL INC, $11.00, down 13.5 pct (1258 ET)

The Houston-based company, which constructs oil and gas projects, said it lost $32 million due to project delays and higher costs in the fourth quarter, primarily in the Asia Pacific region.

The stock was trading more than two times its average 10-day volume.

** MAGNA INTERNATIONAL INC, $55.40, up 4 pct (1258 ET)

Auto parts maker Magna International reported a 12.5 percent rise in profit on strong performance in its North American business, and raised its full-year sales forecast.

The stock was trading about one-and-a-half times its average 10-day volume. (Compiled by Chandni Doulatramani in Bangalore)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below