July 11, 2013 / 4:14 PM / in 4 years

MARKET PULSE-Education stocks, homebuilders, Leading Brands, gold miners

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July 11 (Reuters) - Some U.S. stocks on the move on Thursday:

WALL STREET CLIMBS ON BERNANKE COMMENTS

U.S. stocks jumped, putting the S&P 500 within range of an all-time closing high, after Federal Reserve Chairman Ben Bernanke once again said monetary policy will remain “accommodative” for some time. The Dow Jones industrial average was up 0.86 percent, the Standard & Poor’s 500 Index up 0.99 percent and the Nasdaq Composite Index was up 1.11 percent.

** LEADING BRANDS INC, $5.02, up 38.6 pct (1114 ET)

The Canada-based branded beverage company reported a 4 percent increase in first-quarter revenue due to a rise in demand for co-packing services and strong sales of its new Happy Water brand.

** ROCKWELL MEDICAL INC, $4.68, up 25 pct (1113 ET

Rockwell Medical said a late-stage trial of its experimental iron deficiency drug met the main goal of improving hemoglobin levels in patients with chronic kidney disease.

** BRIDGEPOINT EDUCATION INC, $14.96, up 19 percent(1113 ET)

The education services provider said its Ashford University received a five-year initial accreditation from the Western Association of Schools and Colleges, a body authorized to accredit senior colleges and universities.

Barrington Research raised its rating on Bridgepoint’s stock to “outperform” from “market perform”.

** MERRIMACK PHARMACEUTICALS INC, $5.75, down 17.6 pct (1115 ET)

The company said on Wednesday that it intends to offer $50 million of its common stock and $75 million in aggregate principal amount of convertible senior notes in concurrent underwritten public offerings.

** ALNYLAM PHARMACEUTICALS INC, $43.56, up 16 pct (1113 ET)

The company said an early-stage trial of its gene-based therapy showed the drug successfully suppressed the protein that causes an organ-damaging hereditary disorder.

The study was testing a subcutaneously administered version of the drug, ALN-TTR, to treat the genetic disorder amyloidosis, when caused by mutations in the transthyretin gene.

** DOT HILL SYSTEMS CORP, $2.87, up 15.4 pct (1114 ET)

The storage systems maker now expects earnings of 4 to 6 cents per share in the second quarter. The company had forecast profit of 2 cents per share to loss of 1 cent earlier.

“We expect to benefit from strength in sales to our telco and media and entertainment customers,” Chief Executive Dana Kammersgard said in a statement.

** MARKETO INC, $22.14, down 11 pct (1122 ET)

Analysts at UBS Investment Research downgraded their rating on the enterprise software company to “sell” from “neutral”, according to Theflyonthewall.com.

The stock was one of the top percentage losers on the Nasdaq at 1125 ET.

** APOLLO GROUP INC, $19.37, up 8 pct (1106 ET)

The owner of the University of Phoenix, which is facing the risk of losing its accreditation, said late on Wednesday it got more time from the U.S. Higher Learning Commission to provide evidence about governance changes made by Apollo to increase the autonomy of the university.

** D.R. HORTON INC, $22.70, up 8 pct (1127 ET)

** TOLL BROTHERS INC, $34.59, up 6 pct

** PULTEGROUP INC, $20.40, up 7 pct

** LENNAR CORP, $37.29, up 8 pct

** KB HOME, $19.43, up 6 pct

The number of Americans filing new claims for unemployment benefits rose last week but the level still pointed to further healing in the labor market. Even with the increase, the number of layoffs remains in the range of levels seen over the last year and is consistent with a continued drop in the unemployment rate, which has fallen more than half a percentage point since June 2012.

** HUBBELL INC, $94.09 (1120 ET)

The Nasdaq said “potentially erroneous” trades in the electrical and electronics products maker’s class A shares on Thursday were canceled. These trades happened at or below $91.16 and between 0933 ET and 0934 ET. This decision cannot be appealed, the exchange said.

** ASCENT CAPITAL GROUP INC, $80.06, down 4.8 pct (1128 ET)

The company said it will offer $90 million of convertible senior notes due 2020 to fund acquisition by its home security system unit of safety solutions company Security Networks LLC. Another unit expects to offer $150 million in senior notes due 2020, it said.

** DRAGONWAVE INC , $2.90, up 8.6 pct (1006 ET)

The telecom network equipment maker reported a narrower quarterly loss. The company’s loss narrowed to $6.7 million, or 17 cents per share, in the first quarter, from $12.6 million, or 35 cents per share, a year earlier.

“We are cautiously optimistic about DragonWave’s long-term business prospects given the company’s indications of a stronger funnel with three key customers embarking on network expansions,” Canaccord Genuity analysts wrote in a note to clients on Thursday.

** ADVANCED MICRO DEVICES INC, $4.33, up 8.7 pct (1117 ET)

Canaccord Genuity analysts raised their rating on the maker of microprocessors to “buy” from “hold,” saying the company is likely to benefit from Microsoft Corp’s plans to increase the number of Xbox gaming servers.

BofA Merrill raised the company’s stock to “buy” from “underperform”, according to Theflyonthewall.com.

** Celgene Corp, $133.50, up 6.7 pct (1116 ET)

The company said a late-stage trial of its cancer drug Revlimid met the main goal of improving survival in newly diagnosed blood cancer patients, potentially opening up the path for a wider use of the drug.

** ENDEAVOUR SILVER CORP, $3.23, up 5.5 pct (1115)

The Canadian miner said on Wednesday it was looking to cut costs for the second time this year as silver prices fall. The company said silver production rose 48 percent to 1,535,873 ounces and revenue rose 57 percent to $63.5 million in the second quarter.

** BARRICK GOLD CORP, up 3 pct (1117 ET)

** NOVAGOLD RESOURCES INC, up 5 pct (1118 ET)

** GOLD FIELDS LTD, up 7 pct (1119 ET)

** IAMGOLD CORP, up 5 pct (1119 ET)

** YAMANA GOLD, up 5 pct (1120 ET)

** ELDORADO GOLD, up 7.4 pct (1120 ET)

** KINROSS GOLD, up 4 pct (1121 ET)

** ALAMOS GOLD, up 6 pct (1121 ET)

** RANGOLD RESOURCES, up 9 pct (1122 ET)

** SILVER STANDARD RESOURCES INC, up 4.6 pct (1122 ET)

** ENDEAVOUR SILVER CORP, up 5 pct (1122 ET)

** FORTUNA SILVER MINES INC, up 6.6 pct (1122 ET)

** ELDORADO GOLD CORP , $6.55, up 8 pct (1030 ET)

** RIO ALTO MINING LTD , $2, up 10 pct (1030 ET)

** GOLD FIELDS LTD , $5.22, up 7 pct (1123 ET)

Gold jumped to a near three-week high on Thursday as the dollar tumbled after the U.S. Federal Reserve signaled it would continue to pursue monetary stimulus. Spot gold climbed as much as 2.7 percent to $1,298.36, its highest since June 24.

Gold’s strength also pushed silver to a three-week high of $20.26 an ounce earlier - at 1140 GMT the metal was up 2.6 percent at $19.83.

** FREEPORT MCMORAN COPPER & GOLD, $28.54, up 4.5 pct (1123 ET)

Shares of one of the world’s largest copper producers rose as copper prices hit their highest level in nearly a month on Thursday, after the U.S. Federal Reserve chairman signaled a commitment to monetary stimulus for the foreseeable future, helping boost appetite for risky assets.

** ADTRAN INC, $24.16, up 3 pct (1124 ET)

Analysts at MKM Partners raised their rating on the network gear maker’s shares to “neutral” from “sell” following deal wins from Deutsche Telekom and AT&T.

The company reported better-then-expected second-quarter results due to growth in its inter-networking and broadband access products on Wednesday.

Goldman Sachs analysts raised their rating on the stock to “buy” from “neutral”, according to flyonthewall.com.

** PRICESMART INC, $88.09, down 4 pct (1124 ET)

The shopping warehouse club operator reported on Wednesday a third-quarter profit that missed analysts’ estimates.

** VOXX INTERNATIONAL CORP, $13.59, up 3 pct (1125 ET)

The audio equipment maker reported a better-than-expected first-quarter profit and said it was projecting modest sales increases this year.

**INTEROIL CORP, $69.50, up 2 pct (1125 ET)

The oil and gas company said it appointed former BP Plc employee Michael Hession as its chief executive officer. Hession joins after the company’s founder and CEO Phil Mulacek retired in April.

** SYNOVOUS FINANCIAL CORP, $2.91, down 3 pct (1125 ET)

Sterne Agee & Leach analyst Todd Hagerman said there is uncertainty on how the company will eventually repay the government under the Troubled Asset Relief Program. The structure of repayment could either be through cash on hand, debt or public offering or through a combination of these.

** HESS CORP, $70.80, up 3 pct (1126 ET)

JP Morgan upgraded the oil and gas company’s stock to “overweight” from “neutral”, according to Theflyonthewall.com. Hess, which was under fire from its third-largest investor Elliot Management, has announced plans to quit its retail and marketing business and focus on exploration and production.

** NOKIA OYJ , $4.16, up 0.4 pct (1126 ET)

Nokia is likely to unveil a new smartphone with a 41-megapixel camera, banking on advanced optics to make up for meager marketing resources and a limited range of phone apps. Analysts, however, are skeptical that a new camera for the flagship Lumia smartphone will be enough for the Finnish company to regain market share from rivals Samsung and Apple.

** LINEAR TECHNOLOGY CORP, $38.96, up 2 pct (1127 ET)

Brokerage Jefferies raised its rating on the semiconductor company to “buy”, and said it expects higher growth from the company’s higher margin automotive and industrial businesses.

** L BRANDS INC, $51.94, up 2.6 pct (1127 ET)

** COSTCO WHOLESALE CORP, $114.58, up 1 pct (1128 ET)

Sales at U.S. retailers, including Costco and L Brands, suggest that overall U.S. consumer spending is improving while discretionary spending may remain under pressure.

Gap Inc plans to report its June sales after the market closes on Thursday afternoon.

** MCGRAW HILL FINANCIAL INC, $57.01, up 2 pct (1129 ET)

The company said Douglas Peterson will replace Chief Executive Harold (Terry) McGraw, who will step down after reaching the mandatory retirement age of 65. Peterson is currently president of the company’s Standard & Poor’s ratings business.

** MICROSOFT CORP, $35.27, up 1.6 pct (1128 ET)

The company’s Chief Executive Steve Ballmer said he was streamlining the software and media company around devices like phones and game consoles and services in its first major overhaul in five years.

More than 20 million shares changed hands by 1202 ET, making them among the top traded on the exchange.

** MICRON INC, $12.61, down 0.4 pct (1128 ET)

The memory chipmaker’s investors are concerned that prices of dynamic random access memory chips have tracked lower for the past few days, RBC Capital Markets analyst Earl Hege told Reuters.

Micron shares were the most traded on the Nasdaq, with more than 16 million Micron shares changing hands in early trade. (Compiled by Lehar Maan; Editing by Sriraj Kalluvila)

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