14 Min Read
July 11 (Reuters) - Some U.S. stocks on the move on Thursday:
U.S. stocks jumped, with the S&P 500 index climbing above its all-time closing high, after Federal Reserve Chairman Ben Bernanke reasserted that monetary policy will remain accommodative for some time. The Dow Jones Industrial Average was up 1.08 percent, the Standard & Poor's 500 Index was up 1.27 percent and the Nasdaq Composite Index was up 1.53 percent.
** ALVARION LTD, $0.46, down 56 pct (1509)
The Israeli wireless broadband technology firm said Silicon Valley Bank had requested a Tel Aviv court to enforce liens and appoint a receiver to collect a loan issued to the company.
** RADIOSHACK CORP, $2.36, down 16 pct (1525 ET)
The electronics chain is considering hiring a financial adviser as it faces looming debt maturities, escalating cash burn and bloated inventories, according to trade publication Debtwire, citing unidentified sources.
** LEADING BRANDS INC, $4.7, up 32 pct (1414 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, $4.61, up 22.7 pct (1414 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, $15.10, up 20 percent(1415 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".
** CHANNELADVISOR CORP, $17.15, up 2.5 pct (1415 ET)
** AMAZON.COM INC, $298.89, up 2.2 pct (1358)
The company's shares hit another record on Thursday after e-commerce firm ChannelAdvisor Corp released strong online sales data.
ChannelAdvisor reported that client sales on Amazon.com jumped 30.6 percent in June, compared with the same month last year. That year-over-year growth rate was up from May's rate of 25.8 percent.
** GTX INC, $5.90, up 13.4 pct (1416 ET)
Wedbush Securities analyst David Nierengarten said he expects the company's muscle-loss drug to meet the twin goals in a late-stage study, brushing aside criticisms posted on an investment website on Wednesday. The article appeared to have caused the 25 percent drop in GTX's share value on Wednesday, the analyst said. The drug aims to treat muscle loss in lung cancer patients.
** AMERISOURCEBERGEN CORP, $57.89, up 2 pct (1351 ET)
Credit Suisse analyst Glen Santangelo raised his target price on the pharmaceutical distributor's stock to $64 from $61, citing the multi-year growth outlook stemming from its contract with Walgreen Co.
** COMCAST CORP, $44.23, up 3 pct (1359 ET)
Apple Inc's CEO Tim Cook held discussions with United States' largest cable operator's CEO Brian Roberts, sparking rumors of a likely deal to provide cable content on Apple TV through the web-connected set-top box, the New York Post reported citing sources. (r.reuters.com/kuv59t)
** MERRIMACK PHARMACEUTICALS INC, $5.43, down 22 pct (1416 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, $43.41, up 15.4 pct (1253 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.
** ADVANCED MICRO DEVICES INC, $4.42, up 11 pct (1417 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.
** MARKETO INC, $22.16, down 7 pct (1417 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.
** YOU ON DEMAND HOLDINGS INC, $1.89, up 3 pct (1418 ET)
The Chinese video-on demand provider said it received a $4 million investment from C Media, a Chinese mobile video service provider. C Media Has the right to make an additional investment of between $12 million and $21 million.
"The C Media investment will allow YOU On Demand to more aggressively leverage the booming mobile video space," the company said in a statement.
** DOT HILL SYSTEMS CORP, $2.73, up 10 pct (1418 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.
** CELGENE CORP, $133.51, up 6.7 pct (1418 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 (1419)
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.
** CIENA CORP, $21.58, up 9.4 pct (1419 ET)
The network equipment maker said telecommunications provider Philippine Long Distance Telephone Co has deployed Ciena's software platforms. Ciena did not disclose the financial terms of the deal.
** F5 NETWORKS INC, $75.90, up 5.4 pct (1420 ET)
Deutsche Bank analysts said they are confident about the network gear maker's next phase growth opportunities.
"We see next-generation security and telco as two major next-phase drivers for F5's secular growth story," analyst Brian Modoff said in the data networking preview note.
The brokerage has a "buy" rating on F5's stock.
** APOLLO GROUP INC, $18.81, up 5 pct (1420 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.
** AMERICAN CAPITAL MORTGAGE INVESTMENT CORP, $17.79, up 5 pct (1427 ET)
** HATTERAS FINANCIAL CORP, $23.66, up 2.6 pct
** INVESCO MORTGAGE CAPITAL INC, $16.33, up 3.6 pct
** AG MORTGAGE INVESTMENT TRUST INC, $17.44, up 4.6 pct
** ANNALY CAPITAL MANAGEMENT INC, $11.99, up 4 pct
U.S. mortgage real estate investment trust stocks rose as comments by U.S. Federal Reserve Chairman Ben Bernanke indicated that the central bank was unlikely to scale back its stimulus measures earlier than expected. Any tapering of monthly bond buying program by Fed is likely to raise interest rates, hurting their margins.
** D.R. HORTON INC, $22.59, up 7 pct (1255 ET)
** MASCO CORP, $20.90, up 5 pct
** MDC HOLDINGS INC, $32.89, up 5.4 pct
** TOLL BROTHERS INC, $34.45, up 6 pct
** PULTEGROUP INC, $20.30, up 6.7 pct
** LENNAR CORP, $37.14, up 7.4 pct
** KB HOME, $19.39, up 5.7 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, up 1 pct (1421 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, $79.10, down 6 pct (1421 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.
** BARRICK GOLD CORP, up 7 pct (1300 ET)
** NOVAGOLD RESOURCES INC, up 2 pct
** GOLD FIELDS LTD, up 8 pct
** IAMGOLD CORP, up 7 pct
** YAMANA GOLD, up 6.5 pct
** ELDORADO GOLD, up 9.4 pct
** KINROSS GOLD, up 5.4 pct
** ALAMOS GOLD, up 7 pct
** RANGOLD RESOURCES, up 11 pct
** SILVER STANDARD RESOURCES INC, up 6 pct
** ENDEAVOUR SILVER CORP, up 6 pct
** FORTUNA SILVER MINES INC, up 6.6 pct
** ELDORADO GOLD CORP , up 9.6 pct
** RIO ALTO MINING LTD , up 9.3 pct
** GOLD FIELDS LTD , up 8.2 pct
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, $28.51, up 4.4 pct (1422 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.
** LEGG MASON INC, $32.60, up 3 pct (1422 ET)
The asset manager reported a 2 percent rise in assets under management for June. Assets under management rose to $644.5 billion, compared with $631.8 billion a year earlier. Equity assets grew 9 percent to $164.4 billion.
** MFA FINANCIAL INC, $8.1, up 3 pct (1422 ET)
Analysts at Evercore Partners raised the mortgage real estate investment trust's stock to "overweight" from "equal weight", saying the company's mortgage-backed security portfolio will be less hurt by rising rates as compared to its peers. The REIT is likely to benefit from rising home prices and a fall in expected credit losses, the brokerage said.
** ADTRAN INC, $24.06, up 2.5 pct (1423 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, $89.82, down 2 pct (1423 ET)
The shopping warehouse club operator reported on Wednesday a third-quarter profit that missed analysts' estimates.
** VOXX INTERNATIONAL CORP, $13.63, up 3 pct (1423 ET)
The audio equipment maker reported a better-than-expected first-quarter profit and said it was projecting modest sales increases this year.
** SYNOVOUS FINANCIAL CORP, $2.94, down 2 pct (1424 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, $70.92, up 3 pct (1424 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.
** LINEAR TECHNOLOGY CORP, $39.32, up 3 pct (1424 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, $51.83, up 2.4 pct (1425 ET)
** COSTCO WHOLESALE CORP, $115.38, up 1.5 pct (1425 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, $57.36, up 2.6 pct (1425 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, $35.54, up 2.4 pct (1426 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, $12.73, up 1.4 pct (1426 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)