16 Min Read
July 16 (Reuters) - Some U.S. stocks on the move on Tuesday:
U.S. stocks slipped on Tuesday as investor caution took hold on the day before the Federal Reserve chairman's congressional testimony, while losses in commodity shares and utilities weighed on major indexes. The Dow Jones Industrial Average was down 0.40 percent. The Standard & Poor's 500 Index lost 0.59 percent and the Nasdaq Composite Index fell 0.43 percent.
** GOLDMAN SACHS GROUP INC, $160.23, down 1.6 pct (1347 ET)
Goldman Sachs on Tuesday said quarterly profit doubled, helped by investment gains and a lower tax rate, but investors fretted that the results would not easily be repeated and sent the bank's shares lower. Investors questioned the bank's ability to generate revenue by investing its own capital under new regulations. The Volcker rule, part of the 2010 Dodd-Frank financial reform law, limits banks' market wagers with their own money.
(For a graphic on Goldman's earnings, click on link.reuters.com/tar69t.)
** COCA-COLA CO, $40.47, down 1.3 pct (1348 ET)
The food and beverage company said second-quarter sales were weaker than expected as global economic weakness and cool weather crimped the consumption of soft drinks. Net income dipped to $2.68 billion, or 59 cents per share, from $2.79 billion, or 61 cents per share, a year earlier. Excluding items, earnings were 63 cents per share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S. Revenue dropped 3 percent to $12.75 billion, missing expectations of $12.96 billion.
** FORD MOTOR CO, $16.50, down 3.6 pct (1406 ET)
Goldman Sachs downgraded the carmaker's stock to "buy" from "conviction buy." The brokerage added General Motors Co to its conviction buy list and said the automaker presented "more attractive visible catalysts" in the near term than did Ford.
** TESLA MOTORS, $111.09, down 12.6 pct (1406 ET)
Goldman Sachs set a $84 price target for the electric car maker's stock, 34 percent below its Monday close. The broker said even in its best-case projection, Tesla would have a 3.5 percent market share, or sales of 200,000 units, of the global luxury car category. This would translate to a stock valuation of $113, analysts at the brokerage said.
** RANDGOLD RESOURCES LTD, $67.85, up 4.9 pct (1402 ET)
** IAMGOLD CORP, $4.61, up 5.9 pct (1403 ET)
** BARRICK GOLD CORP, $15.94, up 5.8 pct (1403 ET)
** KINROSS GOLD CORP, $5.05, up 5.4 pct (1403 ET)
** ELDORADO GOLD CORP $6.80, up 4.7 pct (1403 ET)
** YAMANA GOLD INC, $10.19, up 5 pct (1404 ET)
** FRANCO-NEVADA CORP, $39.54, up 4.8 pct (1404 ET)
** GOLD FIELDS LTD, $5.36, up 4.6 pct (1404 ET)
** COEUR D'ALENE MINES CORP, $12.68, up 4.9 pct (1405 ET)
Gold rose on Tuesday as the dollar eased ahead of Federal Reserve Chairman Ben Bernanke's congressional testimony later in the week, which investors expect could provide clues on the timing of the central bank's tapering of monetary stimulus. Spot gold rose 0.7 percent to $1,290.31 an ounce by 1401 GMT, while U.S. gold futures for August rose $5.70 to $1,289.20 an ounce.
** WILAN INC , $3.66, up 12.6 pct (1402 ET)
The Canadian patent licensing company's stock shrugged off a court ruling that four of its patents had not been infringed. It was a negative announcement but I think I would frame it as one step in a longer process as opposed to the very negative reaction that the markets had gone into yesterday," Canaccord Genuity analyst Robert Young said.
** STANDARD MOTOR PRODUCTS INC, $34.40, down 8.4 pct (1402 ET)
Analysts at Goldman Sachs cut the company's stock to "sell" from "neutral," saying that after 2013 only a modest improvement in the company's margin is expected for the next two years.
** SOUFUN HOLDINGS, $31.09, up 12.6 pct (1356 ET)
Land prices in China are expected to rise further in the third quarter after picking up in the second, the Ministry of Land and Resources said on Tuesday, fuelling market expectations that a rebound in home prices may be sustained.
Soufon operates China's largest real estate Internet portal.
** NYMOX PHARMACEUTICAL CORP, $6.60, up 13 pct (1357 ET)
A report on investment website SeekingAlpha.com said that the pharmaceuticals company's current market value does not reflect the value of its prostate enlargement drug NX-1207, which is in late-stage trials.
"NX-1207 is the only treatment of its kind and, if approved, would be a game changer in the treatment of BPH (benign prostatic hyperplasia)," wrote Andrew Smith, the author of the report. (link.reuters.com/kes69t)
** ADDUS HOMECARE CORP, $19.75, down 14.3 pct (1401 ET)
Analysts at Baird downgraded the stock of the home healthcare services provider to "neutral" from "outperform," according to Streetinsider.com. (link.reuters.com/kas69t)
** NAUTILUS INC, $9.04, down 7.4 pct (1401 ET)
Brokerage B.Riley & Co cut the fitness products maker's stock to "neutral" from "buy," Theflyonthewall.com reported.
** EXTERRAN PARTNERS LP, $29.85, down 7.5 pct (1401 ET)
Credit Suisse analyst John Edwards downgraded the natural gas processing equipment provider's stock to "underperform" from "neutral," saying a depleting inventory will hamper the company's distribution growth.
** STAMPS.COM INC, $37.58, down 12 pct (1400 ET)
Analysts at B. Riley & Co downgraded the company's stock to "neutral" from "buy," according to Theflyonthewall.com.
** BLUEBIRD BIO INC, $34.36, up 5.7 pct (1400 ET)
The biotechnology company's stock rose for the second day, after brokerages Wedbush and Canaccord Genuity initiated coverage on it with ratings of "outperform" and "buy", respectively, and set price targets of $40 and $45.
** KOPPERS HOLDINGS INC, $36.50, down 7.8 pct (1400 ET)
Brokerages Jefferies & Co and Oppenheimer & Co cut their price targets on the chemical maker's stock by about 4 percent after Koppers on Monday lowered its earnings outlook for the quarter ended June, citing lower demand and prices in the recession-hit Europe.
Prolonged wet weather in eastern United States also dented second-quarter profit, the company said.
** STANLEY FURNITURE CO INC, $3.71, down 7.2 pct (1359 ET)
The maker of wooden furniture on Monday reported a second-quarter loss of 25 cents per share as higher costs hurt its gross margin. The company had profit of $2.54 per share a year earlier.
** DEL FRISCO'S RESTAURANT GROUP INC, $21.01, down 6.9 pct (1359 ET)
The steakhouse operator gave a 2013 profit outlook largely below analysts' expectation. The company, which operates brands such as Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse and Del Frisco's Grille, said it expects full-year earnings of between 92 and 96 cents. Analysts on average were expecting earnings of 96 cents per share, according to Thomson Reuters I/B/E/S.
** GLU MOBILE INC, $2.70, up 6.2 pct (1359 ET)
An article on investment website SeekingAlpha.com analyzed the second-quarter performance of Glu's games on App Store charts and noted that the mobile games maker will beat revenue estimates for its current quarter. "Second half of 2013 will be much more successful for Glu and that Glu's worst days have already come and passed," Kelvin M, the author of the article added. (r.reuters.com/pyr69t)
** SCICLONE PHARMACEUTICALS INC, $5.99, up 5.6 pct (1358 ET)
Aegis Capital analyst Raghuram Selvaraju upgraded the pharmaceuticals company's stock to "buy" from "hold", a day after it appointed a chief financial officer.
** RENESOLA LTD, $3.44, up 19 pct (1358 ET)
The Chinese solar wafer and panel maker raised its second-quarter solar wafer and module shipment estimate to 760 megawatts(MW)-770 MW, from 700 MW-720 MW. It also raised its quarterly revenue forecast to $365 million-$375 million, from $310 million-$330 million. The stock was the biggest percentage gainer on the New York Stock Exchange on Tuesday morning.
** LIQUIDITY SERVICES INC, $29.54, down 8.7 pct (1358 ET)
The online auctioneer said it expects third-quarter adjusted profit of between 43 cents and 45 cents per share. Analysts on average were expecting profit of 51 cents per share, according to Thomson Reuters I/B/E/S. The company also said it would provide a lowered fiscal 2013 adjusted earnings outlook when it reports quarterly results on Aug. 7.
** ORASURE TECHNOLOGIES INC, $4.91, up 6.2 pct (1357 ET)
Cowen & Co upgraded the stock of the medical diagnostic products maker to "outperform" from "market perform," saying that investors were applying "overly conservative" assumptions to Orasure's growth assets. The brokerage added that Orasure is uniquely positioned to benefit from growth in screening for Hepatitis C virus infection.
** SIGA TECHNOLOGIES INC, $3.37, up 3.9 pct (1357 ET)
The pharmaceutical company said it has qualified for a payment of about $79 million after it made the third delivery of its smallpox antiviral drug Arestvyr to the United States government's strategic national stockpile. The company has delivered a total of about 590,000 courses, under a contract, over the past five months.
** WHITEWAVE FOODS CO, $17.94, up 3.2 pct (1357 ET)
The company, which sells Silk soy milk and Horizon organic dairy products, on Monday said it expects sales in the quarter ended June to rise 10 percent to $616 million, driven by growth across its North America and Europe segments. Analysts on average expect sales of $608.2 million, according to Thomson Reuters I/B/E/S.
** SONUS NETWORKS INC, $3.27, up 3.1 pct (1356 ET)
Lazard Capital Markets raised its rating on the voice and data communication equipment maker's stock to "buy" from "neutral," saying the company is set to win greater market share following Oracle Corp's acquisition of rival Acme Packet Inc.
** RIO TINTO PLC, $43.66, up 3.2 pct (1356 ET)
The company is pushing ahead with plans to boost iron ore output over the next 18 months, as it counts on demand from Chinese steel mills holding up, but the miner is assessing if it can meet the target using existing mines to control costs.
** MOSAIC CO, $54.17, down 3.4 pct (1356 ET)
U.S. fertilizer company Mosaic Co on Tuesday reported a lower quarterly profit as phosphate and potash prices slipped. Delayed spring planting in the United States due to cool weather compressed the usual fertilizer application season for producers such as Mosaic, Potash Corp of Saskatchewan, CF Industries Holdings Inc and Agrium Inc .
Mosaic will also run its Canadian potash mines at less than 75 percent of capacity collectively for maintenance in the current third quarter, as prices for the crop nutrient slip.
** JINKOSOLAR HOLDING CO LTD, $11.93, down 0.8 pct (1355 ET)
** YINGLI GREEN ENERGY HOLDING, $4.14, down 0.4 pct (1355 ET)
** SUNTECH POWER HOLDINGS CO, $1.51, up 7.8 pct (1355 ET)
** HANWHA SOLARONE CO LTD, $3.27, up 3.1 pct (1354 ET)
** SUNEDISON INC, $9.41, down 3.7 pct (1354 ET)
Shares of solar companies continued to rally for a second day after China on Monday said it planned to more than quadruple solar power generating capacity to 35 gigawatts by 2015. The move boosts prospects for domestic companies that have been slapped with import duties in the United States and Europe even as overseas demand flags.
** SYNTA PHARMACEUTICALS CORP, $5.61, up 3.1 pct (1354 ET)
JMP Securities analysts raised their rating on the company's stock to "market outperform" from "market perform," saying that the company's experimental cancer drug ganetespib has a high likelihood of being successful in combination with an approved chemotherapy drug in a late-stage study among patients with non-small-cell lung cancer. "We believe market participants continue to underappreciate the level of clinical benefit demonstrated by ganetespib thus far," analysts Michael King and Carter Gould wrote in a note to clients.
** TENET HEALTHCARE CORP, $45.19, up 3.3 pct (1353 ET)
** HCA HOLDINGS INC, $39, up 4.8 pct (1353 ET)
The largest U.S. for-profit hospital operator, on Tuesday said facility admissions rose more than 1 percent during the second quarter and it expects to report a rise in earnings and revenue, pushing shares up 5 percent.
** SHFL ENTERTAINMENT INC, $22.85, up 22.2 pct (1353 ET)
** BALLY TECHNOLOGIES INC, $65.09, up 6.8 pct (1352 ET)
Casino games maker Bally Tech said it will buy SHFL Entertainment for about $1.3 billion to expand in Asia and Australia. The offer of $23.25 per share in cash represents a 24 percent premium to SHFL's Monday close.
CHARLES SCHWAB CORP, $21, down 3.2 pct (1352 ET)
The online broker posted a 7 percent fall in quarterly profit as growth in net new assets slowed and expenses rose.
The company's net profit fell to $256 million, or 18 cents per share, in the second quarter, from $275 million, or 20 cents per share, a year earlier. Revenue rose 4 percent to $1.34 billion.
** JOE'S JEANS INC, $1.49, down 19.4 pct (1352 ET)
The jeans maker on Monday reported second-quarter results that missed analysts' estimates as an increased mix of sales from its lower margin line and higher expenses hurt its overall gross margin.
Joe's Jeans earned 2 cents per share in the second quarter on revenue of $30.9 million. Analysts on average were expecting profit of 3 cents per share on revenue of $32 million, according to Thomson Reuters I/B/E/S.
** HEIDRICK & STRUGGLES INTERNATIONAL INC, $14.81, down 17 pct (1351 ET)
The executive search firm said late on Monday it had ended talks to sell itself and would continue to operate as a standalone company. Heidrick & Struggles also said Chief Executive Kevin Kelly had stepped down.
** NQ MOBILE INC, $10.02, up 2.3 pct (1351 ET)
The Chinese mobile internet service provider raised its second-quarter revenue forecast to more than $40 million from $38.5 million-$38.8 million.
** BAIDU INC, $106.20, up 4.5 pct (1351 ET)
China's top internet search engine plans to acquire app store 91 Wireless for $1.9 billion to strengthen its foothold in the country's highly competitive mobile computing sector.
** BERRY PLASTICS GROUP INC, $21.10, down 5.2 pct (1350 ET)
The consumer packaging company estimated its third-quarter revenue to decline $1.22 billion to $1.23 billion. Analysts on average were expecting $1.25 billion, according to Thomson Reuters I/B/E/S.
** PENNANTPARK FLOATING RATE CAPITAL LTD, $14, down 4 pct (1350 ET)
The company, which invests in startups whose debt is rated below investment grade, priced its public offering of 4.4 million shares of its common stock at $14.20 per share, a discount of 3 percent to its Monday's close. The company plans to use the proceeds from the offering for investment in existing portfolio companies, repayment of debt and for other general corporate purposes. The company's outstanding shares were 10.3 million as of May 9.
** MARATHON PETROLEUM CORP, $69.50, down 4.9 pct (1350 ET)
The refining company on Monday said it expects lower second-quarter earnings as the cost of some of the crude oil it processes into fuels rose.
** COEUR D'ALENE MINES CORP, $12.70, up 5 pct (1349 ET)
The No. 1 U.S.-based silver miner said it had cut 40 jobs since May and deferred several capital projects. The company said nearly 15 percent of its exploration budget for the year had been reallocated to nearer-term, higher-grade targets. Miners across the globe are under pressure to cut costs as they contend with rising wages, labor unrest and concerns about price volatility. Coeur's second quarter silver production rose 21 percent to 4.6 million ounces from the first quarter. (Compiled by Lehar Maan; Editing by Joyjeet Das)