25 Min Read
Aug 8 (Reuters) - Some U.S. stocks on the move on Thursday:
U.S. stocks rose, rebounding after three days of declines, led by gains in the technology sector. The Dow Jones industrial average was up 0.32 percent, the Standard & Poor's 500 Index 0.44 percent and the Nasdaq Composite Index 0.51 percent.
** GROUPON INC, $10.78, up 24 pct (0950 ET)
The company named co-founder Eric Lefkofsky its chief executive and reported a record quarter for its North American business, signaling growing momentum in its comeback effort, and its shares rose almost 20 percent.
Four brokerages raised their price targets on the stock. "This marks the second consecutive quarter that Groupon has met or slightly beat Street expectations, suggesting a level of stability in the business that we haven't seen since the company became public," Piper Jaffray & Co analysts wrote in a note.
The company went public in November 2011.
** STEREOTAXIS INC, $4.80, down 45 pct (0949 ET)
The company said a Nasdaq Global Market panel refused to give Stereotaxis additional time to fulfill certain requirements to remain listed on the exchange.
The robotic medical devices maker has requested to transfer its listing to the NASDAQ Capital Market, which lists securities of smaller, less-capitalized companies that do not qualify for inclusion in the Nasdaq Global Market.
Stereotaxis said it intends to continue pursuing its plans to achieve compliance with Capital Market criteria.
The company, whose stock has gained about 388 percent since July 29 - excluding today's movement - also reported lower-than-expected second-quarter revenue on Thursday.
** INTREXON CORP, $22.85, up 43 pct (1053 ET)
The biotechnology company's shares rose nearly 44 percent in their debut as investors bet on the new field of synthetic biology, which promises to revolutionize the way drugs, chemicals and biofuels are made.
** SMART TECHNOLOGIES INC, $2.37, up 35.4 pct (1023 ET)
The company, which sells interactive displays to schools and enterprises, posted a first-quarter profit that beat analysts' estimates due to strong sales. Brokerage RBC raised its price target on the company's stock to $2.50 to $1.50.
On an adjusted basis, the company earned 13 cents per share, beating the average analyst estimate of 2 cents per share, according to Thomson Reuters I/B/E/S.
** FOX FACTORY HOLDING CORP $18.96, up 26 pct (1404 ET)
Fox Factory shares rose as much as 30 percent in their market debut. The company, which makes and designs suspension products used in vehicles, priced its IPO of 8.6 million shares at $15 each.
** WAGEWORKS INC $40.45, up 20.5 pct (1346 ET)
The company reported a better-than-expected second-quarter profit on Wednesday, helped by a 23 percent increase in healthcare revenue.
The company's services help employees use pre-tax income to pay for healthcare, commuting and education costs.
Brokerages JMP Securities and Needham & Co raised their target price on the stock.
** TESLA MOTORS INC, $157.24, up 17 pct (1347 ET)
Shares in the electric sports car maker jumped 18 percent to a record high on Thursday, after surprisingly strong second-quarter results convinced investors the company has found a route to sustainable profits.
At least seven brokerages raised their price targets after Tesla reported its second profit in a row late Wednesday, by as much as $69 a share.
** SANCHEZ ENERGY CORP, $20.86, down 13 pct (1217 ET)
The oil and gas producer said it would buy about 40,000 acres of the Tuscaloosa Marine shale in Louisiana and Mississippi for $78 million. The deal includes $70 million in cash and 342,760 shares worth $8.2 million.
** GOODRICH PETROLEUM CORP, $19.85, up 12.3 pct (1300 ET)
At least four brokerages raised their price target on the oil and gas producer's stock after the company reported results on Tuesday. Analysts cited Goodrich's strong production rate at its Tuscaloosa Marine Shale project in Mississippi and Louisiana as their reason for the upgrade.
** WALKER & DUNLOP INC, $15.67, down 12 pct (1218 ET)
The commercial real estate finance company's second-quarter earnings missed analysts' estimates as its amortization expenses increased.
** FOSTER WHEELER AG $24.11, up 10.8 pct (1232 ET)
The company posted higher-than-expected second-quarter profit and said it expects full-year earnings to be slightly above $1.54 per share because of a 6 percent rise in operating revenue at its global engineering and construction business. Foster Wheeler is an engineering and construction company and a power equipment supplier.
** STRATASYS LTD, $95.44, up 10.7 pct (1259 ET)
The 3D printer maker reported better-than-expected second-quarter results and raised its forecast for the full year to take into account its previously announced acquisition of privately held consumer printer maker MakerBot. The company's shares were trading at their highest ever level on Thursday.
** FLEETMATICS GROUP, $43.80, up 10 pct (1252 ET)
The company, which sells web-based fleet-tracking software, reported a second-quarter profit helped by a sharp jump in revenue.
** YINGLI GREEN ENERGY HOLDING, $4.01, up 10 pct (0949 ET)
** TRINA SOLAR LTD, $7.44, up 13 pct (0948 ET)
The Chinese solar panel makers said they expect second-quarter shipments and gross margins to be higher than their forecasts as they push into newer markets.
China-based solar companies have been tapping into more lucrative markets such as Japan and South Africa to cut dependence on low-margin sales at home.
** IAMGOLD CORP, $4.84, up 12 pct (1359 ET)
The gold miner said on Wednesday that it signed an agreement with the government of Suriname to reduce power rates for its operations at the Rosebel gold mine. The lower rates will cut costs by up to $50 per ounce, the company said.
** GLOBAL PARTNERS LP, $32.14, down 11.4 pct (1315 ET)
The company, which distributes petroleum products, reported a 53 percent drop in second-quarter profit due to weak retail gasoline margins and an unfavorable distillates market. The company said its profit was also hurt due to a delay in tank and pipeline expansion in North Dakota.
** REDWOOD TRUST INC, $18.22, up 10 pct (1205 ET)
The real estate investment trust reported better-than-expected second-quarter results as it earned $59 million from its mortgage banking activities. The company had posted a loss of $4 million a year earlier.
** FTI CONSULTING INC, $33.74, down 9 pct (1258 ET)
The business advisory forecast lower-than-expected full-year adjusted earnings and revenue, citing slowing demand for bankruptcy and restructuring work in North America. The stock, trading at more than twice its average 10-day volume, was one of the top percentage losers on the New York Stock Exchange on Thursday.
** DEAN FOODS CO, $10.02, down 9 pct (1405 ET)
Top U.S. dairy company Dean Foods said it would speed up the closure of up to 15 percent of its factories in the face of increasing competition and falling volumes, as it reported a quarterly loss and warned of more tough times ahead.
** HARSCO CORP, $24.27, down 8 pct (1325 ET)
The provider of products and services to metal producers said it expects a 10 to 12 percent fall in third-quarter revenue from the metals and minerals unit due to lower steel output and by-product sales and an extended outage at a customer's location in North America.
The same reasons weighed on Harsco's revenue in the second quarter.
** RADIOSHACK CORP, $2.76, up 7.4 pct (1355 ET)
Robert Abernathy, a director of the electronics retailer, filed with regulators to purchase 100,000 of the company's shares at $2.55 apiece.
RadioShack is the 35th most shorted stock in the Russell 2k, according to Markit, with 83.5 percent of shares eligible being shorted.
** CLIFFS NATURAL RESOURCES INC, $21.91, up 8 pct (1250 ET)
** WALTER ENERGY INC, $10.93, up 8 pct (1250 ET)
** PEABODY ENERGY CORP, $16.48, up 5 pct (1250 ET)
** ALPHA NATURAL RESOURCES INC, $5.16, up 5 pct (1250 ET)
** ARCH COAL INC, $4.06, up 3 pct (1250 ET)
Front-month U.S. natural gas futures prices tumbled sharply early Thursday after the government reported another weekly inventory build well above market expectations. The recent price slide has left gas cheaper than coal produced in the eastern United States and could draw more demand from utilities opting to switch to the cleaner burning fuel to produce electricity.
** JC PENNEY CO INC, $13.66, up 6 pct (1241 ET)
The company's top investor Bill Ackman wants the retailer to name a new chief executive within 30 to 45 days and says that Allen Questrom, a former CEO, has agreed to rejoin the company as its chairman, CNBC reported on Thursday. [ID;nL1N0G914V]
** AMERESCO INC, $8.60, down 4 pct (1251 ET)
The renewable energy services provider reported a second-quarter loss, compared with a year-ago profit, and cut the upper end of its revenue and income forecast, citing delays in several projects.
** MBIA INC, $13.07, down 3 pct (1222 ET)
The bond insurer reported a second-quarter loss as it took a $182 million loss on the fair value of insured derivatives.
** CENTURYLINK INC, $34.58, down 4.8 pct (1154 ET)
The rural telecom service provider lowered its operating revenue forecast for the full year, citing slower growth in data hosting revenues and declining low bandwidth data services.
** LMI AEROSPACE INC, $16.16, down 12 pct (1120 ET)
The Boeing Co parts manufacturer reported lower-than-expected quarterly results, hurt by a decline in revenue at its engineering services unit, and also cut its 2013 forecast.
** CHANNELADVISOR CORP, $21.58, up 8.7 pct (1136 ET)
The e-commerce software company reported better-than-expected second-quarter results on Wednesday, helped by customer additions and launch of new marketplaces.
** GREAT LAKES DREDGE & DOCK CORP, $7.00, down 6 pct (1136 ET)
The dredging services provider reported a quarterly loss, mainly due to a non-cash goodwill impairment charge related to its demolition unit.
** SUNEDISON INC, $8.02, up 8.5 pct (1133 ET)
Analysts at RBC Capital Markets raised their price target on the silicon wafer maker's stock to $7 from $5 to reflect a "back-end loaded year". Analysts at BofA Merrill also raised their rating on the company's stock to "buy" from "neutral", according to theflyonthewall.com.
** ORBITZ WORLDWIDE INC, $11.19, up 21 pct (1035 ET)
The online travel agency reported higher-than-expected quarterly earnings on Thursday as it booked more hotel and vacation packages, and it forecast full-year revenue above current analysts' estimates.
** ELIZABETH ARDEN INC, $31.95, down 21 pct (1037 ET)
The company turned in much weaker results and forecasts than expected, as an unnamed retailer ordered less than planned and the beauty products company struggled to make over its namesake brand.
** BIOLASE INC, $2.77, down 19 pct (1019 ET)
The company, which markets lasers for dentistry and medicine, reported a bigger-than-expected quarterly loss as operating expenses rose.
** OPEXA THERAPEUTICS INC, $1.46, down 50 pct (1116 ET)
The company priced a public offering of common stock at $1.50 per share, a 49 percent discount to the stock's closing price of $2.92 on Wednesday.
Opexa said it would use the proceeds from the offering to fund clinical development of its multiple sclerosis drug Tcelna, which is being tested in a mid-stage study.
** INTELIQUENT INC, $6.02, down 25 pct (1048 ET)
The network connectivity services company said its internal audit committee and outside professionals are probing whether a $75.3 million impairment charge the company took last year was overstated. The investigation would also cover the company's forecasting practices during the fourth quarter of 2012 and the first quarter of 2013.
** TOWER GROUP INTERNATIONAL LTD, $17.06, down 21 pct (1111 ET)
The insurer deferred its second-quarter results and forecast an operating loss between 80 cents and 85 cents per share, including a deferred tax valuation allowance of between 18 cents and 23 cents per share.
Analysts' were expecting earnings of 53 cents per share, according to Thomson Reuters I/B/E/S. The company currently expects to announce its results for the second quarter of 2013 within 30 days.
** FUEL SYSTEMS SOLUTIONS INC $20.63, up 18 pct (1042 ET)
The alternative-fuel components maker reported higher-than-expected second-quarter results due to an increase in demand for mobile and stationary engines in North America.
** GAIN CAPITAL HOLDINGS INC, $6.50, up 16 pct (1042 ET)
The online forex trader's second-quarter results beat analysts' estimates, with net income almost quadrupling to $17.2 million due to an increase in commission revenue.
** CENTRAL GARDEN & PET CO, $6.50, down 16.8 pct (1240 ET)
The lawn and pet supplies company's third-quarter profit fell about 40 percent and came well below analysts' estimates because of weak demand in both its key businesses.
Central Garden's profit fell to 28 cents per share on revenue of $494.1 million. Analysts were expecting earnings of 43 cents per share on revenue of $524.9 million, according to Thomson Reuters I/B/E/S.
** POWERSECURE INTERNATIONAL INC, $18.06, up 13 pct (1100 ET)
Analysts at Roth Capital raised their price target on the utility and energy technologies provider's stock to $20 from $18, citing backlog growth and better-than-expected results for the second quarter due to a significant growth in its utility infrastructure unit.
"We believe PowerSecure is well positioned to benefit from increased utility spending on power line construction, shale gas infrastructure, and substations," analyst Philip Shen said.
** TURQUOISE HILL RESOURCES LTD, $4.94, up 13 pct (1054 ET)
The miner said on Wednesday that its majority stakeholder and global mining giant Rio Tinto will provide a $600 million bridge funding facility to fund the development of Oyu Tolgoi, its copper-gold-silver mine in southern Mongolia.
** CARDIOVASCULAR SYSTEMS INC, $21.95, up 12 pct (0943 ET)
The medical device maker reported a narrower-than-expected fourth-quarter loss because of strong demand for its Stealth 360 system, a device to treat peripheral arterial disease.
** BIOSCRIP INC, $14.82, down 11 pct (0938 ET)
The infused drugs provider reported quarterly revenue that fell below market estimates, hurt by weak performance at its smaller pharmacy benefit management business.
** WILLIAM LYON HOMES, $23.74, up 6 pct (1458 ET)
The U.S. homebuilder reported a 122 percent jump in second-quarter revenue due to a recovery in the housing market. William Lyon, which focuses on states in western United States, recorded a 49 percent rise in the number of houses it finished and a 19 percent increase in orders booked in the quarter ended June.
** XOMA CORP, $4.80, down 9 pct (0931 ET)
The biotechnology company reported lower-than-anticipated quarterly revenue due to a drop in license and collaborative fees. However, it reported a quarterly loss of 19 cents per share, the same as analysts were expecting, according to Thomson Reuters I/B/E/S.
The company also said patient enrollment in two of its late-stage trials on its anti-inflammatory drug gevokizumab is slower than expected. The drug is being studied for treatment of non-infectious uveitis, an inflammation of the middle layer of the eye.
** HEARTWARE INTERNATIONAL INC, $83.00, down 7.7 pct (1054 ET)
The medical device maker reported lower-than-expected quarterly revenue on lower sales of its heart pumps.
The company's second-quarter revenue of $50.8 million missed analyst estimates by about $58,000, according to Thomson Reuters I/B/E/S.
** ALERE INC, $30.65, down 7 pct (1109 ET)
The company said on Wednesday that an initial count of votes cast during its annual meeting showed that shareholders elected four of the company's director nominees.
Activist investor Coppersmith Capital Management LLC had challenged Alere's nominees with three of its own, arguing that the company should sell its non-performing drug testing business.
"Alere's nominees prevailed only because of the switch of support from Coppersmith to Alere at the eleventh hour by two of the company's largest stockholders," Coppersmith Managing Partner Jerome Lande said in a statement on Thursday.
** SOLAZYME INC, $11.88, up 6 pct (1041 ET)
Analysts at Baird Equity Research raised their price target on the bioproducts company's stock to $16 from $12, citing Solazyme's second-quarter results that beat estimates, and adding that they expect a significant increase in production capacity over the coming years.
"We believe Solazyme's execution since its public offering deserves a lower discount rate as it continues to lower the risk in its business growth," analyst Ben Kallo said.
** BIOCRYST PHARMACEUTICALS INC, $5.88, down 6 pct (0954 ET)
The company that focuses of developing treatments for infectious and inflammatory diseases reported second-quarter revenue much below analysts' estimates and a wider-than-expected quarterly loss.
** CHARLES & COLVARD LTD, $6.46, down 5 pct (1044 ET)
The jewelry maker reported a loss in the second quarter as promotional activity hurt its gross margin.
The company reported a net loss of $492,000, or 2 cents per share, compared with a net income of $549,000, or 3 cents per share, a year earlier.
** FREEPORT MCMORAN COPPER & GOLD INC, $30.42, up 4 pct (0940 ET)
** NEWMONT MINING CORP, $27.04, up 2 pct (0940 ET)
Gold prices firmed as the dollar fell to a seven-week low against a basket of currencies. Spot gold was up 0.2 percent at $1,289.61 an ounce at 1126 GMT while U.S. gold futures for December delivery were up $3.10 an ounce at $1,288.40.
** NOVAVAX INC, $2.50, down 4 pct (1000 ET)
The drug developer posted a bigger-than-expected quarterly loss on higher research and development expenses related to the initiation of the company's influenza trials and higher employee-related costs.
** AEROPOSTALE INC, $13.92, down 2 pct (0938 ET)
The apparel retailer reported a 15 percent decline in its second-quarter same-store sales despite an increase in promotional activity. The company said it expects a loss of 42 to 44 cents per share, including charges of about 19 cents per share that were not built into the previous forecast.
Analysts, on average, were expecting a loss of 17 cents per share, according to Thomson Reuters I/B/E/S.
** L BRANDS INC, $59.82, up 4 pct (0947 ET)
The parent company of Victoria's Secret and Bath & Body Works reported a same-store sales gain of 3 percent for July, beating forecasts for a 1.5 percent rise. The company benefited largely from its La Senza chain in Canada.
Canaccord Genuity raised its target price on the L Brand's stock to $48 from $43 after the company also raised its earnings forecast for the current quarter.
** FUSION-IO INC, $11.35, down 24 pct (0946 ET)
The storage drive maker reported a bigger quarterly loss as it spent more on marketing and incurred costs related to absorption of employees from a company it acquired in April.
Eight brokerages cut their price targets on the stock. The company's near-term revenues are being impacted by strategic customers pausing on spending and some impact from channel conflicts with manufacturers, Credit Suisse analysts wrote in a note, and cut their price target on the stock by $5 to $15.
** CROCS INC, $13.28, down 5 pct (0946 ET)
Sterne Agee & Leach downgraded the shoemaker's stock to "underperform" citing a lack of senior leadership as the reason for the company's poor performance. Managers of Asia, Latin America, and North America have recently left Crocs.
"We contend that the aforementioned voids in management are the result of a rigid internal structure that does not empower managers and all major decisions come from the top," analysts led by Sam Pose wrote in a note to clients on Thursday.
** CARDINAL FINANCIAL CORP, $17.18, up 5 pct (0946 ET)
The financial holdings company will replace American Greetings Corp in the S&P SmallCap 600 after the close of trading on Friday, August 9.
** WINDSTREAM CORP, $8.32, down 3 pct (1456 ET)
The telephone operator said it expects full-year revenue to decline 1 to 3 percent due to a softer sales environment in its business service segment and continuing pressure in the carrier transport business.
** CENVEO INC, $2.27, down 12 pct (0945 ET)
The label maker on Wednesday reported second-quarter revenue below estimates as demand for its envelopes fell, and it faced higher competition.
The company also said it was looking at strategic options for some of its operating assets. "We began evaluating distressed assets within certain industries that we operate and may look to potentially integrate them into our existing platform," the company said in a statement.
** SILICON GRAPHICS INTERNATIONAL CORP, $16.30, down 18 pct (0944 ET)
The servers and high-end computer maker forecast current-quarter results below analysts' estimates as U.S federal budget cuts, or sequestration, caused its customers to delay projects.
The company on Wednesday also reported fourth-quarter results below expectations as a large deal was pushed into the current quarter.
** TUMI HOLDINGS INC, $22.84, down 10 pct (0943 ET)
The luxury baggage and travel goods maker reported lower-than-expected quarterly earnings as fewer customers visited its stores in North America. Tumi also cut its full-year profit outlook as it expects increased marketing and e-commerce expenses.
** DEXCOM INC, $26.93, up 22.5 pct (1453 ET)
The medical device maker reported a smaller-than-expected quarterly loss, helped by a strong growth in sales.
"DexCom continues to deliver on its strategy to double revenues every two years and a scarcity of growth in med-tech along with take-out expectations should sustain DXCM's premium valuation, keeping us at 'Buy'," Jefferies analyst Raj Denhoy said in a note.
** IMPERVA INC, $44.00, down 14 pct (0942 ET)
The data security company reported a bigger-than-expected quarterly loss and said on Wednesday its performance in Europe and South America was impacted by sales execution challenges.
** THOMPSON CREEK METALS COMPANY INC, $3.07, up 7 pct (0941 ET)
The molybdenum miner reported better-than-expected adjusted profit, driven by stronger production and a 29 percent rise in sales during the quarter.
The company reported an adjusted profit of 8 cents per share. Analysts' had estimated a profit of 1 cent per share, according to Thomson Reuters I/B/E/S.
The company also appointed Jacques Perron as the new chief executive officer.
** HALCON RESOURCES CORP, $5.18, down 12 pct (0940 ET)
The oil and gas producer said it would offer $300 million of senior unsecured notes due 2022. The proceeds from the sale will be used to repay a part of the company's borrowings, Halcon said late on Wednesday.
** FUEL TECH INC, $4.18, up 6 pct (0940 ET)
The company, which provides air pollution reduction and control solutions to utility and industrial customers, reported better-than-expected second-quarter results due to a rise in orders from domestic and international customers.
** ARRIS GROUP INC, $16.69, up 7 pct (0940 ET)
The video and broadband products maker reported higher-than-expected second-quarter results, boosted by its acquisition of Motorola Home, which was completed in April.
Google Inc agreed to sell set-top TV box maker Motorola Home to Arris for $2.35 billion last year.
** ION GEOPHYSICAL CORP, $5.59, down 12 pct (1452 ET)
The geotechnology services provider reported a lower-than-expected profit in the second quarter due to cost overruns and a drop in revenue from rental equipment and vibrator truck sales.
** PROCERA NETWORKS INC, $15.93, up 5 pct (0939 ET)
The maker of network management equipment reported a smaller-than-expected second-quarterly loss and the company said on Wednesday it won four orders from Tier 1 broadband service provider customers.
** GREEN MOUNTAIN COFFEE ROASTERS INC, $74.30, down 6 pct (0939 ET)
The company's revenue missed estimates for the second straight quarter, mainly due to a drop in sales of its Keurig brewers and accessories, sending its shares down 6 percent.
** ORASURE TECHNOLOGIES INC, $4.59, up 8 pct (0938 ET)
The medical diagnostic products maker reported a narrower-than-expected quarterly loss because of higher sales of its over-the-counter HIV test kits.
The company reported a net loss of 10 cents per share for the second quarter. Analysts on an average expected a loss of 16 cents per share, according to Thomson Reuters I/B/E/S.
** LIMELIGHT NETWORKS INC, $2.00, down 9 pct (0938 ET)
The content delivery network provider reported lower-than-expected second-quarter revenue on Wednesday, and said high customer churn and lower gross margins from investments in its professional services business contributed to the "disappointing" results. (Compiled by Rohit T.K. in Bangalore)