19 Min Read
Aug 9 (Reuters) - Some U.S. stocks on the move on Friday:
U.S. stocks fell, putting the three major indexes on track for their worst week since June, as investors found little incentive to buy with equity prices not far below last week's record levels. The Dow Jones industrial average fell 109.32 points or 0.71 percent, the S&P 500 declined 6.73 points or 0.40 percent while the Nasdaq Composite dropped 7.48 points or 0.20 percent.
** FRANK'S INTERNATIONAL NV, $27.11, up 23 pct (1010 ET)
Shares of the company, which provides drilling equipment and services to Chevron Corp, Exxon Mobil Corp and ConocoPhillips among others, jumped as much as 27 percent in their market debut.
** CVENT INC, $38.00, 80 pct (1013 ET)
Shares of the event-management software maker rose as much as 85 percent in their market debut after company's initial public offering was priced at more than 10 percent above the top end of the expected pricing range.
** MIX TELEMATICS LTD, $18.00, up 12.5 pct (1408 ET)
Shares of the fleet management software maker rose as much as 25 percent in their market debut after the offering of 6.2 million American Depositary Shares (ADS) was priced at $16 each.
** BITAUTO HOLDINGS LTD. $17.16, up 19 pct (1321 ET)
Brokerage Oppenheimer & Co raised its price target on the China-based company's stock a day after it reported a 36.5 percent rise in quarterly revenue due to strong growth in its core advertising business.
Bitauto, through its websites, lists prices of new and used cars sold at dealerships around China.
The stock, trading at more than four times its average 10-day volume, was one of the top percentage gainers on the New York Stock Exchange.
** PRICELINE.COM, $982.34, up 5 pct (1007 ET)
Barclays Capital raised its price target on the online travel agency's stock to $1,100 from $775 and kept its "overweight" rating, after the company on Thursday reported a higher-than-expected quarterly profit.
Rising reservations for rental cars and hotels bolstered Priceline, which has the highest market capitalization among online travel agencies.
** BLACKBERRY LTD, $9.82, up 6 pct (1001 ET)
The Canadian smartphone maker is warming up to the possibility of going private as it battles to revive its fortunes, several sources familiar with the situation said. BlackBerry has recently had discussions with private equity firm Silver Lake Partners about potential collaboration in enterprise computing, one of the sources said.
** PERFORMANCE TECHNOLOGIES INC, $2.31, up 81 pct (1027 ET)
The maker of network communication equipment reported a 42 percent rise in second-quarter revenue as the company added more customers.
** MERGE HEALTHCARE INC, $2.83, down 37.3 pct (0951 ET)
The medical imaging software maker said Chief Executive Jeffery Surges retired after three years at the helm, and he would be replaced by Chief Financial Officer Justin Dearborn. The company also promoted Executive Vice President Nancy Koenig to chief operating officer.
"I want to apologize for the company's very disappointing second-quarter results," Merge's chairman Michael Ferro said after the company reported a weaker-than-expected profit. "Our new leaders, Justin Dearborn and Nancy Koenig, resurrected Merge five years ago, and they are the right team to get the company back on track."
The company also reported on 29 percent fall in sales of its clinical trials software business.
** UBIQUITI NETWORKS INC, $27.30, up 28 pct (1005 ET)
The wireless products maker's quarterly revenue rose 6.6 percent, helped by gains in its WLAN business. Net profit rose to $28.8 million, or 32 cents per share, in the fourth quarter, from $28.4 million, or 30 cents per share, a year earlier.
** AMEDISYS INC, $17.50, up 19.7 pct (1030 ET)
The home healthcare provider, in a regulatory filing on Thursday, said private equity firm KKR Asset Management LLC Home bought an 8.5 percent stake in it. (r.reuters.com/rer32v)
This prompted CRT Capital Group to raise its rating on Amedisys's stock to "fair value" from "sell".
"Some may conclude from the language of the 13-D that KKR may not actually become active. We reviewed it and found it nearly identical to other activists' initial statements: then things changed," CRT Capital analyst Sheryl Skolnick wrote. "Thus, a new board and management does seem likely...and THAT is the root cause of our upgrade."
** MODEL N INC, $19.35, down 15 pct (1414 ET)
The revenue management software company reported higher-than-expected third-quarter adjusted profit but analysts said execution issues weighed on the company's results.
At least three brokerages cut their price targets on the company's stock.
** RESEARCH FRONTIERS INC, $4.73, up 15 pct (1043 ET)
The company, which makes suspended particle device (SPD-Smart) light-control technology used in smart windows, skylights and sunroofs, said late on Thursday that the Mercedes-Benz S-Class would feature its smartglass technology.
** WILLBROS GROUP INC $8.20, up 10 pct (1044 ET)
The energy infrastructure contractor on Thursday posted a surprise profit of 2 cents for the second quarter as operating income rose in three of its four businesses. Analysts on average had expected a loss of 8 cents per share, according to Thomson Reuters I/B/E/S.
** NOAH HOLDINGS LTD, $15.46, up 19 pct (1126 ET)
Oppenheimer & Co raised the Chinese wealth management services provider's stock to "outperform" from "perform", saying the company is expected to benefit from its asset management business, fueled by introduction of real estate fund and new wealth management unit. Higher wealth accumulation in China is expected to boost demand for the company's services.
** ARKANSAS BEST CORP, $23.10, up 17 pct (1130 ET)
The logistics company reported higher-than-expected second-quarter revenue and said it had ratified a national five-year labor contract. The company also said its non-union pension expense would fall from the current quarter as it freezes the accrual of future benefits.
** YONGYE INTERNATIONAL INC, $5.88, up 9 pct (1042 ET)
The Chinese fertilizer maker said its second-quarter profit more than doubled due to strong demand for its plant nutrient, Shengmingsu, and two other products, combined with the expansion of its retailer network.
** AIR METHODS CORP, $41.29, up 16 pct (1102 ET)
The air ambulance operator reported higher net revenue per patient transport for the second quarter but results missed estimates due to higher cancellations due to bad weather. The company said it expected future earnings to improve as the weather betters and spending on maintenance reduces.
William Blair analyst Ryan Daniels said investors are looking at the improving future growth indicators such as stable patient mix and good pricing.
** FX ENERGY INC, $3.30, down 10.6 pct (1231 ET)
The U.S. oil and gas explorer reported a bigger-than-expected second-quarter loss as the company incurred higher exploration costs at its Permian basin in Poland.
** JAMES RIVER COAL CO, $1.87, up 6 pct (0959 ET)
** PEABODY ENERGY CORP, $18.05, up 8.7 pct (1244 ET)
** WALTER ENERGY INC, $12.08, up 5.7 pct
** ALPHA NATURAL RESOURCES INC, $5.78, up 9.7 pct
** ARCH COAL INC, $4.47, up 7.5 pct
Shares of coal miners gained after ratings agency Moody's changed its outlook on the U.S. coal industry to "stable" from "negative". Moody's said on Thursday it did not expect industry fundamentals to deteriorate over the next 12 to 18 months, though conditions remained very weak.
James River reported a smaller-than-expected quarterly loss as cost cutting made up for a sharp decline in coal prices and shipments.
** SHORETEL INC, $4.45, up 8.27 pct (1040 ET)
The communication equipment maker reported better-than-expected fourth-quarter results as it added more customers. [ID:nASB086OM}
** ANI PHARMACEUTICALS INC, $6.52, up 7.4 pct (1040 ET)
The company reported a rise in second-quarter revenue as sales of its prescription medicines business rose 26 percent. Net revenue rose 19 percent to $6.2 million.
** ROUNDY'S INC, $7.95, down 7 pct (1041 ET)
The grocery store operator reported lower-than-expected third-quarter sales on Thursday, hurt by competition, unfavorable spring weather conditions and a continued weak economic climate in its core markets. The company also cut its full-year profit forecast.
** LINNCO LLC, $25.61, down 7 pct (1209 ET)
** LINN ENERGY LLC, $23.88, down 5.6 pct
Oil and gas producer LINN Energy, an affiliate of LinnCo which is under investigation for possible violations of federal securities laws, said its results in the first half of the year were hurt by lower-than-expected returns from its capital expenditures and weak natural gas liquids prices.
** QEP MIDSTREAM PARTNERS LP, $22.52, up 7 pct
The limited partnership formed by QEP Resources Inc to own, acquire and develop midstream energy assets rose as much as 12.4 percent in its market debut after pricing 20 million common units at $21 each.
** OLYMPIC STEEL INC, $28.42, up 9 pct (1403 ET)
The steelmaker said its capital expenditure for the first half of the year was 38 percent of its budget and that it expects to save operating costs worth over $4.0 million in the second half.
** DEVRY INC $29.73, down 6.6 pct (1208 ET)
The for-profit education company on Thursday posted a surprise loss for the fourth quarter, hurt by a decline in student enrolment, along with higher restructing costs and an asset impairment charge.
BMO Capital Markets and Compass Point cut their target price on the stock.
** OPLINK COMMUNICATIONS, $20.62, down 6 pct (1223 ET)
The networking equipment maker expects gross margins in the current quarter to fall from the previous quarter, because of increased employee count and wage rates, Chief Executive Shirley Yin said on a conference call with analysts on Thursday. The stock was trading nearly one and a half times its average 10-day volume.
** GAP INC, $43.09. down 5 pct (1045 ET)
The apparel retailer reported a 1 percent rise in its July same-store sales. Analysts were expecting same-store sales to rise 1.7 percent in the month, according to Thomson Reuters.
** UNIPIXEL INC, $16.17, down 4.5 pct (1218 ET)
The LCD film maker reported a bigger-than-expected quarterly loss on Thursday due to an increase in salaries and benefits and higher legal expenses.
** ENERPLUS CORP, $17.20, up 4.5 percent (1233 ET)
The Canadian oil and gas producer said it expects 2013 production to exceed its own estimates and posted a better-than-expected second-quarter profit. The company now expects average production for the year to exceed its forecast of 85,000 barrels of oil equivalent per day.
** IHS INC, $115.71, up 3.5 pct (1227 ET)
Deutsche Bank raised its rating on the business information provider's stock to "buy" from "hold", saying improving economic expenditure and the acquisition of Carfax owner R.L. Polk & Co will accelerate revenue growth.
** MAGNUM HUNTER RESOURCES CORP, $3.94, down 3.7 pct (1019 ET)
The oil and gas producer reported a bigger-than-expected second-quarter loss as costs jumped 84 percent, partly due to higher lease operating expenses, mainly in the Williston Basin in Canada.
On an adjusted basis, the company reported a loss of 18 cents per share. Analysts were expecting a loss of 12 cents per share, according to Thomson Reuters I/B/E/S.
** UNIVERSAL DISPLAY CORP, $34.83, up 19 pct (1005 ET)
The LED supplier said it expects full-year results near the high-end of its previous forecast, helped by higher license fees and more orders from flat-panel display makers such as Samsung Display Corp.
** DENDREON CORP, $3.71, down 19 pct (1001 ET)
The biotechnology company posted a bigger-than-expected quarterly loss due to lower sales of its prostate cancer vaccine, Provenge. The company said it did not expect "enough of a sales increase" for Provenge in the second half of the year.
Credit Suisse cut its price target on the stock to $3 from $4. Cantor Fitzgerald lowered its price target to $5 from $7.
** AMERICA MOVIL, $20.90, down 6 pct (1000 ET)
Mexican billionaire Carlos Slim's America Movil has made a 7.2 billion euro ($9.6 billion) bid for the 70 percent of Dutch telecoms group KPN it does not own, challenging an arch-rival's attempt to buy KPN's German business.
Investors may question the merits of additional leverage for AMX to invest in Europe while its core Mexican operations are showing signs of a turnaround, Macquarie Equities Research analysts wrote in a note.
** FEDERAL SIGNAL CORP, $11.17, up 16.8 pct (0957 ET)
The company, which makes safety and security systems, vacuum loader vehicles and street sweepers, forecast full-year earnings above Wall Street estimates, citing strength in industrial orders and stability in municipal demand.
** REAL GOODS SOLAR INC, $2.37, up 14 pct (0947 ET)
The solar energy company said it would buy Mercury Energy Inc to increase its presence in key solar markets across the U.S. East Coast.
** EBIX INC, $10.40, down 7 pct (1000 ET)
The insurance software maker said its second-quarter profit fell by a fourth due to higher liability on a variable stock put option and higher tax reserves. The stock fell as much as 30 percent on Wednesday after Bloomberg reported that federal investigators were reviewing the company's cross-border financial transactions.
** MOLYCORP INC, $6.40, down 13 pct (0958 ET)
The U.S. rare earths company reported a wider quarterly loss on Thursday even as revenue rose, hurt by a sharp drop in prices.
** EV ENERGY PARTNERS LP, $40.00, up 4 pct (0958 ET)
The oil and gas producer's second-quarter profit more than doubled as natural gas production increased and the company cut costs by 16 percent. The company also said it will sell certain assets in Ohio's Utica Shale for $284.3 to an undisclosed buyer.
** ECHELON CORP, $2.19, down 4 pct (0957 ET)
The company, which makes hardware and software to manage industrial electric equipment, forecast third-quarter revenue below analysts' expectations on a delay in new smart grid tenders. At least two brokerages cut their ratings on the stock.
** J.C. PENNEY CO, $13.11, down 4 pct (0957 ET)
The company has started searching for a new chief executive to replace Myron Ullman, with top investor Bill Ackman pushing to have one named in 30 to 45 days, according to a letter the activist investor sent to the company's board.
** SALIX PHARMACEUTICALS LTD, $69.90, down 5 pct (0945 ET)
The drugmaker posted a lower-than-expected profit for the second quarter as expenses rose.
Cantor Fitzgerald cut the price target on the company's stock to $77 from $81.
** YOUKU TUDUO INC, $22.95, down 9 pct (0954 ET)
The Chinese online video company forecast current quarter revenue largely below analysts' estimates as demand for its advertising services slowed.
** NVIDIA CORP, $14.21, down 3 pct (0953 ET)
The graphic chipmaker forecast current-quarter revenue below analysts' estimates as it continues to struggle with high competition in a slowing PC market.
** WRIGHT MEDICAL GROUP INC, $24.30, down 10 pct (0952 ET)
The orthopedic device maker said U.S. health regulators rejected its regenerative bone graft used in surgical procedures in the ankle and the foot and sought an additional study.
** NEOPHOTONICS CORP, $6.85, down 13 pct (1536 ET)
The company, a maker of chips for optical networking equipment, on Thursday forecast an adjusted loss in the range of $0.04-$0.14 per share for the third quarter ending Sept. 30. Analysts on average were expecting a profit of 5 cents per share, according to Thomson Reuters I/B/E/S.
"The company's strength was predicated on the idea that there was a very large build of optical capacity slated to happen in China, and the Chinese build has not started yet," Needham & Co analyst Alex Henderson said.
** RACKSPACE HOSTING INC, $49.01, up 11 pct (0952 ET)
The company, which runs server farms that lease online storage space to companies, reported better-than-expected quarterly results as it generated more revenue per server.
** WEB.COM GROUP INC, $26.45, down 6 pct (0952 ET)
The company, which provides internet services to small and medium sized businesses, said it will offer $225 million of senior convertible notes due in 2018. Web.com also granted a 30-day option to purchase up to an additional $33.75 million of notes, Web.com said in a statement.
** NPS PHARMACEUTICALS INC, $21.20, up 17 pct (0951 ET)
The company reported a higher-than-expected second-quarter revenue, boosted by sales of its flagship drug, Gattex, launched in the first quarter. The drugmaker's revenue was $36.5 million in the quarter ended June. Analysts were expecting $31.6 million, according to Thomson Reuters I/B/E/S.
** NEKTAR THERAPEUTICS, $11.82, up 8 pct (0950 ET)
The company reported a smaller-than-expected quarterly loss as it received a $10 million milestone payment for initiation of late-stage studies for its experimental pneumonia therapy. Nektar reported a second-quarter net loss of 37 cents per share. Analysts had expected a loss of 44 cents per share, according to Thomson Reuters I/B/E/S.
** BOINGO WIRELESS INC, $7.77, up 3 pct (0950 ET)
The Wi-Fi software and services provider reported better-than-expected revenue on Thursday helped by higher demand in its retail and advertising businesses.
** FUTURE FUEL CORP, $17.29, up 6 pct (0948 ET)
The chemical and biofuels maker said on Thursday its second-quarter profit doubled, driven by higher sales in its biofuels business, which contributed 60 percent of the total revenue. Revenue rose 3 percent to $106.1 million.
** NOODLES & CO, $44.14, down 6 pct (0948 ET)
Fast-casual restaurant chain's muted forecast for the current year disappointed investors. The company forecast a full-year profit of 39 cents to 41 cents per share. Analysts on average had expected 39 cents, according to Thomson Reuters I/B/E/S. "That's something that was a little bit lower than what buy-siders expected," Wedbush Securities analyst Nick Setyan told Reuters.
** VERTEX ENERGY INC, $2.70, down 4.3 pct (1128 ET)
The industrial recycling services provider said its profit would miss analysts' estimates in the second quarter as operating expenses rose and it incurred expenses for buying equipment for extracting impurities from used motor oil.
** WORLD POINT TERMINALS LP, $19.43, down 2.8 pct (1149 ET)
Shares of the oil storage company fell as much as 4 percent in their market debut, valuing the company at about $633.02 million. The company priced its offering of 8.8 million units at the midpoint of its proposed price range of $19 to $21 per unit. World Point Terminals raised $176 million from the offering. (Compiled by Rohit T.K. in Bangalore; Editing by Don Sebastian)