August 12, 2013 / 2:08 PM / 4 years ago

MARKET PULSE-BlackBerry, Perion, Steinway, Vical, Dole Food, Tesla Motors

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Aug 12 (Reuters) - Some U.S. stocks on the move on Monday:

WALL ST OPENS LOWER, EXTENDING RECENT DECLINE

U.S. stocks mostly fell, extending the previous week’s decline as investors found few reasons to buy, though a rally in BlackBerry limited the Nasdaq’s decline.

The Dow Jones industrial average was down 0.24 percent while the Standard & Poor’s 500 Index was down 0.26 percent. The Nasdaq Composite Index was down 0.03 percent.

** BLACKBERRY LTD, $10.24, up 5 pct (0952 ET)

The Canadian smartphone maker, struggling to compete in a difficult market, has set up a committee to look at options, including joint ventures, partnerships or a sale of the company.

In a statement released before the market opened, the company said board member Timothy Dattels, an investment banker and former Goldman Sachs executive, would chair the new committee, which would also include BlackBerry Chief Executive Thorsten Heins.

** PERION NETWORK LTD, $10.92, down 9.3 pct (0956 ET)

The digital media company reported lower-than-expected quarterly results and forecast a weak third quarter as customers delayed project implementation, pushing revenue expected in the current quarter into the next quarter.

Perion also announced an agreement with Yahoo Inc to diversify its search business. Under the agreement, Yahoo’s search marketplace and search feature will be available to Perion’s customers.

** DOLE FOOD CO INC, $13.46, up 5 pct (0933 ET)

The vegetable and fruit producer said it agreed to be taken private by Chairman and Chief Executive David Murdock after he raised his offer to $13.50 per share from $12 per share.

** VICAL INC, $1.39, down 61 pct (0937 ET)

The drugmaker said it would stop developing its most advanced drug, cancer therapy Allovectin, after a late-stage trial failed to show that the treatment was significantly better than chemotherapy.

** STEINWAY MUSICAL INSTRUMENTS INC, $39.11, up 7.9 pct (0937 ET)

The manufacturer of pianos, saxophones and trumpets said it received a $38-per-share takeover offer from an investment firm, topping an earlier bid by private-equity firm Kohlberg & Co.

The stock rose to $39 in premarket trade, indicating that some investors were expecting a higher offer.

** TESLA MOTORS INC, $147.99, down 3.3 pct (0938 ET)

Lazard Capital Markets cut its rating on the electric sports car maker’s stock to “neutral” from “buy”, saying that the recent rise in the share has already priced in the company’s development into a successful premium manufacturer.

“Meaningful upside from current (share price) levels will require domestic manufacturing in China and record sales of Gen 3 on launch,” Lazard analyst Aditya Satghare wrote in a note to clients.

The stock jumped 18 percent to a record of $158.88 on Thursday after the company reported a surprise quarterly profit. Tesla is due to launch a compact electric sedan known internally as Gen 3 in 2016.

** CELLDEX THERAPEUTICS INC, $19.80, up 4.7 pct (1000 ET)

The biotechnology company announced the expansion of a mid-stage study on its experimental cancer therapy, rindopepimut, by adding a cohort of about 75 patients.

Rindopepimut targets EGFRvIII-positive glioblastoma, an aggressive form of brain cancer.

** CAMPBELL SOUP CO, $47.21, down 1.1 pct (0939 ET)

The soup maker said it was in final negotiations with private equity firm CVC Capital Partners for the sale of some of its businesses in Europe.

** LINN ENERGY LLC, $24.45, down 2.16 pct (0940 ET)

Oppenheimer & Co resumed on Friday its coverage of the oil and gas producer’s stock with an “underperform” rating, one rung lower than its prior rating, saying that the company’s acquisition of Berry Petroleum Co was in jeopardy. The Securities and Exchange Commission is investigating the proposed deal as well as Linn Energy’s accounting.

Raymod James analysts on Friday cut their price target on the stock to $37 from $40.

** HD SUPPLY HOLDINGS INC, $23.50, up 1.8 pct (0942 ET)

Shares of commercial construction products supplier HD Supply Holdings could rise more than 20 percent within a year and hit $42 within three years, according to a report in business weekly Barron’s on Sunday.

HD Supply was a division of the Home Depot until 2007 and went public in late June.

** PINNACLE FOODS INC, $26.40, up 3.7 pct (0942 ET)

The packaged foods company said it would buy Unilever Plc’s Wish-Bone salad dressings business for $580 million to expand its range of branded food products.

** BROADCOM CORP, $25.74, down 1.2 pct (0943 ET)

Goldman Sachs cut its rating on the chipmaker’s stock to “neutral” from “buy”, according to the Theflyonthewall.com.

** APPLE INC, $460.08, up 1.3 pct (0944 ET)

The company is expected to present its redesigned iPhone on Sept. 10, technology blog AllThingsD said.

** ZOLTEK COS INC, $12.86, down 6.5 pct (0944 ET)

The carbon fiber maker reported a third-quarter loss on Friday because of weak demand from the wind energy market. The company supplies carbon fibers used in the manufacture of wind turbines.

Zoltek reported a loss of $0.9 million, or 3 cents per share, compared with an income of $5.6 million, or 16 cents per share, a year earlier.

** PHARMERICA CORP, $13.71, down 2.6 pct (0949 ET)

The U.S. government has sued the pharmaceutical company, accusing it of dispensing controlled drugs without valid prescriptions and defrauding Medicare by causing claims to be submitted for the illegally dispensed drugs.

** PETROLEO BRASILEIRO PETROBRAS SA, $14.71, up 3 pct (0950 ET)

Oil industry suppliers Technip and DOF Subsea said on Monday they have won major contracts from Brazilian state-owned oil company Petrobras . (Compiled by Neha Alawadhi; Editing by Kirti Pandey)

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