August 12, 2013 / 3:34 PM / 4 years ago

MARKET PULSE-BlackBerry, ECOtality, Galectin, Vical, gold stocks

(For more market insights, including options activity, click on ; for The Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/gew32v)

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

WALL ST OPENS LOWER, EXTENDING RECENT DECLINE

U.S. stocks mostly fell on Monday, 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, $10.20, up 4.4 pct (1026 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.

BlackBerry pioneered on-your-hip email with its first smartphones and email pagers. But it has struggled to compete against the likes of Apple Inc and phones using Google Inc’s Android operating system. Its new BlackBerry 10 smartphones have failed to gain traction.

** GALECTIN THERAPEUTICS, $6.89, up 23.69 pct (1038 ET)

The biotechnology company said its experimental treatment for fatty liver disease with advanced fibrosis got “fast track designation” from the U.S. Food and Drug Administration.

A fast track designation expedites regulatory review of drugs that aim to treat serious diseases and fill unmet medical needs.

** STEINWAY MUSICAL INSTRUMENTS INC, $39.25, up 8.3 pct (1036 ET)

The manufacturer of pianos, saxophones and trumpets said it received a takeover offer from an investment firm it did not identify that topped a bid by private-equity firm Kohlberg & Co.

Steinway said in December that it had decided not to sell itself after a 17-month-long review of strategic options. Six months later, Kohlberg made an offer valuing the company at about $438 million. The latest offer values Steinway at about $477 million.

** PERION NETWORK LTD, $10.92, down 9.3 pct (1033 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.

** ENDEAVOUR SILVER, $4.57, up 10.1 pct (1100 ET)

** HARMONY GOLD MINING, $4.06, up 8.8 pct (1116 ET)

** SILVER STANDARD RESOURCES, $8.44, up 7.6 pct (1100 ET)

** ROYAL GOLD, $58.58, up 7.8 pct (1104 ET)

** SEABRIDGE GOLD, $14.83, up 7.7 pct (1129 ET)

** ELDORADO GOLD,$8.4, up 6.5 pct (1104 ET)

** BARRICK GOLD, $18.4, up 5.6 pct (1105 ET)

** HECLA MINING, $3.48, up 5.5 pct (1105 ET)

Gold hit its highest in nearly three weeks in thin trade, shrugging off a stronger dollar on technical buying, while the world’s biggest gold exchange-traded fund recorded the first inflow in two months.

Spot gold rose as much as 2.2 percent to $1,343.06 an ounce, its highest since July 24. It was up 2 percent at $1,340.50 by 1407 GMT, on track for its fourth straight day of gains and its biggest daily increase in three weeks.

Silver rose to a near two-month high of $21.32 an ounce and was later trading up 3.6 percent at $21.26.

** DOLE FOOD CO INC, $13.46, up 5 pct (1034 ET)

The vegetable and fruit producer said it agreed to be taken private by its 90-year-old Chairman and Chief Executive David Murdock after he raised his offer to $13.50 per share.

Murdock, who is Dole’s largest shareholder with a stake of about 40 percent, made an offer in June to buy the rest of the company for $12 per share.

** ECOTALITY INC, $0.41, down 72 pct (1058 ET)

The electric vehicle charging station company said it might file for bankruptcy in the near future as certain adverse developments impacted its ability to fund anticipated losses.

ECOtality said in a regulatory filing that it is exploring options for a restructuring or sale of its assets or the entire business.

The company had received about $135 million in grants from the U.S. Department of Energy to test the electric vehicle technology. ECOtality’s subsidiaries received about $35 million between 2005 and 2011 while the company was awarded a $100 million grant in 2009.

** VICAL INC, $1.50, down 58 pct (1035 ET)

The drugmaker said it would stop development of its most advanced drug, cancer therapy Allovectin, after a late-stage trial failed to show that the treatment was significantly better than chemotherapy, sending its share down 60 percent.

The 390-patient trial tested Allovectin for the treatment of advanced melanoma, the deadliest form of skin cancer.

** CODEXIS INC, $2.06, down 8.4 pct (1104 ET)

The enzyme developer reported a bigger-than-expected second-quarter loss on Friday due to lower sales of its cholesterol-lowering generic drug atorvastatin.

Codexis reaffirmed its pharmaceutical revenue forecast of $35 million to $40 million for 2013, but said product revenue would now contribute about $25 million to that total. The company earlier said product revenue would be $30 million.

** CELLDEX THERAPEUTICS INC, $20.39, up 7.6 pct (1039 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.

** JAMES RIVER COAL CO, $2.13, up 7.5 pct (1104 ET)

The coal miner’s stock continued to rally after it reported a smaller-than-expected quarterly loss on Friday as cost cutting made up for a sharp decline in coal prices and shipments.

Analysts also noted the company’s improved liquidity position. James River Coal’s available liquidity was $108.8 million as of June 30, up from $107.2 million as of March 31.

** ENANTA PHARMACEUTICALS INC, $18.75, up 6 pct (1043 ET)

The biotechnology company reported a smaller-than-expected loss for the third quarter due to lower operating expenses.

** TESLA MOTORS INC, $146.45, down 4 pct (1038 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.

** ISIS PHARMACEUTICALS INC, $27.00, down 4.3 pct (1052 ET)

A Barron's report said on Saturday that the promise of the company's lipid disorder drug, Kynamro, "may not be as great as it appears" and has significant side-effects. (r.reuters.com/xew32v)

Kynamro was approved by the U.S. Food and Drug Administration in January to treat a rare genetic disorder that causes high levels of bad cholesterol.

** CAMPBELL SOUP CO, $47.29, down 0.87 pct (1040 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. The companies did not disclose the terms of the deal.

** F5 NETWORKS INC, $92.92, up 3.3 pct (1037 ET)

Barclays Capital raised its rating on the network gear maker’s stock to “overweight” from “equal weight”, according to the Theflyonthewall.com.

** LINN ENERGY LLC, $24.35, down 2.5 pct (1041 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.

** PINNACLE FOODS INC, $26.44, up 3.8 pct (1041 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.

** APPLE INC, $464.75, up 2.3 pct (1043 ET)

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

** SYSCO CORP, $33.35, down 4.7 pct (1103 ET)

The distributor of food and related products reported a lower-than-expected fourth-quarter profit because of higher expenses.

** ZOLTEK COS INC, $13.14, down 4.5 pct (1043 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.

** PETROLEO BRASILEIRO PETROBRAS SA, $14.71, up 3 pct (1044 ET)

Oil industry suppliers Technip and DOF Subsea said on Monday they have won major contracts from Brazilian state-owned oil company Petrobras .

** PHARMERICA CORP, $13.62, down 3.3 pct (1044 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.

** QUIKSILVER INC, $5.66, down 3 pct (1100 ET)

B. Riley & Co downgraded the sportswear retailer’s stock to “neutral” from “buy”, according to Theflyonthewall.com.

** LAREDO PETROLEUM HOLDINGS INC, $25.21, down 2.8 pct (1027 ET)

The oil and gas explorer would offer 13 million shares of its common stock and use proceeds from the sale to fund its exploration and development activities.

The company said certain affiliates of Warburg Pincus LLC and members of Laredo Petroleum’s management would offer an additional 3 million shares.

** HD SUPPLY HOLDINGS INC, $23.53, up 1.8 pct (1041 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.

** ANI PHARMACEUTICALS, $6.65, up 1.5 pct (1048 ET)

The company said it would collaborate with privately-held Sofgen Pharmaceuticals for the development of a generic oral soft gel with a cardiovascular therapeutic effect.

Sofgen will be responsible for the development, manufacturing and regulatory submission of the gel while ANI will handle its marketing and distribution in the United States.

** NORDIC AMERICAN TANKERS LTD, $9.37, down 1.3 pct (1056 ET)

The tanker operator reported a bigger-than-expected loss for the second quarter as rates to hire its vessels fell in the spot market. (Compiled by Neha Alawadhi; Editing by Kirti Pandey)

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