14 Min Read
Aug 12 (Reuters) - Some U.S. stocks on the move on Monday:
Technology stocks Apple and BlackBerry kept the Nasdaq above break-even on Monday, but other major stock indexes were lower in a session marked by light trading.
The Dow Jones industrial average was down 0.08 percent while the Standard & Poor's 500 Index was down 0.14 percent. The Nasdaq Composite Index was up 0.16 percent.
** BLACKBERRY LTD, $10.51, up 7.8 pct (1356 ET)
The Canadian smartphone maker is looking at options that could include joint ventures, partnerships or a sale of the company as it struggles to survive against stiff competition.
BlackBerry, which pioneered on-your-hip email with its first smartphones and email pagers, said it had set up a committee to review its options and that top shareholder Prem Watsa was stepping down from its board due to a possible conflict of interest.
BlackBerry was the most traded stock on the Nasdaq, with more than 68.7 million shares having changed hands by 1423 ET.
** ECOTALITY INC, $0.28, down 80 pct (1402 ET)
The maker of chargers for electric cars said it may need to file for bankruptcy after failing to increase sales.
** VICAL INC, $1.57, down 56 pct (1403 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.
More than 26.5 million Vical shares were traded on the Nasdaq by 1423 ET.
** GALECTIN THERAPEUTICS, $7.20, up 29.34 pct (1356 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.
** ALBANY MOLECULAR RESEARCH INC, $10.66, down 16 pct (1346 ET)
** BRISTOL-MYERS SQUIBB CO, $43.11, down 1.3 pct (1348 ET)
Contract research company Albany Molecular said partner Bristol-Myers Squibb would stop developing their experimental depression therapy.
Albany's shares tumbled 19 percent to $10.24 in afternoon trading. Albany said Bristol-Myers stopped two mid-stage studies of the drug after it failed to show superiority over two other antidepressants. (link.reuters.com/fax32v)
** APPLE INC, $467.40, up 2.8 pct (1424 ET)
The company is expected to present its redesigned iPhone on Sept. 10, technology blog AllThingsD said.
** SYSCO CORP, $33.20, down 5.2 pct (1447 ET)
The distributor of food and related products reported a lower-than-expected quarterly profit as gross margins eroded due to higher restructuring expenses, intense competition and slowing restaurant spending.
The stock was among the most heavily traded on the New York Stock Exchange on Monday. More than 2 million shares changed hands by 1445 ET.
** STEINWAY MUSICAL INSTRUMENTS INC, $39.54, up 9 pct (1357 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, $10.42, down 13.4 pct (1357 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.
** ALLIANCE ONE INTERNATIONAL INC, $3.23, down 10 pct (1353 ET)
The leaf tobacco merchant, which supplies to cigarette manufacturers, reported a quarterly loss due to higher crop costs in Brazil. The company said it is experiencing undersupply of burley and higher quality flavored tobaccos.
** ENDEAVOUR SILVER, $4.56, up 9.87 pct (1236 ET)
** HARMONY GOLD MINING, $4.09, up 9.65 pct (1236 ET)
** SILVER STANDARD RESOURCES, $8.44, up 7.6 pct (1100 ET)
** ROYAL GOLD, $58.98, up 8.51 pct (1236 ET)
** SEABRIDGE GOLD, $15.23, up 10.6 pct (1234 ET)
** ELDORADO GOLD,$8.54, up 8.2 pct (1233 ET)
** BARRICK GOLD, $18.32, up 5.2 pct (1233 ET)
** HECLA MINING, $3.48, up 5.5 pct (1232 ET)
** IAMGOLD CORP, $5.35, up 7 pct (1232 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.
** TECHNICAL COMMUNICATIONS CORP, $6.67, down 13 pct (1414 ET)
The company, which makes equipment that enables users to digitally encrypt and transmit information, reported lower third-quarter revenue due to a slowdown in bookings in the first half of the year.
** TEARLAB CORP, $13.13, up 8.3 pct (1359 ET)
Roth Capital Partners analyst Chris Lewis said the company's second-quarter results estimates were better than expected and orders for its test to detect dry eye disease reflected growth in physician adoption and commercial demand.
Lewis raises the price target on the stock to $15 from $9.
Tearlab will report its final results on Aug. 13.
** INVENSENSE INC, $17.03, up 5 pct (1402 ET)
The chipmaker said in a regulatory filing on Friday its inventory increased by $10 million in the quarter ended June 30 because of higher production to meet future demand, reinforcing speculation that its chips have finally been designed into Apple's upcoming iPhones. (r.reuters.com/jyw32v)
** DOLE FOOD CO INC, $13.46, up 5 pct (1402 ET)
The vegetable and fruit producer said it agreed to be taken private by 90-year-old Chairman and Chief Executive David Murdock after he raised his offer to $1.2 billion.
The new offer of $13.50 represents a 32 percent premium to Dole's stock price before Murdock made his initial offer of $12 per share in June.
** HEWLETT-PACKARD CO, $26.59, down 0.7 pct (1414 ET)
The computer maker and its former chief executive, Mark Hurd, have won dismissal of a lawsuit that challenged the company's public commitment to ethics at a time when Hurd was allegedly engaging in sexual harassment.
Hurd resigned from HP in August 2010 after allegations that he sexually harassed independent consultant Jodie Fisher. An internal HP probe cleared Hurd of harassment but found that he filed inaccurate expense reports. Hurd, 56, is now president of Oracle Corp.
** RESPONSE GENETICS INC, $2.04, up 14.3 pct (1411 ET)
The molecular diagnostic test developer said it signed an agreement with privately held managed care provider MultiPlan Inc, under which MultiPlan will offer its clients Response Genetics' testing services.
** CODEXIS INC, $1.96, down 12.5 pct (1404 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.
** CERAGON NETWORKS, $3.46, up 6.9 pct (1346 ET)
The Israeli telecom equipment maker reported better-than-expected second-quarter results and said its bookings improved through more business from telecom carriers in Latin America and Africa.
** UNIVERSAL DISPLAY CORP, $34.23, up 8.7 pct (1417 ET)
The LED supplier is expected to get a boost after the Korea Times reported that Samsung Electronics Co Ltd, one of Universal Display's top customers for flat panel display, has decided to cut the price of its curved OLED TV by 34 percent to increase sales. (r.reuters.com/hax32v)
** KRISPY KREME DOUGHNUTS INC, $22.71, up 6 pct (1405 ET)
Analyst Mark Kalinowski of Janney Capital Markets upgraded the U.S. doughnut group's stock to "buy" from "neutral", citing strong same-store sales momentum.
"With same-store sales momentum apparently continuing longer than we had expected - and to a greater magnitude than we had previously expected - our confidence in the long-term unit economic outlook for the Krispy Kreme box has expanded," Kalinowski wrote in a note.
** CHESAPEAKE GRANITE WASH TRUST, $15.23, down 5.8 pct (1406 ET)
Brokerage Raymond James lowered its rating on Chesapeake, an owner of oil and gas properties in Oklahoma, to "underperform" from "market perform", citing lower-than-expected production at the company's Colony Granite Wash wells for the three months ended May 31.
** CELLDEX THERAPEUTICS INC, $20.16, up 6.4 pct (1406 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.
** HARVEST NATURAL RESOURCES INC, $4.09, down 4.6 pct (1407 ET)
The oil and gas producer on Friday reported a quarterly loss as earnings from its operations in Venezuela fell. The company's planned sale of its Venezuelan operations to Indonesia's state oil company PT Pertamina was scrapped by the Indonesian government earlier this year.
** JAMES RIVER COAL CO, $2.17, up 9 pct (1407 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.
** URANIUM RESOURCE INC, $3.59, up 6 pct (1408 ET)
The miner, which is yet to record revenue from uranium sales, said on Friday that it expects a lower monthly cash burn during the second half of the year, and that it was likely to resume production activity in Texas in late 2014.
** GAFISA SA, $2.63, up 6 pct (1408 ET)
Shares of the Brazilian homebuilder rose after an executive told analysts on a conference call that cancellations in the low-income Tenda unit would not be material by the first half of next year.
** NATIONAL BANK OF GREECE, $4.36, up 4.3 pct (1405 ET)
Shares of the Greek lender rose as recession eased in the second quarter and Greece's government beat its budget deficit target for the period, according to data released by the country's statistics agency ELSTAT. The data showed the economy shrank at an annual pace of 4.6 percent in the quarter. Economists on an average had forecast a 5 percent contraction.
The German government dismissed a report that Greece would need a new aid package by early next year, saying Athens is making headway with reforms, as illustrated by some improved economic data from the recession-mired euro zone state.
** ENANTA PHARMACEUTICALS INC, $18.72, up 6 pct (1408 ET)
The biotechnology company reported a smaller-than-expected loss for the third quarter due to lower operating expenses.
** TESLA MOTORS INC, $143.40, down 6.2 pct (1409 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.
** PINNACLE FOODS INC, $26.47, up 4 pct (1423 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.
** PHARMERICA CORP, $13.55, down 3.8 pct (1419 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. (Compiled by Neha Alawadhi; Editing by Kirti Pandey)