March 12, 2013 / 5:03 PM / 5 years ago

MARKET PULSE-BlackBerry, Merck, Zynga, Panasonic, Red Hat

March 12 (Reuters) - Some U.S. stocks on the move on Tuesday: (For more market insights, including options activity, click on ; for The Day Ahead newsletter; for the Morning News Call newsletter,


U.S. stocks sagged on Tuesday as investors paused after a seven-session string of gains and the Bundesbank’s chief warned the euro zone’s crisis has not ended.

The Dow Jones industrial average slipped 14.16 points, or 0.10 percent. The Standard & Poor’s 500 Index fell 5.53 points, or 0.36 percent. The Nasdaq Composite Index lost 18.66 points, or 0.57 percent.

** LIFE TECHNOLOGIES CORP, $62.57, up 2 pct (0937 ET)

The Wall Street Journal reported on Monday that private equity firm KKR & CO LP is considering teaming up with other private equity firms to bid for the biomedical laboratory equipment maker, citing people familiar with the matter. (

Reuters had reported on Jan. 29 that private equity firms KKR, Blackstone Group LP, Bain Capital LLC and TPG Capital LP were interested in buying the company. Last week, Reuters reported that a number of PE firms were exploring a joint offer for Life Technologies.

** PANASONIC CORP, $7.26, up 3 pct (1151 ET)

The Japanese electronics maker will hire 350 new graduates in FY 2014, about the same number as in FY 2013, a Nikkei report said.

“Considering the company’s severe financial situation, the fact that it’s keeping its hiring levels flat-- as opposed to cutting headcount like so many other consumer tech firms --strikes as a positive,” says Tachibana Securities market analyst Kenichi Hirano.

** SEARS HOMETOWN AND OUTLET STORES INC, $37.75, down 12 pct (1220 ET)

The home appliance, hardware and tools retailer reported a 0.5 percent decline in same-store sales for the fourth quarter ended Feb. 2, hurt by a 4.8 percent decrease in comparable store sales at its Outlet business. Outlet constitutes 22 percent of total sales.

** ZYNGA INC, $3.72, down 5.3 pct (1203 ET)

The stock pulled back, a day after it rose on speculation that Yahoo Inc might be interested in acquiring the gaming company. “We don’t believe that (Zynga CEO) Mark Pincus wants to sell at this time. Nor do we believe that Yahoo would have any interest in acquiring a content creator such as ZNGA when its strategy is to partner with varied content providers,” Macquarie analyst Ben Schachter wrote in a note on Monday.

Smaller rival Glu Mobile Inc launched its first real-money mobile gambling game on Tuesday. Zynga plans to offer real money casino games in Britain by the middle of this year.

** METROPCS COMMUNICATIONS INC, $10.23, down 2 pct (1235 ET)

The company defended its proposed merger with T-Mobile USA in a letter to shareholders on Tuesday amid a proxy battle ahead of its April 12 shareholder meeting.

Two big shareholders have criticized the deal announced in October, worried over the valuation of MetroPCS and the proposed $21 billion debt level of the combined company.

** ELBIT IMAGING LTD, $2.59, up 19 pct (1220 ET)

The Israel-based company said that the Tel Aviv District Court on Tuesday appointed an expert to negotiate restructuring of the company’s debt.

In late February, the retail-focused real estate company and two of its major noteholders agreed to restructure its debt.

** TESORO LOGISTICS PARTNERS, $56.30, up 3 pct (1020 ET)

Financial information provider Alerian said Tesoro Logistics, which owns assets to store and transport crude oil and refined products, will be added to the Alerian MLP Index following market close on Friday.

** TANDY LEATHER FACTORY INC, $7.05, up 14 pct (1103 ET)

The specialty leather retailer and distributor posted a higher fourth-quarter profit, helped by a 13 percent rise in sales at its retail Leathercraft business.

The retail Leathercraft business accounted for more than 60 percent of the company’s sales in the quarter ended Dec. 31.

** ANALOGIC CORP, $77.90, up 6 pct (1121 ET)

The imaging equipment maker reported a 10 percent jump in second-quarter revenue on Monday on higher demand for its CT and MRI systems.

** RED HAT INC, $51.12, down 3.8 pct (1131 ET)

Citi cut its rating on the stock of the world’s largest distributor of Linux operating software to “neutral” from “buy”.

** AVG TECHNOLOGIES NV, $12.45, down 8.5 pct (1127 ET)

Morgan Stanley downgraded its rating on the PC and mobile anti-virus software maker’s stock to “equal weight” from “overweight”, according to

** CADENCE DESIGN SYSTEMS INC, $14.08, down 3.5 pct (1207 ET)

DA Davidson downgraded the chip-design software maker to “neutral” from “buy”, according to

** ACCRETIVE HEALTH INC, $10.74, up 6 pct (1132 ET)

The Chicago company on Tuesday said it signed a multi-year agreement with Salem Health to provide revenue cycle management services to the Oregon-based operator’s acute care hospitals. Salem Health is one of the largest of the 58 acute care hospitals in the state, Accretive Health said in a statement.

** SYNAGEVA BIOPHARMA CORP $51.10, down 6 pct (1142 ET)

The company forecast a bigger-than-expected loss for full-year 2013, citing spending requirements for further development of SBC-102, an enzyme replacement therapy, and other research activities.

** AMEDISYS INC, $11.94, down 3 pct (1008 ET)

Home healthcare provider Amedisys Inc’s fourth-quarter profit halved and the company forecast full-year results well below expectations as the industry battles reimbursement cuts and slowing growth.

** YANDEX NV, $23.44, down 6 pct (1022 ET)

Russia’s most popular search engine said on Tuesday that its existing shareholders, including co-founder and CEO Arkady Volozh, will sell about 7.4 percent of the company’s shares, worth roughly $600 million.

** GAFISA SA , $4.21, down 3 pct (1023 ET)

The Brazilian homebuilder posted a fourth-quarter net loss of 98.9 million reais ($50.47 million), worse than the most pessimistic market forecasts, as its low-income Tenda unit continued to weigh on results.

** ENDEAVOUR SILVER CORP , $6.41, up 10 pct (1020 ET)

The company’s fourth-quarter profit soared on higher production. Net profit for the fourth quarter jumped to $14.8 million, or 15 cents per share, from $16,000, or nil per share, a year earlier. Revenue increased 29 percent to $66.7 million.

The company said it continued to expect silver production to increase 12 to 18 percent and gold production to increase 19 to 27 percent in 2013.

** DICK‘S SPORTING GOODS INC, $47.32, up 5 pct (1019 ET)

Goldman Sachs Investment Research added the sporting retailer back to its “conviction buy list” after having removed it on Dec. 10. The brokerage said it expects same-store-sales trends to recover as weather trends normalize. BMO Capital Markets also upgraded the stock to “outperform” as it sees the sporting goods retailer’s new concept stores grabbing market share. The brokerage also said the current comparable store sales weakness was “largely transitory”.

** AURICO GOLD INC, $6.82, up 4 pct (1035 ET)

** SIBANYE GOLD LTD, $6.07, up 3 pct (1037 ET)

** IAMGOLD CORP, $6.96, up 4.5 pct (1040 ET)

Shares of gold producers rose as bullion prices hit a two-week high.

** LAREDO PETROLEUM HOLDINGS INC, $18.60, up 4 pct (1018 ET)

The oil and gas producer reported a quarterly net profit that was in line with analysts’ expectations, aided by increased production. Output was boosted by higher drilling activity in the oil-rich Permian Basin.

** BON-TON STORES INC, $13.10, up 10 pct (1031 ET)

The department store operator reported a better-than-expected fourth-quarter profit as it resorted to lesser discounting during the holiday season. This also helped gross margins which rose to 36.2 percent from 34.6 percent a year earlier.

** RADIOSHACK CORP $3.48, down 3 pct (0959 ET)

Goldman Sachs downgraded the consumer electronics retailer to “sell” from “neutral,” saying the company operates with a challenged business model because of its dependence on mobiles.

The brokerage also said it sees minimal equity value as the company has a lofty leverage and believes its turnaround plan has a low probability of success.

** URBAN OUTFITTERS INC, $40.78, down 2 pct (0939 ET)

The clothing retailer on Monday reported a fourth-quarter profit below market estimates, hurt largely by a higher tax rate.

Analyst Laura Champine of Canaccord Genuity cut her price target on the stock to $41 from $45, citing a smaller-than-expected gross margin expansion.

** MERCK & CO INC, $45.03, up 3 pct (0940 ET)

The pharmaceutical company said on Tuesday that an independent monitoring board had allowed it to continue with a huge trial assessing the safety and effectiveness of its blockbuster Vytorin cholesterol treatment.

** CABELA‘S INC, $57.90, up 8 pct (0940 ET)

The outdoor sporting goods retailer forecast first-quarter earnings 10 to 15 cents higher than Wall Street estimates, helped by strong sales of merchandise, including firearms and ammunitions.

** GLU MOBILE INC, $2.90, up 19 pct (0941 ET)

The developer of games for smartphone and tablets said it was publishing its first real-money mobile gambling game.

New Jersey Governor Chris Christie approved online gambling within the state’s border last month, a move that he hopes can help boost state revenues and revive Atlantic City casinos.

** SUNTECH POWER HOLDINGS CO LTD, $1.07, down 7 pct (0941 ET)

The cash-strapped company said it would stop production at a solar panel making facility in Goodyear, Arizona on April 3, affecting 43 employees.

Higher production costs, U.S. import tariffs on China-made solar cells and global oversupply caused the facility’s closure, Suntech said in a statement.

** IROBOT CORP, $24.60, up 8 pct (0942 ET)

The robot maker raised its first-quarter forecast and named a new chief financial officer.

The company now expects earnings of 16 to 20 cents per share, up from its previous forecast of a break even to a profit of up to 7 cents per share.

** OCZ TECHNOLOGY GROUP INC, $2.04, up 17.7 pct (0936ET)

The solid-state hard drive maker said on late Monday it got a $30 million credit facility with Hercules Technology Growth Capital.

** L&L ENERGY INC, $2.25, up 10 pct (0933 ET)

The Seattle-based coal company on Monday reported a300 percent increase in profit for its third quarter ended Jan. 31 after the acquisition of two new mines in Guizhou, China helped boost production.

** CVR ENERGY INC, $59.69, up 1.7 percent (0934 ET)

** CVR REFINING LP, $32.45, up 8 percent (0934 ET)

Oil refiner and fertilizer maker CVR Energy posted a quarterly profit that beat analysts’ estimates on higher refining margins. The company’s refining arm, CVR Refining, said adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose more than three times due to better-than-expected results at Wynnewood refinery.

** HECKMANN CORP, $4.01, up 8 pct (0942 ET)

The wastewater management company posted a better-than-expected net profit on Monday, boosted by its merger with Power Fuels and growth in its legacy Heckmann Water Resources business.

** DIAMOND FOODS INC $16.64, down 5 pct (0942 ET)

The snack food maker reported second-quarter results that missed Wall Street estimates, hurt by a decline in sales of it nuts brands, Diamond of California and Emerald.

The company which gets more than half of its sales from nuts, said net revenue from the brand fell 29.6 percent to $115.4 million.

** GOVERNMENT PROPERTIES INCOME TRUST, $25.16, down 5 pct (0943 ET)

The real estate investment trust’s shareholder, CommonWealth REIT, sold about 10 million shares of Government Properties at $25.20 per share, a discount of 5 percent to their Monday closing price.

** YUM BRANDS INC, $70.17, up 4 pct (0944 ET)

The KFC parent reported an unexpected 2 percent rise in February sales at established restaurants in China, boosted by the Chinese New Year and the easing worries about a food safety scare that drove away customers.

** VERIFONE SYSTEMS INC, $21.55, up 5 pct (0945 ET)

The maker of credit card swipe machines said Chief Executive Douglas Bergeron will step down after more than a decade at the company’s helm.

** LAKELAND INDUSTRIES INC, $4.44, down 10 pct (0945 ET)

The maker of protective clothing said its Brazilian operations will post a loss in the fourth quarter due to weak sales. The loss could potentially result in the company being in default of its credit facility with TD Bank, it said.

** PERFECT WORLD CO LTD, $11.54, down 9 pct (0945 ET)

The Chinese online game developer’s quarterly profit fell 67 percent as revenue declined and operating costs rose from the year-ago period.

** BIOSCRIP INC, $11.02, down 4 pct (0946 ET)

The company reported fourth-quarter results.

BioScrip, which also offers home health and hospice services, also forecast revenue for 2013 above analysts’ estimates.

** U.S. SILICA HOLDINGS INC, $23.86, down 10 pct (0948 ET)

The No. 2 U.S. commercial silica maker said on Monday that an affiliate of Golden Gate Capital, its top shareholder, would sell 8.5 million U.S. Silica shares.

** LEXINGTON REALTY TRUST, $11.70, down 3 pct (0948 ET)

The real estate investment trust said it plans to offer 15 million shares to raise money to repay all of the outstanding borrowings under its unsecured revolving credit facility.

Compiled by Pallavi Ail in Bangalore; Editing by Sreejiraj Eluvangal

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below