March 13 (Reuters) - Some U.S. stocks on the move on Wednesday: (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/faq23t)
U.S. stocks crept higher on Wednesday as investors attempted to extend the rally that has taken the Dow to all-time highs, buoyed by surprisingly strong retail sales that suggested the economy has traction.
The Dow Jones industrial average edged up 11.60 points, or 0.08 percent. The Standard & Poor’s 500 Index gained 2.27 points, or 0.15 percent. The Nasdaq Composite Index added 4.84 points, or 0.15 percent.
** SPECTRUM PHARMACEUTICALS, $8.05, down 35 pct (1328 ET)
The company forecast a steep drop in full-year sales as it expects uptake of its biggest-selling product, colon cancer drug Fusilev, to significantly decline as cheaper generics re-enter the market.
** VELTI PLC, $2.30, down 26 pct (1329 ET)
The mobile marketing company reported a fourth-quarter profit well below analysts’ expectations on Tuesday, and said it had decided to forego a “significant amount” of additional business in Greece, the Balkan and other regions. It also said it expected to cut its capital expenditure by more than half.
** MAKEMUSIC INC, $4.81, up 30 pct (1328 ET)
The music software maker said it agreed to be bought by LaunchEquity Partners LLC for $4.85 per share in cash, valuing the company at about $23.7 million.
The smartgrid company’s shares rose by more than a third in their market debut, making it the top percentage gainer on the New York Stock Exchange, a day after it priced its initial public offering at the mid-point of its expected price range.
Silver Spring sold 4.8 million shares in its IPO at $17 each, raising $81.6 million in proceeds. It was planning to offer 3.7 million shares at between $16 and $18 per share.
** SYNERGETICS USA INC, $3.60, down 29 pct (1330 ET)
The company posted quarterly results that missed Wall Street estimates as sales decreased across all its business segments, while the cost of sales increased.
Wunderlich Securities downgraded Synergetics’ stock to a “hold” from a “buy”, and cut its price target on the company’s stock to $5.50 from $8.00.
** WORLD ENERGY SOLUTIONS INC, $4.25, up 15 pct (1320 ET)
The energy management services company on Tuesday said it had signed a 24-month contract with GNYHA Services to provide 28 million kilowatt hour of electricity to a medical center in Brooklyn.
The details of the deal were not disclosed. The company has delayed the release of its fourth-quarter results.
** ENGILITY HOLDINGS INC, $23.11, up 18 pct (1330 ET)
The government services contractor’s fourth-quarter profit handily beat the analysts’ estimates due to cost savings, sending its stock to a life high.
The company, which provides specialized technical consulting and other business support services to the U.S. government, also forecast a 2013 profit and revenue above the analysts’ expectations.
** ATOSSA GENETICS INC, $7.73, up 17 pct (1328 ET)
The company said it had entered into an agreement with FedMed Inc, a health insurance network organization, which would make Atossa’s diagnostic lab tests more accessible to FedMed’s clients.
** NATIONAL FINANCIAL PARTNERS, $22.52, up 12 pct (1331 ET)
The New York-based wealth management company headed by Sandy Weill’s daughter Jessica Bibliowicz is exploring a potential sale, according to three people familiar with the matter.
** SUMMER INFANT INC $2.66, up 15 pct (1332 ET)
Brokerage Needham & Co upgraded the stock of the developer and distributor of infant and juvenile wellness products to “strong buy” from “buy,” citing the management’s plan to cut costs and focus on profits over sales.
** MEMC ELECTRONIC MATERIALS INC, $4.80, down 12 pct (1332 ET)
The silicon wafer maker said sales of its solar energy systems would fall in the first quarter from the fourth. MEMC estimated it would sell 10 to 38 megawatts (MW) of solar energy systems in the first quarter ending March 31 on an adjusted basis. It sold 91 MW in the fourth quarter. [ID: nL3N0C52GE]
** ASM INTERNATIONAL NV, $36, down 11 pct (1318 ET)
The Dutch semiconductor equipment maker is selling a smaller-than-expected stake in its Hong Kong-listed unit, disappointing investors who had hoped a break-up of the firm might create more value for shareholders.
** BG MEDICINE INC, $2, up 10 pct (1332 ET)
The diagnostic test maker reported a smaller-than-expected fourth-quarter loss, helped by higher revenue from Galectin-3 - its blood test for use in patients with chronic heart failure.
** EXPRESS INC, $17.32, down 8 pct (1334 ET)
The apparel and accessories retailer said it was off to a slow start in the current quarter, hurt by a slowdown in consumer spending, after revamped promotions and merchandise helped it post strong fourth-quarter results.
** CAESARS ENTERTAINMENT CORP, $15.73, up 10 pct (1334 ET)
Morningstar Inc analyst Chad Mollman said the casino operator’s stock rose following a mention on Jim Cramer’s Mad Money show on CNBC. Based on the company’s weekly charts, Bob Lang, founder and senior strategist at ExplosiveOptions.net, believes the stock could surge to $20, Cramer said.
Cramer also said Caesars is expected to benefit from traffic growth in Las Vegas and the legalization of online gaming in New Jersey and Nevada. Caesars has the largest Las Vegas presence among publicly traded gaming companies.
** IMRIS INC, $3.28, down 8 pct (1332 ET)
The medical device company priced a public offering of 5.75 million of its common shares at $3.50 per share.
IMRIS said it intends to use the net proceeds for working capital and general corporate purposes, including commercialization of new products, and research and development.
** SUNESIS PHARMACEUTICALS INC, $5.79, up 7 pct (1333 ET)
The company reported fourth-quarter revenue which handily beat analysts’ estimates. Chief Executive Daniel Swisher said in a statement that the company was well funded to complete a late-stage trial of its cancer drug vosaroxin and to prepare for regulatory and pre-launch activities of the drug.
** ENZO BIOCHEM $2.67, down 7 pct (1314 ET)
The cancer diagnostics company posted a wider second-quarter loss, citing the impact of hurricane Sandy on its clinical lab business.
** MELLANOX TECHNOLOGIES, $60.32, down 8 pct (1336 ET)
A vice president and a director at the Israeli chip designer disclosed that they had sold shares of the company.
** GENMARK DIAGNOSTICS INC, $12.17, up 10 pct (1336 ET)
The company reported a smaller-than-expected fourth-quarter loss, helped by higher sales of its molecular diagnostic tests.
** ALLSCRIPTS HEALTHCARE SOLUTIONS INC, $13.40, up 6 pct (1337 ET)
Paul Black, chief executive of the e-health systems provider, bought 23,625 shares of the company at a price of $12.69 on Tuesday. After the purchase, the CEO held 576,527 shares, a regulatory filing on Wednesday disclosed.
The filing also showed that four directors of the company collectively bought 93,600 shares of Allscripts on Tuesday.
** AMERICA MOVIL, $19.51, down 5 pct (1337 ET)
Shares of the company owned by billionaire Carlos Slim extended their slide on Wednesday with a 6 percent drop after the Mexican government on Monday proposed an overhaul of the nation’s phone and television industries that would loosen Slim’s dominance of the telecommunications market.
** ADTRAN INC, $20.12, down 5 pct (1337 ET)
The network gear maker is not expected to benefit from spending by customers AT&T and Verizon on upgrading their networks as it is not approved for any new projects at the carriers, KM Partners analyst Michael Genovese wrote in a note.
** ALASKA AIR GROUP INC, $59.69, up 5 pct (1337 ET)
The parent of Alaska Airlines raised its capacity forecast for the first quarter to between 7,175 and 7,225 million available seat miles (ASMs) from 7,150 and 7,200 million.
** TRIUS THERAPEUTICS INC, $6.59, up 6 pct (1336 ET)
The company said a late-stage trial of its experimental antibiotic for skin infections remained on track to report data near the end of the first quarter, and posted a narrower-than-expected loss for the fourth quarter.
** GENESCO INC, $62.03, up 4 pct (1338 ET)
Piper Jaffray upgraded the shoe retailer’s stock to “overweight” from “neutral,” citing the expiration of cost commitments related to the Schuh acquisition, which adds about 50 cents per year in earnings.
The brokerage also cited the company’s stable gross margins and cost discipline.
** CREE INC, $54.50, up 4 pct (1338 ET)
The LED maker released a new transistor for switching electronic signals, Silicon Carbide MOSFET, which would increase efficiency and reduce cost for users and equipment manufacturers, the company said.
** DREAMWORKS ANIMATION SKG INC, $18.94, up 7 pct (1339 ET)
Stifel Nicolaus & Co raised the movie studio’s stock to a “hold” from a “sell”, saying the impact of a $87 million write-down due to the weak box office performance of its movie “Rise of the Guardians” has largely played out.
** VMWARE INC, $82.51, up 10 pct (1339 ET)
** EMC CORP, $25.04, up 2 pct (1339 ET)
The data storage equipment maker plans to create a new company called Pivotal that would be 69 percent owned by EMC and 31 percent owned by its publicly traded affiliate VMware, according to EMC Chief Executive Joe Tucci.
** GAIN CAPITAL HOLDINGS INC, $4.02, down 7 pct (1339 ET)
The company, which provides online foreign exchange trading services, reported a wider quarterly loss as revenue in its retail over-the-counter (OTC) business fell.
** VALERO ENERGY CORP, $44.17, down 3 pct (1340 ET)
The refiner was downgraded by Macquarie analysts to a “neutral” rating from an “outperform” rating, according to theflyonthewall.com.
** KRATOS DEFENSE AND SECURITY SOLUTIONS INC, $4.21, down 6 pct (1341 ET)
The defense contractor forecast 2013 revenue below analysts’ expectations, citing uncertainty due to U.S. budget cuts.
** DOLE FOOD CO INC, $10.65, down 9 pct (1338 ET)
The fruit and fresh vegetable distributor reported fourth-quarter results that missed market estimates due to challenging banana market conditions and one-time charges.
** CALAMOS ASSET MANAGEMENT $11.09, down 4 pct (1341 ET)
Goldman Sachs downgraded the asset manager to “sell”, Streetinsider.com reported.
** WALGREEN CO, $42.76, up 4 pct (1341 ET)
UBS Securities upgraded the U.S.’ largest drug retailer to a “buy” rating, saying it sees a buying opportunity in the stock which is off its highs in recent days. It also cited positive developments at the company, which include its Alliance Boots deal, and possible benefits from health reform in 2014.
The brokerage also raised its full-year EPS estimates as it expects stronger gross margins in 2013 due to restrained promotions.
** HECKMANN CORP, $4.32, up 4 pct (1342 ET)
The wastewater management company posted a profit on Monday, boosted by its merger with Power Fuels and growth in its legacy Heckmann Water Resources business.
The company also said expects revenue to more than double to between $750 million and $825 million.
** ANNIE‘S INC, $39.82, down 4 pct (1339 ET)
The organic food maker, known for its bunny mascot, said it had priced its secondary offering of 3.5 million common shares at $40 per share.
** FLAGSTAR BANCORP, $14.51, down 3 pct (1342 ET)
Compass Point started the Midwestern lender will a ‘sell’ rating, Benzinga.com reported.
** NETFLIX INC, $194.75, up 7 pct (1343 ET)
The video service unveiled a new feature on Wednesday that allows subscribers to let their Facebook Inc friends know what television shows and movies they are watching and also see friends’ viewing activity.
** CLIFFS NATURAL RESOURCES INC, $23.09, down 3 pct (1343 ET)
CIBC cut its price target on the company’s stock to $42 from $45 after the producer of iron ore and metallurgical coal said it would idle its iron ore pellet plant in Quebec.
** ICICI BANK LTD , $42.99, down 3 pct (1343 ET)
Interest rate-sensitive stocks such as ICICI Bank retreated a day before key inflation data that could help determine whether the central bank would ease monetary policy.
** FORTRESS INVESTMENT GROUP $6.94, up 4 pct (1344 ET)
Goldman Sachs raised the alternative asset manager to a ‘buy’ rating, Streetinsider.com reported.
** EAGLE ROCK ENERGY PARTNERS LP, $9.57, down 1 pct (1345 ET)
The company, which transports natural gas and associated liquids, said it would sell 8 million common units and use the proceeds to repay a portion of its debt. (Compiled by Pallavi Ail in Bangalore; Editing by Sreejiraj Eluvangal)