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April 11 (Reuters) - Some U.S. stocks to watch on Thursday:
U.S. STOCK FUTURES UP, MAY EXTEND RECORD HIGHS; CLAIMS DATA DUE
U.S. stock index futures edged higher, indicating the S&P may extend its historic highs amid signs China’s recovery may be gaining steam and ahead of U.S. labor market data.
S&P 500 futures were up 1.6 points, Dow Jones industrial average futures were up 33 points, and Nasdaq 100 futures dipped 4.25 points.
** ACADIA PHARMACEUTICALS INC, Wednesday close $7.97, up 24 pct premarket
The biopharmaceutical company said U.S. health regulators agreed to review a marketing application of the company’s experimental drug to treat psychosis in Parkinson’s disease patients, based on the data from the drug’s earlier studies. The company said it would not have to conduct a confirmatory study to test the drug’s efficacy that it planned on starting later this month.
** FORTINET INC, Wednesday close $21.85, down 17.3 pct
The network security products maker estimated first-quarter results below analysts’ expectations on Wednesday, hurt by delays in closing service provider deals in the United States and cautious spending by customers.
Atleast three brokerages cut their price targets on the stock.
“Weak large deal contribution, specifically in the U.S. service provider vertical, was the more significant reason for the underperformance representing $6-$9mn of the about $12mn billings miss,” Jefferies & Co analyst Aaron Schwartz wrote in a note.
** GOLDMAN SACHS GROUP INC, Wednesday close $149.46
For the second year in a row, the Wall Street bank fended off a shareholder proposal that could have led to a messy public vote to strip Chief Executive Lloyd Blankfein of his chairman’s title.
** MICROSOFT CORP, Wednesday close $30.28, down 3 percent premarket
** HEWLETT-PACKARD CO, Wednesday close $22.32, down 4.5 percent premarket
** DELL INC, Wednesday close $14.21
** INTEL CORP, Wednesday close $22.26, down 2 percent premarket
Personal computer sales plunged 14 percent in the first three months of the year, the biggest decline in two decades of keeping records, as tablets continue to gain in popularity and buyers appear to be avoiding Microsoft new Windows 8 system, according to a leading tech tracking firm.
Microsoft is developing a new lineup of Surface tablets, including a 7-inch version expected to go into mass production later this year, the Wall Street Journal reported, citing people familiar with the company’s plans.
“While we have assessed several options that Microsoft could potentially consider to help offset headwinds from deteriorating PC shipment trends, and which are currently debated by investors, we do not expect a change to the status quo near term,” Goldman Sachs analyst Heather Bellini wrote, downgrading the stock to “sell” from “neutral”. Atleast two other brokerages downgraded Microsoft’s stock.
** YUM BRANDS INC, Wednesday close $66.76, down 2.6 percent premarket
The biggest foreign fast-food chain operator in China, is in danger of breaking its 11-year streak of double-digit profit growth as it scrambles to deal with food scares and bird flu in its most lucrative market.
** BED BATH & BEYOND INC, Wednesday close $65.50, up 2 percent aftermarket
The U.S. home goods chain reported a 25 percent jump in quarterly sales that beat Wall Street forecasts, helped by recent acquisitions such as Linen Holdings and Cost Plus World Market. The company reported sales of $3.4 billion in the fourth quarter. Analysts on average has expected sales of $3.39 billion, according to Thomson Reuters I/B/E/S.
Brokerage Morgan Stanley raised its price target on the stock to $59 from $57, while Nomura Securities increased its price target to $72 from $65.50.
** CITIGROUP, Wednesday close $45.06
Turkey’s Denizbank, acquired last year by Russia’s Sberbank, said on Thursday it had signed an agreement to buy Citibank’s consumer banking business in Turkey.
** STURM RUGER INC, Wednesday close $50.40, down 4 percent aftermarket
** SMITH & WESSON HOLDING CORP, Wednesday close $8.89
A breakthrough agreement to expand background checks for gun buyers, announced on Wednesday by two senators, boosts the prospects that the Senate will approve at least some of President Barack Obama’s proposed gun restrictions.
** ZUMIEZ INC, Wednesday close $24.90, up 9 percent aftermarket
The teen-focused retailer said same-store sales rose 2.1 percent in March as customers shopped more at its juniors and hard goods divisions. Analysts had expected Zumiez to report a comparable-store sales fall of 7.5 percent, according to Thomson Reuters data.
** INTEGRA LIFESCIENCES INC, Wednesday close $38.38, down 9 pct aftermarket
The medical device maker said it recalled some lots of its collagen product DuraGen Dural Graft Matrix manufactured in its Añasco, Puerto Rico facility, as the lots did not meet production process requirements.
The recall will hurt the company’s revenue and profit for first and second quarters of this year, Integra said, forecasting results for both those quarters below analysts’ expectations.
** METROPCS COMMUNICATIONS, Wednesday close $11.56
Deutsche Telekom sweetened its terms on Wednesday for the proposed merger between T-Mobile USA and MetroPCS Communications by reducing the combined company’s debt, bowing to pressure from activists and proxy advisory firms.
** AETERNA ZENTARIS INC ; Wednesday close $1.90, up 25 pct aftermarket
The Canadian drugmaker said it entered into a development and cost-sharing agreement with Ergomed Clinical Research Ltd for its experimental endometrial cancer drug.
Under the terms of the deal, Ergomed will pay upto $10 million or 30 percent of the clinical and regulatory costs for the late-stage trial of AEZS-108, the company said in a statement on Wednesday.
** CLEARWIRE CORP, Wednesday close $3.25
** SPRINT NEXTEL CORP, Wednesday close $6.25
Wireless service provider Clearwire Corp’s largest minority shareholder Crest Financial Ltd filed a proxy statement which, if cleared by the U.S. regulators, will be used to urge Clearwire stockholders to reject its proposed merger with Sprint Nextel.
** J.C. PENNEY, Wednesday close $14.09
Three more top executives at the ailing retailer have left the company, the New York Post reported, following the ouster of Chief Executive Ron Johnson.
** RANGE RESOURCES CORP, Wednesday close $79.86
The natural gas-focused company said its first-quarter production volumes exceeded its forecast and increased 34 percent from a year earlier, helped by higher drilling activity in Marcellus Shale in the northeastern United States. The company also said it was on track to attain its production growth target of 20 percent to 25 percent in the year.
** PROTECTIVE LIFE, Wednesday close $35.59
The insurer said it will buy Mony Life Insurance Company from parent AXA SA for $1.06 billion to access its portfolio of life insurance policies.
** APOGEE ENTERPRISES INC, Wednesday close $29.19, down 6 pct aftermarket
The architectural glass maker’s fourth-quarter earnings came in below analysts’ expectations, hurt by weakness in its large-scale optical technologies business. The company earned 15 cents per share on revenue of $179.7 million. Analysts on average expected earnings of 17 cents per share on revenue of $180 million, according to Thomson Reuters I/B/E/S.
** CHESAPEAKE ENERGY CORP, Wednesday close $20.36
The energy company has won the dismissal of a securities class action lawsuit over allegations the company misled investors about its financial condition.
** IRIDIUM COMMUNICATIONS, Wednesday close $6.35
** HARRIS CORP, Wednesday close $45.81
Satellite operator Iridium Communications and Harris Corp on Wednesday said a new space-based aircraft-tracking venture will save airlines money, but also holds promise for the U.S. military, which is facing a sharp downturn in spending in coming years. (Compiled by Aditi Shrivastava in Bangalore)