April 12 (Reuters) - Some U.S. stocks to watch on Friday:
Wall Street was set for a weaker open, pulling back from record levels set a day earlier, after retail sales unexpectedly dropped last month and as results from major banks failed to impress investors.
S&P 500 futures fell 5.7 points, the Dow Jones industrial average futures were down 40 points, and Nasdaq 100 futures lost 11 points.
** JPMORGAN CHASE & CO, Thursday close $49.31, down 1 pct premarket
JPMorgan Chase posted higher first-quarter profit on Friday as it spent less money on litigation, but most of its major businesses turned in tepid performances, and the bank’s overall revenue declined.
** WELLS FARGO & CO, Thursday close $37.51, down 2 pct premarket
The No. 4 U.S. bank by assets reported a higher-than-expected 23 percent rise in first-quarter profit on Friday, but its mortgage business showed further signs of slowing and net interest margins continued to shrink.
** BLACKBERRY , Thursday close $13.55, up 0.6 pct premarket
The Canadian company said on Friday it would ask securities regulators in Canada and the United States to probe a report about retail return rates for its new Z10 smartphone that it called “false and misleading.”
** FOREST OIL CORP, Thursday close $5.02, up 11 pct premarket
** SCHLUMBERGER LTD, Thursday close $77.14, down 1 pct premarket
Forest oil said Schlumberger, the oilfield services sector leader, will pick up a 50 percent working interest in the oil and gas producer’s Eagle Ford shale acreage by paying $90 million towards future drilling costs.
** INFOSYS LTD, Thursday close $54.34, down 23 pct premarket
** COGNIZANT TECHNOLOGY SOLUTIONS CORP, Thursday close $77.66, down 5 pct premarket
** WIPRO LTD, Thursday close $9.15
The company forecast full-year sales growth that missed analysts’ expectations by a margin of up to 50 percent, dimming investor hopes that India’s No.2 software services company will soon start reaping the benefits of its strategic revamp.
** M&T BANK CORP, Thursday close $104.92, down 7 pct premarket
** HUDSON CITY BANCORP INC, Thursday close $8.77, down 5 pct premarket
The two banks said on Friday it may take more time than expected for the U.S. Federal Reserve to rule on M&T’s proposed $3.7 billion purchase of its smaller rival because of concerns over M&T’s anti-money laundering program.
** NETFLIX INC, Thursday close $173.01, up 3 pct premarket
The company’s Chief Executive Reed Hastings quickly took advantage of new federal rules on using social media to disclose information, posting on Facebook Thursday that members of the subscription service watched 4 billion hours of video in the past three months.
Earlier on Thursday, the company announced a multi-year agreement with toy maker Hasbro for children’s programming.
** ARCH COAL INC, Thursday close $5.60, up 2 pct premarket
** PEABODY ENERGY CORP, Thursday close $20.83, up 1.8 pct premarket
** CLIFFS NATURAL RESOURCES INC, Thursday close $19.92, up 0.6 pct premarket
** ALPHA NATURAL RESOURCES INC, Thursday close $8.13, up 3 pct premarket
Australian thermal coal benchmark prices recovered slightly to around $89 per tonne this week as Japanese utilities struck a deal with global miner Xstrata for their annual coal contract.
Australia’s Newcastle spot index rose to $88.90 per tonne on Wednesday, up from $86.71 per tonne a week earlier, data from online trading platform globalCOAL showed.
** MANNKIND CORP, Thursday close $4.28, down 5 pct premarket
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** MASTERCARD INC, Thursday close $541.24
** VISA INC, Thursday close $167.62, down 0.5 pct premarket
Brokerage Sterne Agee downgraded both the payment processors’ stocks to “neutral” from “buy.” MasterCard is expected to face tough competition from Visa due to its margins, Sterne Agee analyst Greg Smith wrote in a note to clients. He also said that regulatory and political risks could have a greater impact on the share price of Visa.
** ELECTRONIC ARTS, Thursday close $17.63, down 3 pct premarket
The videogame publisher has begun laying off staff at its Montreal game studio in its latest round of jobs cuts, less than a month after former Chief Executive John Riccitiello abruptly resigned.
** XENOPORT INC, Thursday close $7.26, down 3 pct premarket
The pharmaceutical company said its marketing partner, GlaxoSmithKline, experienced delays in production of XenoPort’s restless leg syndrome drug, Horizant, which resulted in the drug being out of stock.
XenoPort said it expects Horizant to be available in pharmacies in June. The company is also evaluating the impact, if any, on the company’s financial expectations for Horizant.
** CALLAWAY GOLF CO, Thursday close $7.00, down 2 pct premarket
Raymond James downgraded the golf equipment retailer to “market perform” from “outperform,” citing the sudden and significant devaluation of the Japanese Yen, and to a lesser extent similar challenges with the British Pound.
Callaway generated 48 percent of revenues from the United States, while Japan and Europe represented 19 percent and 14 percent of total revenues, as of end of 2012.
** ASHLAND INC, Thursday close $78.83, up 6 pct after market
Activist hedge fund Jana Partners LLC picked up a 7.4 percent stake in Ashland, saying the chemicals maker’s stock was “undervalued.” Jana Partners said Ashland’s current value represents “an attractive investment opportunity,” according to a regulatory filing.
** J.C. PENNEY CO INC, Thursday close $14.86, down 4.4 pct premarket
** BLACKSTONE GROUP LP, Thursday close $21.10
Troubled Penny has hired Blackstone’s financial advisory arm to explore how best to position the firm financially, three sources said on Thursday, while key investor William Ackman said shareholders were willing to put up more capital.
** WALTER ENERGY INC , Thursday close $24.12, up 5 pct premarket
The coal miner, which is locked in a proxy fight with an activist hedge fund, said on Thursday that its first-quarter performance had improved from that of the fourth quarter of 2012.
** HARRIS CORP, Thursday close $46.56, down 7 pct aftermarket
The satellite operator estimated third-quarter results below analysts’ expectations and cut its forecast for the year ended June 29 on government budget uncertainty and the likelihood of “key international tactical radio orders” being delayed. Harris is scheduled to report third-quarter results on April 30.
The company also said it is restructuring its operations such as workforce reduction, facility consolidation, and prepayment of debt mainly in the fourth quarter, resulting in pre-tax charges of between $65 million and $115 million.
** IXIA INC, Thursday $18.68, down 5 pct aftermarket
The company, which makes telecom network testing products, estimated first-quarter revenue below its previous forecast, as $4.15 million that the company expected to recognize in the first quarter has now been recognized in prior periods that were restated. The company now expects first-quarter revenue of $121 million to $123 million.
** HOME DEPOT INC, Thursday close $71.90, up 1 percent premarket
Jefferies & Co upgraded the home-improvement chain’s stock to “buy” from “hold,” saying it has a bullish view on sales for the near and intermediate terms. “Our recent checks continue to come back favorable, so while it may be chilly outside, we think weather will not impede Home Depot’s ability to post strong comparable-store sales in Q1,” Jefferies analyst Daniel Binder wrote in a note.
** BANK OF AMERICA CORP, Thursday close $12.27
** CITIGROUP INC, Thursday close $44.87
** GOLDMAN SACHS GROUP INC, Thursday close $149.07
** MORGAN STANLEY, Thursday close $22.27, down 1.2 pct premarket
At least three Wall Street analysts this week have written reports about the possibility of the biggest banks breaking themselves up to boost profitability, signaling that investors may be more willing to embrace an idea that is still toxic to some lawmakers in Washington.
** J.B. HUNT TRANSPORT SERVICES INC, Thursday close $74.22, down 3 pct aftermarket
** J.B. HUNT TRANSPORT SERVICES INC, Thursday close $74.22, down 3 pct aftermarket
The U.S. trucker’s first-quarter profit missed analysts’ estimates, hurt by higher costs at two of its businesses that contribute about 30 percent of the company’s total revenue.
At least three brokerages raised their target price on the stock on Friday. “The earnings miss confirms our thesis that the company will continue to see solid top-line trends, but will likely continue to do so at the expense of pricing and margins,” Amit Daryanani, an analyst with RBC Capital Markets, wrote in a research note published on Friday.
** FORD MOTOR CO, Thursday close $13.55
The company announced on Thursday that it will introduce this month a 1.5-liter version of its turbo-charged “EcoBoost” engine. Ford in 2009 introduced EcoBoost, which allows smaller engines to have the power of larger ones while cutting fuel use through turbocharging, direct fuel injection and variable valve timing.
** AT&T INC, Thursday close $38.54
AT&T is expected to begin sales of the first smartphones preloaded with Facebook’s new family of “Home” applications.