April 17, 2013 / 6:20 PM / in 5 years

MARKET PULSE-Bank of America, Fairway, Atlas, Acura, BNY Mellon

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April 17 (Reuters) - Some U.S. stocks on the move on Wednesday:


U.S. stocks dropped 1 percent in a broad decline on Wednesday, with materials and energy shares leading the way lower as commodity prices dropped, while a selloff in Apple shares pressured the Nasdaq. The Dow Jones industrial average was down 174.93 points, or 1.19 percent, at 14,581.85, the Standard & Poor’s 500 Index was down 28.51 points, or 1.81 percent, at 1,546.06 and the Nasdaq Composite Index was down 72.28 points, or 2.21 percent, at 3,192.35.

** CIRRUS LOGIC INC, $18.08, down 16 pct (1303 ET)

** APPLE INC, $402.51, down 6 pct (1303 ET)

Apple shares fell below $400 for the first time since December 2011, after key supplier Cirrus Logic’s disappointing revenue forecast fanned fears that weakening demand for the iPhone and iPad are pressuring margins more than anticipated. Cirrus Logic, which makes analog and audio chips for the iPhone and iPad, late on Tuesday forecast revenue of $150 million to $170 million, well below Wall Street’s average forecast for above $190 million.

** BANK OF AMERICA CORP, $11.51, down 6.2 pct (1302 ET)

The second-largest U.S. bank reported a lower-than-expected first-quarter profit from a year earlier and its revenue fell.

** GAP INC, $37.21, down 1.5 pct (1402 ET)

The apparel retailer said it may sell its lower-priced Old Navy brand in more international markets, including China, and is working on blending the abilities of its stores and websites to attract shoppers.

** GOOGLE INC, $781.17, down 1.5 pct (1404 ET)

The search engine said its popular applications such as Gmail and Google Drive were experiencing a small outage.

** INTERMOLECULAR INC, $9.83, up 11 pct (1343 ET)

The research and development provider for semiconductor and clean-energy companies said it entered a technology development and intellectual property (IP) licensing agreement with Micron Technology Inc. The agreement will focus on technology development and related IP for advanced memory technologies.

Needham & Co raised its price target on the stock to $12 from $11.

** CATERPILLAR INC, $80.82, down 2.2 pct (1301 ET)

Macquarie Equities Research downgraded the stock of the world’s largest maker of construction equipment to “neutral” from “outperform,” and cut its price target to $88 from $112. The brokerage said it expects Caterpillar to cut its outlook. China’s weaker GDP numbers and greater-than-expected declines in mining capex will also weigh, it said.

** WALTER ENERGY INC, $19.24, down 6.2 pct (1157 ET)

The metallurgical coal miners’ sales volumes and prices have been under pressure, hurt in part by weak demand from China, the world’s largest producer and consumer of steel. Walter Energy is also locked in a proxy fight with British hedge fund Audley Capital Advisors LLP, which is aiming to replace half of the coal miner’s board at its April 25 annual meeting.

China’s economic recovery stumbled in the first three months of 2013, as the annual rate of growth eased back to 7.7 percent from the 7.9 percent pace set in the final quarter of last year.

** ENDO HEALTH SOLUTIONS INC, $35.43 up 1.7 pct (1300 ET)

** ACURA PHARMACEUTICALS INC, $3.27, up 52 pct (1300 ET)

Endo jumped after the U.S. Food and Drug Administration blocked a non abuse-deterrant painkiller made by Purdue Pharma and all generics of the drug as well, increasing the chance that the agency will also deny approval to non abuse-deterrant generic versions of Endo’s painkiller Opana.

Shares of other abuse-deterrent drugs makers, Acura and Pain Therapeutics, also rose on the news.

** INNERWORKINGS INC, $10.55, down 25 pct (1259 ET)

The company, which provides printed products such as brochures and catalogs to companies, cut its forecast for 2013 as a large retail client transferred a “significant” portion of its work to another company. InnerWorkings also estimated first-quarter profit below expectations on Tuesday.

** BNY MELLON CORP, $26.92, down 3 pct (1258 ET)

The world’s largest custody bank said first-quarter revenue fell 1 percent as the world’s largest custody bank lost $266 million from a high-stakes tax battle with the U.S. Internal Revenue Service.

** BADGER METER INC, $44.84, down 14.3 pct (1258 ET)

The water meter maker reported free-quarter earnings below analysts’ estimates as the company’s meter replacement activities were hurt by increased snow cover.

** TEXTRON INC, $25.60, down 13 pct (1257 ET)

The world’s largest maker of business aircraft reported a quarterly profit below analysts’ estimates on weak demand for business jets and a decline in sales to the military, and it cut its full-year profit forecast.

** CIRRUS LOGIC INC, $18.05, down 16 pct (1257 ET)

The audio chip maker estimated fourth-quarter revenue below analysts’ estimates as inventory piled up after customers migrated from a high-volume product to one of its newer products. The Apple Inc supplier’s first-quarter revenue forecast also fell short of Wall Street expectations.

** ALKERMES PLC, $29.50, up 15.3 pct (1256 ET)

The Irish drugmaker said its experimental oral treatment for major depressive disorder helped significantly reduce depressive symptoms in patients who were not helped by standard therapies in a mid-stage study. Entire data from the 142-patient trial is expected to be released at a medical meeting between May 28 and May 31.

** FAIRWAY GROUP HOLDINGS CORP, $16.71, up 29 pct (0122 ET)

The stock rose as much as 41 percent in debut after the grocery store chain priced its IPO of 13.7 million Class A shares at $13 each. More than 10 million shares changed hands, making it the second-most heavily traded stock on the Nasdaq on Wednesday.

** AMBASSADORS GROUP INC, $3.42, down 14.7 pct (1334 ET)

The company, which organizes worldwide travel programs for students, said late Tuesday that it suspended quarterly dividend payments. The discontinuation will result in cash savings of about $4 million annually.

** ATLAS PIPELINE PARTNERS LP, $34.31, down 3.3 pct (1256 ET)

** ATLAS ENERGY LP, $49.75, up 11 pct (1331 ET)

Pipeline operator Atlas Pipeline said it would buy privately owned natural gas gathering and processing company TEAK Midstream LLC for $1 billion in cash to expand into the Eagle Ford shale field in South Texas. Atlas Energy, the parent of Atlas Pipeline, will invest $20 million in newly issued preferred units as part of the financing.

** ABIOMED INC, $17.15, up 5 pct (1256 ET)

The medical device maker reported preliminary fourth-quarter revenue above market estimates, helped by higher worldwide sales of its heart pump Impella.

** CAS MEDICAL SYSTEMS INC, $2.10, up 11 pct (1255 ET)

The medical device maker said it will launch its Fore-Sight Elite Absolute Tissue Oximeter in the fourth quarter of this year, after U.S. health regulators approved the product to provide absolute cerebral oxygenation levels in adult and transitional adolescent patients weighing 40 kilograms or more.

** ASML HOLDINGS NV , $69.02, up 2 pct (1255 ET)

The world’s leading provider of tools for making computer chips reported better-than-expected first-quarter results. The Dutch firm also named finance chief Peter Wennink chief executive and pledged to stick to its strategy to develop technology used to make the next generations of smartphones and tablets.

** CYMER INC, $97.95, up 1.5 pct (1254 ET)

Netherlands-based ASML that has agreed to buy Cymer, a supplier of lithography light sources used to make chips, reported better-than-expected first-quarter results on Wednesday and reiterated its full-year outlook for sales.

** UNIPIXEL INC, $38.55, up 3.5 pct (1254 ET)

Brokerage Williams Financial Group raised its price target on the LCD film maker’s stock to $60 from $40, citing the company should be able to “scale much faster to substantial volumes,” after the manufacturing and supply agreement with Eastman Kodak Company.

** NEURALSTEM INC, $1.12, up 5.7 pct (1253 ET)

The drug developer said U.S. health regulators allowed it to test its spinal cord-derived human neural stem cells in a mid-stage study to treat Lou Gehrig’s disease, a rare and fatal brain disorder, after the cells proved safe in humans in an earlier trial.

** LINEAR TECHNOLOGY CORP, $35.16, down 4.3 pct (1252 ET)

The chipmaker reported a better-than-expected third-quarter profit on lower tax rate on Tuesday and said it had higher bookings in the automotive and industrial end-markets.


** BILL BARRETT CORP, $18.52, down 3.6 percent (1252 ET)

** MCDERMOTT INTERNATIONAL INC, $9.99, down 6 percent (1252 ET)

** ROYALE ENERGY INC, $2.53, down 7 percent (1252 ET)

** PDC ENERGY INC, $39.25, down 4 percent (1252 ET)

** REX ENERGY CORP, $14.65, down 5.4 percent (1252 ET)

** GOODRICH PETROLEUM CORP, $13.03, down 10 percent (1252 ET)

** PENN WEST PETROLEUM LTD , $7.49, down 6 percent (1252 ET)

Brent crude fell below $99 per barrel, weighed by the prospect of sluggish fuel demand in top consumers the United States and China and rising stockpiles of U.S. crude. Brent crude on Wednesday sank to $98.80, the weakest since July 2012. U.S. crude slipped 2 percent to $87.15.

** MARTEN TRANSPORT LTD, $20.34, up 7.2 pct (1249 ET)

The temperature-sensitive truckload carrier reported a first-quarter profit that beat analysts’ estimates, and operating revenue jumped about nine percent, as the company reduced expenses and improved equipment utilization for the quarter.

** RIO TINTO PLC , $43.19, down 5.4 pct (1249 ET)

Protesters blocked the entrance to Vale SA’s Moatize coal mine in Mozambique on Wednesday, saying the Brazilian mining giant had not paid them adequate compensation for relocating them five years ago. Vale and global mining giant Rio Tinto have invested heavily in the Moatize region, attracted by the 23 billion tonnes of coal estimated to sit there.

** BIOSCRIP INC, $12.17, down 7 pct (1249 ET)

The company, which offers pharmacy and home health services, said it started an underwritten public offering of common stock.

BioScrip also said it plans to refinance existing debt with proceeds of new senior secured credit facility, including revolving credit facility of $325 million.

** E2OPEN INC, $13.50, down 27 pct (1249 ET)

The cloud-based software provider reported lower-than-expected fourth-quarter results on an 18 percent drop in professional services revenue, and forecast a significantly bigger-than-expected current-quarter loss on Tuesday.

“Because of advances in the company’s products, the products do not take as long to install, resulting in less demand for professional services,” Pacific Crest Securities analyst Brendan Barnicle wrote in a note. He said the company indicated that it is deemphasizing its internal professional services business, which resulted in the much lower forecast.

** MATTEL INC, $43.91, up 2 pct (1248 ET)

The world’s largest toymaker reported better-than-expected first-quarter results, helped by tight cost controls and strong demand for American Girl products and Monster High dolls.

** FREEPORT MCMORAN COPPER & GOLD INC, $27.83, down 5 pct (1248 ET)

Workers at the Indonesian unit of Freeport have refused to rule out a repeat of a 2011 strike that crippled the world’s largest copper mine, trade union officials said in the run-up to pay negotiations next month.

** ABBOTT LABORATORIES, $37.09, up 1.9 pct (1247 ET)

The company’s quarterly earnings from continuing operations were roughly in line with Wall Street forecasts, rising sharply on demand for the company’s nutritional and diagnostic products.

** J.C. PENNEY, $14.71, down 3.2pct (1247 ET)

A New York appeals judge on Tuesday stopped the retailer from selling some Martha Stewart goods in its stores until Thursday, when he is expected to decide whether to extend the block while an appeal from Macy’s Inc is pending.

** EQUITY RESIDENTIAL, $57.47, down 2 pct (1247 ET)

Raymond James cut its rating on the stock of Equity Residential to “market perform” from “outperform,” saying that the apartment owner is still in the complicated process of integrating Archstone assets and it has large exposure to the Washington DC metro which is facing more supply pressure than most markets. The brokerage said new supply deliveries are not happening evenly across the country, and there are specific submarkets that could see temporary dislocations.

** HUNTINGTON BANCSHARES INC, $6.97, down 3.5 pct (1246 ET)

The bank reported first-quarter results that were marginally above estimates but net income fell 1 percent from the year-ago quarter.

** CSX Corp, $23.38, down 3 pct (1246 ET)

The No. 2 U.S. railroad, said on Tuesday that quarterly profit rose as it cut expenses and saw shipment volumes of some merchandise rise, helping the company fight a still-weak coal business. (Compiled by Aditi Shrivastava; Editing by Joyjeet Das)

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