April 30 (Reuters) - Some U.S. stocks on the move on Tuesday:
U.S. stocks fell on Tuesday after a weaker-than-expected index of Midwest business activity, and investors booked profits from a rally that took the benchmark S&P 500 index to a record. The Dow Jones industrial average dropped 0.24 percent. The Standard & Poor’s 500 Index fell 0.13 percent and the Nasdaq Composite Index gained 0.16 percent.
** APPLE INC, $434, up 1 pct (0954 ET)
The company came to market Tuesday with what could turn out to be the largest non-bank bond sale in history, as the U.S. computer giant seeks funding to return capital to restless shareholders.
** AVEO PHARMACEUTICALS, $5.95, down 20 pct (0930 ET)
Staff reviewers for the U.S. Food and Drug Administration will ask a panel of outside medical experts if another clinical trial is needed before an experimental kidney cancer drug made by Aveo and Astellas Pharma Inc can be approved.
** TRANSITION THERAPEUTICS INC, $3.16, up 40 pct (1009 ET)
The company said an early-stage study of its experimental type 2 diabetes drug showed significant improvement in blood sugar control and reductions in body weight.
** MERITOR INC, $5.68, up 20 pct (1036 ET)
The truck parts maker reported a second-quarter profit above analysts’ expectations and said it will sell its ownership interest in its Brazilian joint venture for $195 million.
The company, which expects revenue to be stronger in the second half of the year, earned 6 cents per share, excluding items, in the second quarter. Analysts on average expected earnings of 5 cents, according to Thomson Reuters I/B/E/S.
** NUANCE COMMUNICATIONS INC, $19.32, up 17 pct (0931 ET)
The company, whose software powers the Siri voice recognition feature in Apple Inc’s iPhone, forecast a much weaker-than-expected third-quarter profit, hurt partly by costs of integrating recent acquisitions and a shift in its sales model.
** PITNEY BOWES INC, $14.43, down 11 pct (0932 ET)
The company, which makes software for digital communication, reported a lower-than-expected first-quarter adjusted profit as revenue from its software business fell. The mailing and shipping service provider also forecast full-year adjusted earnings largely below estimates.
** OIL STATES INTERNATIONAL INC, $88.70, up 16 pct (1128 ET)
Activist investor Jana Partners LLC reported a 9.1 percent stake in the oilfield services provider late on Monday. Jana said it had talked about corporate changes with Oil States’ management. Oil States provides housing and other facilities to oil field workers.
** CGI GROUP INC, $30.75, up 15 pct (1126 ET)
The Canadian IT services company reported a second-quarter profit above analysts’ estimates, partly helped by its acquisition of Logica in August.
** ALPHA AND OMEGA SEMICONDUCTOR LTD, $7.09, down 18 pct (1054 ET)
Piper Jaffray and Deutsche Bank cut their price targets on the stock a day after the chipmaker reported a smaller-than-expected third-quarter revenue, as a customer canceled orders of PC-related products. The company also forecast fourth-quarter revenue below estimates.
“The company was impacted by a customer cancellation, requiring a write off of inventory,” Piper Jaffray analyst Auguste Richard said in a note.
** MGIC INVESTMENT CORP, $4.97, down 9 pct (0931 ET)
The mortgage insurer posted a wider first-quarter loss, hurt by lower investment income and a drop in realized gains.
** CAPITALSOURCE INC, $8.44, down 10 pct (1003 ET)
Brokerage FBR Capital Markets downgraded the lender’s stock to “market perform” from “outperform”, citing uncertainty regarding the magnitude of its share repurchase program and weaker net interest margins.
** MICROSTRATEGY INC, $89.19, down 10 pct (09:53 ET)
The company, which makes software to managing mobile applications and leverage data from social media, posted a surprise loss as product license sales fell around 25 percent. The company posted a loss of 46 cents per share, while analysts were expecting a profit of 35 cents per share, according to Thomson Reuters I/B/E/S.
** PFIZER INC, $29.37, down 3 pct (0931 ET)
The largest U.S. drugmaker reported lower-than-expected quarterly earnings and revenue, and it trimmed its full-year profit outlook.
** ZOETIS INC, $33.93, up 4 pct (0931 ET)
The company, formerly the animal health subsidiary of U.S. pharmaceuticals giant Pfizer, , posted a stronger-than-expected quarterly profit, driven by growth in sales of pet products in the United States.
** HEARTWARE INTERNATIONAL INC, $94.48, up 11 pct (0937 ET)
Heartware, a medical device maker, reported a smaller-than-expected first-quarter loss after sales of its heart pump soared 62 percent.
** AVON PRODUCTS INC, $24.16, up 9 pct (0932 ET)
The beauty products company on Tuesday reported a better-than-expected first-quarter profit in the latest sign its business continues to improve, helped by higher sales in key markets Brazil and Russia and cost cuts.
** ANADIGICS INC, $2.17, up 9 pct (0934 ET)
The chipmaker reported a bigger first-quarter net loss on Monday, but said it expects higher demand for its WiFi products and design wins at its new cellular and infrastructure products unit to drive growth.
** DEUTSCHE BANK AG, $46.21, up 5 pct (0934 ET)
The bank’s decision to raise 2.96 billion euros ($3.87 billion) from shareholders means it can forge ahead with asset purchases and win new business as rivals retrench, co-Chief Executive Anshu Jain said. Deutsche announced the capital increase late on Monday and published better than expected quarterly results.
** VISHAY INTERTECHNOLOGY INC, $13.51, up 6 pct (1002 ET)
The chipmaker reported better-than-expected first-quarter results on lower costs, and it forecast current-quarter revenue largely above analysts’ estimates.
** SUNCOR ENERGY INC, $30.50 , up 4 pct (1047 ET)
Canada’s largest oil and natural gas producer said it plans to increase its oil sands production by 100,000 barrels per day over the next four years through small-scale projects, after it reported first-quarter earnings that surpassed expectations.
** TEXAS ROADHOUSE INC, Monday close $23.02, up 8 pct (0956 ET)
The casual dining chain reported higher-than-expected quarterly results on Monday as a jump in customer traffic led to a 3.5 percent rise in same-restaurant sales. The company also said second-quarter same-restaurant sales were trending strongly with sales rising 5.7 percent in the first four weeks of the quarter.
** CNH GLOBAL NV, $42.7, down 6 pct (0958 ET)
Italian truck and tractor maker Fiat Industrial cut its 2013 targets, after sales in recession-hit Europe continued to fall, pushing its truck unit to a first-quarter loss that missed analysts’ expectations.
Robust sales of Case New Holland’s huge, high margin tractors and harvesting combines could not offset declines in trucks and construction equipment as building and freight hauling withered still further in a weak economy.
** UBS AG, $17.88, up 7 pct (0956 ET)
The company’s private bank attracted the most customer money for six years in the first quarter, recovering from a poor end to 2012 and backing the Swiss bank’s drive to focus on managing wealthy clients’ cash.
** INTERNATIONAL RECTIFIER CORP, $20.93, up 7 pct (1025 ET)
The power management products maker reported a smaller-than-expected third-quarter loss on Monday and said it was seeing solid revenue growth for its 14-week June quarter, as demand across its end markets was improving.
The company also forecast revenue of $255 million to $265 million for the June quarter, higher than analysts’ estimates.
** AU OPTRONICS CORP, $4.87, up 6 pct (1021 ET)
The world’s No. 4 LCD maker reported a smaller-than-expected loss in the first quarter as panel shipments for tablet PCs and high-definition TVs increased.
** U.S. SILICA HOLDINGS INC, $19.98, down 6 pct (1043 ET)
The No. 2 U.S. commercial silica maker’s first-quarter profit narrowly missed analysts’ estimates, and the company reaffirmed its adjusted core earnings forecast for the full year.
“...unchanged 2013 guidance may suggest continued margins weakness going forward,” analysts at Jefferies said in a post-earnings note.
** RIVERBED TECHNOLOGY INC, $14.15, down 5 pct (0933 ET)
The company reported quarterly results below analysts’ estimates due to weak spending by businesses and the U.S. government, and it forecast a lackluster second quarter.
** QIAGEN NV, $19.73, down 5 pct (0933 ET)
The genetic testing specialist, which is based in the Netherlands but has its main operations in Germany, cut its full-year profit outlook on Monday, citing U.S. government cutbacks that are hurting research institutions. The company also bought privately held U.S. software developer Ingenuity Systems Inc for $105 million to expand further into genetic sequencing technology.
S&P Capital IQ cut its price target on the company’s Germany-listed stock to 18.5 euros from 19.0 euros on Tuesday.
** BEST BUY CO INC, $26.3, up 9 pct (0933 ET)
The U.S. retailer retreated from its ill-fated European expansion on Tuesday by selling its stake in a joint venture to Carphone Warehouse Group for less than half what it paid five years ago.
** MBIA INC, $9.55, down 3 pct (0934 ET)
New York State Supreme Court Justice Eileen Bransten rejected the bond insurer’s summary judgment motion that Bank of America should assume Countrywide Financial Corp’s liabilities in a case over Countrywide’s toxic mortgage-backed securities.
Bank of America, the second-largest U.S. bank, acquired Countrywide in 2008.
** INNOPHOS HOLDINGS INC, $49.70, down 8 pct (1042 ET)
The producer of mineral-based specialty ingredients reported a smaller-than-expected quarterly profit due to operational disruptions at the its Mexico facility and lower demand for some of its high-margin products.
** HEARTLAND PAYMENT SYSTEMS INC, $33.51, up 7 pct (1023 ET)
The payment processor reported a bigger-than-expected first-quarter profit on higher transaction processing revenue from small- and mid-sized enterprises. Revenue rose 7 percent to $501.2 million.
** COMPANIA DE MINAS BUENAVENTURA SAA, $19.80, down 7 pct (1117 ET)
Credit Suisse cut its rating on the mining company’s stock to “neutral” from “outperform” citing the company’s inability to control costs, which resulted in lower margins in the first quarter. The analysts expect Buenaventura to underperform its peers.
“We do not believe BVN has any catalyst in the near future that could trigger a rally,” analyst Santiago Teuffer said in a note to investors.
** EAGLE BULK SHIPPING INC, $3.63, up 6 pct (1005 ET)
** DIANA SHIPPING INC, $9.56, up 1 pct (1005 ET)
** BALTIC TRADING LTD, $3.45, up 1 pct (1008 ET)
Jefferies analyst Douglas Mavrinac said in a note that the dry bulk shipping sector is on the cusp of a recovery that will likely begin in the second half of this year, as iron ore production capacity ramps up and fleet growth slows. Shipments of iron ore, a steel-making raw material, account for about a third of sea-borne volumes on the large ships.
** CENTURY ALUMINUM CO, $7.83, up 4 pct (0934 ET)
Cowen Securities upgraded the aluminum producer’s stock to “buy” citing its tentative agreement to cut power costs for its Hawesville smelter. The company had threatened to close the facility unless it secured more favorable rates.
“(Century) has removed a major overhang and cleared a path for profitable operations without a potential idling,” analysts at Cowen said. Aluminum smelting is a power-hungry process, and producers pay close attention to electricity costs.
** AMARIN CORP, $7.10, up 2 pct (0935 ET)
The Irish drugmaker said U.S. health regulators approved German chemicals giant BASF as an additional supplier of Amarin’s heart drug Vascepa, increasing the number of approved Vascepa suppliers to three.
** UNITED STATES STEEL CORP, $16.84, down 4 pct (0935 ET)
The company reported a first-quarter loss versus a year-earlier adjusted profit as sales dropped, and forecast results would deteriorate further in the current quarter.
** ANHEUSER-BUSCH INBEV, $93.68, down 2 pct (0935 ET)
The world’s largest beer maker cut its sales forecast for Brazil, its second-biggest market, in part because rising food prices are reducing the amount of money that consumers there have to spend on beer.
** CRIMSON EXPLORATION INC, $3.03, up 2 pct (0932 ET)
Oil and gas producer Contango will buy smaller peer Crimson for $390 million in stock, including debt. Crimson shareholders will receive 0.08 Contango shares, or $3.19 per share, for each share held, an 8 percent premium to Crimson’s Monday close on the Nasdaq.
** NEWMONT MINING CORP, $32.52, down 4 pct (0935 ET)
The largest U.S.-based gold miner reported a sharper-than-expected drop in first-quarter profit on Monday, as gold and copper shipments fell more than 10 percent and realized prices for the metals slid.
** DIEBOLD INC, $28.70, down 5 pct (1039 ET)
The ATM and voting machine maker said it will cut about 700 full-time jobs, primarily in North America and in corporate operations. The company which incurred restructuring charges of about $10 million in the first quarter on realignment plans, expects to record additional future restructuring costs of $15 million to $30 million.
It posted a loss of 4 cents per share for the first-quarter while analysts’ were expecting a profit of 16 cents.
** FIVE STAR QUALITY CARE $4.72, down 5 pct (1022 ET)
Deutsche Bank cut its rating on the operator of senior living communities to “hold” from “buy” and said the company’s performance could lag the market due to lower occupancy in its core segments and pressure in its skilled nursing facilities segment. The brokerage also cut its rating on the stock to $6 from $7.50.
** AGCO CORP, $53.65, up 5 pct (1001 ET)
The maker of Massey Ferguson tractors raised its full-year outlook after strong demand in the Americas helped push its first-quarter results above Wall Street estimates.
** XYLEM INC, $26.85, down 5 pct (1042 ET)
The company, which makes products such as water analyzers, pumps and controllers, reported quarterly revenue below analysts’ expectations due to a weak European economy and lower shipments for water treatment projects in the United States.
** INVESCO LTD, $30.88, up 4 pct (1002 ET)
The U.S. money manager said on Tuesday its first-quarter profit jumped 14.6 percent, beating Wall Street expectations, as investors poured money into the firm’s funds amid a buoyant stock market.
** 3D SYSTEMS CORP, $35.35, down 1 pct (0936 ET)
The three-dimensional printer maker reported a 31 percent jump in quarterly revenue as it benefited from robust spending on manufacturing and R&D.
** EXPRESS SCRIPTS HOLDING CO, $59.80, up 2 pct (0936 ET)
The pharmacy benefit manager on Monday reported higher-than-expected first-quarter earnings, helped by greater use of more profitable generic medicines, and the company raised its full-year forecast.
** STARWOOD HOTELS & RESORTS WORLDWIDE INC, $63.58, up 2 pct (0936 ET)
The company, whose brands include Sheraton and Westin, reported a quarterly profit that handily beat analysts’ expectations as more people checked into its hotels at higher room rates, particularly in North America.
** VALERO ENERGY CORP, $42.34, up 3 pct (0936 ET)
The U.S. refining company on Tuesday reported a first-quarter profit compared with a year-earlier loss, as its margins benefited from processing cheaper domestic crude oil.
** RANDGOLD RESOURCES LTD, $78.26, down 4 pct (0937 ET)
Investors in the Africa-focused gold miner staged a rebellion against a $4 million share award for the company’s boss on Monday, with 39 percent voting against what one advisory group called an “excessive” package.
** ADVANCED ENERGY INDUSTRIES INC, $80.09, down 3 pct (1025 ET)
The power conversion products maker said first-quarter sales in its solar energy business fell 16 percent from the preceding quarter. “The decline in revenue was a bit more than we anticipated ... some commercial orders were pushed out during the quarter due to weather, while others were affected by financing and permitting delays,” a company executive said on a post-earnings conference call.
** SIRIUS XM RADIO INC, $3.14, up 2 pct (0937 ET)
The satellite radio provider posted on Tuesday higher results for the first quarter, and appointed Jim Meyer to be its permanent chief executive.
** THOMSON REUTERS CORP, $32.94, down 2 pct (1141 ET)
The global news and information company reported a 7 percent decline in first-quarter operating profit because of severance costs and a decrease in revenue at its Financial & Risk division, which caters to banking clients.
** CUMMINS INC, $108.13, down 5 pct (0937 ET)
The company reported a sharper-than-expected drop in first-quarter earnings on Tuesday, citing weak demand for its turbines and engines in most of its markets, especially the mining and oil and gas industries.
** NORTHERN TIER ENERGY LP, $25.76, down 1 pct (0938 ET)
The oil refiner and retailer said late on Monday that it would offer 10 million shares representing limited partner interests in an underwritten public offering. Northern Tier did not disclose the selling price.
** HERTZ GLOBAL HOLDINGS INC, $24.56, up 2 pct (0938 ET)
Car rental company Hertz reported a better-than-expected quarterly profit on Monday helped by higher pricing and strong performance at Dollar Thrifty, which it bought last year.
Hertz’s revenue per transaction day, an indicator of pricing, increased 4.8 percent in the United States for the quarter ended March 31.
** STURM RUGER & CO INC, $52.22, up 2 pct (0938 ET)
The gunmaker reported record quarterly sales after fears of new gun controls spurred demand, and the company said it was scouting for a third factory to boost production.
** AMEDISYS INC, $10, down 2 pct (1128 ET)
The U.S. home healthcare provider cut its forecast for 2013, four days after reporting first-quarter results below estimates due to lower patient numbers and cuts in government reimbursements.
** MCGRAW-HILL COS INC, $54.13, up 1 pct (0938 ET)
The parent of credit ratings agency Standard & Poor’s Corp posted a higher-than-expected first-quarter adjusted profit as its Standard & Poor’s ratings service generated more revenue from corporate and structured debt issuance. (Compiled by Maria Ajit Thomas in Bangalore; Editing by Roshni Menon)