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May 22 (Reuters) - Some U.S. stocks on the move on Wednesday:
Wall St opens higher ahead of Bernanke
U.S. stocks edged higher at the open ahead of highly anticipated testimony in Congress by Federal Reserve Chairman Ben Bernanke on the economy and monetary policy. Bernanke is expected to strike a dovish tone when he addresses a congressional committee at 10:00 a.m. EDT (1400 GMT).
The Dow Jones industrial average <.DJI. was up 0.14 percent, the S&P 500 0.14 percent and the Nasdaq Composite 0.07 percent.
** SAKS INC, $15.74, up 15 pct (0935 ET)
The luxury department store chain hired Goldman Sachs to explore strategic alternatives, including a sale, the New York Post reported, citing a source briefed on the matter.
** ZALE CORP, $7.00, up 30 pct (0936 ET)
Zale, which three years ago faced sharply declining sales and narrowly averted a cash shortage, reported that sales at stores open at least a year rose 1.4 percent in the third quarter. It also said the former chief executive of its biggest rival, Kay Jewelers parent Signet Jewelers Ltd, will be its new chairman.
** PFIZER INC, $29.70, up 3 pct (0937 ET)
Pfizer said on Wednesday it will spin off its majority stake in animal health business Zoetis Inc ZTS.N to shareholders by allowing them to swap Pfizer stock for Zoetis stock at a 7 percent discount.
** MULTIBAND CORP, $3.21, up 24 pct (0932 ET)
The home service provider for DirecTV agreed to be taken private by wireless telecom networkng company Goodman Networks Inc for $3.25 per share, or about $68 million. The deal represents a 25 percent premium to Multiband’s Tuesday close. Including debt, Goodman will pay $116 million.
** DYCOM INDUSTRIES INC, $22.56, up 11 pct (0938 ET)
The company, which provides engineering, construction and maintenance services, reported better-than-expected quarterly results, helped by a near 50 percent jump in contract revenue. It also forecast fourth-quarter results above analysts’ expectations.
** STAPLES INC, $14.69, down 0.41 pct (0940 ET)
The largest U.S. office supplies retailer’s quarterly sales and earnings missed analysts’ estimates, hurt by a stronger dollar and weak sales in Europe and Australia.
** TARGET CORP, $69.05, down 3 pct (0941 ET)
The company cut its full-year profit forecast while turning in a weak first quarter with disappointing sales, as a chilly start to spring kept shoppers from buying seasonal items like clothing.
(For graphic, click: link.reuters.com/haq38t)
** NETAPP INC, $38.52, up 5 pct (0942 ET)
The data storage equipment maker, under pressure from activist shareholder Elliott Management, said it would spend about $1 billion in the next four months to buy back shares.
At least 11 brokerages raised their price targets on the company’s stock by up to $8.
“We have long questioned NetApp’s stingy capital allocation and expect investors to now cheer using some of its sizeable $4.7 billion net cash,” Evercore Partners said in a note.
** AMARIN CORP PLC, $7.13, up 2 pct (0943 ET)
The drugmaker said it received a notice of allowance from the U.S. Patent and Trademark Office for a patent covering its method to reduce triglycerides, a type of fat in the blood, using its drug Vascepa in patients who are also using another class of cholesterol-lowering drugs known as statins.
** AMAG PHARMACEUTICALS INC, $24.00, down 4 pct (0944 ET)
The company said its marketing partner in Switzerland, Takeda Pharmaceutical Co Ltd, is recalling a batch of Amag’s anemia drug, Rienso, because of a death and several cases of hypersensitivity.
** LOWE‘S COMPANIES INC, $43.73, down 3 pct (0945 ET)
The world’s No. 2 home improvement chain reported a weaker-than-expected quarterly profit on Wednesday, hurt by colder-than-usual weather at the start of the spring selling season and strong competition from larger rival Home Depot Inc .
** TOLL BROTHERS INC, $38.90, up 8 pct (0946 ET)
The largest U.S. luxury homebuilder posted a 46 percent rise in quarterly profit as the company sold more homes at higher prices, indicating that the housing recovery is spreading across the industry.
** NPS PHARMACEUTICALS INC, $15.56, up 7 pct (0947 ET)
The biopharmaceutical company, which focuses on gastrointestinal and endocrine disorders, expects to raise $87.2 million by offering 6 million shares at $14.53 per share, the same price at which the stock closed on Tuesday.
** MERCK & CO INC, $47.89, up 1 pct (0948 ET)
Merck said it has entered into a $5 billion share repurchase agreement with Goldman Sachs Group Inc, as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly generics.
** APPLE INC, $447.87, up 2 pct (0949 ET)
The company’s Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more.
** ONCOLYTICS BIOTECH INC, $2.95, up 8 pct (0951 ET)
The company said preliminary results of a mid-stage trial testing its cancer drug Reolysin along with two other cancer drugs showed that the combination met the main goal of reducing the size of tumors in patients with metastic melanoma, a type of skin cancer.
** CVR PARTNERS LP, $24.49, down 7 pct (0953 ET)
The nitrogen fertilizers maker said Coffeyville Resources LLC, a unit of CVR Energy Inc will sell 12 million CVR Partners units at $25.15 apiece, a near 5 percent discount to the stock’s Tuesday close. (Compiled by Neha Alawadhi in Bangalore; Editing by Maju Samuel)