June 11 (Reuters) - Some U.S. stocks on the move on Tuesday:
U.S. stocks fell on Tuesday following the Bank of Japan’s decision to hold monetary policy steady, but indexes were well off lows as investors took earlier dips in the market as a buying opportunity.
The Dow Jones industrial average was down 4.41 points, or 0.03 percent, at 15,234.18. The Standard & Poor’s 500 Index was down 4.26 points, or 0.26 percent, at 1,638.55. The Nasdaq Composite Index was down 11.42 points, or 0.33 percent, at 3,462.35.
** DOLE FOOD CO INC, $12.41, up 22 pct (1209 ET)
One of the world’s largest producers and marketers of fruit and fresh vegetables received an unsolicited buyout offer from 90-year-old Chief Executive David Murdock, valuing the company at just over $1 billion.
** COCA-COLA ENTERPRISES INC, $36.21, down 3 pct (1209 ET)
The European bottler of Coca-Cola warned that persistent economic weakness in Europe, bad weather, a sharp excise tax increase in France and fierce competition in Britain have dampened its outlook for the second quarter.
** CORINTHIAN COLLEGES INC, $2.54, down 9 pct (1210 ET)
The U.S. education company said it received a subpoena from the Securities and Exchange Commission requesting documents relating to student information in recruitment, attendance, placement, defaults on federal loans.
** CARDIONET INC, $4.95, up 54 pct (1210 ET)
The company said its heart-monitoring solutions will receive insurance coverage from UnitedHealthcare Insurance Co from July 1. CardioNet said the three-year agreement would apply to all of the insurer’s affiliates including managed Medicare and Medicaid plans.
** MORGAN STANLEY $26.45, down 2.6 pct (1211 ET)
** GOLDMAN SACHS $165.57, down 1.1 pct (1211 ET)
** JPMORGAN $53.87, down 0.9 pct (1211 ET)
** CITIGROUP $50.15, down 3.4 pct (1212 ET)
World equity markets, the dollar, bond prices and commodities slumped on Tuesday in a full-scale retreat by investors unnerved by fears that major central banks are cooling in their commitment to the money-pumping that has buoyed markets.
The decline was initially triggered in Tokyo when the Bank of Japan elected not to take any fresh measures to tackle rising government bond yields that threaten to thwart its $1.4 trillion stimulus program. Bank stocks were among those most affected.
** CATAMARAN CORP, $55.94, up 11 pct (1212 ET)
Six brokerage firms raised their price target on the pharmacy benefit manager’s stock after health insurer Cigna Corp signed a 10-year agreement with the Canadian company.
ISI Group, Cantor Fitzgerald, Credit Suisse, UBS, Paradigm Capital and CIBC raised their price targets on the stock. “We view the agreement as positive, adding a long-term client, increasing purchasing power, and highlighting its tailored solutions,” CIBC analyst Stephanie Price wrote in a note.
** NAVISTAR INTERNATIONAL CORP $32.19, down 6 pct (1212 ET) The U.S. truck and engine maker on Monday posted a wider second-quarter loss due to higher warranty costs and lower sales volumes.
** XENOPORT INC, $5.19, down 6 pct (1257 ET)
Morgan Stanley analysts lowered their rating on the drugmaker’s stock to “underweight” from “equal-weight” after the failure of its multiple sclerosis (MS) drug arbaclofen placarbil in a late-stage trial.
The analysts said they do not expect high sales of the company’s sole drug Horizant as its target markets are dominated by generics.
They said they did not see significant value in the company’s early-stage MS drug XP23829at as it is over seven years away from being marketed and is not clearly differentiated from other MS drugs on the market.
** MCEWEN MINING INC, $2.37, down 5 pct (1212 ET)
The gold miner lowered its annual production target to 225,000 gold equivalent ounces by 2016 from 290,000 gold equivalent ounces due to lower metal prices and higher cost of capital.
** GENMARK DIAGNOSTICS INC, $11.48, down 24 pct (1230 ET)
** LUMINEX CORP, $21.01, up 6 pct (1230 ET)
According to theflyonthewall.com, Leerink Swann sees the launch of the cardiac panel - Personalized Medicine Panel - by privately owned Natural Molecular Testing Corp, using Luminex's technology as as a material positive for Luminex and negative for GenMark. [r.reuters.com/har78t]
Luminex and Genmark are makers of molecular diagnostic tests.
“Leerink says GenMark receives 60 percent of its revenue from Natural Molecular and that it expects some of this revenue to now transfer to Luminex,” according to the website.
** NORTH AMERICAN ENERGY PARTNERS, $5.1, up 21 pct (1213 ET)
British construction company Keller Group Plc said it would buy North American Energy Partners’ piling business for up to C$320 million ($314.1 million), as it seeks to expand its footprint in Canada.
** VANDA PHARMACEUTICALS INC, $12.01, up 20 pct (1213 ET)
Hedge fund Baker Bros Advisors LLC raised its ownership in the company to about 14 percent, according to a June 10 regulatory filing. Baker Bros owns 4 million shares of the company. (link.reuters.com/pyq78t)
Baker Bros. previously owned 1.9 million shares, a 6.83 percent stake, according to Thomson Reuters data.
** CORNERSTONE ONDEMAND INC, $40.43, down 3 pct (1213 ET)
The HR software maker said on Monday it would offer convertible senior notes of $220 million principal due 2018 in a private placement.
** KINROSS GOLD CORP, $5.95, down 6 pct (1213 ET)
Analysts at Canaccord Genuity cut their rating on the gold miner’s stock to “hold” from “buy” after the company said it would not proceed with the development of the Fruta del Norte project in Ecuador.
** SYNERGETICS USA INC, $3.71, up 5 pct (1214 ET)
The medical device maker reported a higher profit due to a nearly 16 percent rise in the sales of its opthalmic and neurosurgical devices.
Net income for the quarter ended April 30 rose 14 percent to $1.15 million or 5 cents per share from $1 million, or 4 cents per share, a year earlier.
** MEDICAL ACTION INDUSTRIES, $7.49, down 6 pct (1222 ET)
The medical device maker reported fourth-quarter results which missed analysts’ estimates, hurt by a slight fall in sales and higher expenses.
The company said it had entered into a credit agreement with Wells Fargo Bank, National Association which provides a maximum borrowing capacity of $65 million.
A portion of the proceeds from the new agreement was used to pay off the amount owed under the company’s prior agreement, the company said in a statement.
** QUESTCOR PHARMACEUTICALS INC, $44.64, up 22 pct (1214 ET)
The company said it had acquired rights to Synacthen, a rival to its flagship multiple sclerosis drug Acthar, from Novartis AG and its U.S. arm, Novartis Pharma AG, for $60 million.
The agreement gives Questcor rights to the drug and its injection formulation in the United States and certain other countries. Synacthen has not yet been approved by the U.S. Food and Drug Administration.
Questcor also agreed to make additional milestone payments of about $75 million over the next several years.
** DIAMOND FOODS INC, $19.27, up 10 pct (1214 ET)
The company said it will restate its consolidated financial statements for the three- and six-month periods ended Jan. 31 due to an error in calculation of diluted earnings per share.
** GAMESTOP INC, $38.03, up 9 pct (1214 ET)
The largest U.S. video game retailer said it is now taking pre-orders for Xbox One and PS4, the next generation of gaming consoles from Microsoft Corp and Sony Corp.
** SYMMETRY MEDICAL INC, $6.74, down 16 pct (1215 ET)
The medical device maker cut its full-year profit and revenue outlook, citing continued pressure and negative growth in surgical procedures in key markets.
Symmetry now expects full year earnings per share in the range of 40 cents to 50 cents per share. Analysts expected a profit of 63 cents per share, according to Thomson Reuters I/B/E/S.
** CROSSTEX ENERGY LP, $20.12, down 5 pct (1215 ET)
The pipeline company said it was offering 6 million units for sale and would use the proceeds to fund capital expenditure for already identified projects, including its Cajun-Sibon natural gas liquids pipeline expansion project.
** KAPSTONE PAPER AND PACKAGING CORP, $36.63, up 5 pct (1215 ET)
The company said on Monday it had struck a deal to buy Longview Fibre Paper and Packaging Inc for $1.03 billion in cash in a move to bulk up its production of containerboard used in making cardboard boxes.
** LDK SOLAR CO LTD, $1.46, down 11 pct (1215 ET)
** JINKO SOLAR CO LTD, $9.24, down 3 pct (1216 ET)
** JA SOLAR HOLDINGS CO LTD, $7.23, down 7 pct (1216 ET)
** TRINA SOLAR LTD, $5.77, down 6 pct (1216 ET)
** SUNTECH POWER HOLDINGS CO LTD, $1.01, down 3 pct (1216 ET)
** CANADIAN SOLAR INC, $9.55, down 6 pct (1217 ET)
** YINGLI GREEN ENERGY HOLDING CO LTD, $2.88, down 6 pct (1217 ET)
** FIRST SOLAR INC, $53.51, down 5 pct (1217 ET)
** RENESOLA LTD, $2.07, down 4 pct (1217 ET)
** SUNPOWER CORP, $20.32, down 5 pct (1218 ET)
** REAL GOODS SOLAR INC, $2.99, down 9 pct (1219 ET)
Chinese solar panel maker LDK Solar reported its eighth quarterly loss in a row and said it was still in talks with its lenders and investors to refinance its roughly $3 billion of debt, sending its shares down more than 10 percent.
** ICICI BANK LTD $40.92, down 5 pct (1220 ET)
India’s benchmark index fell more than 1 percent on Tuesday to its lowest close in more than 1-1/2 months, as the rupee tumbled to a record low, continuing to hit lenders such as ICICI Bank on dashed rate cut hopes.
** COASTAL CONTACTS INC, $4.89, down 17 pct (1221 ET)
The online retailer of contact lenses, eyeglasses and sunglasses reported second-quarter results below estimates on Monday, despite posting higher revenue.
** PROGENICS PHARMACEUTICALS, $4.63, up 26 pct (1222 ET)
** SALIX PHARMACEUTICALS LTD, $65, up 4 pct (1222 ET)
The companies said on Tuesday that the U.S. Food and Drug Administration will seek inputs from an advisory committee on Salix’s application seeking a wider indication for its constipation drug, Relistor.
Progenics licensed the development and marketing rights on Relistor to Salix in 2011.
** LULULEMON ATHLETICA INC , $68.53, down 17 pct (1222 ET)
The premium yogawear chain, its fortunes dented by an embarrassing and costly recall of excessively see-through pants, said on Monday that Chief Executive Christine Day will step down once it finds a replacement.
** SPRINT NEXTEL CORP, $7.36, up 3 pct (1222 ET)
Japanese mobile operator SoftBank said it had agreed with Sprint to raise its offer for the U.S. wireless carrier to $21.6 billion from $20.1 billion, as it fights off a counter bid by Dish.
** HIMAX TECHNOLOGIES, $6.62, down 4 pct (1223 ET)
The Taiwanese chipmaker on Monday announced the commencement of an offering of 22 million American Depositary Shares (ADS) by shareholder Innolux Corp. (Compiled by Aditi Shrivastava; Editing by Sreejiraj Eluvangal)