June 13, 2013 / 1:52 PM / in 4 years

MARKET PULSE-Spreadtrum, Safeway, PVH, Gannett, homebuilder stocks

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June 13 (Reuters) - Some U.S. stocks on the move on Thursday:


U.S. stocks bounced back on Thursday, with the Dow again above 15,000, as stronger-than-expected data on retail sales and the jobs market signaled the economy may be shaking off a recent soft patch.

The Dow Jones industrial average was up 69.80 points, or 0.47 percent, at 15,065.03. The Standard & Poor’s 500 Index was up 9.25 points, or 0.57 percent, at 1,621.77. The Nasdaq Composite Index was up 17.55 points, or 0.52 percent, at 3,417.98.

** GANNETT CO INC, $25.01, up 26 pct (1231 ET)

** BELO CORP, $13.64, up 27 pct (1231 ET)

** GRAY TELEVISION INC, $6.15, up 13 pct (1231 ET)

** LIN TV CORP, $13.50, up 16.8 pct (1231 ET)

** SINCLAIR BROADCAST GROUP INC, $26.50, up 10 pct (1231 ET)

** NEXSTAR BROADCASTING GROUP INC, $29.09, up 7 pct (1232 ET)

** MEDIA GENERAL INC, $9.32, up 6.3 pct (1232 ET)

** NEW YORK TIMES CO, 10.71, up 5.6 pct (1402 ET)

Gannett, the largest newspaper chain in the United States, agreed to pay $1.5 billion in cash for television company Belo, with an aim to making broadcast a bigger part of the business than newspapers.

The deal represents a 28.1 percent premium to Belo’s closing price on Wednesday. It would almost double Gannett’s broadcasting assets, making it the fourth-largest U.S. owner of major network affiliates, reaching nearly one-third of U.S. households, the company said on Thursday.

** COMSTOCK HOLDING CO INC, $2.64, up 8 pct (1359 ET)

** KB HOME, $21.16, up 5 pct (1400 ET)

** TAYLOR MORRISON HOME CORP, $25.01, up 4.5 pct (1402 ET)

** D.R. HORTON INC, $23.35, up 4 pct (1400 ET)

** MERITAGE GHOMES CORP, $46.00, up 4 pct (1403 ET)

** LENNAR CORP, $38.00, up 3.5 pct (1400 ET)

** PULTEGROUP INC, $20.64, up 3 pct (1359 ET)

** TOLL BROTHERS INC, $32.74, up 3 pct (1359 ET)

** WILLIAM LYON HOMES INC, $24.39, up 2 pct (1402 ET)

** MASCO CORP, $20.74, up 4 pct (1405 ET)

** PATRICK INDUSTRIES INC, $19.79, up 3 pct (1407 ET)

U.S. retail sales rose more than expected in May and first-time applications for unemployment benefits fell last week, signs of economic resilience in the face of belt-tightening in Washington.

The data on Thursday suggested rising home prices and steady job gains, which hoisted consumer confidence to multi-year highs in May, was starting to create a virtuous cycle in which gains in spending were forcing employers to keep hiring.

** VERASTEM INC, $11.20, up 12.9 pct (1355 ET)

The drug developer said its experimental cancer drug, VS-6063, received orphan drug designation from the European Commission.

The designation is for the drug’s use to treat mesothelioma - a rare form of lung cancer that is usually caused by exposure to asbestos.

Under the guidelines of the European Medicines Agency, an orphan designation provides the drug, if approved, up to 10 years of potential market exclusivity.

** SPREADTRUM COMMUNICATIONS INC, $20.99, up 10 pct (1234 ET)

** CEVA INC, $17.63, up 10 pct (1234 ET)

** RF MICRO DEVICES INC, $5.21, up 4.3 pct (1234 ET)

Cellphone chip designer Spreadtrum raised its revenue estimates for the current quarter due to higher demand from low-cost smartphone makers. The China-based company now expects revenue of between $270 million and $278 million for the quarter ending June 30, up from the $220 million to $228 million it had forecast earlier.

Ceva, which counts Spreadtrum as a customer, was up after the company raised its forecast.

** ENVIVIO INC, $2.28, up 16 pct (1217 ET)

Gilhuly Edward, a director at the video delivery company, bought 411,500 shares in the company at $1.70 per share for a total of $698,686.

** SAFEWAY INC, $26.74, up 15 pct (0937 ET)

Empire Co Ltd, the operator of Canadian grocery chain Sobeys, said it was acquiring Safeway’s assets in Canada for $5.7 billion in a move that will nearly double its reach in the country’s western provinces.

The C$5.8 billion deal, Canada’s biggest so far this year, resulted in generous premiums for Safeway, which said it would use the proceeds to pay down debt and buy back shares.

J.P. Morgan Securities and Guggenheim Securities raised their price target on Safeway’s stock on Thursday.

** MYRIAD GENETICS INC, $36.94 up 9 pct (1352 ET)

In a first of its kind ruling on human genes, a unanimous U.S. Supreme Court on Thursday decided that synthetically produced genetic material can be patented but naturally occurring DNA extracted from the human body cannot.

The nine justices handed a partial victory to Salt Lake City, Utah-based biotechnology company Myriad Genetics, which holds the patents in question. But the rights group that challenged the patents also found reason to be pleased.

** SIGMA DESIGNS INC, $4.75, down 9 pct (1219 ET)

The company, which makes chips for set-top boxes, reported first-quarter adjusted profit slightly below estimates, according to Thomson Reuters I/B/E/S.

** CASH STORE FINANCIAL SERVICES INC $2.52, down 8 pct (1331 ET)

The Ontario Ministry of Consumer Services has filed an application to start legal proceedings against the company in relation to its basic line of credit product offering that was introduced on February 1, 2013.

** ADVENT SOFTWARE INC, $33.36, up 3 pct (0940 ET)

The accounting software maker said it would pay a one-time special cash dividend of $9 per share. The special dividend payment will amount to about $470 million.

** PVH CORP, $121.84, up 9 pct (0941 ET)

The clothing maker reported better-than-expected quarterly results, helped by higher sales at its Calvin Klein and Tommy Hilfiger businesses.

** COFFEE HOLDING COMPANY INC, $6.45, down 8.5 pct (1023 ET)

The wholesale coffee roaster’s quarterly revenue fell 1.1 percent, hurt by lower bean prices.

** NORTHSTAR REALTY FINANCE CORP, $8.65, up 4 pct (0941 ET)

The diversified commercial real estate investment company said its operating partnership had commenced a private offering of exchangeable senior notes due 2033. Total principal amount of the notes is $300 million.

** ARMOUR RESIDENTIAL REIT INC, $4.78, up 4 pct (1030 ET)

The real estate investment trust said it would continue its monthly dividend rate of 7 cents per share in the third-quarter.

** MEREDITH CORP $42.84, up 4 pct (1025 ET)

Brokerage Benchmark Co raised its target price on the media and publishing company’s stock to $43 from $39, citing it as “one of the better-run companies in the media sector” due to its strong balance sheet, dominant position in women’s magazines, relatively new and growing revenue streams and solid position in television.

** MEN‘S WEARHOUSE INC,, $36.59, up 3 pct (0942 ET)

The clothing retailer reported first-quarter results that beat analysts’ estimates as more customers visited its namesake store. The company also reaffirmed its full-year profit outlook.

Gross margins were up 9.4 percent in the quarter, helped by a 25 percent rise in revenue from its Tuxedo rental business.

** RED HAT INC, $45.16, down 3 pct (1142 ET)

BMO Capital Markets cut its price target on the stock of the commercial distributor of the Linux operating system (OS) to $50 from $54, saying it was wary of the continued weak IT spending.

** COTY INC, $17.08, down 2.4 pct (1034 ET)

Shares of the perfume and beauty products seller fell in their market debut on Thursday, taking the gloss off the third-largest U.S. IPO this year. The offering was priced at $17.50 per share, valuing the company at $6.70 billion.

“I hear the allocations to the retail side was very small ... As there was heavy institutional interest and it was filled so there were no after-market orders,” said John Fitzgibbon, the founder of IPOscoop.com.

** NUCOR CORP, $44.84, up 2 pct (1036 ET)

The steelmaker said on Thursday that it expects earnings to fall in the second quarter compared with a year earlier, and that its steel mills’ operating performance has deteriorated from the first quarter of 2013. The company forecast earnings per share of 25 to 30 cents for the second quarter ending June 29, down from 35 cents a year earlier.

** HALCON RESOURCES CORP, $5.02, down 2.1 pct (0931 ET)

The oil and gas producer priced its underwritten public offerring of $300 million in perpetual convertible preferred stock at $6.16 per share.

Each share of perpetual preferred stock has a liquidation preference of $1,000 per share, the company said.

The Houston, Texas-based company said it planned to use the proceeds to repay debt under its senior secured revolving credit facility.

** CORNERSTONE THERAPEUTICS INC, $9.00, down 8.9 pct (0942 ET)

The pharmaceutical company said it had received a notice from privately-held Exela Pharma Sciences saying Exela had filed a marketing approval application for a ready-to-use injectable formulation of Cornerstone’s high blood pressure drug, Cardene.

** ELAN CORPORATION PLC, $12.72, up 2.9 pct (1029 ET)

U.S.-based Royalty Pharma said on Thursday that it did not appear to have the backing of Elan shareholders in a vote that is set to decide the fate of its hostile bid of up to $8 billion for the Irish drug firm.

** QUICKSILVER RESOURCES INC, $2.05, down 3.3 pct (1200 ET)

The oil and gas producer announced the pricing of its senior notes offering $325 million in principal, to be issued at 94.9 percent of their face value and mature on July 1, 2021.

Analysts at Moody’s Investors Services said North American over-supply will keep natural gas prices low over the next 12 to 18 months.

** PEABODY ENERGY CORP, $17.32, up 1.6 pct (1025 ET)

Analysts at Nomura Securities cut their price target on the coal producer’s stock to $16 from $22, citing reduced coking coal forecasts to reflect continued oversupply in the met markets.

** MARATHON OIL CORP, $33.88, up 1.4 pct (1016 ET)

Marathon Oil said on Thursday that Chairman and Chief Executive Clarence Cazalot will retire Dec. 31 and be replaced by a senior Exxon Mobil Corp executive, Lee Tillman. (Compiled by Kanika Sikka; Editing by Sreejiraj Eluvangal)

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