November 6, 2013 / 8:24 PM / in 4 years

MARKET PULSE-Microsoft, eBay, Mindspeed, Endocyte, Cbeyond

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Nov 6 (Reuters) - The Dow and S&P stock indexes rose on Wednesday, bolstered by European economic data, while the Nasdaq fell, led by losses in Tesla Motors and as investors readied for Twitter’s much-anticipated IPO. The Dow Jones industrial average rose 110.01 points, the S&P 500 gained 5.92 points and the Nasdaq Composite dropped 11.19 points.

** MICROSOFT CORP, $37.88, up 3.3 pct (1:26 p.m. ET)

Shares of the world’s largest software company jumped to their highest since mid-2000 on Wednesday, a day after Reuters reported that the company is closing in on appointing a new chief executive.

** EBAY INC, $53.25, up 4.2 pct (1:31 p.m. ET)

Shares of eBay Inc rose 3.58 percent to $52.91 Wednesday afternoon and investors were circling call options on the stock, with some apparently positioning for additional near-term share price gains. Overall volume on eBay consisted of 66,000 calls and 14,000 puts traded as of 1:11 p.m. EST, according to Trade Alert. Traders appear to be piling into Nov. 8 expiration calls on the stock, perhaps preparing for the price of the underlying shares to extend gains ahead of the weekend, Interactive Brokers Group equity options analyst Caitlin Duffy said in a posting on the firm’s website.

** TESLA MOTORS INC, $150.79, down 15 pct (13:19 p.m. ET)

The company forecast a weaker-than-expected fourth-quarter profit and posted third-quarter Model S deliveries that disappointed some analysts as the electric car maker struggled to meet demand because of limited capacity.

** NQ MOBILE INC, $10.76, up 13 pct (12:01 p.m. ET)

The Chinese mobile security software company said it completed the transfer of $103 million to its Standard Chartered Bank account. The company has been depositing money in the account for a month after short-seller Muddy Waters accused that NQ’s cash balances were “highly likely to not exist.”

NQ also said on Wednesday it maintains numerous operating bank accounts with cash throughout its organization for day-to-day operating needs.

** QUAD/GRAPHICS INC, $30.13, down 18 pct (2:40 pm ET)

The company, whose businesses include printing catalogs and digital imaging, said it expects both full-year net sales and adjusted EBITDA to be at the lower end of its earlier forecast range, citing financial pressure on the U.S. Postal Service.

The company expects full-year net sales to be about $4.8 billion, compared with its prior forecast of $4.8 billion to $5.0 billion. The company also expects adjusted EBITDA (earnings before interest, taxation, depreciation and amortization) to be about $580 million, compared with $580 million to $610 million earlier.

Quad/Graphics depends on postal costs, which influences the number of pieces its customers print and mail.

Analysts on average were expecting revenue of $4.9 billion and EBITDA of $587 million for the year, according to Thomson Reuters I/B/E/S.

** ZOGENIX INC, $2.60, up 7 pct (10:33 a.m. ET)

The specialty pharmaceutical company said its common stock offering of 26.7 million shares is priced at $2.25 per share. It intends to use $56 million in net proceeds to fund the commercialization of Zohydro ER, its recently approved painkiller.

** VITACOST.COM INC, $6.72, down 13 pct (1:09 p.m. ET)

The online retailer, which sells dietary supplements, posted a third-quarter loss after the number of new customers it added to its website declined.

** TEAM HEALTH HOLDINGS INC, $45.93, up 6 pct (11:35 a.m. ET)

The company, which provides outsourced healthcare professional staffing to healthcare providers, reported better-than-expected results in the third quarter due to strong revenue from acquisitions and old contracts. Team Health also raised its full-year net revenue growth forecast to 14-15 percent from 13-14 percent.

Credit Suisse analysts raised their target price on the company to $53 from $43.

** MID-CON ENERGY PARTNERS LP, $23.40, down 5 pct (11:13 ET)

The oil and natural gas producer reported weaker-than-expected third-quarter results as production decreased for the second straight quarter. The decrease in production prompted brokerage Raymond James to downgrade the stock to “market perform” from “overperform”.

** VERISK ANALYTICS, $62.06, down 8.4 pct (10:00 a.m. ET)

The risk management company posted a lower-than-expected third-quarter revenue on Tuesday, hurt by slow growth in its healthcare division. Verisk reported revenue of $438.6 million for the quarter ended Sept. 30, below analyst estimate of $444.8 million, according to Thomson Reuters I/B/E/S.

** MEADOWBROOK INSURANCE GROUP INC, $7.36, up 10.5 pct (01:10 p.m. ET)

The company posted better-than-expected third-quarter operating earnings on Tuesday and forecast 2014 earnings to be largely above Wall Street estimates, prompting brokerage Guggenheim Securities to raise its price target on the company’s stock to $10 from $9.

Meadowbrook said it expected operating earnings of $0.50 and $0.70 per share for 2014. Analysts on average had expected 55 cents, according to Thomson Reuters I/B/E/S.

** CBEYOND INC, $5.64, down 11.17 pct (1:10 p.m. ET)

The communications services provider said it expects 2013 revenue slightly below its previous forecast of $464 million to $471 million. Analysts had expected $468.5 million, according to Thomson Reuters I/B/E/S.

** FINANCIAL ENGINES INC, $62.23, up 13 pct (10:40 a.m. ET)

The investment adviser posted a better-than-expected third-quarter profit on Tuesday, driven by growth in its professional management division. The company also forecast 2013 revenue of $238 million to $240 million, above average analysts’ estimates of $236.3 million, according to Thomson Reuters I/B/E/S.

** IMPERVA INC, $45.56, up 24.3 pct (12:56 p.m. ET)

The data security company reported better-than-expected results in the third quarter, helped by higher revenue from its service business, which accounted for nearly half the total revenue in the quarter ended Sept. 30. The company said it added more new customers.

** OCERA THERAPEUTICS INC, $7.90, up 11 pct (10:05 a.m. ET)

The biopharmaceutical company said it has obtained commitments for the purchase of its common stock and warrants in a private placement that will fetch $28 million in gross proceeds. Ocera intends to use the net proceeds to further the development of its experimental drug candidate, OCR-002, as a treatment for hepatic encephalopathy, a neuropsychiatric disorder arising out of liver failure.

** GENOMIC HEALTH INC, $33.51, up 13 pct (11:24 a.m. ET)

The company reported a surprise third-quarter profit due to strong sales of its cancer diagnostic tests. Total revenue rose 13 percent to $66 million in the quarter ended Sept. 30, ahead of analysts’ estimates of $65 million.

** ENDEAVOUR INTERNATIONAL CORP, $5.20, down 7 pct (03:05 p.m. ET)

The oil and gas producer reported a bigger loss for the third quarter, hurt by annual summer maintenance period in the U.K. North Sea and timing of tanker lifting from its Alba Field in the region.

** AVIANCA HOLDINGS $14.34, down 4.4 pct (12.14 ET)

The Columbian airline’s shares opened one dollar less than the initial public offering price of $15, after it debuted on the New York Stock Exchange on Wednesday.

** PARKER DRILLING CO, $8.05, up 15 pct (11:11 A.M. ET)

The contract drilling services provider reported a 44 percent rise in third-quarter revenue as it gained from increased international drilling and higher earnings from its rental tools unit.

* GENCO SHIPPING AND TRADING LTD, $2.81, down 6 pct (11:53 A.M. ET)

** EAGLE BULK SHIPPING INC, $4.77, down 9 pct

** PARAGON SHIPPING INC, $5.37, down 5 pct

Baltic’s panamax index, which gauges the cost of shipping dry bulk commodities through large vessels, fell 0.19 percent on Wednesday. The average daily earnings for capesizes, which usually transport 150,000-tonne cargoes such as iron ore and coal, were down $14.

** ZAGG INC, $4.12, down 12.7 pct (11:44 a.m. ET)

The company, which makes scratch guards for mobile and tablet devices, lowered its full-year revenue and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) forecasts, citing distribution problems and rising competition.

** IGNITE RESTAURANT GROUP INC, $12.53, down 15 pct (12:10 p.m. ET)

The restaurant operator reported third-quarter results below analysts’ estimates.

** ALLIANCE ONE INTERNATIONAL INC, $3.16, up 9 pct (12:19 p.m. ET)

The company, which processes, packs and stores tobacco, posted a 22 percent jump in quarterly revenue, helped by volume improvement and price increase.

** CARDIOME PHARMA CORP, $4.09, down 14 pct (12:20 p.m. ET)

The Canadian biopharmaceutical company reported a bigger-than-expected quarterly loss and said the third quarter was the weakest quarter for sales of its heart drug Brinavess in Europe.

** PENN WEST PETROLEUM LTD, $9.6, down 13.3 pct (12:37 p.m. ET)

One of Canada’s biggest conventional oil producers, Penn West said it aimed to sell up to $2 billion of assets before 2015 as part of a plan to focus on projects centered on the Cardium field in Alberta.

** HACKETT GROUP INC $6.05, down 14 pct (12:02 p.m. ET)

The advisory firm forecast lower-than-expected results for the current quarter as it expects weaker sales in Australia and Europe to overshadow an improvement in sales in the United States.

** RADISYS CORP, $2.55, down 9.2 pct (13:13 p.m. ET)

The network equipment maker reported a 15 percent drop in third-quarter revenue on Tuesday, hurt by order delay from a customer in Asia. The company said it received the order toward the end of the reported quarter. Radisys also forecast fourth-quarter revenue below estimates.

** CAESARSTONE SDOT-YAM LTD $45.97, up 8.5 pct (02:30 p.m. ET)

The maker of quartz floor tiles and wall panels raised its full-year revenue forecast after reporting a better-than-expected quarterly profit. Caesarstone expects revenue between $343 million and $348 million, above the average analyst estimate of $339.1 million.

** PowerSecure International Inc, $20.18, up 9 pct (13:38 p.m. ET)

The electric utility products maker reported third-quarter results that beat analysts’ average estimates due to a 62 percent increase in revenue from its primary distributed generation products and services segment.

The company also said it expects near-term project-based revenue backlog of $116 million from the fourth quarter of 2013 through the second quarter of 2014.

** WEB.COM GROUP INC, $28.61, up 8.30 pct (12:36 ET)

The company, which provides internet services to small and medium-sized businesses, reported better-than-expected earnings for the third quarter and raised its forecast for subscriptions growth for the current quarter, prompting at least two brokerages to raise their price target on the stock.

** LSB INDUSTRIES INC, $32.84, down 11 pct (1:02 p.m. ET)

The chemical maker reported a 3 percent fall in its third-quarter sales, hurt by a decline in sales of industrial acids and mining products. The company also said its ammonia plant in Oklahoma will be out of service for maintenance in November.

** ENSCO PLC, $60.49, up 6 pct (11:35 a.m. ET)

The offshore drilling services provider said on Tuesday it increased its quarterly cash dividend by 50 percent. The dividend of $0.75 is payable on Dec. 20.

** BLUE CAPITAL REINSURANCE HOLDINGS LTD, $18.75, down 6 pct (11:00 a.m. ET)

Shares of the company fell as much as 8 percent in their market debut, valuing the Bermuda based-reinsurer at about $161.42 million. The company raised about $126 million after its offering of 6.3 million shares were priced at $20 each.

** MID-CON ENERGY PARTNERS LP, $23.40, down 5 pct (11:13 ET)

The oil and natural gas producer reported weaker-than-expected third-quarter results as production decreased for the second straight quarter. The decrease in production prompted brokerage Raymond James to downgrade the stock to “market perform” from “overperform”.

** MINDSPEED TECHNOLOGIES INC, $5, up 68 pct (13:07 p.m. ET)

M/A-COM Technology Solutions Holdings said on Tuesday it will buy Mindspeed, which supplies chips for network infrastructure applications, for about $272 million. The $5.05 per share offer was at a 70 percent premium to Tuesday’s close of $2.97.

** ENDOCYTE INC, $10.66, up 28 pct (11:44 a.m. ET)

The biopharmaceutical company posted a smaller-than-expected quarterly loss, helped by a 34 percent jump in collaboration revenue from its partnership with Merck & Co Inc to develop its cancer drug, vintafolide.

** BIOTELEMETRY INC, $11.11, up 23 pct (13:07 p.m. ET)

The medical technology company reported a surprise third-quarter profit due to strong volume growth in its services business that monitors heart rhythm disorders.

** TORNIER N.V., $15.85, down 25 pct (13:13 p.m. ET)

The medical device maker reported a bigger-than-expected quarterly loss and lowered its full-year revenue forecast. Tornier now expects constant currency revenue of $299.2 million-$303.2 million, down from its prior estimate of $312 million-$320 million.

BMO cut its rating on Tornier to “market perform” from “outperform”. Piper Jaffray cut its price target to $21 from $23, while JP Morgan cut it to $20 from $24.

RBC lowered its rating to “sector perform” from “outperform”, according to the

** INTERACTIVE INTELLIGENCE GROUP INC, $70.77, up 22 pct (11:44 a.m. ET)

The telecom software maker reported better-than-expected third-quarter results on Tuesday as demand rose for its cloud-based software.

** SOLAZYME INC, $8.88, down 14 pct (13:14 p.m. ET)

Analysts at Credit Suisse downgraded the biofuel maker’s stock to “neutral” from “outperform”, citing production delay in Brazil and lowered full-year revenue forecast. Solazyme said late on Tuesday initial production from its Moema plant in Brazil would be delayed until the first quarter next year to accommodate enhancements and cut its annual revenue forecast.

** MERCADOLIBRE INC, $122.58, down 8.3 pct (13:15 p.m. ET)

The Latin American e-commerce company reported a lower-than-expected third-quarter profit on Tuesday as operating expenses rose 31 percent.

** BARRACUDA NETWORKS INC, $21.07, up 17 pct (13:15 p.m. ET)

Shares of the data storage and security company, rose as much as 31 percent in their trading debut, valuing the company at about $1.18 billion.

** CURIS INC, $3.01, down 22 pct (13:15 p.m. ET)

The company said it had been stopped from enrolling any new patients in an early stage trial of its experimental cancer drug following the death of a patient who had liver failure.

** SUNTECH POWER HOLDINGS CO LTD, $1.26, down 16 pct (13:17 p.m. ET)

The company, once the world’s largest maker of solar panels, filed for provisional liquidation, signaling that it may go out of business after years of steep declines in panel prices.

** SYNACOR INC, $2.71, up 11 pct (13:18 p.m. ET)

The company, which helps customers build content delivery portals, reported better-than-expected third-quarter results and said it expects 2013 revenue at the top end of its previous forecast of $110.4 million-$111.4 million.

The company also said it bought Teknision to help customers deliver content on Android devices.

** PHOTOMEDEX INC, $11.91, down 7 pct (13:19 p.m ET)

The medical device maker’s quarterly results missed estimates as its distributor in Japan reduced inventory levels during a business model transition. PhotoMedex, which makes light- and laser-based devices to treat skin diseases, said revenue dropped 19 percent in the third quarter.

** BLUCORA INC, $27.75, up 14 pct (10:18 a.m. ET)

The online tax preparer and search services provider reported better-than-expected third-quarter revenue, helped by an 18 percent growth in its search business.

** KINDRED HEALTHCARE INC, $13.84, down 7 pct (11:45 a.m. ET)

The hospital operator slashed its 2013 earnings forecast to a range below analysts’ estimates on Tuesday, after reporting much lower-than-expected third-quarter results, citing sequestration and lower patient volumes that hurt revenue.

** ING US INC, $33.41, up 7.8 pct (13:20 p.m. ET)

The company, which was spun off by Dutch financial services company ING Group in May, reported a higher-than-expected quarterly profit as it earned higher revenue from its retirement and investment management business. The retirement unit’s operating earnings jumped 29 percent to $187.3 million in the third quarter.

** CYTORI THERAPEUTICS INC, $2.85, down 19 pct (10:17 a.m. ET)

The medical device maker’s stock rose 38 percent on Tuesday after it said it would receive up to $531 million from Chinese company Lorem Vascular as license fee for its stem cell therapy that removes fat cells from a patient’s body. Lorem will market the therapy in Asia-Pacific.

** RALPH LAUREN CORP, $178.55, up 4 pct (10:15 a.m. ET)

The designer clothing company raised the low end of its full-year sales forecast on the expectation of strong gains during the holiday quarter and increased its dividend.

** CTRIP.COM INTERNATIONAL LTD, $56.96, down 4 pct (10:14 a.m. ET)

The Chinese online travel company said late on Tuesday commission per room per night declined 5 percent and listing price for hotels fell by 2-3 percentage points in the third quarter. The company said it expects fourth-quarter hotels listing price to decline by up to 5 percent.

** OPENTABLE INC, $79.55, up 12 pct (10:12 a.m. ET)

The company, which allows diners to reserve tables at restaurants online, forecast fourth-quarter revenue largely above expectations and said it would strengthen its mobile platform.

** TANGOE INC, $17.42, down 8 pct (10:11 a.m. ET)

The telecommunications software company lowered its full-year revenue forecast to $188.8 million-$189.3 million from $189 million-$191 million, citing a delay in implementation of some large customer contracts.

** RENEWABLE ENERGY GROUP INC, $12.60, up 7.5 pct (10:09 a.m. ET)

The biofuel maker reported a profit for the third quarter late on Tuesday, compared with a loss a year earlier, as it sold a record 77.6 million gallons of biodiesel. Revenue rose 42 percent to $458 million.

** ZILLOW INC, $85.45, up 4 pct (10:08 a.m. ET)

The real estate website posted quarterly results ahead of Wall Street estimates on Tuesday as subscriptions were boosted by a recovering U.S. housing market.

Three brokerages raised their price target on the stock on Wednesday. “3Q results validates Zillow’s shift to an impressions-based (advertising) model as strong traffic growth enables Zillow to have the necessary inventory to sell to new agents and existing agent upsells,” JMP Securities analyst Ronald Josey wrote in a note.

** MYRIAD GENETICS INC, $25.86, up 3 pct (10:07 a.m. ET)

The molecular diagnostics company raised its full-year forecast well above analysts’ estimates on Tuesday after reporting a better-than-expected first-quarter profit. Sales of Myriad’s cancer detection tests shot up. Myriad also said its board authorized a new $300 million stock buyback program that expands the company’s total buyback program to $1 billion.

** VALUECLICK INC, $19.49, down 2 pct (10:12 a.m. ET)

The online advertising company reported weaker-than-expected third-quarter results as revenue fell in its media business, which accounted for over two-thirds of total revenue in the quarter ended Sept. 30.

Wedbush Securities Inc and Cantor Fitzgerald lowered their price targets on the stock.

** INTERMUNE INC, $12.86, down 6 pct (10:06 a.m. ET)

The drugmaker said it will offer 6.5 million shares at $13 per share, which represents a discount of 5 percent to the stock’s Tuesday closing price. The offering will fetch about $79.6 million in net proceeds.

** ABERCROMBIE & FITCH CO, $34.05, down 11 pct (11:49 a.m. ET)

** AEROPOSTALE INC, $8.68, down 5.6 pct

** AMERICAN EAGLE OUTFITTERS INC, $14.79, down 3 pct

Shares of struggling fashion retailer Abercrombie & Fitch fell as much as 13.6 percent to $33.58 after the company reported a seventh quarterly fall in same-store sales in a row and warned of a tough holiday season.

Shares of Abercrombie’s fellow ‘A’ teen retailers, Aeropostale and American Eagle Outfitters, also fell.

** SALEM COMMUNICATIONS CORP, $8.70, up 3.5 pct (11:50 a.m. ET)

The telecom software maker reported better-than-expected third-quarter results on Tuesday as demand rose for its cloud-based software.

** QEP RESOURCES INC, $32.04, down 3.8 pct (11:50 a.m. ET)

The oil producer, which is under pressure from activist investor Jana Partners LLC, posted a lower-than-expected profit on Tuesday as a jump in commodity prices failed to offset a dip in production.

** VIVUS INC, $8.15, down 13 pct (11:50 a.m. ET)

The drugmaker reported weak quarterly sales of its much-hyped obesity treatment Qsymia. Sales of $6.4 million for the drug fell well below market expectations of $8 million, said Cowen & Co analyst Simos Simeonidis.

Chief Executive Seth Fischer said the company cut 17 percent jobs and has begun a process to seek European approval for the weight-loss pill, which the region’s regulators have earlier rejected on safety grounds.

** ANGLOGOLD ASHANTI LTD, $15.70, up 7 pct (11:50 a.m. ET)

Africa’s top bullion producer plans to turn its Obuasi mine in Ghana into a mechanised operation to restore its profits and viability, the company’s chief operating said on Wednesday.

** HUMANA INC, $95.98, up 2 pct (11:52 a.m. ET)

The U.S. health insurer said it expected earnings to decline next year because of spending on the new health exchanges and on the Medicaid program for the poor.

** CHESAPEAKE ENERGY CORP, $26.31, down 6.4 pct (11:53 a.m. ET)

The No. 2 U.S. natural gas producer, which reported results in line with Wall Street estimates, said it expects to spend less as it drills fewer wells.

** DAVITA HEALTHCARE PARTNERS INC, $54.54, down 3.5 pct (11:54 a.m. ET)

The largest U.S. operator of dialysis clinics reported third-quarter results that was in line with analysts’ expectations on Tuesday. Operating expenses and charges rose substantially to about $2.62 billion in the quarter, Davita said in a statement. The company also narrowed its full-year operating income outlook.

** VIMPELCOM LTD, $13.78, down 4 pct (10:19 a.m. ET)

The telecoms group, with assets in Russia, Italy and various emerging markets, said its third-quarter earnings fell 53 percent, hit by a tax expense as well as regulatory and competitive pressures.

** URS CORP, Tuesday close $53.66, down 2.9 pct (10:43 a.m. ET)

The engineering and construction services provider reported third-quarter revenue that missed analysts estimates late on Tuesday and forecast 2013 results largely below Wall Street expectations due to sequestration, uncertainty around the U.S. budget and the impact of weather-related delays at Canadian oil and gas fields.

** EMPIRE RESORTS INC, $6.45, up 12 pct (10:49 a.m E.T)

The casino operator said it intends to apply for a license with the New York State Gaming Commission to operate a full-scale casino at the site of the former Concord Resort, after the constitutional amendment that authorizes full-scale casino gaming in New York was voted into place Tuesday.

** SERVICESOURCE INTERNATIONAL INC, $9.32, down 12.8 pct (10:44 a.m. ET)

Servicesource, which helps companies manage service contract renewals, reported a wider net loss for the third quarter, hurt by higher operating costs. Net loss widened to $5.5 million, or 7 cents per share, from $3.6 million, or 5 cents per share, a year earlier.

** HALCON RESOURCES CORP, $4.62, down 9.5 pct (11:28 a.m. ET)

Three brokerages downgraded the company’s stock after the oil and gas producer reported lower-than-expected third-quarter profit late on Monday. Analysts at Canaccord Genuity downgraded Halcon’s stock to “hold” from “buy”, citing the company’s high financial leverage, reduced net asset value and delay in executing its Utica operations.

** PROMOTORA DE INFORMACIONES, $2.27, up 20.7 pct (10:47 a.m. ET)

The Spanish media giant is close to agreeing a consensual financial restructuring of its 3 billion euro debt pile, Thomson Reuters LPC reported, quoting sources close to the deal.

** ABRAXAS PETROLEUM CORP, $3.21, up 6.6 pct (10:44 A.M. ET)

The oil and gas explorer reported a third-quarter profit, compared with a loss a year earlier, due to higher production and lower lease expenses as the company divested its high expenses properties in the quarter. (Compiled by Natalie Grover; Editing by Don Sebastian)

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