December 23, 2013 / 5:44 PM / 4 years ago

MARKET PULSE-Tesaro, Steiner Leisure, Skullcandy, Dynamics Research

(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning News Call newsletter, U.S. stocks rose on Monday, extending the previous week's steep rally. The Dow Jones industrial average was up 0.55 percent at 16,310.59, the S&P 500 was up 0.61 percent at 1,829.39 and the Nasdaq Composite was up 0.99 percent at 4,145.355.

** APPLE INC, $567.44, +3.36 pct

** CHINA MOBILE LTD, $52.66, +2.00 pct

Apple said it signed a long-awaited agreement with China Mobile to sell iPhones through the world’s biggest network of mobile phone users. In a deal that could add billions of dollars to its revenue, Apple said its smartphones would be available to China Mobile customers starting Jan. 17.

** SPRINT CORP, $9.65, -2.13 pct

** T-MOBILE US INC, $31.55, +1.77 pct

Japanese tech and telecoms group SoftBank Corp’s Chief Executive Masayoshi Son held talks with at least five banks to finance a possible bid by Sprint to buy a majority stake in T-Mobile US in 2014, Bloomberg reported, citing sources.

** MEN‘S WEARHOUSE INC, $51.65, -0.69 pct

** JOS. A. BANK CLOTHIERS INC, $56.85, -0.32 pct

Jos. A. Bank Clothiers has rejected a $1.5 billion takeover offer from suit retailer Men’s Wearhouse, frustrating attempts by its larger rival to appease shareholder hunger for a merger.

** FACEBOOK INC, $58.2947, +5.76 pct

GoSmart, the prepaid service of No. 4 U.S. operator T-Mobile US, said it would offer its customers free access to Facebook whether or not they subscribe to its Internet service.

Cantor raised its price target on Facebook’s stock to $65 from $63.

** TESARO INC, $28.8101, -23.58 pct

The company’s experimental drug for treating chemotherapy-induced nausea and vomiting failed to show enough benefit in trials to give it an edge over competing drugs.

** DYNAMICS RESEARCH CORP, $11.47, +58.21 pct

The company, which provides information technology and support services to government clients, said it entered into an agreement to be acquired by Engility Holdings Inc, at a price of $11.50 per share in cash.

** SEAGATE TECHNOLOGY PLC, $55.92, +0.48 pct

** XYRATEX LTD, $13.255, +26.84 pct

Seagate Technology said it would buy network and storage equipment maker Xyratex for about $374 million to strengthen its supply and manufacturing chain for disk drives.

** VITRAN CORP INC, $6.66, +8.47 pct

The trucking company said it received an unsolicited offer of about $107 million from an affiliate of rival TransForce Inc . The $6.50-per-share cash offer is higher than a competing bid of $6 per share from Manitoulin Transport.

** SKULLCANDY INC $6.5699, +8.77 pct

Brokerage Roth Capital Partners raised its rating on the headphone maker’s stock to “buy” from “neutral” and raised its price target to $7.50 from $5.50, citing the company’s success with new products such as Crusher and Air Raid.

“With a clean balance sheet and renewed focus on brand, Skullcandy seems well-positioned to benefit from a trend back toward in-ear headphones,” Roth Capital analyst Dave King said.

** STEINER LEISURE LTD, $48.3, -14.24 pct

The spa services provider said a deal with Celebrity Cruises, the cruise line operated by Royal Caribbean Cruises Ltd , would not be renewed after it expires on Dec. 31.

“We currently estimate that the impact of the termination of this agreement on the fully diluted earnings per share of the company for 2014 should not be a reduction of greater than $0.24 per share,” Steiner Leisure said.

** COMBIMATRIX CORP, $2.32, +3.11 pct

The molecular diagnostics company said it entered into a contractual agreement with FedMed, a health insurance network organization, for coverage of its diagnostic laboratory services.

** YRC WORLDWIDE INC, $18.45, +23.25 pct

The trucking company said it reached an agreement with some shareholders and institutional investors to reduce its debt by about $300 million.

** REGENCY ENERGY PARTNERS, $26.19, +8.27 pct

** EAGLE ROCK ENERGY PARTNERS, $5.9, +12.17 pct

** ENERGY TRANSFER EQUITY LP, $82.82, +1.76 pct

** PVR PARTNERS LP, $26.75, +7.43 pct

Natural gas pipeline operator Regency Energy Partners said it would buy pipeline and related assets from Eagle Rock Energy Partners and Hoover Energy Partners for about $1.6 billion. Owned by billionaire Kelcy Warren’s Energy Transfer Equity LP, Regency is expanding its pipe networks in liquids-rich basins of Texas Panhandle, East and South Texas, and Delaware basin in West Texas.

The deal comes two months after Regency agreed to buy PVR Partners for about $3.8 billion.

** MILLER ENERGY RESOURCES INC, $7.39, -2.76 pct

A director of the oil and gas producer sold 27,162 shares at $7.67 per share, according to a regulatory filing on Friday.

** POZEN INC, $9.34, -3.51 pct

The drugmaker said the U.S. health regulator has delayed the date on which it would decide on an approval to Pozen’s experimental pain medication to April 25, 2014 from Jan. 24.

Pozen also said it had agreed to conduct an additional clinical trial on the medication, which consists of its experimental compounds PA8140 and PA32540. Pozen is developing PA8140 and PA32540 for use as a combined, single tablet to treat pain while reducing gastrointestinal damage.


Shares of the multimedia company have risen more than 60 percent since Friday, when the company said it would resume producing content after gaining access to spectrum by buying another company. HKTV said it planned to operate three to five channels, including a round-the-clock news channel.

** LIVEPERSON INC, $14.05, +7.50 pct

Brokerage Benchmark Co raised its rating on the chat software provider’s stock to “buy” from “hold,” saying the company’s business was improving after it “adequately addressed operational sales issues from prior quarters.”

** FIVE BELOW INC, $44.31, +3.71 pct

Credit Suisse raised its rating on the value retailer’s stock to “outperform” from “neutral,” according to

** MICRON TECHNOLOGY INC, $21.5301, -2.89 pct

Bank of America Merrill Lynch cut its rating on the chipmaker’s stock to “underperform” from “neutral,” according to


The Maryland-based company said its experimental drug for a spinal disorder met the goal of a 51-patient proof-of-concept study. Sucampo said it would proceed with another mid-stage study in 2014. The drug is being tested to treat lumbar spinal stenosis, a condition caused by reduced blood flow to the spinal cord, resulting in pain and numbness in the lower back. About 1.4 million Americans are diagnosed with the condition annually, Sucampo said.

** ARIAD PHARMACEUTICALS INC, $7.42, +15.40 pct

At least two brokerages raised their ratings on Ariad’s stock on Monday after the company’s leukemia drug, Iclusig, which was suspended amid safety concerns nearly two months ago, was allowed back on the U.S. market on Friday. However, the drug’s use is restricted to a smaller group of patients.

JMP Securities raised its rating to “market outperform” from “market perform.” William Blair raised its rating to “market outperform.”


The pipeline operator said it would buy two tanker companies from affiliates of Blackstone Group and Cerberus Capital Management for $962 million to expand its crude and refined products transportation business.

** ATMI INC, $30.1, +3.15 pct

The provider of specialty semiconductor materials said it agreed to sell its ATMI LifeSciences business to Pall Corp for $185 million.

** DARDEN RESTAURANTS INC, $54.06, +5.81 pct

Activist investor Starboard Value LP has taken a 5.6 percent stake in Darden, which it plans to disclose in a regulatory filing on Monday, according to a person familiar with the situation.

** UNITED THERAPEUTICS CORP, $109.4, +24.54 pct

The biotechnology company said on Friday that U.S. health regulators approved its oral pulmonary arterial hypertension drug in patients to improve exercise capacity.

Pulmonary arterial hypertension is characterized by high pressure in the arteries that transport blood from the heart to the lungs to pick up oxygen.

Cowen raised its price target on the company’s stock to $94 from $89.

** TARGET CORP, $61.85, -1.02 pct

In the wake of a massive data breach, the company suffered reduced customer traffic over one of the busiest shopping weekends of the year, the Wall Street Journal reported. The number of transactions at Target fell 3-4 percent compared with last year’s final weekend before Christmas, while, transactions at other retailers were strong, the Journal said, citing estimates by retail consultancy Customer Growth Partners LLC.

** AMBAC FINANCIAL GROUP INC, $23.05, +11.73 pct

Shares of the bond insurer could be poised for steep gains in the coming years if the company continues to shrink its portfolio of obligations, business weekly Barron’s wrote on Sunday.

** TAMINCO CORP, $19.93, +2.15 pct

U.S. chemicals group Taminco said it would broaden its offering by acquiring the formic acid business of Finland’s Kemira for 140 million euros ($191 million).

** VIMPELCOM, $12.8, +4.07 pct

The company, Russia’s third largest mobile telecommunications network operator, is considering selling, merging or refinancing its Italian unit Wind, which has debts of around $14 billion, the Financial Times newspaper reported.

** AT&T INC, $34.59, +0.85 pct

** VERIZON COMMUNICATIONS, $48.72, +1.33 pct

AT&T will join rival Verizon Communications in disclosing details on government requests for customer data starting in 2014, after investors called on the two largest U.S. carriers to reveal more about controversial spying operations. (Compiled by Neha Dimri in Bangalore; Edited by Kirti Pandey)

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