U.S. stocks dipped on Thursday, weighed by Exxon Mobil and retailers, as an earlier boost from upbeat labor market data lost steam. Dow Jones industrial average futures were down 0.47 percent at 16,330, S&P 500 futures were down 0.26 percent at 1,827.8 and Nasdaq 100 futures were down 0.58 percent at 3,544.
** INTERCEPT PHARMACEUTICALS INC, $274.766, +279.56 pct
The company said an analysis by an independent safety committee showed that its liver disease drug met the main goal of a mid-stage trial.
** EXXONMOBIL, $99.75, -0.98 pct
The long-term future of fields that produce about half Abu Dhabi’s oil remains unclear with only one day of a 75-year partnership with western oil companies left to run. Some of the world’s largest energy companies, including ExxonMobil, have been pumping crude from the Abu Dhabi desert for decades, taking payment in oil.
** SANGAMO BIOSCIENCES INC, $17.96, +31.58 pct
** BIOGEN IDEC INC, $290.43, +0.14 pct
The company said it would collaborate with Biogen to develop treatments for a group of inherited blood disorders. Biogen will pay Sangamo $20 million upfront, and use Sangamo’s gene-based technology to develop the drugs.
** YRC WORLDWIDE INC, $16.3935, -12.15 pct
The deadline for a union members' vote to extend the employment of about 26,000 workers at the trucker expired on Wednesday. The counting of ballots is scheduled to begin on Thursday morning, with results expected by the end of day, according to the International Brotherhood of Teamsters' website. (r.reuters.com/ban85v)
The Teamsters’ vote is key to YRC Worldwide’s plan to refinance debt. The Overland Park, Kansas-based company has to start repaying debt of more than $1 billion from February.
YRC Worldwide’s shares had more than doubled to Wednesday’s close since the company said on Dec. 9 it expected annual savings of up to $100 million if union members voted to extend the contract.
** CLEAN DIESEL TECHNOLOGIES INC, $2.29, +20.53 pct
The auto engine manufacturer is set to benefit from the need to retrofit older heavy duty diesel trucks and for distributors of new heavy duty diesel trucks to get new verified emission reduction systems, investment website Seeking Alpha said in an article on Thursday. Governments across the world are pushing for measures to curb environmental emissions. (r.reuters.com/xen85v)
** PIER 1 IMPORTS INC, $20.45, -12.31 pct
The furniture retailer cut its fourth-quarter profit forecast after saying December sales were below its expectation due to the cold weather. The company said December same-store sales fell 5.7 percent, before adjusting for the calendar shift. Same-store sales rose 8.2 percent a year earlier.
** AETERNA ZENTARIS INC, $1.17, -19.86 pct
The biopharmaceutical company priced its public offering of 11 million units at $1.20 per unit, a discount of about 18 percent to the stock’s Wednesday close. Each unit consists of one common share and 0.8 warrant for one common share.
** EHEALTH INC, $56.04, +17.68 pct
Cowen and Co analysts said acceleration in fourth-quarter member growth at the private healthcare exchange was unprecedented and raised their price target on the company’s stock to $55 from $45.
Analyst Kevin Kopelman also raised his long-term profit estimates due to higher topline growth.
** FEDERAL-MOGUL CORP, $19.8, -13.80 pct
Goldman Sachs downgraded the auto parts supplier’s stock to “sell” from “neutral”, citing outsized valuation.
** MONTAGE TECHNOLOGY INC, $21.9, +11.73 pct
The China-based fabless chipmaker estimated fourth-quarter revenue above analysts’ average expectation, helped by higher sales of its memory interface products and set-top box products at home and in the emerging markets.
** EXFO INC $4.2, -12.50 pct
At least four brokerages cut their price targets on the company’s stock after the communications testing equipment maker reported a lower-than-expected first-quarter profit.
EXFO late on Wednesday reported a 6 percent drop in sales mainly due to lower demand in the United States.
Analysts at Pradigm Capital said they were more concerned by the rate and consistency (since 2011) of revenue decline.
** ACUITY BRANDS INC, $129, +17.24 pct
The lighting-fixture maker reported first-quarter results that beat analysts’ estimates, helped by an increase in sales volume and improved margins.
** VOXX INTERNATIONAL CORP, $15.1, -11.12 pct
The audio equipment maker on Thursday cut its full-year revenue forecast, hurt by lower sales in its international markets.
** SIGNET JEWELERS LTD, $74.7, -6.24 pct
** ZALE CORP, $14.83, -10.18 pct
Signet estimated fourth-quarter earnings below analysts’ estimates as it expects additional discounting to result in lower-than-expected gross margins.
Rival Zale’s shares also fell on the news.
** AMAG PHARMACEUTICALS INC $20.9, -12.73 pct
The company said the U.S. Food and Drug Administration is yet to enter into discussions regarding labeling or postmarketing requirements for the expanded use of its drug Feraheme, stoking fears that the approval may be delayed.
The FDA has set a review date of Jan. 21 for Feraheme, which is already approved to treat iron-deficiency anemia in adult patients with chronic kidney disease. Amag intends to expand its use to treat adult patients with iron-deficiency anemia who cannot tolerate oral iron.
** INTERMUNE INC, $16.102, +6.42 pct
The company said it expects revenue of about $25.6 million from its lung disease drug, Esbriet, in the fourth quarter, ahead of analysts’ estimates of $22.7 million.
Intermune also said it expects revenue of $115 million to $135 million from the drug in 2014. Analysts were expecting $132.1 million in revenue in 2014, according to Thomson Reuters I/B/E/S.
The company said it expects to report data from a late-stage trial on the drug in the second quarter of 2014, after which it will seek marketing approval for the drug in the U.S.
Esbriet, the company’s sole revenue earner, is currently sold in the European Union and Canada.
** BED BATH & BEYOND INC, $69.1501, -13.22 pct
The home furnishings retailer cut its full-year earnings forecast due to a lowered sales expectation and weakening margins.
** SEQUENOM INC, $2.62, +6.50 pct
The genetic tests maker said the European Patent Office on Jan. 1 granted a patent to its methods to detect chromosomal abnormality in a fetus using gene sequencing.
The patent is an important part of Sequenom’s prenatal diagnostic patent portfolio, with coverage across all countries in the European Union.
** CALIX INC, $8.65, -6.39 pct
The telecom equipment maker estimated fourth-quarter results that were way below analysts’ expectations due to a greater-than-expected decline in traditional year-end “budget flush” customer spending patterns than the company has historically experienced.
** GW PHARMACEUTICALS PLC, $43.37, +13.95 pct
The French drug agency has approved the U.K.-based company’s cannabis-based spray, Sativex, for people suffering from multiple sclerosis.
** FAMILY DOLLAR STORES INC, $62.04, -6.48 pct
The discount chain reported a weaker-than-expected quarterly profit and gave a tepid outlook for the current period after it discounted more than it had originally planned to win shoppers in the key holiday shopping season.
** MACY‘S INC, $55.69, +7.43 pct
The department store operator reported strong holiday season sales and gave a preliminary forecast for 2014 that suggests it would continue to outpace its rivals.
** ACASTI PHARMA INC, $1.419, +1.36 pct
The biopharmaceuticals company said the U.S. health regulator has given its nod for initiation of a pharmacokinetic study of its experimental drug CaPre.
The study aims to test how the human body deals with the drug, which is being developed to prevent and treat hypertriglyceridemia. Hypertriglyceridemia is a condition characterized by abnormally high levels of triglycerides, or blood fats, in the bloodstream.
** BUFFALO WILD WINGS INC, $145.96, -3.65 pct
Morgan Stanley cut its rating on the quick-service restaurant chain’s stock to “underweight” from “overweight”, according to Theflyonthewall.com
** QIHOO 360 TECHNOLOGY CO LTD, $83.12, -6.61 pct
The Chinese Internet company denied on Thursday that e-commerce giant Alibaba Group Holding Ltd IPO-ALIB.N would take a stake in the company after its shares surged almost 10 percent on Wednesday on speculation the two were in talks.
** MCKESSON, $174.91, +3.00 pct
The U.S. drugs wholesale group on Thursday lifted its offer for Celesio in a bid to win over hedge fund Elliott, a source familiar with the talks said.
** J.C. PENNEY CO INC, $7.743, +5.06 pct
Piper Jaffray upgraded its rating on the department store operator’s stock to “overweight” from “neutral,” according to Theflyonthewall.com.
J.C Penney shares slid 8 percent on Wednesday after the department store chain said it was “pleased” with its holiday sales performance, but skimped on specifics. The lack of detail in the Penney release fueled speculation that its turnaround is stalling.
** ZUMIEZ INC, $24.28, -7.26 pct
Janney Capital Markets cut its fair value on the sports retailer’s stock to $26 from $27 after the company lowered its fourth-quarter sales and adjusted earnings per share forecast.
The brokerage also cut its estimates for the retailer’s adjusted earnings per share for fiscal 2013, 2014 and 2015.
** DISH NETWORK CORP, $56.14, -3.14 pct
The satellite television company is terminating its bid for LightSquared Inc, the bankrupt telecom firm whose wireless spectrum Dish has been coveting, the Wall Street Journal reported, citing a person familiar with the matter.
** GLOBAL PAYMENTS INC, $67.06, +4.11 pct
Analysts at multiple brokerages raised their price targets after the payment processor on Wednesday reported better-than-expected second-quarter results due to growth in its international business.
“Positive trends in Canada and Europe, solid and sustained margin performance, and a second consecutive quarterly beat for revenues and EPS are all positive indications the company is continuing to turn the corner,” analysts at Janney Capital Markets said.
** L BRANDS INC, $57.24, -4.90 pct
The parent of Victoria’s Secret cut its fourth-quarter earnings forecast as it expects promotions to hurt its merchandise margins.
** ENERNOC INC, $20.4, -3.09 pct
Analysts at J.P. Morgan Securities downgraded the power management company to “neutral” from “overweight”, based on valuation. The brokerage cited U.S. power grid operator PJM’s 2016 auction last May, which secured much lower prices than previous year’s auction. PJM operates the power grid in parts of 13 U.S. Mid-Atlantic and Midwest states, including New Jersey and Maryland, and the District of Columbia.
** FRONTLINE LTD, $5.01, +8.68 pct
The market for large crude oil tankers will likely be stronger in 2014 than the average 2013 level, the company’s Chief Executive Jens Martin Jensen said on Thursday. The company is one of the world’s biggest crude shippers.
** ALPHA NATURAL RESOURCES INC, $6.27, -3.83 pct
** WALTER ENERGY INC, $14.21, -2.54 pct
** TECK RESOURCES, $23.82, -2.22 pct
Cowen and Co analysts cut their ratings on the coal producers to “market perform” from “outperform”, saying ample global supply, new production, and muted demand will keep prices depressed for steel-making metallurgical coal. (Compiled by Rohit T.K. in Bangalore; Editing by Sriraj Kalluvila)