January 15, 2014 / 2:53 PM / in 4 years

MARKET PULSE-Chelsea, Bank of America, GM, ExOne, Datalink, Tesla

(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock indexes edged up on Wednesday, with the S&P 500 building on its biggest gain in nearly a month, after strong data and earnings from Bank of America pointed to continued improvement in the economy. The Dow Jones industrial average was up 0.30 percent at 16,423.69, the S&P 500 was up 0.32 percent at 1,844.76 and the Nasdaq Composite was up 0.46 percent at 4202.72.


A drug to treat a rare form of low blood pressure made by Chelsea is effective enough to warrant regulatory approval, an advisory panel to the U.S. Food and Drug Administration concluded on Tuesday.

** BANK OF AMERICA CORP, $17.27, +2.98 pct

The second-largest U.S. bank reported a stronger-than-expected quarterly profit, driven by a steep fall in mortgage losses and provisions to cover bad loans.

** GENERAL MOTORS CO, $39.64, -0.95 pct

The No. 1 U.S. automaker’s new executive team expects a slight uptick in pretax profits this year, but said margins likely will remain flat until 2015. A new management team led by Chief Executive Mary Barra and President Dan Ammann took the reins Wednesday, issuing a cautious outlook for the year ahead at a Deutsche Bank auto analyst conference.

The company said on Tuesday it would pay the first quarterly dividend on its common stock in almost six years, marking another step in its recovery from the bankruptcy in 2009.

** EXONE CO, $55.28, -11.21 pct

Brokerage Janney Capital Markets cut its price target on the 3D printer maker’s stock to $68 from $75 due to a delay in shipping of printers to customers in Russia, France, Mexico and India. Janney also lowered its revenue estimates for ExOne.

** DATALINK CORP, $13.88, +27.69 pct

The company, which manages servers and networks, raised its fourth-quarter adjusted earnings forecast on Tuesday. It now expects adjusted earnings of 33-37 cents per share, up from 24-30 cents it had forecast earlier. The company also raised its revenue forecast to about $174 million, up from its earlier range of $160-$170 million.

** TESLA MOTORS INC, $167.371, +3.78 pct

Bank of America Merrill Lynch raised its price target on the electric car maker’s stock to $65 from $45 after the company said on Tuesday deliveries of its Model S sedan in the fourth quarter blew past the company’s forecast. Tesla’s shares rose nearly 16 percent on Tuesday.

** NUVASIVE INC, $36.93, +9.33 pct

The company, which makes medical devices for spine surgery, reported preliminary fourth-quarter revenue of about $189 million, ahead of analysts’ average estimate of $176.4 million. Nuvasive also said it expected full-year revenue of about $683 million. Analysts were expecting $670.6 million, according to Thomson Reuters I/B/E/S.

** HANWHA SOLARONE CO LTD, $3.33, +6.05 pct

The solar panel maker said it plans to set up a venture with Shanghai HuiTianRan Investment Holding Group to develop solar power plants in China. HuiTianRan will use panels manufactured by Hanwha SolarOne in its 700 megawatts (MW) of projects or select Hanwha SolarOne to provide engineering, procurement and construction services for these projects, Hanwha SolarOne said in a statement.

** REX ENERGY CORP, $18.85, +5.78 pct

The oil and gas producer said output this year could be 143-149 million cubic feet equivalent (mmcfe) per day, higher than 92.7 mmcfe per day it produced in 2013. Rex Energy also increased its capital budget for 2014 from a year earlier. Fourth-quarter production at the company rose 49 percent to 110.4 mmcfe per day, said Rex Energy, which is scheduled to report fourth-quarter results on Feb. 19.

** AEROPOSTALE INC, $8.11, +4.92 pct

The apparel retailer under pressure from investors to sell itself reached out to at least two private equity firms as it explores strategic options, Bloomberg said on Tuesday, citing sources.

** ENPHASE ENERGY INC, $7.9501, +1.02 pct

The microinverter maker said fourth-quarter revenue was likely to be in the range of $66-$67 million, higher than its previous forecast of $62-$65 million, helped by higher demand from the residential solar market in the United States. "During the fourth quarter, shipments exceeded 100 megawatts of microinverter systems for the first time," Chief Executive Paul Nahi said. Enphase will report results for the fourth quarter in late February. (r.reuters.com/nur95v)

** JINKOSOLAR HOLDING CO LTD, $37.11, +2.37 pct

The Chinese solar panel maker said late on Tuesday it would offer 2.75 million of its American Depositary Shares and up to $100 million in convertible senior notes due 2019.

** MAGNA INTERNATIONAL INC, $84.79, +0.72 pct

The Canadian auto parts maker forecast 2014 sales below analysts’ expectations due to lower revenue in its complete vehicle assembly business.

** LINEAR TECHNOLOGY CORP, $45.7, +1.13 pct

The semiconductor company raised its quarterly dividend to 27 cents per share from 26 cents, and said it expects revenue in the third quarter to rise 3 to 6 percent from the second quarter. B. Riley raised its price target on the stock to $44 from $38.

** NETFLIX INC, $332.67, -1.57 pct

** AMAZON.COM INC, $396.51, -0.26 pct

** COMCAST CORP, $54.025, +2.30 pct

** VERIZON COMMUNICATIONS INC, $47.82, +1.57 pct

A U.S. appeals court on Tuesday rejected federal rules that required Internet providers to treat all web traffic equally, a decision that could allow mobile carriers and other broadband providers to charge content providers for faster access to websites and services.

** INTEL CORP, $26.87, +1.36 pct

The chipmaker, hit by slumping personal computer sales, has put off opening a major chip factory that President Barack Obama once held up as an example of U.S. manufacturing potential.

** HEARTWARE INTERNATIONAL INC, $100.035, -3.11 pct

The medical device maker said it expected to report fourth-quarter revenue of about $53 million, below estimate of $58 million, according to Thomson Reuters I/B/E/S. Heartware, which makes implantable heart pumps, also said revenue would grow 87 percent to $208 million in 2013. Analysts were expecting $213.3 million.

** VISTEON CORP, $86.89, -0.82 pct

The auto parts maker said it expected 2014 revenue of $7.8 billion, lower than average analyst estimate of $8.1 billion.


The oilfield services provider lowered its fourth-quarter adjusted earnings forecast to 36-38 cents per share from 42-46 cents, citing production disruptions at its factories in North Texas and Oklahoma due to winter storms, costs overruns and delays in delivery. The company will announce its fourth-quarter results on Feb. 7.

** RIVERBED TECHNOLOGY INC, $19.765, -0.13 pct

The network gear maker rejected hedge fund Elliott Management Corp’s $3.08 billion takeover offer and estimated fourth-quarter results above expectations. (Compiled by Varun Aggarwal in Bangalore; Edited by Don Sebastian)

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