March 6, 2014 / 5:44 PM / in 4 years

MARKET PULSE-Pixelworks, China New Borun, Energy Recovery, Agios

(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 Thursday, with the S&P 500 at a fresh record intraday high following upbeat labor market data, while traders kept an eye on developments in Ukraine. The Dow Jones industrial average was up 0.50 percent at 16,441.26, the S&P 500 was up 0.38 percent at 1,880.99 and the Nasdaq Composite was up 0.23 percent at 4,368.04.

** COSTCO WHOLESALE CORP, $113.5193, -2.53 pct

The warehouse retailer reported a bigger-than-expected 15 percent fall in profit as unusually deep discounting in the holiday shopping season hurt margins.

** STAPLES INC, $11.2999, -15.67 pct

The largest U.S. office supplies retailer forecast a fall in current-quarter sales as it loses customers to mass market chains and e-retailers, and the company said it would close up to 225 stores in North America by 2015.

** PIXELWORKS INC, $7.35, +53.13 pct

Shares of the company, which makes chips for digital display, rose 54 percent a day after the company revealed that Apple Inc is among its largest customers.

** AGIOS PHARMACEUTICALS INC, $42.09, +33.03 pct.

The drug developer said it would present initial data from an early-stage study of its lead experimental drug in April at a meeting of the American Association for Cancer Research.

The drug, codenamed AG-221, is being tested as a treatment for a group of blood cancers known as advanced hematologic malignancies.

** SKY-MOBI LTD, $9.4, +26.68 pct

The mobile application store is "succeeding in China's fast growing smartphone and mobile gaming market" and the company's smartphone revenue, base case, is expected to grow more than 100 percent year-over-year, according to a report on investment website Seeking Alpha. (

** ORANGE SA, $13.94, +10.90 pct

France’s biggest telecom operator forecast stable margins this year and higher core profit than analysts were expecting.

Orange forecast earnings before interest, tax, depreciation and amortisation (EBITDA) of 12.1-12.6 billion euros (between $16.8 billion and $17.44 billion) for 2014, above the Thomson Reuters I/B/E/S poll average of 12.08 billion.

** ENERGY RECOVERY INC, $6.5, +36.84 pct

The company, which makes devices to harness reusable energy, reported a better-than-expected fourth-quarter profit, helped by higher project shipments and lower operating expenses.

** SANGAMO BIOSCIENCES, $24.11, +22.95 pct

A strategy to genetically modify cells from people infected with HIV could become a way to control the virus that causes AIDS without using antiviral drugs, according to results from an early-stage trial that were published on Wednesday. Data from the small study of the Sangamo BioSciences therapy, known by the code name SB-728-T, were issued in the New England Journal of Medicine, the first publication of data from a human trial of a technology called “gene editing.”

** CHINA NEW BORUN CORP, $3.89, +18.60 pct

The alcohol maker reported a 31 percent jump in fourth-quarter revenue and said it expects first-quarter revenue to rise about 11-18 percent from a year earlier.


The China-based drugmaker said it partnered with a research institute at the Shaanxi University of Chinese Medicine to develop a liver cancer drug based on a compound known as oleanolic acid.

Biostar said the compound was effective in killing the hepatitis B virus and might also be used to kill cancer cells. (Vrinda)

** REPLIGEN CORP, $14.14, -8.72 pct

The company reported lower-than-expected earnings for the fourth quarter. The earnings were 10 cents per share, while analysts on average had expected a profit of 14 cents per share, according to Thomson Reuters I/B/E/S.

** ORBIT INTERNATIONAL CORP, $2.95, -13.74 pct

The company reported a 26.5 percent drop in revenue for the fourth quarter due to lower sales at its electronics and power groups businesses.

Orbit makes panels, components and subsystems for governmental procurement agencies and R&D laboratories, primarily in support of specific military programs.

** AIRMEDIA GROUP INC, $2.86, -10.06 pct

The company, which provides advertising services at airports and on planes in China, reported a 7 percent drop in fourth-quarter revenue on Wednesday, primarily due to termination of certain low-margin contracts.

** LOGITECH, $16.76, +5.21 pct

The computer accessories maker raised its guidance for the fiscal year starting in April and said the current year’s performance would be at the upper end of its outlook, signs its focus on accessories for tablets and smartphones is paying off.

** SYNACOR INC, $2.56, -9.22 pct

The company, which helps customers build content delivery portals, forecast lower-than-expected revenue for 2014 on Wednesday.

BMO Capital cut its price target on the stock to $3.50 from $4 on Thursday and said the company’s forecast reflects weaker search as more people upgrade to Windows 8, which automatically sets its own home page ahead of those pages that Synacor designs and maintains for its clients.

** CANADIAN SOLAR INC, $40.53, +3.87 pct

The solar company said it has received C$48 million ($43 million) from Manufacturer’s Life Insurance Co to fund its Val Caron solar project in Ontario, Canada.

** ZOGENIX INC, $4.085, -9.02 pct

The company reported better-than-expected revenue for the fourth quarter on higher sales of its migraine franchise and increased fee revenue from Valeant Pharmaceuticals International Inc related to its Migranal nasal spray.

The drugmaker posted fourth-quarter revenue of $9.9 million, beating the average analyst estimate of $8.68 million, according to Thomson Reuters I/B/E/S.

** JOY GLOBAL INC, $56.92, +2.03 pct

The mining equipment maker reported a two-thirds drop in quarterly profit due to lower demand for mining equipment in the middle of a coal glut, but the company said maintenance revenue was rising as miners can no longer delay work on old equipment.

** DIRECTV, $79.69, +2.04 pct

** WALT DISNEY CO, $83.17, +0.59 pct

DirecTV is in talks with Walt Disney to license the rights to offer Disney’s broadcast and cable channels as part of an Internet-based product, DirecTV said on Wednesday.


The company said it received U.S. Food and Drug Administration’s approval for commercial scale stem-cell manufacturing at its new facility.

** YUM BRANDS INC, $77.46, +3.54 pct

Robert W. Baird & Co raised its rating on the KFC parent’s stock to “outperform” from “neutral” as the company’s China business is likely to start recovering after five quarters of same-store-sales declines.

The brokerage also raised its price target on the shares to $87 from $79.

** BOYD GAMING CORP, $12.07, +3.96 pct

The gaming company reported lower-than-expected quarterly revenue, hurt by continued softness in consumer spending in many markets, as well as a severe winter.

** RIGEL PHARMACEUTICALS INC, $4.53, +10.49 pct

Jefferies & Co raised its price target on the company’s stock to $10 from $6, saying Rigel’s arthritis drug, fostamatinib, was “highly likely” to succeed in a late-stage trial.

The company expects top-line data from the study in the second half of 2015 and a regulatory approval by early 2017.

** PLUG POWER INC, $6.532, -3.23 pct

The fuel cell maker said on Thursday that its public offering of about 3.9 million shares was priced at $5.74 per share, a discount of 15 percent to the stock’s last close. The company expects gross proceeds of about $22 million from the offering.


The children’s specialty apparel retailer reported a 4.3 percent decline in fourth-quarter comparable retail sales and gave first-quarter and full-year adjusted earnings outlook below analysts’ estimates.

The company’s net sales in the quarter ended Feb. 1 also came in below analysts’ average estimate, according to Thomson Reuters I/B/E/S.

** ALCOBRA LTD, $23.8824, +8.31 pct

The Israel-based company said U.S. health regulators cleared an investigational new drug application for its experimental drug to treat cognitive dysfunctions, like Attention Deficit Hyperactivity Disorder and Fragile X Syndrome.

This acceptance allows the company to initiate clinical trials testing the drug, Metadoxine Extended Release (MDX), in the United States.

** FREESEAS INC, $2.15, +1.90 pct

** NAVIOS MARITIME, $11.4, +4.68 pct

** STAR BULK CARRIER, $15.63, +3.37 pct

** SAFE BULKERS INC, $10.95, +2.24 pct

The Baltic Exchange’s main sea freight index, which gauges the average daily earnings of vessels shipping dry bulk commodities such as iron ore, grain, coal and fertilizer, rose by 89 points, or nearly 6.5 percent on Thursday on higher activity across all vessel segments.

** HOVNANIAN ENTERPRISES INC,$5.241, -3.66 pct

Brokerage Compass Point lowered its price target on the stock of the U.S. homebuilder to $5.00 from $5.75.

Hovnanian on Wednesday reported a bigger first-quarter loss, hurt by a 10.6 percent fall in orders due to a severe winter.

** CIENA CORP, $24.57, -3.12 pct

The company, which makes equipment that expands capacity of fiber-optic networks, reported a smaller first-quarter loss compared with a year earlier, helped by growth in its products and services revenue.

The company also reported an adjusted profit of 13 cents per share, above analysts’ average estimate of 6 cents, according to Thomson Reuters I/B/E/S.

** ALCOBRA LTD, $23.8824, +8.31 pct

The Israel-based company said U.S. health regulators cleared an investigational new drug application for its experimental drug to treat cognitive dysfunctions, like Attention Deficit Hyperactivity Disorder and Fragile X Syndrome.

This acceptance allows the company to initiate clinical trials testing the drug, Metadoxine Extended Release (MDX), in the United States.

** RIGNET INC, $52.19, +1.56 pct

The company, which provides remote communications services to the oil and gas industry, reported a better-than-expected 21 percent jump in fourth-quarter revenue on Wednesday, as it served more sites and earned higher revenue per site. (Compiled By Neha Dimri in Bangalore; Edited by Maju Samuel)

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