March 11, 2014 / 3:33 PM / 4 years ago

MARKET PULSE-Clean Diesel, La Jolla, Senomyx, Northwest, FuelCell

(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning News Call newsletter, U.S. stocks were little changed on Tuesday as investors found few reasons to push the S&P 500 above its recent record high, as tensions in Ukraine continued. The Dow Jones industrial average was up 0.11 percent at 16,437.36, the S&P 500 was up 0.13 percent at 1,879.67 and the Nasdaq Composite was up 0.32 percent at 4,348.277.

** CLEAN DIESEL TECHNOLOGIES INC, $6.46, +128.67 pct

The maker of emission control systems for cars, said it had started production of catalysts for Honda Motor Co’s 2015 Acura TLX model, sending its shares up as much as 146 percent in early trading.

** LA JOLLA PHARMACEUTICAL CO, $17.72, +62.57 pct

The company said its lead experimental drug to treat chronic kidney disease met the main goal of improving kidney function in a mid-stage study. Wedbush raised its price target on the stock to $32 from $27.

** SENOMYX INC, $11.38, +20.94 pct

The company said the U.S. health regulator designated its Sweetmyx food flavoring safe, paving the way for customers such as PepsiCo Inc to add it in drinks to reduce the use of sugar or sugar substitutes.

** BOYD GAMING CORP, $13.89, +17.71 pct

Hedge fund Elliott International disclosed a 4.99 percent stake in the gaming company on Monday. Elliott International also said it may propose changes to Boyd Gaming's operations, dividend policy, management and board composition. [ ]


The U.S. biotech company’s shares continued to rise a day after Germany granted it special permission to sell its experimental brain cancer drug in the country. The stock jumped as much as 36 percent on Monday.


The electric utility products maker reported a better-than-expected fourth-quarter profit on Monday, mainly driven by an 81 percent jump in utility infrastructure revenue.

Analysts at Baird Equity Research raised their price target on the stock to $29 from $26, citing results and increasing demand across all business units.

** FUELCELL ENERGY INC, $4.57, +16.29 pct

** BALLARD POWER SYSTEMS INC, $7.97, +15.84 pct

** PLUG POWER INC, $11.22, +8.83 pct

FuelCell, which develops next-generation fuel cell power plants, said on Monday that revenue jumped and losses narrowed in the first quarter amid growing demand for multi-megawatt fuel cell parks.

Shares of other fuel cell makers also rose.

** CAPSTONE TURBINE CORP, $2.3799, +21.42 pct

Analysts at Cowen & Co raised their price target on the microturbine maker’s stock to $2.70 from $1.90, citing opportunities for the company’s technology in North Dakota’s Bakken shale field.

** FUEL TECH INC, $5.73, -16.59 pct

The maker of pollution control products reported lower-than-expected fourth-quarter results, hurt by lower U.S. bookings at its larger air pollution control business.

** MYRIAD GENETICS INC, $34.11, -9.64 pct

** QUEST DIAGNOSTICS INC, $53.94, +2.43 pct

Diagnostics company Myriad said a U.S. court denied its motion to temporarily stop rival Ambry Genetics Corp from selling products similar to Myriad’s gene-based cancer test. The U.S. Supreme Court ruled in June that the company could not patent naturally occurring human genes, allowing Quest Diagnostics and Ambry to develop and market the so-called BRCA tests.

** RUCKUS WIRELESS INC, $14.05, -6.08 pct

** ARUBA NETWORKS INC, $21.16, -4.04 pct

Bernstein started coverage on the stocks with an “underperform” rating, saying the network-equipment makers are losing market share to larger rivals amid slowing growth in wireless. “Aruba and Ruckus are set to experience pressure on margins and market share, as their economic model reaches its limits, in a slowing market and cornered by Cisco and Ubiquiti,” Bernstein analyst Pierre Ferragu wrote in a note to clients on Monday. The brokerage set a price target of $14 on Aruba and $17 on Ruckus.


The teen apparel retailer forecast earnings for the current quarter that fell short of analysts’ expectations, saying a severe winter had hurt demand.


The company said its lead experimental drug, ganetespib, has been selected for a mid-stage study on breast cancer patients to test if the addition of investigational drugs works better than standard chemotherapy. The trial is sponsored by non-profit organization QuantumLeap Healthcare Collaborative.

** J C PENNEY CO INC, $9.217, +9.47 pct

Citigroup upgraded the retailer’s stock to “buy” from “neutral” as it expects the company to increase comparable-store sales by focusing on home and private-branded products, and editing out inappropriate merchandise. The brokerage also raised its price target on the company’s stock to $11 from $7.50.


The company said it bought rights to develop and market Bayer AG’s experimental drug for reducing chin fat, outside North America. Bayer will receive $33 million in Kythera common stock, plus $51 million in notes and sales-related milestone payments.

** NOVAVAX INC, $6.14, +4.78 pct

The company reported a smaller-than-expected loss for the fourth quarter as it received a contract extension for its bird flu vaccine development and continued support for development of respiratory synctial virus vaccine. The drugmaker reported a fourth-quarter loss of 7 cents per share, compared with analysts’ average estimate of a loss of 8 cents per share, according to Thomson Reuters I/B/E/S.

** BARCLAYS PLC, $15.87, -2.58 pct

Fixed income revenue for Europe’s investment banks are set to fall 20 percent as difficult trading in the second half of 2013 continues, Morgan Stanley analysts wrote in a research note. Deutsche Bank and Barclays will be most affected in Europe, said Morgan Stanley while cutting its earnings per share forecasts for the next three years for Deutsche Bank by 7-11 percent and for Barclays by 9-12 percent.

** MCG CAPITAL CORP, $3.905, +3.58 pct

Shareholder Accretive Capital Partners LLC urged the asset manager to sell itself to a lender and to replace Chief Executive Hagen Saville. MCG should deploy its unutilized cash to buy back shares, Accretive Capital said in an open letter.

** OXFORD LANE CAPITAL CORP, $17.0302, -4.32 pct

The investment company said it commenced an underwritten public offering of 2.3 million shares. The company plans to use the proceeds for investments and general working capital purposes. Deutsche Bank Securities and Ladenburg Thalmann & Co Inc are the bookrunning managers. The company had about 8 million shares outstanding, according to a regulatory filing on March 10.

** URBAN OUTFITTERS INC, $35.63, -5.01 pct

Teen apparel retailer Urban Outfitters reported lower-than-expected quarterly sales, citing severe winter weather in the United States, and said it was “very cautious” on its current-quarter performance.

** E-HOUSE (CHINA) HOLDINGS LTD, $15.42, -2.03 pct

The real estate services provider reported a 67 percent jump in fourth-quarter revenue and said it would enter into a financial services JV with Sina Corp, Sequoia Capital China and Yunfeng Capital. The company said it would also form a community value-added services JV with Sina, Focus Media Holding Ltd and Shentong Express Co Ltd but did not disclose the value of its stake in either JV.

** ACCESS MIDSTREAM PARTNERS LP, $56.17, -2.23 pct

Analysts at Jefferies & Co raised their price target on the natural gas services provider’s stock to $64 from $62, citing increased throughput from the company’s Eagle Ford Shale and Marcellus Shale in the fourth quarter.

** HERBALIFE LTD, $65.02, -1.72 pct

William Ackman’s hedge fund Pershing Square Capital Management LP said it would unveil on Tuesday details about Herbalife’s violations in China as the activist investor sharpened his attack against the nutritional products company.

** PERFECT WORLD CO LTD, $22.5, -3.81 pct

The China-based online game developer reported better-than-expected fourth-quarter revenue on Monday, helped by strong sales of its ‘Return of the Condor Heroes’ and ‘Zhu Xian’ games. Pacific Crest Securities raised its price target on the stock to $28 from $24 on Tuesday.

** HILL INTERNATIONAL INC, $4.64, -6.26 pct

The company, which provides project management services to builders, reported fourth-quarter results above analysts’ average estimate due to higher consulting fee revenue.

** MICROSOFT CORP, $38.15, +0.87 pct

Microsoft is betting on making sci-fi combat game “Titanfall” a hit big enough to boost sales of its Xbox One videogame device, helping it catch up in terms of sales with rival Sony Corp’s PlayStation 4 console.

** THE BOEING CO, $127.07, +0.14 pct

Boeing has delayed a decision on where it will build the 787-10, the newest version of its 787 Dreamliner, a spokeswoman confirmed on Monday.

** GT ADVANCED TECHNOLOGIES INC, $17.625, +3.55 pct

The solar and LED equipment maker signed a $336 million supply agreement with Cosmos Chemicals Berhad to provide equipment and technology for a polysilicon facility in Sarawak, Malaysia, with an annual capacity of 25,0000 metric ton.

** INTERMUNE INC, $34.463, +2.45 pct

Goldman Sachs raised its rating on the drugmaker’s stock to “buy” from “neutral,” saying it expected Intermune to provide full late-stage data from the study of its lung drug Pirfenidone in mid-May. The drug is approved to treat idiopathic pulmonary fibrosis, a potentially fatal lung disease, in Europe and Canada, where it is marketed as Esbriet. Goldman raised its price target on the stock to $45 from $40 and said it expected a 34 percent upside to its new price target.

** ANGLOGOLD ASHANTI, $18.85, +1.56 pct

Workers at the company’s Sadiola and Yatela gold mines in Mali have postponed the start of a strike for a few days to allow negotiations over redundancy payouts, a union official said on Monday.

** NXSTAGE MEDICAL INC, $14.295, -2.49 pct

Wells Fargo analyst Gary Lieberman downgraded the company’s stock to “underperform” from “market perform,” saying Nxstage’s plan to open 10-15 dialysis centers would pit it against large dialysis service providers, who are the company’s largest customers. These providers contribute a majority of NxStage’s home hemodialysis revenue, and generate most of its in-center unit revenue, which sells blood tubing sets and needles to dialysis clinics.

** 3D SYSTEMS CORP, $64.26, +0.56 pct

Stephens Inc raised its rating on the 3D printer maker’s stock to “overweight,” according to the (Reporting by Shubhankar Chakravorty in Bangalore; Editing by Don Sebastian)

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