March 21, 2014 / 4:35 PM / 4 years ago

MARKET PULSE-Amber, Borderfree, Endocyte, Intermune, broadcaster stocks

(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning Call newsletter U.S. stocks rose on Friday with major indexes on track for a week of strong gains, but geopolitical concerns remained in view as the tenuous situation in Ukraine continued. The Dow Jones industrial average was up 0.73 percent at 16,450.37, the S&P 500 was up 0.57 percent at 1,882.7 and the Nasdaq Composite was down 0.01 percent at 4,318.7.

** ENDOCYTE INC, $29, +98.09 pct

The U.S. drug developer said its experimental drug improved survival rates in lung cancer patients without the disease worsening, when used in combination with an approved treatment.

** SOLARCITY CORP, $66.99, -3.68 pct

SolarCity shares continued to fall for the third consecutive day after the company on Tuesday forecast that its operating costs would more than double in the first quarter. “This has led analysts to reduce estimates, and clearly many investors were disappointed in the rising costs as well,” said Raymond James analyst Pavel Molchanov. SolarCity, the largest residential solar installer in the United States, had said in February it expects to install fewer panels in a seasonally weak first quarter due to cold weather.

** HERBALIFE LTD, $49.71, -2.13 pct

Brokerage Argus Reasearch Co cut its rating on the nutritional supplements and weight loss product maker’s stock to “hold,” citing the Federal Trade Commission’s investigation into the company’s business practices, including its operations in China. “In view of the protracted challenges caused by the investigation and (William) Ackman’s campaign against the company, we are lowering our near-term rating to hold,” analyst John Staszak wrote in the note.

** BORDERFREE INC, $19.38, +21.13 pct

Borderfree’s shares rose as much as 33 percent in their debut, valuing the e-commerce technology provider at about $648 million.

** MEDIA GENERAL INC, $17.74, +2.31 pct

** LIN MEDIA LLC, $25.95, +20.75 pct


** GRAY TELEVISION INC, $10.01, +5.59 pct

Media General said it would buy LIN Media for $1.6 billion to create a broadcaster reaching nearly a quarter of U.S. households with a television.

** KB HOME, Thursday close $18.21, -1.10 pct premarket

The U.S. homebuilder said it would sell about 6.9 million shares at $18 each. The company also said the size of its senior notes (due 2019) offering was increased to $400.0 million from the previously announced $300.0 million.

** E-HOUSE CHINA HOLDINGS LTD, $13.75, +5.04 pct

The China-based real estate services company said Tencent Holdings Ltd will buy 15 percent stake in Leju, E-House’s unit from the company for $180 million. Leju filed with U.S. regulators last week to raise up to $200 million in an initial public offering of its common shares.

** BANK OF AMERICA CORP, $17.87, -0.28 pct

** JPMORGAN CHASE & CO, $60.96, +1.41 pct

** GOLDMAN SACHS GROUP INC, $169.01, -0.12 pct

** CITIGROUP INC, $50.72, +1.00 pct

** WELLS FARGO & CO, $49.85, +1.67 pct

** MORGAN STANLEY, $32.7, -0.27 pct

** ZIONS BANCORP, $32.03, -2.91 pct

Big banks in the United States, except Zions, have enough capital buffers to withstand a drastic economic downturn, the Federal Reserve said on Thursday.

Zions failed the test with a tier-1 capital ratio of 3.5 percent, below the 5 percent minimum requirement.

** AMBER ROAD INC,$17.27, +32.85 pct

Shares of the cloud-based global trade management software provider rose as much as 38 percent in their market debut, valuing the company at about $446 million. Amber Road raised about $96.2 million after its initial public offering was priced at $13 per share, slightly above its expected range of $10.50-$12.50.

** AMAZON.COM INC, $364.86, -1.11 pct

The U.S. e-commerce giant’s China unit will strengthen regulation of its online sales channels and has closed down a third-party store, the online retailer said on Thursday, after state media criticised Amazon and smaller local rival Dangdang for selling fake cosmetics.

** BLACKBERRY LTD, $9.51, +0.96 pct

BlackBerry said on Friday it has reached an agreement to sell the vast majority of its real estate holdings in Canada, as part of a plan outlined earlier this year aimed at bolstering the technology company’s balance sheet..

** AK STEEL HOLDING CORP, $7.03, +4.93 pct

The U.S. steelmaker forecast a bigger loss for the first quarter as an unplanned blast furnace outage in its Kentucky plant hurt shipments and drove up costs.

** MICROSOFT CORP, $40.31, -0.05 pct

** SEAGATE TECHNOLOGY PLC, $54.23, +2.13 pct

Microsoft said on Thursday Steve Luczo stepped down from its board of directors so he can focus on his job as chief executive of digital storage company Seagate Technology.

** EXELON CORP, $32.67, +4.14 pct

Analysts at Credit Suisse raised their rating on the U.S. utility’s stock to “outperform” from “neutral,” citing attractive valuations. Credit Suisse also raised the stock’s price target to $35 from $23.

** INTERMUNE INC, $36.36, +10.68 pct

Shares of the biotechnology company rose as much as 17 percent on Friday after data showed German drugmaker Boehringer Ingleheim’s rival drug had mixed results in late-stage trials.

** DEUTSCHE BANK AG, $44.98, +0.38 pct

The German bank has failed to win the dismissal of four U.S. lawsuits seeking to force it to pay damages or buy back troubled home loans it had packaged into residential mortgage-backed securities prior to the 2008 financial crisis.

** ALBANY MOLECULAR RESEARCH INC, $17.26, -13.31 pct

Sterne Agee downgraded the company to “underperform” from “neutral,” saying the company did not have any asset that can justify its current valuation.

“We believe the marked rise in AMRI shares as of late represents more wishful thinking than anything else,” analyst Greg Bolan wrote in a note.

** TIFFANY & CO, $92.61, +1.58 pct

The upscale New York-based jeweler projected that net worldwide sales would rise by a high-single digit percentage this year.

** DARDEN RESTAURANTS INC, $50.72, +2.88 pct

The owner of the Olive Garden and LongHorn Steakhouse chains, battling activist investors over the future of its struggling Red Lobster business, reiterated plans to divest the seafood chain and reported third-quarter results in line with analysts’ lowered expectations.

** UNWIRED PLANET INC, $2.01, +54.62 pct

The intellectual property and technology licensing company said it sold a portfolio of patents to Chinese technology company Lenovo Group Ltd for $100 million in cash, sending its shares up 73 percent in trading after the bell.

** PBF ENERGY INC, $25.67, -5.49 pct

The refiner announced on Thursday a secondary offering of 15 million Class A common stock by funds affiliated with First Reserve Management LP. The selling stockholders will receive all the proceeds.

** A10 NETWORKS INC, $16.28, +8.53 pct

Shares of the network equipment maker rose as much as 9 percent in their market debut on Friday, valuing the company at about $966 million.

** AQUINOX PHARMACEUTICALS, $12.514, -2.08 pct

The biggest U.S. drugmaker Pfizer Inc reported a 11.57 percent passive stake in Aquinox. Pfizer held about 1.2 million shares in the newly-listed company as of March 12, according to a filing with the U.S. Securities and Exchange Commission. (

** SYMANTEC CORP, $18.035, -13.73 pct

The antivirus and security software provider’s shares fell 13 percent in early trading after the security software provider fired its CEO, raising concerns about the company’s turnaround efforts.

Separately, sacked Chief Executive Stephen Bennett may get as much as $18.5 million in severance payment, based on his employment agreement.

** NIKE INC, $76.85, -3.05 pct

The athletic footwear and apparel maker on Thursday warned Wall Street that growing pressures from weaker currencies in key emerging markets would take a big toll on its profit in the current quarter and into the next fiscal year.

** COMMSCOPE HOLDING COMPANY INC, $24.48, +10.62 pct

The telecommunications equipment maker on Thursday raised its revenue and earnings forecast for the first quarter, citing strength in its wireless business as telecom companies spend more to improve their network coverage and capacity.

CommScope forecast adjusted earning of 43-47 cents per share on revenue of between $900 and $925 million. Analysts on average were expecting earnings of 38 cents on revenue of $876.1 million, according to Thomson Reuters I/B/E/S.

** WELLPOINT INC, $100.48, +0.77 pct

The United States’ second largest insurer, on Friday raised its 2014 earnings forecast closer to analysts’ expectations and said it expected to add 1 million to 1.3 million members by the end of the year.


The cloud-based software development services provider reported a loss of $4.7 million, or 19 cents per share, for the fourth quarter, wider than $3.7 million, or $1.68 cents per share, a year earlier.


The mortgage real estate investment trust declared a lower cash dividend for the first quarter of 2014. The company declared a cash dividend of 67 cents per share compared with 91 cents for the fourth quarter ended Dec. 31.

** ANN INC, $42.38, +13.83 pct

Private equity firm Golden Gate Capital disclosed a 9.5 percent stake in women’s apparel retailer and said it believed the company’s stock was significantly undervalued.

** NORTEK INC, $82.37, +4.32 pct

Swiss engineering group ABB said on Friday it has agreed to sell its U.S. Thomas & Betts’ heating, ventilation and air conditioning business to U.S. conglomerate Nortek for $260 million in cash.

** NETFLIX INC, $412.425, -2.79 pct

** COMCAST CORP, $50.78, +0.35 pct

Netflix Chief Executive Reed Hastings on Thursday said internet service providers should give content companies adequate network connections for free, and singled out Comcast Corp for supporting “weak” web traffic rules.

** BIOGEN IDEC INC, $332.31, -4.24 pct

The biotechnology company said on Friday it had won Canadian approval for its long-lasting hemophilia B drug Alprolix.

** TIME WARNER CABLE, $138.35, -0.12 pct

The video, high-speed data and voice services provider’s Chief Executive Rob Marcus stands to make about $80 million if Comcast’s deal to buy Time Warner Cable closes, according to a regulatory filing on Thursday. (Reporting by Shubhankar Chakravorty in Bangalore; Editing by Joyjeet Das)

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