April 8, 2014 / 5:18 PM / 4 years ago

MARKET PULSE-Gigamon, InterCloud, James River, Ohr Pharmaceutical

(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. stocks rose on Tuesday, rebounding after three days of declines, as investors bought beaten-down shares of social media and Internet companies. The Dow Jones industrial average was up 0.10 percent at 16,262.05, the S&P 500 was up 0.29 percent at 1,850.34 and the Nasdaq Composite was up 0.74 percent at 4,110.12.

** JAMES RIVER COAL CO, $0.3509, -50.95 pct

** CONSOL ENERGY INC, $40.81, +2.69 pct


** ARCH COAL INC, $5.18, +3.19 pct

James River filed for Chapter 11 bankruptcy protection after struggling with a steep drop in prices and demand for both thermal and steel-making coal.

Shares of other coal miners rallied on expectations of lower competition.

“Should James River’s production be disrupted, the largest effect could be felt in the domestic market for specialty stoker tons, or crushed coal, where James River had solid pricing,” Brean Capital LLC analyst Lucas Pipes said in a client note.

** GIGAMON INC, $17.79, -32.10 pct

The company, which makes network traffic management software, estimated lower-than-expected first-quarter revenue, blaming cancellation of a large contract and delays in closing some contracts.

** OHR PHARMACEUTICAL INC, $10, -16.87 pct

The drugmaker said it priced its offering of about 1.8 million shares at $10 per share, a discount of about 17 percent to the stock’s Monday closing.

The company, which expects to raise about $18 million from the offering, plans to use the proceeds to fund clinical trials and for research and development and other general corporate purposes.

** SPECTRANETICS CORP, $23.32, -10.69 pct

The medical device maker estimated revenue of $39.6 million for the first quarter ended March 31, lower than the Thomson Reuters I/B/E/S estimate of $41.4 million. The company also lowered its 2014 revenue forecast.

Analysts at Canaccord Genuity and Needham cut their price target on the company’s stock to $30 from $35.

** NORDIC AMERICAN TANKER LTD, $8.55, -9.62 pct

The tanker company priced its public offering of 12 million shares at $8.62 per share, a discount of 8.9 percent to the stock’s close on Monday.


The turbine manufacturer’s fourth-quarter revenue fell about 40 percent, mainly due to the lower number of wind turbine generators commissioned. Quarterly loss widened from a year earlier as selling and administrative expenses soared.

** INTERCLOUD SYSTEMS INC, $6.26, -19.12 pct

The company, which provides engineering, construction, maintenance and installation services to telecommunications providers, reported a bigger fourth-quarter loss as it incurred a $13.7 million charge related to derivative liabilities.

** OBA FINANCIAL SERVICES INC, $22.6, +22.72 pct

** FNB CORP, $13.23, -1.12 pct

FNB Corp will acquire OBA Financial Services in an all-stock transaction of $94 million, or about $23.56 per share.

OBA shareholders will receive 1.781 shares of FNB for each OBA share. The exchange ratio is fixed and the transaction is expected to qualify as a tax-free exchange for OBA shareholders.

** NOKIA OYJ, $7.58, +4.99 pct

Nokia has received approval from Chinese authorities to sell its mobile phone business to Microsoft , it said late on Tuesday. The company expects the deal to close in April.

** QUNAR CAYMAN ISLANDS LTD, $29.26, +8.77 pct

** CTRIP.COM INTERNATIONAL LTD, $54.74, +8.94 pct

Qunar Cayman Islands, the operator of Baidu Inc’s travel website, is in talks with Ctrip.com for a merger or partnership, Bloomberg reported, citing two people familiar with the matter.

** JINKOSOLAR HOLDING CO LTD, $28.9, +5.86 pct

The Chinese solar company said it had signed a deal with Proinso India to distribute its solar modules in India using the latter’s sales network.

** FIREEYE INC, $53.19, +5.64 pct

Wedbush Securities raised its rating on the network security company’s stock to “outperform” from “neutral”.

** LIVEPERSON INC, $10.625, -4.71 pct

Brokerage Benchmark Co cut its rating on the chat software provider’s stock to “hold” from “buy” after the company reaffirmed its earnings guidance for the year ending Dec. 31.

** ALKERMES PLC, $42.45, +3.28 pct

The company said it planned to seek U.S. marketing approval for its experimental drug to treat the symptoms of schizophrenia after it succeeded in a late-stage study.

** AMERICAN AIRLINES GROUP, $35.212, -1.59 pct

The carrier said flight cancellations because of bad weather hurt first-quarter results. It canceled more than 34,000 flights in the first three months of this year, reducing quarterly revenue by about $115 million and operating profit by about $60 million.

** STARWOOD PROPERTY TRUST INC, $22.5199, -2.89 pct

The commercial mortgage REIT said it would sell 22 million shares in a public offering raising about $496 million. Underwriters could buy an additional 3.3 million shares to cover over-allotment, if any. The company will use the proceeds to purchase commercial mortgage loans and assets.

** BLACKBERRY LTD, $8.11, +3.18 pct

A federal jury in Florida on Monday ruled in favor of BlackBerry in a lawsuit accusing the company of infringing three patents belonging to Dutch semiconductor company NXP BV.

** PLUG POWER INC, $7.02, +4.15 pct

** FUELCELL ENERGY INC, $2.31, +1.32 pct

Plug Power Chief Executive Andrew Marsh told Bloomberg in an interview that the fuel cell maker was discussing plans to expand fuel cell usage into different areas like for airport support vehicles and refrigerated tucks, while expanding presence with trucks and forklifts, according to StreetInsider.com. (r.reuters.com/nuv38v)

** MAIN STREET CAPITAL CORP, $31.38, -3.68 pct

The investment firm priced its public offering of 4 million common shares at $31.50 per share, a discount of 3 percent to its previous close. The company plans to use the net proceeds of about $121.4 million for debt repayment, operating expenses and other general corporate purposes.

** MGIC INVESTMENT CORP, $8.5, +6.12 pct

The mortgage insurer said primary new insurance written in March rose 33.3 percent to $2 billion, compared with February.

** AK STEEL HOLDING CORP, $7.41, +4.22 pct

The company said late on Monday it would increase the current spot market base price for its hot roll carbon steel to a minimum of $700 per ton, effective immediately with new orders.

The steelmaker’s products are mainly sold to the automotive, infrastructure and manufacturing sectors. (Reporting by Abhirup Roy in Bangalore; Editing by Maju Samuel)

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