April 10, 2014 / 2:03 PM / in 4 years

MARKET PULSE-Imperva, Rite Aid, Titan Machinery, Ruby Tuesday

(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 opened little changed on Thursday as a positive read on weekly jobless claims was offset by some disappointing corporate earnings, including from Bed, Bath & Beyond. The Dow Jones industrial average was down 0.04 percent at 16,431.33, the S&P 500 was down 0.20 percent at 1,868.37 and the Nasdaq Composite was down 0.70 percent at 4,154.737.

** IMPERVA INC, $29.62, -40.44 pct

Brokerage Oppenheimer & Co cut its rating on the data security company’s stock to “perform” from “outperform” after the firm cut its first-quarter revenue forecast. The company cut its revenue guidance to $31-$31.5 million from $36-$37 million.

Two other brokerages cut their price target on the stock of the company, which also forecast a bigger adjusted per-share loss of 40-44 cents, compared with 33-37 cents it had forecast earlier.

** BOX SHIPS INC, $1.91, -19.75 pct

The shipping company said on Wednesday it had commenced an underwritten offering of its units, comprising common shares and warrants. It will use proceeds from the offering for general corporate purposes such as repayment of debt and acquisition of vessels.


The payday lender said its board was reviewing a tax-free spinoff of its online lending business and other strategic alternatives. -6.07

** RITE AID CORP, $7.18, +12.19 pct

The drug retailer forecast 2015 earnings above analysts’ estimate, after reporting a higher-than-expected quarterly profit due to strong pharmacy same-store sales.

** RUBY TUESDAY INC, $6.59, +10.57 pct

The restaurant operator on Wednesday reported higher-than-expected third-quarter revenue, helped by better same-store sales.

Wunderlich Securities raised its target price on the company’s stock to $7 from $6.

** BED BATH & BEYOND INC, $63.79, -6.07 pct

The home furnishings retailer reported a 5.8 percent decline in fourth-quarter net sales, hurt by severe weather, and the company gave a first-quarter earnings outlook that came in below analysts’ average estimate, according to Thomson Reuters I/B/E/S.

At least three brokerages cut their price target on the company’s stock.

** EBAY INC, $54.25, -2.93 pct

EBay and Carl Icahn have ended their proxy fight, with the activist investor dropping his proposal that the e-commerce company split off its PayPal payments unit and withdrawing his two nominees for the eBay board.

** TITAN MACHINERY INC, $17.6, +11.39 pct

The heavy equipment retailer said it would cut about 12 percent jobs in its construction unit and the company posted a 10 percent drop in quarterly revenue.

** ACURA PHARMACEUTICALS INC, $1.3379, -2.34 pct

The specialty pharmaceutical company said its partner Pfizer Inc returned the rights to Acura’s technology for developing abuse-resistant drugs. Acura will make a one-time payment of $2 million to Pfizer.

The news comes nearly seven months after a mid-stage trial testing a painkiller made with the same technology failed to meet study goals.

** IGATE CORP, $36.03, +8.52 pct

The outsourcing company reported better-than-expected results for the first quarter, helped by customer additions and contract wins.

** COSTCO WHOLESALE CORP, $113.89, +0.74 pct

The wholesale retailer said March same-store sales increased 5 percent, helped by an extra day in the period and a shift in the timing of Easter.

** BLACKBERRY LTD, $7.89, -0.88 pct

BlackBerry would consider exiting its handset business if it remains unprofitable, its chief executive officer said on Wednesday, as the technology company looks to expand its corporate reach with investments, acquisitions and partnerships.

** MERCK & CO, $57.35, +0.44 pct

A two-drug combination being tested by Merck to treat hepatitis C cured 98 percent of previously untreated patients without cirrhosis in a midstage clinical trial, providing the latest evidence that the U.S. drugmaker will be highly competitive in the fast evolving field. -19.33

** APOGEE ENTERPRISES INC, $33.33, +2.65 pct

The company, which makes glass used in commercial buildings and picture frames, reported a lower-than-expected profit for the fourth quarter, partly hurt by a slowdown in construction activity due to a severe winter.

** FAMILY DOLLAR STORES INC, $59.34, +0.46 pct

The convenience store operator said it would cut jobs, shut about 370 underperforming stores and lower prices on about 1,000 basic items. The job cuts and store closures are expected to reduce annual operating costs by $40 million to $45 million beginning third quarter of fiscal 2014.

** GOLDCORP INC, $25.14, -1.72 pct

The world’s second-biggest gold miner by market value said on Thursday that it raised its offer to buy Osisko Mining Corp to about C$3.6 billion ($3.30 billion). (Compiled by Abhirup Roy; Edited by Maju Samuel)

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