April 10, 2014 / 3:03 PM / in 4 years

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

(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 0.17 percent at 16,409.76, the S&P 500 was down 0.40 percent at 1,864.68 and the Nasdaq Composite was down 1.17 percent at 4,134.846.

** IMPERVA INC, $28.79, -42.11 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, $1.87, -21.43 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.

** RENTECH INC, $2.09, +15.47 pct

The clean energy services provider said on Thursday that a unit of Blackstone Group LP would invest about $150 million in the company. Blackstone also appointed two members to Rentech`s board.

** RITE AID CORP, $7.15, +11.72 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, $6.86, +15.10 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.

** TITAN MACHINERY INC, $17.65, +11.71 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.

** CELLADON CORP, $11.1141, +4.36 pct

The biotechnology company said its lead drug received a breakthrough therapy designation by the U.S. Food and Drug Administration for reducing hospitalizations in heart-failure patients.

The designation is intended to speed-up the development and review of drugs to treat serious or life-threatening diseases or conditions.

** BED BATH & BEYOND INC, $63.89, -5.92 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.

** ORAMED PHARMACEUTICALS INC, $13.43, +7.87 pct

The company said its technology for oral administration of insulin was granted a patent in Hong Kong.

** GOGO, $19.94, +3.00 pct

The provider of in-flight wireless internet and digital entertainment services said it and Boeing Co agreed to a technical services deal to evaluate Gogo’s suite of technology solutions on Boeing aircraft.

** IGATE CORP, $36.22, +9.10 pct

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


The payday lender said its board was reviewing a tax-free spinoff of its online lending business and other strategic alternatives. -5.92

** EBAY INC, $54.96, -1.66 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.

** ALLY FINANCIAL INC, $24.55, -1.80 pct

Shares of the auto-lender fell as much as 3 percent in their market debut on Thursday, taking the shine off the biggest U.S. IPO so far this year as investor appetite for big stock offerings shows signs of waning.

** ACURA PHARMACEUTICALS INC, $1.32, -3.65 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.

** BLACKBERRY LTD, $7.84, -1.51 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.

** APOGEE ENTERPRISES INC, $31.59, -2.71 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.

** GOLDCORP INC, $24.9, -2.66 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).

** HEWLETT-PACKARD CORP, $33.53, +2.48 pct

Deutsche Bank started its coverage of the printer and server maker’s stock with a “buy” rating and a $40 price target, citing “ample room” for margin expansion.

Morgan Stanley raised its price target on the stock to $36 from $34 due to margin recovery in the company’s enterprise services.

** NEW MOUNTAIN FINANCE CORP, $14.29, -1.92 pct

The company priced its offering of 3.5 million shares at $14.57 per share - the stock’s closing price on Wednesday - to raise about $51 million in proceeds.[ID: nBw4WfqsYa] (Compiled by Abhirup Roy; Edited by Maju Samuel)

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