April 10, 2014 / 6:18 PM / in 4 years

CORRECTED-MARKET PULSE-Imperva, Titan Machinery, Ruby Tuesday, Cash America

(Corrects HB Fuller item to say company raised its dividend to 12 cents per share, not $12 per share) U.S. stocks dipped on Thursday, with the Nasdaq underperforming other major indexes, as investors once again rotated into defensive names and sold momentum-driven stocks. The Dow Jones industrial average was down 1.07 percent at 16,261.12, the S&P 500 was down 1.39 percent at 1,846.23 and the Nasdaq Composite was down 2.49 percent at 4,079.751.

** IMPERVA INC, $27.22, -45.26 pct

** FIREEYE INC, $50.175, -11.02 pct

Brokerage Oppenheimer & Co cut its rating on data security company Imperva’s shares 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.

Shares of rival FireEye also fell on the news.

** 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, $2.07, +14.36 pct

The company, which processes wood fiber, said Blackstone Group LP’s credit arm would invest $150 million in the company in return for two board seats.

** RITE AID CORP, $7.041, +10.02 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, $6.65, +11.58 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.

** BAXANO SURGICAL INC, $1.131, +9.85 pct

The medical device maker said it received marketing approval from the U.S Food and Drug Administration for its spinal surgery device, Avance MIS Pedicle Screw System.

The company said the device will be launched fully in the fourth quarter.

** TITAN MACHINERY INC, $17.87, +13.10 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, $11.94, +12.11 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.

** SIGMA DESIGNS INC, $4.44, -7.50 pct

The chipmaker for internet protocol television (IPTV) set-top boxes said late on Wednesday that its revenue for the fourth quarter fell about 13 percent from a year earlier, as customers made inventory adjustments.

** BED BATH & BEYOND INC, $63.92, -5.88 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.

** BIOGEN IDEC INC, $289.42, -3.74 pct

Biogen Idec and Swedish Orphan Biovitrum said their experimental blood disorder drug was effective in treating children with hemophilia in a late-stage trial.


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

** IGATE CORP, $37.075, +11.67 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. -5.88

** EBAY INC, $54.439, -2.60 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, -4.00 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.

** NORTHWEST BIOTHERAPEUTICS, $6.7727, -5.54 pct

The biotechnology company will offer up to $32 million worth of shares to a single institutional investor, which will help it further expand its manufacturing operations in Europe.

The agreement provides for the sale of an initial $15 million of the company’s common stock at $6.60 per share, a discount of about 8 percent to its Wednesday close.

** CABOT OIL & GAS CORP, $32.73, -3.99 pct

Stifel analysts cut their rating on the oil and gas producer’s stock to “hold” from “buy”, saying they expect the company’s 2014 cash flow per share to come in below analysts’ average estimate. Analysts led by Amir Arif also lowered their 2014 and 2015 production estimate for the company.

** ACURA PHARMACEUTICALS INC, $1.33, -2.92 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, $7.805, -1.95 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.

** TOYOTA MOTOR CORP, $104.38, -3.11 pct

Toyota <7203.T, in its second-largest recall announcement, said on Wednesday that it would call back 6.39 million vehicles globally, and analysts saw automakers increasingly turning to recalls rather than risk bad publicity or legal costs.

** APOGEE ENTERPRISES INC, $31.26, -3.73 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, $24.64, -3.67 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).

** HB FULLER CO, $46.32, -2.24 pct

The chemical company on Thursday raised its quarterly dividend by 20 percent to 12 cents per share.

** HEWLETT-PACKARD CORP, $33.46, +2.26 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, $14.26, -2.13 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]

** GOGO, $19.9, +2.79 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. (Compiled by Abhirup Roy; Edited by Maju Samuel)

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