April 22, 2014 / 1:38 PM / in 4 years

MARKET PULSE-Harley-Davidson, Netflix, Bebe, Philips, Allergan

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April 22 (Reuters) - The Dow Jones industrial average was up 0.11 percent at 16,466.78, the S&P 500 was up 0.15 percent at 1,874.73 and the Nasdaq Composite was up 0.43 percent at 4,139.449.

** INTUITIVE SURGICAL, $426.93, +3.85 pct

The medical device maker said the U.S. health regulator approved for marketing its robotic surgical device, da Vinci Sp Surgical System, for use in certain urologic surgical procedures.

** LOCKHEED MARTIN CORP, $162.5, +0.63 pct

The Pentagon’s largest supplier on Tuesday reported a 23 percent jump in operating profit and earnings per share in the first quarter, and raised its earnings outlook for the full year by 25 cents.

** FACEBOOK INC, $62.761, +2.48 pct

Credit Suisse upgraded the social media company’s stock to “outperform” from “neutral” and raised its price target to $87 from $6. The brokerage said it expects new products to drive faster growth in revenue per user.

** XEROX CORP, $11.4, -0.61 pct

Xerox, which has been diversifying away from its printers and copiers, cut its full-year earnings forecast as growth stalled in its services business and margins contracted due to higher investment on U.S. health insurance exchange platforms.

** LEXMARK INTERNATIONAL INC, $43.18, -7.68 pct

The printer maker reported first-quarter adjusted earnings above analysts’ average estimate, helped by higher revenue from its managed print services and software businesses.

** HARLEY-DAVIDSON INC, $73.23, +8.42 pct

The motorcycle maker posted a stronger-than-expected quarterly profit on Tuesday, lifted by strong sales growth outside its core North American market.

** TRAVELERS COS INC, $86.19, -0.24 pct

U.S. property and casualty insurer Travelers Cos Inc TRV.N reported a 17 percent rise in first-quarter profit, helped by higher underwriting gains and an increase in net investment income.

** MGIC INVESTMENT CORP, $8.91, +6.96 pct

Mortgage insurer MGIC posted a better-than-expected quarterly profit as fewer homeowners defaulted on their payments in an improving U.S. housing market.

** AK STEEL HOLDING CORP, $6.62, -1.34 pct

The U.S. steelmaker reported a bigger quarterly loss, hurt by higher operating costs.

** KONINKLIJKE PHILIPS NV, $32.43, -6.24 pct

Philips warned on Tuesday it would struggle to post a rise in operating profit for 2014 after slowing demand in China and Russia, combined with the impact of a strong euro, wiped out its first-quarter sales growth.

** NETFLIX INC, $370.75, +6.39 pct

The video streaming service said on Monday it intends to raise its subscription price for new customers by $1 or $2 a month to help the company buy more movies and TV shows and improve service for its 48 million global subscribers.

The company also said it added 2.25 million customers to its U.S. streaming business during the quarter ended March.

While Cantor Fitzgerald upgraded the stock to “buy,” several other brokerages raised their price targets after Netflix posted better-than-expected first-quarter profit.

** NOVARTIS AG, $86.47, +1.18 pct

** GLAXOSMITHKLINE PLC, $55.5, +4.48 pct

** ELI LILLY AND CO, $60.63, -0.38 pct

Novartis and GlaxoSmithKline traded more than $20 billion worth of assets on Tuesday, aiming to bolster their best businesses and exit weaker ones as the drugs industry reshapes to cope with healthcare spending cuts and generic competition.

Eli Lilly said it will buy the Novartis’ animal health business for $5.4 billion in cash to strengthen and diversify its Elanco unit.

** TWITTER INC, $46.4, +0.59 pct

The social media company won the dismissal of an unusual lawsuit accusing it of fraudulently arranging a private stock sale it never intended to complete, with a goal of stoking interest in its November 2013 initial public offering.

** ALLISON TRANSMISSION HOLDINGS INC, $29.91, -3.89 pct

The company, which makes fully automatic transmissions for medium- and heavy-duty commercial vehicles, said its shareholders Carlyle Group and Onex Corp sold 25 million shares they owned in the company.

Carlyle and Onex are the largest shareholders in Allison Transmission.

** TECK RESOURCES LTD, $21.66, -0.60 pct

The diversified Canadian miner said it would cut about 600 jobs, or 5 percent of its global workforce, after a sharp fall in earnings and revenue in the first quarter.

** BARRICK GOLD CORP, $17.42, +0.81 pct

Analysts at Goldman Sachs upgraded their rating on the Canadian gold miner’s stock to “buy” from “neutral,” citing Barrick’s focus on its key free cash flow generating operations and divesting non-core strategic assets. The analysts believe the company’s financial flexibility has significantly improved, post Barrick’s equity raise in 2013.

** RENT-A-CENTER INC, $28.08, +8.96 pct

The rent-to-own home furniture retailer forecast full-year earnings above analysts’ estimates after reporting a better-than-expected quarterly profit, due to higher revenues from Mexico and its Acceptance Now membership program.

** PERRIGO CO PLC, $150.55, +3.72 pct

Jefferies initiated coverage of the company’s stock with a “buy” rating, based on its dominant share of the over-the-counter medicine market, expansive pipeline, and “sustainable” growth strategy.

** BEBE STORES INC, $5.86, -9.01 pct

The women’s apparel retailer warned of a bigger-than-expected quarterly loss as extremely cold weather in parts of the United States cut sales.

** ALLERGAN INC, $162.69, +14.57 pct

** VALEANT PHARMA, $131.98, +4.74 pct

Canada’s Valeant Pharmaceuticals said it offered to buy Botox maker Allergan to boost its skin and eye-care portfolio. Valeant said it had offered to pay $48.30 per share in cash and 0.83 of its common share for each Allergan share.

** CANADIAN SOLAR INC, $28.2835, +4.44 pct

The solar company said it won a supply agreement to provide 43 mega watt of photovoltaic modules to the second-largest solar power plant project in Japan. Delivery of the modules is expected to start from May 2014. (Compiled by Rohit T.K. in Bangalore; Editing by Joyjeet Das)

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