May 6, 2014 / 1:58 PM / 4 years ago

MARKET PULSE-Twitter, Office Depot, Forest Oil, athenahealth

(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning News Call newsletter, Wall Street edged lower at the open on Tuesday as investors hesitated to push the market higher, with major indexes near record levels. The Dow Jones industrial average fell 35.32 points, or 0.21 percent, to 16,495.23, the S&P 500 lost 3.86 points, or 0.2 percent, to 1,880.8 and the Nasdaq Composite dropped 11.116 points, or 0.27 percent, to 4,126.939.

** TWITTER INC, $34.97, -9.75 pct

Shares of the social media company fell after the expiration of a six-month “lock-up” period that had restricted the sale of about 470 million shares, or roughly 82 percent of the company’s outstanding equity.

** OFFICE DEPOT INC, $4.8, +15.11 pct

** STAPLES INC, $12.54, -0.08 pct

The company raised its forecast for full-year adjusted operating income and said it would close at least 400 stores in the United States over two years. The company also reported better-than-expected quarterly results due to cost-cutting.

Shares of rival Staples also rose.

** FOREST OIL CORP, $2.24, +25.14 pct

Sabine Oil & Gas LLC said it would buy Forest Oil, which is valued at about $213 million, in an all-stock deal. Upon completion of the deal, Sabine unit holders will own about 73.5 percent of a new combined entity and Forest shareholders will own about 26.5 percent.

** ATHENAHEALTH INC $112.14, -11.55 pct

Hedge fund manager David Einhorn said on Monday that athenahealth is one of the companies in which his firm, Greenlight Capital, has taken a short position.

** TABLEAU SOFTWARE INC, $60.62, +4.54 pct

The company reported a much smaller-than-expected quarterly loss as the data analysis software maker added 1,800 new customers.

** MERCK & CO INC, $58.02, -1.04 pct

Germany’s Bayer AG has trumped rival bidders for Merck’s consumer care business in a $14.2 billion deal, adding to a string of major cross-border deals in the healthcare industry.

** LIBERTY INTERACTIVE CORP, $28.94, +2.62 pct

** TRIPADVISOR INC, $83.55, -1.37 pct

John Malone’s Liberty Interactive filed with regulators to spin off its stake in travel website TripAdvisor and ownership of online retailer BuySeasons into a separate company valued at about $3 billion.

** PFIZER INC,$29.76, -0.67 pct

Representatives from the U.S. drugmaker and British pharmaceutical firm AstraZeneca will be called before a British parliamentary committee to discuss a potential takeover deal in the coming weeks, a committee spokesman said.

Separately, AstraZeneca laid out its defence against Pfizer’s $106 billion takeover approach on Tuesday by predicting its revenues would rise 75 percent over the next decade, although only after a short-term drop.

** APPLE INC, $602.536, +0.26 pct

A U.S. jury on Monday left the total damages Samsung Electronics Co Ltd must pay Apple unchanged at $119.6 million, after additional deliberations in a trial where the South Korean smartphone maker was found to have infringed three Apple patents.

Separately, the company granted its new retail chief 113,334 restricted stock units, the company said in a regulatory filing on Monday, valued at $68.1 million based on Monday’s closing share price.

** FABRINET, $19.37, -12.19 pct

The maker of precision optical devices forecast a weak current quarter.

Needham analysts downgraded the stock to “hold” from “buy” and said the company might be losing market share in its data communication business.

** FANNIE MAE, $4.16, +1.46 pct

** FREDDIE MAC, $4.13, -2.36 pct

Activist investor William Ackman said on Monday he recommends the shares of the mortgage finance giants because the companies have low liquidity risk.

Ackman, speaking at the Sohn Investment Conference in New York, said the shares of the companies, both of which are now trading around $4 a share, could be worth $23. A better case would be for them to trade around $47 a share, he said.

** BARCLAYS PLC, $16.72, -3.24 pct

The company said a collapse in investment bank revenue hit first quarter profits and was still hurting income in April as the British bank works on an overhaul of the flagging business, expected to be announced later this week.

** TARGET CORP, $58.46, -2.36 pct

The company’s decision to oust Gregg Steinhafel as chairman and chief executive some five months after a massive data breach has triggered concerns the No. 3 U.S. retailer might have even more bad news for investors.

** ACTIVISION BLIZZARD INC, $19.34, -0.41 pct

The company intends to spend $500 million developing and promoting “Destiny,” potentially breaking industry records as it seeks to build the sci-fi role-playing videogame into its next multibillion-dollar franchise.


The company posted a 27 percent fall in quarterly income, hurt by a drop in earnings from premiums and higher disaster losses in its core property and casualty insurance business.

** ALLERGAN INC, $169.2, +0.12 pct

Activist investor William Ackman, Allergan’s largest shareholder, has cautioned the company against pursuing any alternative deal that did not offer a better value than Valeant Pharmaceuticals International Inc’s $47 billion bid.

** UBS AG, $20.89, +0.24 pct

The company will revamp its corporate structure to ensure it can be broken up more easily in a crisis, cutting the amount of money it must set aside for potential losses and allowing it to pay shareholders a special dividend.

** INTEL CORP, $26.28, +0.42 pct

The company has hired senior Staples executive Steven Fund to oversee its global marketing, a novel pick that the chipmaker hopes will improve its profile in an industry where laptops have become blase compared to tablets and smartphones.

** GENERAL ELECTRIC, $26.33, -0.94 pct

The French government rejected the company’s current bid for Alstom’s energy assets on Monday, but opened the door for a deal that would also combine the two companies’ rail businesses.

** LEXMARK INTERNATIONAL, $41.87, -0.99 pct

The U.S. group said it made a 1.2 billion crown ($183.20 million) cash bid for Sweden’s Readsoft that was unanimously recommended by the software company’s board.

** ADVANCED MICRO DEVICES, $4.08, -0.24 pct

The chipmaker has expanded its licensing technology agreement with Britain’s ARM Holdings as the U.S. company seeks growth outside the slowing personal computer industry.

** METLIFE INC, $50.81, -1.40 pct

The China venture of the U.S. life insurer has become the first foreign-backed insurance firm to receive regulatory approval to set up a branch in Shanghai’s free trade zone.

** WESTERN REFINING INC, $43.42, -0.25 pct

The oil refiner reported a better-than-expected adjusted quarterly profit and said the second quarter was off to a “strong start”, with refining margins picking up.

** RENESOLA LTD, $2.77, +0.73 pct

The Chinese solar company said it would supply 1.6 megawatts (MW) of solar modules and 1 MW of mounting systems to a privately held energy and engineering company to power several residential and commercial rooftop projects in Jordan.

** HOLLYFRONTIER CORP, $51.43, -0.33 pct

The oil refiner’s quarterly profit fell 54 percent as its refined product margins declined.


The company reported a 22 percent rise in quarterly revenue, helped by strong advertising growth in its international networks.

** MOSAIC CO, $48.37, -2.70 pct

The U.S. fertilizer company reported a 43 percent plunge in quarterly profit on Tuesday as prices of phosphate and potash dropped.

** VIVUS INC, $5.71, +10.02 pct

The drugmaker reported a smaller-than-expected loss in the first quarter, helped mainly by lower operating expenses and higher sales of its obesity treatment.

** ATLANTIC POWER CORP, $3.28, -0.61 pct

The company, which generates and sells electric power to utility companies in Canada and the United States, said on Monday that it has engaged Goldman Sachs & Co and Greenhill & Co LLC to consider asset sales or joint ventures to raise additional capital for growth or potential debt reduction.

** GOLDMAN SACHS, $154.84, -0.97 pct

The U.S. bank invested $100 million in a Russian real estate firm, bucking the trend of international investors draining money from the country as the Ukraine crisis escalates.

** CORINTHIAN COLLEGES INC, $1.1199, -5.89 pct

The company said it would explore strategic alternatives as student enrollments decline and the company faces potential legal action from U.S. regulators.

** HILLSHIRE BRANDS CO, $36.08, +2.21 pct

The company reported better-than-expected quarterly results, helped by strong sales of its Jimmy Dean products including breakfast sandwiches.

** QUALYS INC, $20.545, +7.51 pct

The company, which provides cloud computing security software, reported better-than-expected first-quarter results on Monday, helped by new subscriptions and renewal of old subscriptions.


The radio frequency chipmaker reported better-than-expected first-quarter revenue on Monday, helped by higher demand. At least two brokerages raised their price target on the company’s stock on Tuesday.

** DIRECTV, $81.16, +1.65 pct

The No.1 U.S. satellite TV provider reported a better-than-expected quarterly profit as average revenue per user rose in the United States. (Compiled by Natalie Grover; Edited by Maju Samuel)

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