May 14, 2014 / 1:18 PM / 4 years ago

MARKET PULSE-Sears, Macy's, Deere, Plug Power, Pernix Therapeutics

(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning News Call newsletter, U.S. stock index futures pointed to a lower open on Wednesday as investors found few reasons to keep pushing shares higher, with the Dow and S&P 500 both coming off record closing highs. Dow Jones industrial average futures were down 0.07 percent at 16,664, S&P 500 futures were down 0.14 percent at 1,891.7 and Nasdaq 100 futures were down 0.30 percent at 3,598.

** SEARS HOLDINGS CORP, Tuesday close $43.23, +0.62 pct premarket

The department store operator said it was looking to sell its 51 percent stake in Sears Canada, in a process that could result in all of the struggling Canadian department store operator being put up for sale.

** MACY’S INC, Tuesday close $57.84, +2.09 pct premarket

The department store operator said business was picking up after severe winter weather resulted in weaker-than-expected sales in the first quarter, allowing the company to stick to its full-year profit forecast.

** PERNIX THERAPEUTICS HOLDINGS INC, Tuesday close $4.28, +46.03 pct premarket

The pharmaceutical company said it would acquire the U.S. marketing rights to GlaxoSmithKline’s migraine drug Treximet for an upfront payment of $250 million.

Acquiring the rights to the drug, which had annual sales of $78.7 million in 2013, will nearly double Pernix’s revenue, the company said.

** CELLDEX THERAPEUTICS INC, Tuesday close $12.4, +10.48 pct premarket

The company said it entered into a collaboration with Bristol-Myers Squibb Co to develop two cancer therapies for an upfront payment of $5 million. The companies will share the development costs.

The drugs, Bristol’s nivolumab and Celldex’s varlilumab, are a new class of cancer treatments known as immunotherapies that harness the body’s immune system to fight cancer.

** EBAY INC, Tuesday close $51.58, +0.16 pct premarket

Jana Partners LLC said it bought 3.9 million shares of the online commerce company.

** DEERE & CO, Tuesday close $93.61, -1.56 pct premarket

The farm equipment maker lowered its forecasts for its full-year agricultural equipment sales and for the U.S. construction industry.

Deere reported a 9 percent drop in second-quarter revenue due to lower sales of its tractors, harvesters and earth-moving equipment.

** VIMPELCOM LTD, Tuesday close $8.26, -4.96 pct premarket

Russia’s third-biggest mobile group said it expected sales and core profit to fall this year due to fierce price competition in Italy and efforts to defend its market share in Russia.

** ZULILY INC, Tuesday close $32.01, -7.78 pct premarket

Sale restriction on about 110.6 million shares of the online retailer will lift on Wednesday after the expiration of a six-month "lock-up" period following its November initial public offering. (

** TAKE-TWO INTERACTIVE SOFTWARE INC, Tuesday close $20.63, -3.54 pct premarket

At least two brokerages cut their price targets on the video game publisher’s stock, after it reported a fall in fourth-quarter profit and revenue on Tuesday.

The company forecast fiscal 2015 earnings in line with analysts’ estimates.

** PLUG POWER INC, Tuesday close $4.09, -5.62 pct premarket

The fuel-cell maker reported a bigger-than-expected quarterly loss as it shipped fewer systems.

** ISIS PHARMACEUTICALS INC, Tuesday close $25.09, +9.21 pct premarket

The drugmaker said its experimental type 2 diabetes drug reduced blood-sugar levels in patients in a mid-stage study.

** TOWER GROUP INTERNATIONAL LTD, Tuesday close $2.34, -2.99 pct premarket

The Bermuda-based insurer said in a filing with the U.S. regulators on Wednesday that it dismissed PricewaterhouseCoopers LLP as its auditor on May 9.

** HYDROGENICS CORP, Tuesday close $19.59, -21.90 pct premarket

The fuel cell products maker said it would sell 1.5 million shares at $15 each. The offer price represents a 23 percent discount to the stock’s Tuesday close.

In the public offering, announced on Tuesday, Hydrogenics will sell shares from its treasury and from shareholder CommScope Inc. The offering is expected to raise net proceeds of about $13.7 million.

** SVB FINANCIAL GROUP, Tuesday close $102.42, -0.41 pct premarket

The bank holding company priced its offering of 3.9 million shares at $101 per share. The offer price represents a discount of 1 percent to the stock’s Tuesday close. SVB Financial said it planned to use the proceeds for general corporate purposes.

** CANADIAN SOLAR INC, Tuesday close $27.3, +1.68 pct premarket

The Canadian solar company said it would collaborate with IKEA Australia to build solar systems totaling 3.6 megawatt across seven IKEA sites in Victoria, New South Wales, and Queensland.

The project is expected to generate enough clean energy to offset about 4,000 tons of carbon dioxide annually, Canadian Solar said.

** AKAMAI TECHNOLOGIES INC, Tuesday close $53.3, +1.59 pct premarket

Pacific Crest Securities raised its rating on the content delivery services provider’s stock to “outperform” from “sector perform,” citing faster growth in media traffic.

“The two primary factors for the change in our opinion are: (1) the strong acceleration in media traffic...(2) strong 1H revenue performance despite lower pricing with the company’s largest customer, which makes us less concerned about pricing pressure hurting revenue growth,” analyst Chad Bartley wrote in a note.

Bartley said competition was also less of a concern now than it was three-four years ago as smaller rivals faded away and Akamai got aggressive with pricing.

** PFIZER INC, Tuesday close $29.2, +0.00 pct premarket

** ASTRAZENECA PLC, Tuesday close $78.36, -0.17 pct premarket

Pfizer said it would ringfence the development of important drugs if it acquired AstraZeneca, rejecting a charge from the British company that a takeover would disrupt important research and put lives at risk.

** CISCO SYSTEMS INC, Tuesday close $22.86, -0.04 pct premarket

In a series of audits in 2009, Cisco found that much of the business between resellers of its products and a Russian state-owned telecommunications company, Svyazinvest, could not be verified because it was either “misrepresented” or documents were withheld by the resellers, according to an executive summary of the audits reviewed by Reuters.

** GLAXOSMITHKLINE PLC, Tuesday close $55.52, -1.37 pct premarket

Chinese police said they had charged the British former China head of the drugmaker and colleagues with corruption, after a probe found the firm made billions of yuan from elaborate schemes to bribe doctors and hospitals.

** YAHOO INC, Tuesday close $34.4, +0.20 pct premarket

The company bought Blink, a mobile messaging startup whose app lets users send messages that self-destruct at a time set by the sender. The terms of the transaction were not disclosed.

** GOOGLE INC, Tuesday close $541.54

Anyone in the United States with $1,500 can now buy Google’s still-in-beta Google Glass, the Internet company said on a blogpost on Tuesday.


The company is considering making a $4.7 billion bid for Stuyvesant Town-Peter Cooper Village, a Manhattan apartment complex, Bloomberg reported, citing a person familiar with the matter.

** MCKESSON CORP, Tuesday close $180

The U.S. drugs wholesale group plans to offer shareholders who did not tender their shares in Celesio a compensation of 22.99 euros ($31.51) per share as it seeks full control of the German peer.

** FORD MOTOR CO, Tuesday close $15.86

The automaker is counting on new models and stabilizing markets to boost its European sales this year, after deliveries in the region rose 6.6 percent in April on growing demand in Britain, France and Spain.

** JOHNSON & JOHNSON, Tuesday close $101.02, -0.24 pct premarket

Britain’s healthcare cost-effectiveness agency NICE said on Wednesday that a Johnson & Johnson prostate cancer drug, originally invented in Britain, was not worth giving to patients who have yet to receive chemotherapy.

** GENWORTH FINANCIAL INC, Tuesday close $18.58

The U.S. financial services giant will sell 34 percent of Australian subsidiary Genworth Mortgage Insurance Australia Ltd in the country’s second-biggest public float of the year, said a source involved in the sale.

** AROTECH CORP, Tuesday close $3.35, +17.91 pct premarket

The company’s profit more than doubled in the first quarter as margins expanded. Arotech makes defense and security products for the military.

** FOSSIL GROUP INC, Tuesday close $111.45, -6.59 pct premarket

The watches and fashion accessory retailer forecast a much lower-than-expected profit for the current quarter as costs rise.

** COTY INC, Tuesday close $15.44

The perfume and cosmetics maker reported a quarterly loss, compared with a profit a year earlier, hurt by a charge related to its skin and body care business in China.

** LOJACK CORP, Tuesday close $4.42, +22.00 pct after market

The company, which makes tracking systems to recover stolen vehicles, said an arbitration panel dismissed all claims filed against the company by Tracker do Brasil LTDA, the licensee of LoJack’s technology in Brazil. The panel allowed LoJack to terminate a supply agreement with Tracker, after the Brazilian company did not meet its minimum purchase requirements for vehicle location units, LoJack said.

** YUME INC, Tuesday close $6.46

The video advertising service provider forecast current-quarter revenue below analysts’ estimates and said its chief financial officer would step down by May 23.

The company, however, maintained its full-year revenue forecast. “While there is always the chance for fluctuation in quarter to quarter revenue results in advertising models, we view the company’s maintenance of CY14 guidance as a sign of confidence by YuMe in its relationship with advertisers over the longer term,” Piper Jaffray analysts wrote in a note.

Deutsche Bank and Piper Jaffray lowered their price targets on YuMe’s stock.

** CONATUS PHARMACEUTICALS INC, Tuesday close $5.34, -4.50 pct after market

The biotechnology company posted a bigger quarterly loss due to higher research and development expenses.

** URS CORP, Tuesday close $47.19, -5.70 pct after market

The engineering and construction services provider reported weaker-than-expected results for the first quarter as revenue declined from its infrastructure and environment and federal services.

** HANWHA SOLARONE CO LTD, Tuesday close $2.76, -6.52 pct premarket

The China-based solar company said it expected second-quarter shipments to rise 8-14 percent from the first quarter to 350-370 megawatts. Hanwha also posted a smaller first-quarter loss as its shipments rose.

The company said net loss narrowed to $21.5 million, or 24 cents per American depositary share, in the quarter ended March 31 from $36.4 million, or 43 cents per ADS, a year earlier.

** YINGLI GREEN ENERGY HOLDING CO LTD, Tuesday close $3.03, +1.32 pct premarket

The Chinese solar company said it would provide engineering, procurement and construction services to Thailand’s biggest state-controlled electricity producer for a 5 megawatt plant in Thailand, as a member of a consortium.

** GENERAL MOTORS CO, Tuesday close $35.15

The next round of hearings in the U.S. Senate to probe the automaker’s delayed recalls of vehicles plagued by ignition-switch defects will come after the company completes its own internal probe, a Senate aide said on Tuesday.

** SPIRIT REALTY CAPITAL INC, Tuesday close $10.73, -4.00 pct after market

The real estate investment trust said it commenced concurrent underwritten public offerings of 23 million shares of its common stock and two series of convertible senior notes. ($1 = 0.73 euros) (Compiled by Vrinda Manocha in Bangalore; Editing by Kirti Pandey)

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