May 21, 2014 / 6:13 PM / 4 years ago

MARKET PULSE-EBay, Target, Tiffany, PetSmart, GlycoMimetics

(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning News Call newsletter, U.S. stocks extended their gains on Wednesday, reversing a broad selloff in the prior session, after the release of minutes from the most recent meeting of the U.S. Federal Reserve. The Dow Jones industrial average was up 0.98 percent at 16,534.98, the S&P 500 was up 0.75 percent at 1,886.87 and the Nasdaq Composite was up 0.75 percent at 4,127.69.

** EBAY INC, $51.82, -0.27 pct

The e-commerce company said hackers stole email addresses, birthdays and other identity information between late February and early March in a data breach that may have affected a “large number” of accounts.

The stock fell nearly 3.2 percent to $50.30 in early trading.

** TARGET CORP, $57.01, +0.71 pct

The retailer reported a 16 percent drop in first-quarter profit, but showed signs of progress in its efforts to rebuild customer confidence in the wake of a massive theft of payment card data and a botched expansion into Canada.

The company’s shares rose as much as 1.4 percent to $57.41 earlier in the session.

** TIFFANY & CO, $95.82, +8.60 pct

The jewelry chain raised its full-year profit forecast after it reported better-than-expected quarterly results as new collections drove sales in the United States, its biggest market.

** HERCULES OFFSHORE INC, $4.491, +3.00 pct

The offshore drilling company has signed a five-year drilling contract with Maersk Oil North Sea UK Ltd, valued at about $420 million.

Hercules will operate the rig in the Central North Sea, with the contract expected to begin in mid-2016.

More than 8.5 million of the company’s shares had changed hands by 1.30 p.m. ET, making the stock one of the most heavily traded on the Nasdaq.

** CITI TRENDS INC, $19.8, +15.52 pct

The apparel and accessories retailer reported better-than-expected quarterly results, helped by a 4.2 percent rise in comparable store sales.

** QUALITY SYSTEMS INC, $16.03, +4.57 pct

Brokerage RBC Capital Markets raised its rating on the healthcare IT company’s stock to “outperform” from “sector perform”, saying the company’s business is stabilizing from the downturn seen throughout much of fiscal 2013 and 2014.

“The company is seeing stability among its core base of approximately 75,000 NextGen outpatient systems users, progress on fixing its inpatient systems issues, and continued steady growth in RCM (revenue cycle management) outsourcing opportunities,” analyst David Francis wrote in a note.


The oilfield services provider said it would form a joint venture in China with China-based Sinopec Oilfield Service Corp and Shengli Highland Petroleum Equipment Co Ltd.

** PHH CORP, $24.08, +13.80 pct

Canadian equipment finance company Element Financial Corp is in exclusive talks to buy PHH’s fleet-leasing business for about $1.35 billion in cash, in a deal structured to include significant tax benefits, a source familiar with the matter said on Wednesday.


The Chinese online retailer forecast current-quarter revenue above analysts’ average estimate, as it benefits from a recovery in its wedding apparel business and strong sales in ready-to-wear apparel.


The diversified miner said it would offer to exchange all of its 6.50 percent Tangible Equity Units for shares of its common stock in an effort to reduce outstanding debt. The company had total debt of $1 billion as of March 31.

** HORMEL FOODS CORP, $47.27, -2.60 pct

The maker of Spam canned ham said it expected higher pork, beef, turkey and avocado costs to push its full-year earnings towards the lower end of its forecast of $2.17-$2.27 per share.

Analysts on average expect a profit of $2.26 per share, according to Thomson Reuters I/B/E/S. Hormel Foods also reported a weaker-than-expected profit for the second quarter.

** SILVER STANDARD RESOURCES,, $7.3, -5.56 pct

Analysts at RBC Capital Markets have cut their price target on the company’s stock to $11 from $12, saying a weaker operating forecast at its Marigold mine impacted the analysts’ cash flow forecasts.

** TRINA SOLAR LTD, $13.36, +28.96 pct


** CANADIAN SOLAR INC, $23.51, +4.91 pct

** JINKOSOLAR HOLDING CO LTD, $24.03, +7.42 pct

** JA SOLAR HOLDINGS CO LTD $9.69, +4.53 pct

** RENESOLA LTD, $2.62, +13.91 pct

China’s Trina Solar Ltd forecast higher solar panel shipments for the second quarter, helped by improving demand from China, sending its shares up as much as 27 percent in morning trade.

The positive results lifted shares of its rivals. Solar companies are returning to the black as generous subsidies and rising demand in China and Japan lift them out of a four-year slump caused by weak panel prices.

** CELSION CORP, $3.25, +5.18 pct

The biotechnology company said it received regulatory clearance to start a late-stage study testing its cancer treatment, ThermoDox, at sites in Taiwan, Hong Kong, South Korea and Canada in patients with a type of liver cancer.

Celsion also plans on conducting trials for ThermoDox in Europe, and will discuss the trial design and strategy with the European health regulator this year, it said on Wednesday. ThermoDox is also being tested in other cancers.


The oil and gas producer said production had resumed at the West Rochelle W1 well.

The company also said that its Rochelle production would be optimized between the East and West Rochelle well in a few days.

** GLYCOMIMETICS INC, $6.5, +3.17 pct

The biotechnology company said on Tuesday that it received a $15-million payment from Pfizer Inc, as part of a collaboration for the development of their sickle cell disease drug.

Under the deal, Pfizer plans to initiate a late-stage trial for the drug, which will trigger an additional $20 million milestone payment to GlycoMimetics, upon the dosing of the first patient in the trial.


The Chinese wind turbine maker reported a much higher profit compared with a year earlier, due to a rise in production and growing demand for wind turbine generators in China.


The media company announced on Tuesday a special dividend of one additional share of the company’s Series C shares to holders of its Series A, B and C shares.

** PETSMART INC, $57.4, -7.70 pct

The pet products and services provider cut its full-year 2014 earnings forecast, citing a challenging consumer spending environment and increased competition.

PetSmart said it now expects earnings of $4.29-$4.39 per share, down from $4.42-$4.54. Analysts on average expect a profit of $4.49 per share, according to Thomson Reuters I/B/E/S.

** NUVASIVE INC $32.42, -2.08 pct

Brokerage Needham & Co downgraded its rating on the medical device maker’s stock to “hold” from “buy”, saying it expected the company’s revenue growth to slow down in the second half of fiscal 2014.

“While 2014 guidance appears conservative, we worry that 2015 revenue growth expectations are too high,” the analysts wrote in a note.

** QIWI PLC, $41.7466, +19.58 pct

The Russian payment processor forecast a 27-29 percent increase in its 2014 adjusted net profit, from a year earlier.

The company’s first-quarter adjusted net profit rose 72 percent, to $22 million, driven by an increase in payment volume and increased revenue from its e-commerce, financial services and money remittances units.

** NAVIOS MARITIME HOLDINGS, $8.78, +5.78 pct

The dry bulk shipping company reported a first-quarter profit of one cent per share, beating analysts’ average estimate of a loss of 11 cents per share, according to Thomson Reuters I/B/E/S.

The company’s time charter equivalent rate per day - a key metric used to evaluate the performance of a vessel - rose 7.2 percent to $12,709 per day. Time charter, voyage and logistics business expenses fell to $51.2 million from $70 million.

** SALESFORCE.COM INC, $50.31, -4.88 pct

At least seven brokerages cut their price targets on the online sales software maker’s stocks a day after it reported results and raised its full-year forecast, mainly citing the recent pressure on shares of online software companies.


The company, which provides management and technology consulting services to the United States government in the defense, intelligence and civil markets, reported a 9 percent fall in quarterly revenue as uncertainties around the U.S. federal budget weighed on demand.

The company’s fourth-quarter revenue fell to $1.40 billion from $1.55 billion year ago. For fiscal 2013, about 99 percent of the company’s revenue came from contracts with U.S. government agencies or other U.S. government contractors.

** EATON VANCE CORP, $36.87, +3.98 pct

The asset manager’s quarterly profit rose nearly 18 percent, as it earned higher fees from its investment advisory and administrative services.


The teen apparel retailer forecast another quarter of falling comparable-store sales and said it would close another 150 stores in North America as it continues to struggle to attract fickle teen shoppers.

** DYCOM INDUSTRIES INC, $29.96, -5.37 pct

The provider of engineering, construction and maintenance services reported lower revenue than a year earlier, hurt by fewer contracts in the quarter.

** NETFLIX INC, $385.38, +3.69 pct

The internet television network will launch its online movie and TV subscription service later this year in France, Germany and four other European countries, in a major push into new markets.

** RENEWABLE ENERGY GROUP, $10.12, +0.70 pct

** TYSON FOODS, $40.27, -0.91 pct

** SYNTROLEUM CORP, $3.37, +3.69 pct

Renewable Energy agreed to buy Tyson Foods’ 50 percent ownership in Dynamic Fuels LLC for about $18 million in cash.

Under the terms of the agreement, a unit of Renewable will also offer about $35 million in future payments related to production volume at the Geismar biorefinery. Renewable will gain ownership of Dynamic on completion of its deal to buy Syntroleum Corp, announced in December 2013. Tyson and Syntroleum formed Dynamic Fuels as a joint venture in 2007.

** SEARS HOLDINGS CORP, $36.73, -3.21 pct

Sears Holdings Corp is looking to sell its stake in Sears Canada Inc, which posted its steepest fall in quarterly sales in almost five years, denting the struggling department store chain’s turnaround efforts.

** CHIMERIX INC, $15.99, +12.45 pct

The drug developer said it expected to raise gross proceeds of up to $103.8 million from its public offering of about 7.3 million shares.

The company said it would use the net proceeds from the offering, priced at Tuesday’s closing price $14.22 per share, to fund the research and development of its pipeline products.


The biodiesel company priced its offering of 2.5 million shares at $2.00 per share, a near 30 percent discount to the stock’s Tuesday close on the Nasdaq. The company intends to use the proceeds of the offering to increase production capacity at its biodiesel facility in Sombra, Ontario, among other things.

** MICRON TECHNOLOGY INC, $26.99, +1.66 pct

Some of the chipmaker's DRAM customers are planning to sign long-term purchase contracts with the company, Chinese IT industry website Digitimes reported, citing industry sources. (

** PENN VIRGINIA CORP, $15.91, +7.79 pct

Analysts at Sun Trust Robinson Humphrey raised their price target on the oil and gas producer’s stock to $27 from $25, citing higher production growth due to expansion in the Eagle Ford area. The brokerage also expects the upcoming wells to have a 30-day daily production rate of at least 1,000 barrels of oil equivalent per day.

** RIO ALTO MINING LTD, $1.81, -7.65 pct

The Canadian miner said on Wednesday it would buy Sulliden Gold Corp Ltd for about C$300 million ($275 million) in an all-stock deal to create a Peru-focused gold miner. After the announcement Rio Alto’s stock fell on concerns the price it was paying was steep.


The real estate investment trust said it planned to sell nearly all of its shopping centers to Blackstone Group LP for $1.98 billion in cash.


Goldman Sachs raised its rating and price target on the insurer’s stock to “buy”, saying that AIG is best placed among companies designated as Systemically Important Financial Institutions (SIFI) to use capital accretively into its core insurance businesses.

** VIASAT INC, $54.065, -7.80 pct

The satellite broadband company’s fourth-quarter results missed analysts’ average estimate, hurt by higher spending on sales and research and development.

** GOLDMAN SACHS GROUP INC, $159.44, +1.98 pct

The bank has begun a formal process to sell the metals warehousing business it purchased four years ago, a spokesman said on Tuesday, disclosing the first definitive effort to shed the operation amid regulatory and political pressure.

** ASTRAZENECA PLC, $74.48, +3.16 pct

** PFIZER INC, $29.615, +1.25 pct

Some leading AstraZeneca shareholders were at odds over whether the British drugmaker made the right decision in rejecting Pfizer Inc’s final $118 billion bid to buy the company.

** INVENSENSE INC, $18.36, +1.49 pct

The motion-sensor chip maker said on Tuesday that Chief Financial Officer Krock Alan sold 1,700 shares in the company, while Vice President of Invensense Lloyd Stephen also sold 1,500 shares. (Compiled by Ankit Ajmera in Bangalore; Editing by Simon Jennings)

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