June 4, 2014 / 4:13 PM / in 4 years

MARKET PULSE-NQ Mobile, LSB Financial, Vanda Pharma, DragonWave

(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s)

June 4 (Reuters) - U.S. stocks were largely flat on Wednesday as mixed reads on the economy gave the market little direction and traders were reluctant to buy with indexes near record levels. The Dow Jones industrial average was up 0.04 percent at 16,728.41 and the S&P 500 was up 0.15 percent at 1,927.1.

** LSB FINANCIAL CORP, $40.05, +41.52 pct

Old National Bancorp said it would acquire LSB Financial, which owns the Lafayette Savings Bank, for about $66.7 million. LSB Financial shareholders will receive 2.269 shares of Old National common stock and $10.63 in cash, or about $41.67, per share held.

** NQ MOBILE INC, $10.029, +31.44 pct

The Chinese mobile security software maker said a special committee had found no evidence of fraud, as alleged by short-seller Muddy Waters Research Group.

** TF FINANCIAL CORP, $41.77, +31.19 pct

Bank holding company National Penn Bancshares Inc said it would acquire TF Financial for $138 million. TF Financial shareholders may elect to receive $42 in cash, or 4.22 shares of National Penn stock, for each share held.

TF Financial owns 3rd Fed Bank, an FDIC-insured savings bank.

** VANDA PHARMACEUTICALS INC, $12.364, +23.39 pct

The drugmaker said European regulators accepted for evaluation a marketing application for its sleep disorder drug, Hetlioz.

Hetlioz was approved in the United States in January to treat Non-24-Hour Sleep-Wake disorder.

** DRAGONWAVE INC, $1.451, +18.74 pct

The wireless networking equipment maker raised its first-quarter revenue growth forecast to 60 percent from 50 percent.

** PROTECTIVE LIFE CORP, $69.31, +18.03 pct

Japan’s Dai-ichi Life Insurance Co has agreed to buy U.S. peer Protective Life for $5.7 billion, the largest acquisition by a Japanese insurer, displaying its determination to grow overseas to counter weak prospects at home.

** YINGLI GREEN ENERGY HOLD CO LTD, $2.84, -3.73 pct

** RENESOLA LTD, $2.24, -3.03 pct

** HANWHA SOLARONE CO LTD, $2.22, -3.06 pct

** TRINA SOLAR LTD, $12.73, -1.85 pct

** JINKOSOLAR HOLDING CO LTD, $25.87, -4.26 pct

** CHINA SUNERGY CO LTD, $3.09, +3.00 pct

** JA SOLAR HOLDINGS CO LTD, $9.885, +0.05 pct

** REAL GOODS SOLAR INC, $2.303, +0.13 pct

** FIRST SOLAR INC, $66.295, +5.35 pct

** CANADIAN SOLAR INC, $24.11, -3.91 pct

** SOLARCITY CORP, $49.88, +1.36 pct

** SUNPOWER CORP, $34.77, +8.62 pct

** SUNEDISON INC, $20.07, +2.98 pct

The United States slapped new import duties on solar panels and other related products from China on Tuesday after the Commerce department ruled they were produced using Chinese government subsidies, potentially inflaming trade tensions between the two countries.

U.S. solar companies such as First Solar and SunPower are expected to benefit as the duties will make their panels more competitive with Chinese products.

** TIBCO SOFTWARE INC, $19.655, -5.46 pct

The company forecast second-quarter revenue and profit below estimates, hurt by disappointing sales of its data analytics and visualization software, Spotfire.

At least three brokerages downgraded the stock.

** FUELCELL ENERGY INC, $2.17, -8.44 pct

** BALLARD POWER SYSTEMS INC, $3.81, -3.05 pct

** PLUG POWER INC, $4.392, -0.41 pct

The developer of fuel-cell power plants reported a bigger-than-expected loss for the second quarter, hurt by a drop in demand and higher costs. Excluding items, loss was 4 cents per share, higher than analysts’ average estimate of 3 cents per share, according to Thomson Reuters I/B/E/S.

The net loss attributable to shareholders more than doubled to $16.6 million, or 7 cents per share, in the quarter ended April 30, from $8.2 million, or 4 cents per share, a year earlier.

Shares of other fuel-cell makers also fell.

** AEGION CORP, $22.355, -4.79 pct

The company, which provides services to protect against corrosion of pipelines and rehabilitate and strengthen water, cut its forecast for second-quarter earnings due to slower growth in projects and weaker margins in its energy and mining business.

** REXNORD CORP, $27.16, +5.07 pct

Wedbush Securities raised its price target on the company’s stock to $33 from $31 and reiterated its outperform rating. The brokerage said Rexnord, which makes gear drives and gear sets for diverse industries, would benefit from improving water infrastructure markets and continued acquisition activity.

** NRG YIELD INC, $48.63, +3.64 pct

The lean energy company said it would buy California’s Alta Wind Energy Center, the largest wind farm in North America, for $870 million from Terra-Gen Power LLC.

** NEWELL RUBBERMAID INC, $30.35, +4.69 pct

Morgan Stanley raised its rating on the shares of the company, known for its Sharpie pens and Rubbermaid storage containers, to “overweight” from “equal weight,” saying it expects a rebound in organic sales due to increased advertising, emerging markets expansion, and a macroeconomic/housing recovery.

** ADVAXIS INC, $3.229, +5.87 pct

Preclinical data published in a medical journal showed that the biotechnology company’s lead experimental treatment increased anti-tumour activity in mice.

The immunotherapy, codenamed ADXS-HPV, is currently being evaluated for use in anal, cervical and head and neck cancer.

** ANNIE’S INC, $30.99, -4.94 pct

The organic food maker said PricewaterhouseCoopers LLP informed the company that it was resigning as its auditor after identifying a "material weakness" in its process of financial reporting. (r.reuters.com/byc89v)

Annie’s Inc said this had not resulted in any material misstatements of its results for the years ended March 2012 to 2014.

** IAMGOLD CORP, $3.489, +2.32 pct

The Canadian gold miner said it was unclear why its stock had surged in late afternoon trading on Tuesday, and stressed that the company had no news pending at this time.

Market sources, who asked not to identified as it is against their firm’s policy to comment on individual companies, said the move might be tied to speculation around Iamgold’s long-planned sale of its Niobec niobium mine in Quebec.

* FERRO CORP, $12.88, -2.13 pct

* SCHULMAN A INC, $35.24, +3.16 pct

Chemical maker A. Schulman Inc said it would acquire selected assets of rival Ferro Corp’s specialty plastics business for about $91 million. The deal includes four facilities in the United States and operations in Spain.

Ferro Corp said in a separate statement it would use the proceeds from the sale to reduce debt. The company also lowered its 2014 adjusted earnings forecast to 48 cents to 53 cents per share from 68 cents to 73 cents.

Schulman had expressed interest in acquiring Ferro in February 2013, but dropped its bid in July.

** MBIA INC, $12.38, +5.99 pct

The financial guarantee insurer’s chief executive Joseph Brown bought 62,165 shares for about $727,952 at an average price of $11.72, according to a filing with the U.S. Securities and Exchange Commission on Tuesday.

** COACH INC, $39.2, -2.06 pct

Sterne Agee cut its rating on the handbag maker to “neutral” from “buy” and its price target by $10 to $41, citing falling U.S. sales and lower margins. (Compiled by Shubhankar Chakravorty in Bangalore; Editing by Sriraj Kalluvila)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below