August 28, 2014 / 2:28 PM / 4 years ago

BUZZ-U.S. Stocks on the Move-Sungy, Digital Ally, Williams-Sonoma

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for more market insights, including options activity, ; for the Day Ahead newsletter,; for the Morning News Call newsletter, U.S. stocks opened lower on Thursday after Ukraine's president said Russian forces had been brought into his country, bringing concerns over the volatile region back into focus and overshadowing some positive U.S. economic data. The Dow Jones industrial average was down 0.41 percent at 17,051.28 and the S&P 500 was down 0.30 percent at 1,994.03.

** SUNGY MOBILE LTD, $8.41, -19.13 pct

Oppenheimer & Co cut its rating on the Chinese mobile applications developer’s shares to “perform” from “outperform” and removed a $22 price target.

The company will accelerate spending on research and sales and marketing in the coming two quarters which will put “pressure” on margins, Oppenheimer analysts said in a note.

The company on Wednesday forecast third-quarter revenue of 90-95 million yuan ($14.7-$15.5 million), below the average analyst estimate of $18.3 million.

The company also said Chief Financial Officer Winston Li had resigned, effective Aug. 31.

** DOLLAR GENERAL CORP, $64.69, +1.55 pct

** FAMILY DOLLAR STORES INC, $79.84, +0.05 pct

** DOLLAR TREE INC, $53.815, +0.48 pct

Dollar General said it remained committed to acquiring rival Family Dollar and that its offer was both superior and achievable than an offer from Dollar Tree.

Dollar General also reported lower-than-expected quarterly sales and comparable-store sales and cut the top end of its full-year comparable-store sales forecast.

** DIGITAL ALLY INC, $14.19, +23.50 pct

Digital Ally said the Michigan police force placed an order for the company’s flagship video cameras for its fleet, highlighting the spike in demand for surveillance systems since a policeman fatally shot an unarmed teenager in Ferguson, Missouri on Aug. 9.

** REPROS THERAPEUTICS INC, $20.375, +11.89 pct

** ABBVIE INC, $55.46, -0.43 pct

Repros Therapeutics said its experimental drug to treat low testosterone was superior to a leading marketed gel and a placebo in the first of two identical studies.

Patients who were given the drug, Androxal, experienced superiority in sperm concentration compared with those who used Abbvie’s AndroGel, said the company. The company said the proportion of subjects responding to Androxal were greater than the proportion responding to both the approved topical gel and placebo. The results of the second study have not yet been released.

** TILLY’S INC, $7.99, -6.22 pct

Mizuho Securities USA cut its price target on the company’s stock to $7 from $8. Tilly’s on Wednesday forecast current-quarter comparable sales to decline by mid-single digit percentage.

** GENESCO INC, $83.01, -6.38 pct

The specialty retailer reported a second-quarter profit below analysts’ average estimate due to lower gross margin at Lids Sports Group, its second-largest business. The company also cut its full-year adjusted earnings forecast to $5.10-$5.20 per share from $5.40-$5.55.

** JPMORGAN CHASE & CO, $58.97, -1.04 pct

** BANK OF AMERICA, $16.03, -1.05 pct

** CITIGROUP INC, $51.36, -0.96 pct

** WELLS FARGO, $51.1, -0.47 pct

** MORGAN STANLEY, $33.84, -0.85

Stocks of U.S. banks fell in premarket trading after media reported that U.S. financial firms were infiltrated in cyber attacks by Russian hackers. JPMorgan Chase was named as one of the banks that came under attack. The FBI said it was working with the U.S. Secret Service to investigate the scope of attacks.

** ABERCROMBIE & FITCH CO, $41.57, -5.52 pct

The teen apparel retailer’s same-store sales declined for the tenth straight quarter as it struggled to attract customers who held back discretionary spending amid wage cuts and fewer jobs.

** AMERICAN APPAREL INC, $0.9603, -2.41 pct

Private equity firm Lion Capital LLP has told American Apparel that it is exercising its right to fill one of the two vacant board seats it controls at the apparel retailer, the Wall Street Journal reported, citing people familiar with the matter.

** WILLIAMS-SONOMA INC, $66.76, -10.86 pct

Morgan Stanley downgraded the home furnishing retailer’s stock to “equal-weight” and at least three brokerages cut their price targets.

Williams-Sonoma’s second-quarter sales missed analysts’ average expectation due to weak sales at its Pottery Barn and Pbteen brands.

** GUESS INC, $23.41, -8.70 pct

The apparel retailer forecast full-year profit and sales below the average analyst estimate.

At least six brokerages cut their price target on the company’s stock to as low as $22. While the company works to improve revenue growth, it won’t likely build traction until fiscal 2016, Jefferies & Co said.

** WORKDAY INC, $88.29, -2.23 pct

Workday reported a better-than-expected 74 percent rise in quarterly revenue due to strong growth in subscriptions for its Web-based human resources and financial management software, and the company raised its full-year revenue forecast.

** LEAR CORP, $100.53, +2.47 pct

The maker of auto seats and electrical power systems said it would buy automotive leather supplier Eagle Ottawa LLC for $850 million to strengthen its core seating business and boost its luxury seats portfolio.

** LANNETT CO INC, $39.45, +0.33 pct

Roth Capital Partners raised its price target on the generic drugmaker’s stock to $47 from $45. Lannett had raised its full-year revenue forecast to $350-$370 million from $330-$350 million.

** HANWHA SOLARONE CO LTD, $2.0501, +2.00 pct

The Chinese solar company said second-quarter revenue declined 7.4 percent to $178.5 million. The company said gross margin fell to 9.5 percent from 13.9 percent in the preceding quarter on lower selling price.

** TYSON FOODS INC, $37.85, +0.37 pct

** HILLSHIRE BRANDS CO, $62.99, +0.05 pct

The largest U.S. meat processor on Wednesday won U.S. antitrust approval for its $8.5 billion purchase of Hillshire Brands.

To win approval for the merger, the companies agreed to sell Heinold Hog Markets, the U.S. Department of Justice said. The attorneys general of Iowa, Illinois and Missouri, all big hog-producing states, joined the settlement.

** PEABODY ENERGY, $15.62, -2.19 pct

The U.S. coal producer has pulled the $130 million sale of its Australian Wilkie Creek mine to former billionaire Nathan Tinkler, appearing to dash the young entrepreneur’s hopes of a coal comeback.

** 21VIANET GROUP INC, $30.085, +6.27 pct

Canaccord Genuity raised its price target on the stock of the China-based internet data center to $35 from $31 after the company forecast third-quarter and full-year revenue above analysts’ average estimate.


OncoMed said the U.S. Food and Drug Administration lifted a partial hold on patient enrolments for three trials testing its experimental cancer drug, vantictumab.

** GT ADVANCED TECHNOLOGIES INC, $17.875, -3.74 pct

Raymond James cut its rating on the solar and LED equipment maker’s stock to “underperform” from “market perform”, according to

** FIREEYE INC, $30.0199, +1.94 pct

Stifel Nicolaus started coverage of the the cybersecurity company’s stock with a “buy” rating and $45 price target.

“We see the company’s rapidly growing product portfolio helping to drive a sizeable addressable market opportunity and a higher potential average selling price among existing and potential customers,” Stifel analyst Gur Talpaz said in a note.

Thirteen of the 24 brokerages, including Stifel, have a “buy” or higher rating on the stock, while the rest rate it “hold”, according to Thomson Reuters data.

** TEKMIRA PHARMACEUTICALS CORP, $21.4342, +8.53 pct

The Canadian drug company, developing an Ebola drug, is a likely takeover target, Barron's newspaper reported. (

** CLIFF NATURAL RESOURCES INC, $15.26, -4.80 pct

** RIO TINTO LTD, $53.53, -3.88 pct

** VALE SA, $13.14, -3.95 pct

** BHP BILLITON LTD, $68.21, -2.04 pct

Spot iron ore hit a two-year low. (Compiled by Lehar Maan in Bangalore; Edited by Maju Samuel)

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