(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, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks fell 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 economic data. The Dow Jones industrial average was down 0.37 percent at 17,058.85 and the S&P 500 was down 0.26 percent at 1,994.96.
** SUNGY MOBILE LTD, $8.34, -19.81 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.
** CSR PLC, $50.9001, +33.81 pct
** MICROCHIP TECHNOLOGY INC, $47.78, +0.25 pct
Britain’s CSR has rebuffed an approach from Microchip Technology, saying its U.S. rival would have to pay more if it wants to bolster its role in the “Internet of Things” with the chipmaker’s radio technology.
** DIGITAL ALLY INC, $14.63, +27.33 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.
** FRONTLINE LTD, $2.2, -14.73 pct
The Norwegian shipping company said it may have to renegotiate debt and lease obligations as it was doubtful of generating enough cash to repay a $190 million convertible bond maturing April, based on current tanker market outlook.
The company also reported a larger-than-expected second-quarter loss on Thursday. The stock was one of the top percentage losers on the New York Stock Exchange.
** REPROS THERAPEUTICS INC, $20.6695, +13.51 pct
** ABBVIE INC, $55.47, -0.41 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.
** WILLIAMS-SONOMA INC, $66.66, -10.99 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.
** TEKMIRA PHARMACEUTICALS CORP, $21.6399, +9.57 pct
The Canadian drug company, developing an Ebola drug, is a likely takeover target, Barron's newspaper reported. (on.barrons.com/1sI6iAR)
** COBRA ELECTRONICS CORP, $4.29, +8.06 pct
The walkie-talkie maker is to be bought by U.S. private equity fund Monomoy Capital Partners II LP for about $28.4 million. Monomoy Capital’s offer for $4.30 per share in cash represents a premium of 8.3 percent to Cobra’s Wednesday close.
** CLIFF NATURAL RESOURCES INC, $15.21, -5.12 pct
** RIO TINTO LTD, $53.42, -4.08 pct
** VALE SA, $13.03, -4.75 pct
** BHP BILLITON LTD, $67.94, -2.43 pct
Shares of the iron ore miners fell after spot iron ore prices hit a two-year low.
** GUESS INC, $23.5, -8.35 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.
** TILLY‘S INC, $8.02, -5.87 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, $82.19, -7.31 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.
** ABERCROMBIE & FITCH CO, $41.36, -6.00 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.
** DOLLAR GENERAL CORP, $64.42, +1.13 pct
** FAMILY DOLLAR STORES INC, $79.87, +0.09 pct
** DOLLAR TREE INC, $54.085, +0.98 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.
** 21VIANET GROUP INC, $29.92, +5.69 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 PHARMACEUTICALS INC, $20.49, +5.69 pct
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, $17.79, -4.20 pct
Raymond James cut its rating on the solar and LED equipment maker’s stock to “underperform” from “market perform”, according to Theflyonthewall.com.
** JPMORGAN CHASE & CO, $59.04, -0.92 pct
** BANK OF AMERICA, $16.05, -0.93 pct
** CITIGROUP INC, $51.44, -0.81 pct
** WELLS FARGO, $51.12, -0.43 pct
Stocks of U.S. banks fell 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.
** LEAR CORP, $100.83, +2.77 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.
** AMERICAN INTERNATIONAL GROUP INC, $55.69, -0.84 pct
Robert Benmosche, the outgoing Chief Executive of AIG, sped up his exit from the insurer after learning that he had at most a year to live, Bloomberg reported., Originally scheduled to retire in 2015, Benmosche was diagnosed with cancer in 2010. He learnt in May that he had nine months to a year to live. (Compiled by Lehar Maan in Bangalore; Edited by Maju Samuel)