September 26, 2014 / 3:24 PM / in 3 years

BUZZ-U.S. Stocks on the Move-Nike, RadioShack, GlycoMimetics, Under Armour

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U.S. stocks were climbing in the morning trading on Friday, with major indexes bouncing back modestly from their biggest drop since July, after data showed the economy grew at its fastest pace in more than two years.

The Dow Jones industrial average was up 0.38 percent at 17,009.73, the S&P 500 was up 0.24 percent at 1,970.68 and the Nasdaq Composite was up 0.35 percent at 4,482.529.

** JANUS CAPITAL GROUP INC, $14.33, +28.98 pct

Bill Gross, one of the bond market’s most renowned investors, is leaving Pimco, the investment firm he founded and with which his name has been effectively synonymous, for rival asset management firm Janus.

The surprise announcement, which rattled the U.S. Treasury market, led to European stocks trimming their gains as shares of German insurer Allianz SE, the parent of Pimco, sank 5 percent. Janus’ stock hit a more than four-year high.

Chart on stock movement of Pimco's NYSE-listed funds reut.rs/1pvNJN4

** RADIOSHACK CORP, $1.08, +35.76 pct

Hedge fund Standard General LP said it was in talks with RadioShack to improve the troubled electronics retailer’s liquidity ahead of the holiday season. Standard General, RadioShack’s largest shareholder, said its proposals include purchasing the company’s loans and other commitments under its credit facility.

** NIKE INC, $88.2, +10.60 pct

The world’s largest sportswear maker reported a better-than-expected quarterly profit as it gains market share in Europe and focuses on higher-margin products such as Flyknit soccer boots.

At one point, the stock accounted for 53 points of the 59-point gain in the Dow Jones Industrial Average Index.

Janney Capital Markets upgraded the stock to “buy” from “neutral” and at least 13 brokerages raised their price target.

** BLACKBERRY LTD, $10.42, +6.33 pct

The smartphone maker reported a much smaller-than-expected quarterly loss on Friday and said it was concentrating on growth and investments, even as concerns about weak revenue linger.

The stock was the most heavily traded on the Nasdaq.

** GLYCOMIMETICS INC, $7.53, -8.51 pct

The drug developer said Pfizer Inc, responsible for an ongoing development of the companies’ blood disorder treatment, said a late-stage study would be delayed due to a manufacturing development issue.

** DIGITAL ALLY, $18.34, +21.62 pct

The wearable video camera maker received an initial order worth about $200,000 from the U.S. military for complete video evidence gathering system. The company expects follow-on orders, it said.

** LIGHTINTHEBOX HOLDING CO LTD, $6.3, +10.14 pct

The online retailer raised its third-quarter revenue forecast.

** PULSE ELECTRONICS CORP, $1.5, -33.63 pct

The electronics components maker said it would delist from the New York Stock Exchange to save costs, giving it greater operational efficiencies.

** POWELL INDUSTRIES INC, $45, -9.49 pct

The electrical power products maker cut its revenue and profit forecast for year ending Sept. 30 due to scheduled delays and higher-than-expected operating costs in July and August.

** ACELRX PHARMACEUTICALS INC, $5.352, -20.36 pct

The U.S. FDA said it would take another six months to review a marketing application on the drugmaker’s recently rejected pain management device.

** REPROS THERAPEUTICS INC, $10.27, +14.62 pct

The drug developer said its experimental drug to treat low testosterone, Androxal, met the main goal of late-stage study.

The U.S FDA has granted the company a pre-drug approval meeting to discuss Androxal in the first half of November.

** AGIOS PHARMACEUTICALS INC, $64.3396, +20.37 pct

The drug developer said it would present early-stage data on its experimental blood cancer drug AG-120 at a symposium in November.

** DIAMOND FOODS INC, $28.7905, +8.15 pct

The packaged food company reported better-than-expected quarterly adjusted profit and sales, helped by higher demand for snacks such as Pop Secret popcorn and Kettle potato chips.

** MICRON TECHNOLOGY INC, $33.69, +6.28 pct

The memory chipmaker posted fiscal fourth-quarter results and gave a revenue outlook that impressed Wall Street as signs of stabilization in the personal computer industry supported demand for DRAM chips.

At least ten brokerages including Stifel Nicolaus and Raymond James raised their price targets on the stock.

** UNDER ARMOUR INC, $69.26, +2.53 pct

Deutsche Bank upgraded its rating on the sportswear maker’s stock to “buy”, according to Streetinsider.com. Of the 31 analysts covering the stock, 12 have a “buy” or higher rating, while 18 rate it “hold”.

** PROGRESS SOFTWARE CORP, $24.37, +5.27 pct

Wedbush Securities Inc raised its target price on the enterprise software maker’s stock to $24 from $23; and raised its fourth-quarter and full-year revenue and profit estimates.

The company “has done surprisingly well in refocusing on its profitable products, expanding margins,” Wedbush analysts Steve Koenig and Kevin Ikeda said.

** FINISH LINE INC, $26.01, -11.56 pct

The footwear retailer posted a quarterly profit that missed Wall Street’s estimate, hurt by lower demand for basketball sporting goods. Its merchandise inventory increases 11.5 percent.

** APPLE INC, $99.6275, +1.80 pct

Apple broke its silence on complaints about bending iPhones, hours after withdrawing a glitch-ridden software update as the company struggles to restore momentum to the rollout of its latest phones.

** SEADRILL LTD, $27.33, +1.33 pct

Analysts at Goldman Sachs downgraded the company’s Oslo-listed stock to “sell” from “neutral” saying deteriorating rig market and high level of financial leverage would likely prompt the company to cut dividend in 2016.

The world’s biggest offshore driller said earlier this month it expected the rig market to remain soft for next couple of years.

** GALENA BIOPHARMA INC, $2.14, +0.94 pct

The drugmaker said a report prepared by the former special committee of the board did not hold the company liable for alleged paying of bloggers for promotional pieces in the media.

Committee findings said Galena was unaware that its then investor relations firm, Dream Team Group (DTG), paid bloggers to write favorable articles about company.

Compiled by Shailaja Sharma in Bangalore; Editing by Savio D'Souza

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