(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks hovered near the unchanged mark at the midpoint of the session on Friday, with the Dow and S&P 500 near record highs as investors assessed the impact of oil prices on the economy.
The Dow Jones industrial average was down 0.13 percent at 17,629.81, the S&P 500 was down 0.04 percent at 2,038.61 and the Nasdaq Composite was up 0.11 percent at 4,685.057.
** BAXANO SURGICAL, $0.0265, -55.69 pct
The stock continued its drop from Thursday when the medical device maker filed for bankruptcy protection to facilitate a going concern sale of its minimally invasive products. The company also said it would end its Nasdaq listing on Nov. 24.
** VIRGIN AMERICA INC, $30.605, +33.07 pct
The low-cost airline, partly owned by Richard Branson, soared more than 30 percent in their market debut, underscoring the buoyant mood in an industry that is emerging from a long spell of turbulence.
** MOVADO GROUP INC, $26.88, -30.20 pct
The luxury watch designer cut its full-year sales and profit forecast. The company’s estimated third-quarter sales and profit were below analysts’ average estimate.
** ABENGOA, $9.3699, -37.74 pct
The cost of insuring Spanish energy company’s Abengoa debt against default rocketed up dramatically on Friday after bond investors grew concerned with the Spanish clean energy firm’s decision to classify guaranteed bonds as non-recourse debt.
Canaccord Genuity cuts target price to $27.50 from $44.
** NEURODERM LTD, $8.20, -18 pct
The pharma company make a weak debut with the shares falling 21 percent to their session. The stock was expected to be priced between $13-$16, but was priced at $10 each and was yet to touch that price by 1:30 p.m. ET on Friday.
** LANDMARK INFRASTRUCTURE PARTNERS LP, $18.68, -1.68 pct
The master limited partnership, which owns properties that underlie cell towers and billboards, made a weak debut. The stock fell to a low of $18, $1 below its IPO price. The offering marketed predominantly to retail investors, according to sources familiar with the transaction.
** FIBROGEN INC, $22.82, +26.78 pct
The biopharmaceutical company focused on treatment of fibrosis made a strong market debut, after offering size increased to meet overwhelming demand. AstraZeneca , one of company’s collaborative partners, concurrently purchasing $20 million worth of shares in private placement at IPO price of $18.
** SKYPEOPLE FRUIT JUICE INC, $1.2001, +23.72 pct
The fruit juice maker reported a 79 percent jump in third-quarter revenue and a 45 percent jump in profit as more people switched to buying fruit juices from carbonated beverages.
Up to Thursday’s close, stock had fallen 45 percent this year.
** SKY SOLAR HOLDINGS LTD, $10.9999, +20.22 pct
The solar plant operator’s shares continue their rise after closing up about 14 percent on Thursday in their first day of trading. The IPO priced at $8 and at Friday’s high of $13.32 is up 66.5 percent. The Hong Kong-based company made its debut after slashing its IPO size by two-thirds, postponing the offering last week and changing its lead underwriter.
** GERON CORP, $2.87, +24.24 pct
** JOHNSON & JOHNSON, $108.26, -0.74 pct
Geron licensed its cancer compound, the last in its pipeline, to a unit of J&J for up to $935 million, in a welcome break to the company whose stock price has dropped from a high of $71.69 in 2000 to $2.31 on Thursday.
** ZAZA ENERGY CORP, $2.92, -17.75 pct
The oil and gas company’s shares reverse direction after rising as much as 86 percent on Thursday, a day after it reported a third-quarter profit, compared with a year-ago loss.
** PANDORA MEDIA INC, $20.79, +12.68 pct
The internet radio service operator’s chief executive, Brian McAndrews bought 25,000 shares on Nov. 12 at an average price of $18.58 per share, according to a regulatory filing on Friday.
** MANDALAY DIGITAL GROUP INC, $3.06, -11.05 pct
The mobile software company said it plans to buy mobile user acquisition network Appia for about $100 million in stock. The company said it would issue new shares to fund the deal and take over Appia’s $10 million debt.
The company posted lower second-quarter revenue which missed the average analyst estimate.
** VERACYTE INC, $6.76, -9.38 pct
Janney Montgomery Scott LLC downgraded the company’s stock to “neutral” from “buy” and slashed its fair value estimate to $11. Leerink Partners LLC and Morgan Stanley also cut their targets. The company said on Thursday it expects 2014 revenue to be at the lower end of its previously forecast range.
** BSQUARE CORP, $4.18, +7.46 pct
The company which makes software for handheld and embedded devices reported a third-quarter profit compared with a year-earlier loss. Revenue rose 4 percent.
** CIA SIDERURGICA NACIONAL SA, $2.66, -5.00 pct
The Brazilian steelmaker posted a third-quarter net loss below both analyst forecasts and the same period last year.
** BAKER HUGHES INC, $58.52, -0.39 pct
** HALLIBURTON CO, $54.49, +1.30 pct
** SCHLUMBERGER, $95.2, +0.37 pct
** WEATHERFORD INTERNATIONAL PLC, $16.13, -1.22 pct
Oilfield services provider Baker Hughes is in preliminary merger talks with its larger rival Halliburton. A tie up between the No. 2 and No. 3 players might allow them to better weather the downturn, resist pressure from oil producers to slash prices and better compete with industry leader Schlumberger. Weatherford, a much smaller rival, has long been seen as vulnerable.
** YOU ON DEMAND HOLDINGS INC, $2.08, -18.75 pct
The Chinese video-on-demand provider cut its full-year revenue forecast, citing delays due to longer-than-expected finalization of distribution agreements.
** INTERCLOUD SYSTEMS INC, $3.478, -11.73 pct
The telecom network service provider’s shares dial back after rising nearly 30 percent on Thursday. A 37 percent jump in third-quarter revenue, helped by higher demand for its cloud-based services, had helped the stock erase some of its losses so far this year. Despite the pop on Thursday, the stock still ended the day down 78.5 percent year-to-date.
** NV5 HOLDINGS INC, $10.3, +10.75 pct
The provider of professional and technical engineering and consulting solutions reported third-quarter results that Roth Capital Partners said beat their estimates by a healthy margin. The brokerage raised its target on the stock to $15, saying the company was valued at a deep discount to peers.
“NVEE is quickly approaching a $100mm net revenue run rate, which we believe is a level where the valuation multiple should expand.”
** DIGITAL ALLY, $11.461, -13.31 pct
The surveillance camera maker’s third-quarter net loss widened due to non-cash charges and higher promotional spending as well as litigation expenses.
** OCWEN FINANCIAL CORP, $20.61, -8.89 pct
** WELLS FARGO & CO, $53.42, +0.06 pct
Mortgage servicer Ocwen said the deal to buy Wells Fargo’s certain residential mortgage servicing rights was canceled.
** PETROLEO BRASILEIRO SA, $9.86, -3.33 pct
The Brazilian state-run oil company delayed the release of its third-quarter earnings report to allow more time to investigate corruption allegations. The company, known as Petrobras, plans to report its earnings on Dec. 12 and not on Friday, the last day it could have done so without incurring hefty fines.
** BITAUTO HOLDINGS LTD, $90.79, +14.50 pct
The Chinese company which operates automobile-related websites forecast fourth-quarter revenue above analysts’ average estimate. The company reported better-than-expected third-quarter adjusted profit and revenue, helped by nearly 68 percent revenue rise in its bitauto.com advertising and EP platform businesses.
** TUBEMOGUL INC, $18.4611, +2.50 pct
The advertising software maker reported third-quarter revenue doubled and beat the average analyst estimate as the company signed up more clients. TubeMogul forecasts fourth-quarter and full-year revenue above market estimates.
RBC raised it price target on the stock to $21 from $13. Up to Thursday’s close, stock has risen 157 percent since its debut on July 18.
** PUMA BIOTECHNOLOGY INC, $223.37, -6.73 pct
The company said its cancer drug, neratinib, failed as a primary treatment for breast cancer patients in a mid-stage study.
Investors and bankers view Puma as one of the likely takeover targets as federal actions against tax inversion deals are expected to push big pharmaceutical companies to buy small companies with promising compounds.
** SILVERCORP METALS INC, $1.39, +19.83 pct
The lowcost Canadian silver miner posted a second-quarter profit compared with a year-ago loss as silver production increased 32 percent, lead production rose 48 percent and zinc production more than doubled. A fall in both cash mining costs and general costs pushed gross margins up to 49 percent from 48 percent.
** ENLINK MIDSTREAM PARTNERS LP, $28.18, -4.25 pct
The oil and gas pipeline operator commenced a public offering of 10.5 million common units, or about 5 percent of its outstanding units. It plans to use the proceeds for capital expenditures.
** HERTZ GLOBAL HOLDINGS INC, $19.64, -13.59 pct
The car rental company said it was expanding a restatement of results to include financial reports from 2012 and 2013 to fix some accounting errors and estimated third-quarter revenue below Wall Street expectations.
** WEIBO CORP, $18.96, -3.36 pct
The Chinese Twitter-like messaging service provider reported better-than-expected third-quarter revenue, helped by about 50 percent jump in advertising and marketing revenue. The company’s fourth-quarter revenue forecast is also above analysts’ average estimate.
** NOKIA, $7.84, -5.08 pct
Finnish telecoms equipment maker Nokia, which on Friday is holding its first capital markets day in five years, gave a 2015 operating margins forecast that, Inderes analyst Mikael Rautanen said, “was a slight disappointment for the market”.
“Targets are essentially in line with peoples’ expectations, but they are now moving out in terms of time, which is enough to see unwinds,” said a London-based trader.
** SINA CORP, $39.3298, -6.02 pct
The Chinese internet firm’s fourth-quarter revenue forecast missed analysts’ average estimate.
Stifel Nicolaus cut rating on company’s stock to “hold” from “buy”. At least four other brokerages including Piper Jaffray and Jefferies & Co cut target price, by as much as $10 to as low as $45.
In order to offset slower portal-based ad revenue, company will be increasingly investing in new vertical opportunities that may take over a year to manifest, Piper Jaffray said.
** HARLEY-DAVIDSON INC, $68.39, +1.09 pct
The iconic motorcycle company’s stock was back in positive territory for the year, after Goldman Sachs upgrades stock to “buy”. The brokerage, which sees a 20 pct upside for the stock, has held a “neutral” rating since January last year.
The stock’s valuation discount to 10-year averages is not justified, Goldman says, adding another catalyst for stock could be returning excess cash to shareholders via buybacks or increased dividends as company has few M&A aspirations.
** BLACKBERRY LTD, $11.425, -5.27 pct
The Canadian smartphone maker announced partnerships with Samsung Electronics Co and other high-profile tech players, broadening the reach of its new mobile-device management and security platform.
** YOUKU TUDOU INC, $22.05, +3.76 pct
The Chinese online video company reported third-quarter revenue below analysts’ average estimate and said Chief Executive Officer Ge Xu had resigned citing personal reasons.
** COEUR MINING INC, $4.19, +10.26 pct
CIBC World Market Inc analysts cut their rating on the silver miner’s stock to “sector underperform”. “The CIBC silver price forecast has rapidly deteriorated in the face of a sharp slide in precious metal prices over the past month,” CIBC analysts wrote in a note.
** NORDSTROM INC, $74.78, +2.09 pct
The apparel retailer reported a better-than-expected third-quarter profit, helped by new store openings and men’s apparel company Trunk Club acquisition. Revenue increased nearly 9 percent to $3 billion.
Barclays, Deutsche Bank and at least three other brokerages raise their price target on the stock.
** APPLIED MATERIALS INC, $22.92, +1.33 pct
The top chip gear-maker posted higher fiscal fourth-quarter results but its outlook for the first quarter was shy of Wall Street’s expectations.
Jefferies cut its price target on the stock to $27 from $28 and B Riley cut to $24.50 from $25.00. (Compiled by Anet Josline Pinto in Bangalore; Editing by Savio D’Souza)