December 12, 2014 / 4:13 PM / 4 years ago

BUZZ-U.S. Stocks on the Move-Hortonworks, Avolon, New Relic, Ivanhoe

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U.S. stocks dipped on Friday, putting the benchmark S&P 500 on track to snap seven weeks of gains, after oil prices slumped further. The Dow Jones industrial average was down 1.03 percent at 17,414.73, the S&P 500 was down 0.96 percent at 2,015.73 and the Nasdaq Composite 0.61 percent at 4,679.33.

** HORTONWORKS INC, $22.69, +41.81 pct

** YAHOO INC, $50.42, +0.96 pct

Shares of the big-data company spun off from Yahoo rose as much as 52 percent in their market debut, valuing the company at up to $1 billion. The IPO raised $100 million after it was priced at $16 per share, well above the expected range.

** AVOLON HOLDINGS LTD, $18.85, -5.75 pct

The Irish aircraft leasing firm fell 5 percent on its debut on the New York Stock Exchange despite pricing the shares below its expected range of $21-23. Avolon, the world’s ninth-largest aircraft leasing firm by assets, priced its shares at $20 per share on Thursday after falls in rivals shares in recent days, valuing the company at $1.6 billion.


The auto parts maker’s stock opened at $15.25, but in about 7 minutes fell to a low of $14.58, valuing the company at about $978 million. The offering of 10 million shares was priced at $15 per share, well below the expected range of $18-$21.

** WORKIVA LLC, $13.86, -1.00 pct

The data analytics company’s stock rose as much as $14.74, valuing company at about $582 million. The company’s offering of 7.2 million shares was priced at $14 per share, at the mid-point of expected range.

** NEW RELIC INC, $32.74, +42.35 pct

The software analytics company’s stock was among the most heavily traded on the New York Stock Exchange, with more than 2 million shares changing hands. The stock rose as much as 42.7 percent to high of $32.81, valuing the company at about $1.5 billion.


** SAFE BULKERS INC, $4.05, -4.71 pct

** SCORPIO BULKERS INC, $2, -0.99 pct

** DRYSHIPS INC, $0.87, -3.99 pct

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell about 3 percent. Baltic’s capesize index fell about 13 percent. Clarkson Capital Markets analysts say weak spot rates and softening time charters demand signal a difficult 2015.

** TALISMAN ENERGY INC , $4.94, +33.88 pct

Spanish oil major Repsol <SA REP.MC> is finalising a bid to acquire Canada’s Talisman Energy and has sent executives to Calgary to step up talks, a source with knowledge of the matter said on Friday.

The potential takeover offer, first reported by the Financial Times, could be in a range of between $6 and $8 per Talisman share, the newspaper said, a premium of up to 118 percent to their closing price of C$4.26 on Thursday.

** ADOBE SYSTEMS INC, $75.71, +8.56 pct

The Photoshop maker said it would buy stock photography company Fotolia for $800 million and reported quarterly revenue above market estimates, helped by a 28 percent jump in the number of subscribers to its Creative Cloud suite.

** CAESARS ENTERTAINMENT CORP, $13.205, -11.14 pct

Certain lenders of Caesars Entertainment said the gaming company did not reach an agreement with senior bondholders on the terms of a restructuring plan for its largest unit, Caesars Entertainment Operating Co.

** RADIOSHACK CORP, $0.4501, -11.75 pct

The struggling electronic retailer said it plans to save over $400 million through cost cuts, but lenders are against 1,100 store closures, raising doubts about its turnaround.

“We believe bankruptcy is imminent,” Wedbush Securities analyst Michael Pachter said. Pachter is one of two analysts who say the stock is worthless.

** GOPRO INC, $61.981, +3.22 pct

J.P. Morgan upgraded the wearable camera maker’s stock to “overweight” from “neutral”. The brokerage recommends buying the “strong growth-stock at a more reasonable price ahead of catalysts”.

J.P. Morgan’s Paul Coster says the lock-up expiry on Dec. 23 is a near-term risk, but positive catalysts include stock-outs during the holiday season, the CES in early January, strong fourth-quarter results and product launches in international markets, especially China.

** A. H. BELO CORP, $12.34, +1.23 pct

The news publisher’s said on Thursday it would pay a special cash dividend of $2.25 per share on Jan. 14, 2015.

** NU SKIN ENTERPRISES INC, $41.77, -2.72 pct

The direct seller of skincare and nutritional products, forecast 2015 profit below market expectations as it battles a stronger dollar and regulatory concerns in China, its biggest market.

** IVANHOE ENERGY , $0.48, -43.53 pct

The Canadian oil and gas company flagged “going concern” doubts on Friday and said it was exploring a possible sale. The company said it could default on an interest payment of about C$2.1 million ($1.8 million) due on Dec. 31. ($1 = C$1.16)

** CHEMOCENTRYX INC, $7.175, +59.80 pct

The company said its experimental drug met the main goal of reducing excessive protein in urine in diabetics with progressive kidney disease after 52 weeks.

** GOODRICH PETROLEUM CORP, $3.85, -9.62 pct

J.P. Morgan cut its rating to “underweight” on the oil and gas exploration and production company, according to Goodrich said on Wednesday that it would spend much less on exploration and production next year due to falling oil prices.

** CENTENE CORP, $103.01, +4.16 pct

The health insurer forecast better-than-expected sales and profit for 2015 as it signs on more Medicaid members. The company, which provides services to government-sponsored healthcare programs, said it expects to earn $5.05 to $5.35 per share next year.

** ACTAVIS PLC, $259.48, -1.34 pct

A U.S. judge said in a preliminary injunction on Thursday that Actavis must continue to sell its Alzheimer’s drug after a lawsuit alleged the company was trying to limit generic competition while it launched an extended-release version of the widely used medicine.

** FIAT CHRYSLER AUTOMOBILES, $11.26, +0.72 pct

The automaker said the banks underwriting its mandatory convertible bond and share offer have exercised overallotment options, bringing the total proceeds to about $3.89 billion.

** SEAWORLD ENTERTAINMENT INC, $15.95, -0.87 pct

The troubled theme park operator said Jim Atchison would step down as chief executive, and it would cut some jobs. SeaWorld did not say how many jobs it would cut as part of its restructuring plan aimed at saving about $50 million by the end of 2015. (Compiled by Lehar Maan in Bengaluru; Editing by Simon Jennings)

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