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U.S. stocks rallied on Tuesday to rebound from a two-day decline as investors shrugged off another decline in oil prices and shifted attention to corporate earnings season. The Dow Jones industrial average was up 1.03 percent at 17,823.05, the S&P 500 was up 0.84 percent at 2,045.21 and the Nasdaq Composite was up 1.69 percent at 4,743.43.
** OCWEN FINANCIAL CORP, $8.7, -28.63 pct
** ALTISOURCE PORTFOLIO SOLUTIONS SA, $18.73, -30.48 pct
** HOME LOAN SERVICING SOLUTIONS LTD, $18.73, -30.48 pct
California is seeking to suspend the license of the mortgage servicer, which failed to submit papers showing it complies with state laws, the Los Angeles Times reported. (lat.ms/1AaOfFN)
Losing license to service mortgages in California would mean the company would have to sell its bill collection and foreclosure rights in the state, the report said.
Shares of Ocwen affilate Altisource and rival Home Loan Servicing Solutions also dipped on the news.
** THE FRESH MARKET INC, $36.46, -10.62 pct
Brokerage firm Piper Jaffray downgraded the grocery retailer's stock to "neutral" from "overweight", following the departure of Chief Executive Craig Carlock, according to theflyonthewall.com. (bit.ly/1y7HzgN)
The company had announced Carlock’s resignation on Monday and named its chief operating officer as the interim CEO.
** FREEPORT-MCMORAN INC, $21.92, -3.68 pct
The miner’s shares fell as copper rate slid below $6,000 to the weakest in over five years as more losses in oil spurred selling by hedge funds in China despite signs of physical demand for the metal.
Three-month copper on the London Metal Exchange was down 2.6 percent at $5,861.25 a tonne.
** CHANNELADVISOR CORP, $9.9, -53.19 pct
At least three brokerages downgraded the stock to “hold” or equivalent and cut their price targets after the company cut its fourth-quarter revenue estimate on Monday - two months after forecasting better-than-expected full-year revenue.
ChannelAdvisor blamed a shift in sales over the holiday season towards larger customers that bring in narrower margins compared with smaller customers.
** GOLDCORP INC, $20.7, -3.32 pct
The gold producer will take an impairment charge of up to $2.7 billion in the fourth quarter on its new Cerro Negro mine in Argentina. The Company said restrictions on importing goods and services in the country, high inflation and a stronger dollar will reduce the mine’s value by $2.3-$2.7 billion, after tax.
The world’s biggest gold miner by value said 2014 output was 2.871 million ounces, below its forecast of 2.95-3.10 million ounces
Goldcorp also sold its Wharf gold mine in South Dakota to Coeur Mining Inc for $105 million
** ALCOA INC, $15.9, -1.67 pct
The aluminum company reported a higher-than-expected quarterly profit and forecast “strong demand” in its aerospace unit, driven by a robust market for large commercial aircraft, and solid demand in the automotive sector in 2015. Alcoa also forecast 2015 free-cash flow of $500 million.
** GOODYEAR TIRE & RUBBER CO, $26.31, -6.15 pct
The tiremaker estimated full-year operating income growth to be “slightly below” its forecast of 10-15 percent due to a stronger dollar and a challenging industry environment in Europe in the fourth-quarter.
** KB HOME, $14.6, -11.89 pct
** BEAZER HOMES USA INC, $19.23, -3.32 pct
** LENNAR CORP, $45.94, -2.40 pct
** D.R. HORTON INC, $24.99, -4.18 pct
** TOLL BROTHERS INC, $34.76, -0.71 pct
** PULTEGROUP INC, $22.17, -2.29 pct
KB Home forecast a “significant” drop in gross margins for the first quarter, reversing the course of home builder stocks.
** NETLIST INC, $1.414, +21.90 pct
A federal judge granted the memory products maker preliminary injunction against Diablo Technologies Inc and SanDisk Corp. The two companies now cannot manufacture and sell controller chipsets.
** SYNNEX CORP, $78.72, +10.92 pct
The hardware distributor reported better-than-expected fourth-quarter results as revenue from its technology solutions business rose 16 percent. At least four brokerages, including Citigroup, raised price target on the stock.
** ANGLOGOLD ASHANTI LTD, $10.68, -0.84 pct
** AGNICO EAGLE MINES LTD, $29.9, -2.99 pct
** KINROSS GOLD CORP, $3.33, -3.20 pct
** COEUR MINING INC, $5.96, -2.30 pct
** ENDEAVOUR SILVER CORP, $2.68, +2.29 pct
** SILVER STANDARD RESOURCES INC, $6.6, +4.93 pct
** SILVER WHEATON CORP, $22.88, +0.66 pct
Gold extended gains to climb to its highest since October, boosted by safe-haven demand triggered by continued slump in oil prices and weakness in some equities markets.
Spot gold was up 0.4 percent at $1,238.50 an ounce, while spot silver was up 3 percent at $17.07 an ounce at 8.50 a.m. ET.
** BIG 5 SPORTING GOODS CORP, $12.33, -4.93 pct
The sporting goods retailer narrowed its fourth-quarter profit estimate, hurt by weak holiday season sales. Fourth-quarter same-store sales fell 0.5 percent while merchandise margins decreased 10 basis points.
** CELGENE CORP, $122.91, +5.05 pct
The drug developer forecast fourth-quarter and full-year 2014 adjusted earnings above average analysts estimates.
** PHARMACYCLICS INC, $147.4, +19.15 pct
The company forecast U.S. net revenue of $1 billion for its cancer drug Imbruvica for 2015. The forecast of an 103 percent increase over the expected 2014 revenue is based on continuous strong demand for the drug within its three approved indications and an anticipated market expansion related to a pending fourth indication.
** CHIMERIX INC, $42.2875, +5.72 pct
The ebola drug developer said it was issued a patent covering its antiviral drug brinicidofovir. With this patent, the coverage for the drug in the United States was expected to extend until 2034. William Blair raised its price target on the stock to $53 from $46, and raised its total peak sales estimate for the antiviral drug to $2.4 billion from $2 billion.
** ANTARES PHARMA INC, $2.3688, -9.24 pct
The company said the U.S. Food and Drug Administration has asked for additional safety data on its testosterone drug after a patient developed hives in a mid-stage trial. Hives is an allergic skin reaction that causes red, itchy bumps on the skin.
** ELI LILLY & CO, $70.3, +1.27 pct
** MERCK & CO, $63.25, +1.52 pct
** BRISTOL-MYERS SQUIBB CO, $63.36, +1.90 pct
Eli Lilly signed two separate deals with Merck and Bristol-Myers to test combinations of its cancer treatments with two recently approved therapies that belong to a promising new class of drugs.
** AMAZON.COM INC, $299.643, +2.83 pct
Citigroup upgraded the e-commerce company’s stock to “buy” from “neutral”, and raised its price target to $354 from $325.
** RADIOSHACK CORP, $0.4886, +25.28 pct
Salus Capital Partners would provide $500 million to the troubled electronics retailer in a kind of debtor-in-possession loan used by companies to fund operations in bankruptcy, the Wall Street Journal reported on Monday.
** UNITED AIRLINES, $67.51, +2.41 pct
The Chicago-based carrier is assessing whether to outsource jobs at airports around the country in a cost-cutting effort that could impact some 2,000 workers.
** AROTECH CORP, $2.4501, -8.92 pct
The defense and security products maker said on Monday that its smaller battery and power systems business received new orders worth $17 million.
The business generated revenues of $25.1 million in 2013, which was about 28 percent of the company’s total revenue
** BEBE STORES INC, $3.03, +22.18 pct
The apparel retailer estimated second-quarter comparable-store sales rose about 8 percent, helped by strong holiday season sales.
Bebe Stores also said it expected net loss per share, excluding non-recurring costs from continuing operations, to be in low single-digit range for the quarter ended Jan. 3
** WOLVERINE WORLD WIDE INC, $28.66, -3.27 pct
The shoemaker said it expected 2015 profit to be flat compared to 2014 as it planned to spend more on marketing and omnichannel initiatives. The company said its forecast was also hurt by a stronger U.S. dollar and higher pension related expenses.
Wolverine now expects adjusted profit for 2014 at the high end of its previous forecast of $1.57-$1.63 per share. Analysts on average were expecting $1.61 per share.
** TILLY’S INC, $13.55, +16.71 pct
The specialty apparel and accessories retailer raised its fourth-quarter profit forecast due to strong sales during the holiday season. (Compiled by Yashaswini Swamynathan in Bengaluru; Edited by Joyjeet Das)