(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) Wall Street fell in late morning trading on Friday, a day after a strong rally pushed the Nasdaq Composite index to a record high, but the major indexes were still on track for their strongest weekly performance in about two months. The Dow Jones industrial average was down 0.33 percent at 18,056.89 and the S&P 500 was down 0.31 percent at 2,114.64.
** CONAGRA FOODS INC, $42.54, +8.74 pct
Activist hedge fund Jana Partners LLC took up a 7.2 percent stake; became ConAgra’s second-largest shareholder. Jana said it is prepared to nominate directors to help address “persistent underperformance” since ConAgra bought RalCorp in 2013. “(Jana) could accelerate the anticipated change that investors are expecting following the appointment of a new CEO,” Bernstein analyst Alexia Howard wrote in a note on Friday, raising price target to $44 from $37. Options flow bullish with July calls at $43 strike busiest with nearly 5,000 contracts traded; similarly bullish flow seen earlier in the week too
** TWITTER INC, $36.12, +4.21 pct
Dick Costolo’s decision to step down as Twitter chief executive last week failed to stem the weeks-long slide in the company’s shares, but options traders appear to be betting on a near-term rebound.
** TEKMIRA PHARMACEUTICALS CORP, $13.44, -10.52 pct
The drugmaker said a mid-stage study hit statistical endpoint that indicated continuing enrollment not likely to demonstrate an overall therapeutic benefit. The company said data analysis is ongoing and the full results will be made available as soon as possible. Early data on the drug, TKM-Ebola-Guinea, showed it cured all three monkeys intentionally infected with the deadly virus.
** AIRMEDIA GROUP INC, $5.0855, +44.47 pct
The digital advertising service provider received a buyout offer for $6 per ADS from a group led by CEO Herman Man Guo. The offer is at a hefty 70.5 percent premium to the stock’s Thursday close and values the company at $359.8 million based on outstanding shares as of March 31.
** INTELLIPHARMACEUTICS INTERNATIONAL INC, $3.121, -9.54 pct
The FDA indicated that IntelliPharmaCeutics’ generic Attention Deficit Hyperactivity Disorder treatment will have to meet new conditions to prove it is as effective as existing therapy, the company said.
** KB HOME, $16.21, +8.36 pct
The U.S. homebuilder reports better-than-expected first quarter revenue and profit as it sold more homes at higher prices. Net orders, an indicator of future revenue for homebuilders, rose 33 percent to 3,015.
** MACERICH CO, $77.35, -6.19 pct
The No.3 U.S. mall owner’s shares fall after Simon Property Group Inc exited its ownership stake in block trade, sources tell Reuters. In March, Macerich rejected larger rival Simon’s $14.4 billion unsolicited buyout offer and adopted a poison pill with a 10 percent trigger.
** INTEGRATED SILICON SOLUTION INC, Thursday close $21.46, +3.31 pct premarket
Integrated Silicon said on Friday that Chinese consortium Uphill Investment Co raised its offer to buy the chipmaker by $1 per share to $22.
** HEALTHWAYS INC, $12.16, -21.70 pct
The healthcare management company cut its 2015 revenue forecast, hurt by lower revenue from a single health plan contract. Piper Jaffray cut its price target to $25 from $27; Dougherty & Co slashes to $15 from $25, citing challenges in several parts of the business and the need for strong leadership.
** LIVEDEAL INC, $2.9779, +16.78 pct
The internet marketing company sees fiscal year 2015 to be “record year ... as a result of its strategic acquisitions and significant increase in sales”. Due to “continued growth” of unit ModernEveryday and expansion into online sales of consumer products, sees “significant increase in sales revenues by year’s end”
** ZOE‘S KITCHEN INC, $39.48, -6.11 pct
The fast-casual restaurant operator’s shares fall after Chief Financial Officer Jason Morgan unexpectedly resigned on Thursday. Company said the departure was not related to any disagreement with board of directors, audit committee or auditors. Piper Jaffray cut rating to “neutral” from “overweight,” saying stock appears fairly valued at current levels after rising about 30 percent since start of June.
** CARMAX INC, $69.95, -2.79 pct
The largest U.S. used-car seller reported lower-than-expected first-quarter revenue as average selling prices of used vehicles fell for the first time in five quarters on a year-on-year basis. Sales to subprime customers fell to 14.5 percent from 16.1 percent; CarMax gets about a fifth of its business from customers with weak credit profiles.
** SMITH & WESSON HOLDING CORP, $15.67, -2.67 pct
The gun maker forecasts first-quarter profit, 2016 sales and profit below analysts’ estimates, even as fourth-quarter results outperform. Sales in the firearm division fell 2.4 percent in the fourth quarter. “Conservative” and “easily achievable” full-year guidance mostly impacted by early debt extinguishment in the first quarter, Wunderlich Securities analysts write.
** HERSHEY CO, $88.91, -3.63 pct
The chocolate maker cut full-year sales growth and adjusted earnings forecast, citing weak sales in China. The company said it was reassessing value of China-based Shanghai Golden Monkey Food Joint Stock Co, which it agreed to buy for $584 million in 2014. Hershey will also cut 300 jobs by year-end.
** MINDBODY INC, $13.533, -3.34 pct
The fitness software firm’s shares fall in their debut. The IPO was priced at $14. The stock opened at $16.22 and immediately hit session high before reversing course to consistently trade below the IPO price. (Compiled by Yashaswini Swamynathan in Bengaluru; Edited by Maju Samuel)