July 21, 2015 / 1:51 PM / in 3 years

BUZZ-U.S. STOCKS ON THE MOVE-Tesla, United Tech, IBM, Caesars

(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 opened lower on Tuesday as the dollar remained at a three-month high and ahead of a host of earnings from technology giants including Apple, Microsoft and Yahoo . The Dow Jones industrial average was down 0.63 percent at 17,986.6, the S&P 500 was down 0.04 percent at 2,127.43 and the Nasdaq Composite was up 0.03 percent at 5,220.351.

** TESLA MOTORS INC, $271.44, -3.83 pct

Analysts at UBS downgradSe the third rating cut on Tesla this month (Deutsche Bank and StarMine 4-star ranked Pacific Crest earlier). UBS says energy storage business cheered on by investors and is unlikely to live up to expectations. Meanwhile theinformation.com blog writes about cash burn at Tesla, adding the company might have to raise funds again (link: bit.ly/1TNLQgu).

** UNITED TECHNOLOGIES CORP, $104.11, -5.77 pct

The company which agreed on Monday to sell its Sikorsky helicopter business, cut its full-year profit outlook on Tuesday as it warned of pressures in its aerospace systems and Otis elevators businesses.


The technology services company’s revenue fell for the 13th consecutive quarter and missed the average analyst estimate, as it continued to shed low-margin businesses and the strong dollar weighed on Big Blue’s results.

** CAESARS ENTERTAINMENT CORP, $7.9625, +21.56 pct

The company reached an agreement with its lenders late on Monday night, hours after a New York state court judge threw out a lawsuit by the casino company against a group of creditors known as the second-lien noteholders.

** CYTRX CORP, $2.915, -23.29 pct

The drug developer’s 9.1 mln stock offering priced at $2.75 per share, a 27.6 percent discount to the stock’s last close.

** LEXMARK INTERNATIONAL INC, $40.83, -13.72 pct

The printer maker said it would cut 500 jobs, or about 4 percent of its global workforce, as the company integrates its recently acquired businesses and tries to soften the impact of a strong dollar.

** CHESAPEAKE ENERGY CORP, $9.61, -6.43 pct

The second-largest U.S. natural gas producer said it would suspend dividend payments starting in the current quarter to save up to $240 million a year.

** HARLEY-DAVIDSON INC, $56.77, +3.33 pct

The motorcycle maker’s profit, revenue for the second quarter beat average analyst estimate despite lower motorcycle shipments, currency pressures

** INFOSYS LTD, $17.81, +12.94 pct

India’s second-largest software services exporter reported a 5 percent increase in quarterly net profit, bolstered by a surge in demand for IT outsourcing services from clients in the United States, its biggest market.

** TRAVELERS COS INC, $102.63, +0.02 pct

The property and casualty insurer reported a stronger-than-expected quarterly net profit as catastrophe losses almost halved and the company recorded a gain from the resolution of tax issues.

** NOVAVAX INC, $12.725, +2.37 pct

The company said its experimental Ebola vaccine induced a substantial immune response to the deadly infection in an early-stage trial involving 230 healthy adults.

** FACEBOOK INC, $97.983, +0.07 pct

Analysts at BofA-Merrill add stock to US 1 list, collection of firm’s top ideas, maintain $105 price target. Analysts cite growing time share in mobile category, and see potential upside to revenue estimate with improving ad targeting, video traction, Instagram ad ramp and growth of new platforms.

** QUALCOMM INC, $65.7216, +3.03 pct

The company is expected to conduct a strategic review that may result in the breakup of the company, among other options, the Wall Street Journal reported on Monday, citing sources.

** PINNACLE ENTERTAINMENT INC, $40.78, +2.59 pct


Gaming and Leisure Properties which leases real estate to casino operators, said it would buy Pinnacle Entertainment’s real estate assets in a deal that gives the assets an enterprise value of $4.75 billion.


Canada’s biggest railway reported stronger-than-expected second-quarter earnings and said it continues to expect double-digit growth in earnings per share for the full year on Monday, even as shipment volume slipped. (Compiled by Rosmi Shaji in Bengaluru; Edited by Don Sebastian)

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