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Wall Street inched higher in muted trading on Thursday, propped up by financial stocks, as investors turn their focus on corporate earnings season: Dow Jones industrial average futures were up 0.13 percent at 17,851, S&P 500 futures were up 0.07 percent at 2,077.5 and Nasdaq 100 futures were up 0.04 percent at 4,549.75.
** SEAGATE TECHNOLOGY PLC, $27.4499, -19.10 pct
** WESTERN DIGITAL CORP, $41.63, -7.08 pct
Analysts at six brokerages cut price targets on Seagate’s shares, after the company on Wednesday estimated Q3 revenue and gross margin below its forecast. Analysts at Craig-Hallum also cut their price target on Western Digital’s stock on Seagate’s gloomy estimates.
** SUNEDISON INC, $0.607, +64.01 pct
** TerraForm Power Inc, $9.6662, -3.53 pct
** TerraForm Global Inc, $2.66, +0.76 pct
SunEdison said an independent audit committee had identified several issues in the company’s cash accounting practices but found no “material misstatements” in its historical financial statements.
** BANK OF AMERICA CORP, $14.09, +2.18 pct
The No. 2 U.S. bank by assets reported an 18 percent slide in quarterly profit as concerns about a global economic slowdown and uncertainty about the pace of U.S. interest rate increases dampened bond and stock trading.
** ENERGY XXI LTD, $0.191, -70.71 pct
The U.S. oil and gas producer, which has operations in Louisiana, Texas and the Gulf of Mexico, said it had filed for bankruptcy protection, becoming one of the biggest casualties of the oil rout to date.
** 3D SYSTEMS CORP, $18.43, +11.02 pct
** STRATASYS LTD, $29.435, +6.23 pct
** EXONE CO, $14.58, +7.76 pct
Analysts at BofA Merrill Lynch raised their rating on 3D Systems’ stock to “buy” from “underperform”, saying its new CEO, Vyomesh Joshi, has the experience to drive the company’s turnaround through new strategy, higher cost cuts and portfolio optimization.
** WELLS FARGO & CO, $48.81, -0.45 pct
The third-largest U.S. bank by assets reported a 7 percent fall in quarterly profit as it set aside more than $1 billion to cover bad loans and the bank said its energy portfolio remained under “significant stress”.
** CHIASMA INC, $9.422, -13.56 pct
The Food and Drug Administration will likely reject Chiasma’s oral drug for acromegaly, a rare disease of the pituitary gland, TheStreet reported, citing a source.
** GREAT BASIN SCIENTIFIC INC, $2.68, -14.38 pct
The diagnostic test maker said it had received a staff determination letter, indicating the company had not yet regained compliance and would be subject to delisting unless it requests a hearing before the Nasdaq listing qualifications panel.
** PIER 1 IMPORTS INC, $6.96, -5.18 pct
The home decor and furniture importer forecast a loss in the first quarter, citing higher marketing and supply chain costs. The company also said it expects comparable sales to fall 1-3 percent for the quarter.
** BREITBURN ENERGY PARTNERS LP, $0.3908, -36.50 pct
The oil and gas master limited partnership said it had decided to suspend distributions on preferred units and to defer an interest payment as the company was in talks with secured debtholders.
** MOSAIC CO, $25.21, -4.94 pct
** INTREPID POTASH INC, $1.01, -8.18 pct
** AGRIUM INC, $83.54, -5.23 pct
** CF INDUSTRIES HOLDINGS INC, $30.49, -2.34 pct
** CVR PARTNERS LP, $7.26, -3.20 pct
Analysts at Cowen and Co cut ratings and price targets on U.S. agriculture stocks and said a review of global agricultural data from the USDA and industry sources indicate possible corn price erosion and weak nutrient fundamentals. The analysts also said the chances of a recovery beginning in late 2016 now appear diminished, and 2017 could worsen further.
** BLACKROCK INC, $354.84, +1.88 pct
The world’s largest asset manager posted a 20 percent drop in first-quarter profit amid a dramatic reversal in financial markets earlier this year.
** REPROS THERAPEUTICS INC, $3.1, +37.78 pct
The drug developer reported promising mid-stage data on its uterine fibroids drug on Tuesday. Uterine fibroids are non-cancerous growths that originate from smooth muscle tissue in the wall of the uterus.
** CORENERGY INFRASTRUCTURE TRUST INC, $19.72, -10.49 pct
The midstream energy REIT’s shares fell to a four-month low after Energy XXI filed for bankruptcy protection on Thursday. CorEnergy had bought the Grand Isle Gathering System pipeline lease from Energy XXI last June.
** DELTA AIR LINES INC, $48.71, +1.39 pct
The airline reported a first-quarter profit above analysts’ expectations and forecast a smaller decline in passenger unit revenue for the spring, promising to change its fall flight capacity if necessary to improve the measure.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $31.78, -3.99 pct
Standard & Poor’s on Thursday downgraded the Canadian drugmaker’s corporate credit rating, after the company got a notice of default from its bondholders as a result of a delay in filing its annual report.
** CHIPOTLE MEXICAN GRILL INC, $454.36, +2.18 pct
Analysts at JP Morgan upgraded the burrito chain’s stock to “overweight” from “neutral,” saying that the stock has more upside than downside and that they expect sequential improvement in comparable sales until the fourth quarter.
** TAIWAN SEMICONDUCTOR MANUFACTURING CO, $25.295, -3.34 pct
The world’s largest contract chipmaker trimmed its outlook for the global smartphone market as consumers increasingly demand lower-priced handsets that still boast advanced technology. (Compiled by Ramkumar Iyer in Bengaluru; Editing by Anil D‘Silva)