April 22, 2016 / 6:17 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Microsoft, Alphabet, Norfolk, BJ's Restaurants

(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 was lower on Friday after a slew of disappointing earnings reports from Microsoft and other major companies eclipsed a surge in oil prices which boosted energy shares. The Dow Jones industrial average was up 0.02 percent at 17,986.56, the S&P 500 was down 0.14 percent at 2,088.54 and the Nasdaq Composite was down 1.05 percent at 4,894.149.

** ALPHABET INC, $735.37, -5.72 pct

Google’s parent company missed Wall Street targets for first-quarter profit and revenue on Thursday as it spent more money to build traffic for its mobile advertising services.

** MICROSOFT CORP, $51.895, -6.96 pct

At least 5 brokerages cut PT on Microsoft’s stock after the software company reported lower-than-expected first-quarter profit on Thursday.

** KIMBERLY-CLARK CORP, $126.33, -4.11 pct

The personal care product maker reported lower-than-expected first-quarter sales, hurt by a strong dollar.

** STARBUCKS CORP, $57.135, -5.78 pct

The world’s largest coffee chain posted quarterly cafe sales that missed analysts’ growth estimates for every region where it operates and issued a disappointing full-year forecast.

** VISA INC, $79.07, -2.13 pct

The world’s largest payments network operator lowered its full-year revenue forecast blaming lack of improvement in cross-border spending.

** NORFOLK SOUTHERN CORP, $90.9, +10.01 pct

Credit Suisse raised its rating on the railroad operator’s stock to “outperform” from “neutral”. UBS upgraded to “buy” from “neutral” after earnings handily beat analysts’ estimate.

** HNI CORP, $43.23, +6.77 pct

The office furniture maker on Thursday reported better-than-expected first-quarter profit, helped by reduced costs.

** BJ’S RESTAURANTS INC, $44.34, +8.68 pct

The casual dining restaurant operator reported better-than-expected first-quarter profit helped by new menus focusing on lunch items.

** BRIGGS & STRATTON CORP, $21.62, -6.16 pct

The gasoline engine producer reported lower-than-expected third-quarter profit and revenue partly due to weak international sales, which were hit by delayed start to European lawn and garden market and stronger dollar.

** CARRIAGE SERVICES INC, $23.45, +5.58 pct

Equity research firm Sidoti initiated the funeral home and cemetery operations company’s coverage with “buy” rating and price target of $34.


Sterne Agee cuts rating to “neutral” from “buy”, and also cuts Price Target to $56 from $70, citing company’s higher exposure to China and the U.S. “energy belt”, among other reasons.

Cowen and Co, Credit Suisse, Stifel and UBS also cut Price Target on the company’s shares.

** ALASKA AIR GROUP INC, $50.52, -4.25 pct

Credit Suisse cut Price Target to $82 from $84 saying growth would slow “considerably” in the second half of 2016.

** AMERICAN AIRLINES GROUP INC, $38.254, -4.39 pct

The company forecast a 6-8 percent fall in second-quarter PRASM saying it expected a surge in competition and lower prices to continue to impact its business.


** PERRIGO CO PLC, $121.03, -5.95 pct

Drugmaker Valeant is seeking to appoint Perrigo boss Joseph Papa as its new chief executive, a source familiar with the matter said.

** LAKELAND INDUSTRIES INC, $9.31, -14.59 pct

The hazardous materials suit maker reported a 19 percent decline in fourth-quarter on Thursday.

** YORK WATER CO, $28.73, -8.06 pct

Hilliard Lyons downgraded the water purifier and distributer’s stock to ‘underperform’ from ‘neutral’, citing “ominous valuation”.

** SOUTHWESTERN ENERGY CO, $12.03, +12.75 pct

** TRANSOCEAN LTD, $10.76, +2.18 pct

** RANGE RESOURCES CORP, $39.47, +6.19 pct


** EXXON MOBIL CORP, $87.27, +0.55 pct

** CHEVRON CORP, $102.03, +0.62 pct

Oil prices jumped more than 2 percent to $45.45 per barrel on Friday and were poised for a third week of gains as market sentiment turned more upbeat amid signs a persisting global supply glut may be easing.

** ADVANCED MICRO DEVICES INC, $3.645, +39.12 pct

The struggling chipmaker’s forecast implied that the company could post a surprise rise in current-quarter revenue, ending a run of six quarters of declines, helped by strong demand for its chips and a new licensing deal.

** GENERAL ELECTRIC CO, $30.71, -0.87 pct

The U.S. conglomerate reported a higher-than-expected first-quarter profit on Friday, but organic revenue fell 1 percent, raising questions about the company’s full-year revenue target.

** AUTONATION INC, $49.73, +3.50 pct

The largest U.S. auto dealership chain reported a 14 percent fall in quarterly profit as costs rose.

** HONEYWELL INTERNATIONAL INC, $113.94, -0.85 pct

The aircraft equipment maker posted a 6.3 percent rise in quarterly profit, helped by strength in its automation and climate control systems businesses. (Compiled by Sruthi Shankar in Bengaluru; Editing by Don Sebastian)

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