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* The Morning News Call newsletter: tmsnrt.rs/2fwPLTh U.S. stocks dipped Tuesday morning, dragged down by financial and consumer discretionary shares, with investors awaiting President Donald Trump's first speech to a joint session of Congress.
The Dow Jones Industrial Average was down 0.02 percent at 20,834.05, the S&P 500 was down 0.14 percent at 2,366.5 and the Nasdaq Composite was down 0.30 percent at 5,844.129.
** TARGET CORP, $59.27, -11.42 pct
** WAL-MART STORES INC, $70.78, -1.34 pct
** KOHL‘S CORP, $42.62, -2.67 pct
U.S. retailer Target forecast a surprise drop in full-year sales at established stores and reported a steeper-than-expected fall in holiday-quarter sales due to “unexpected softness” at its stores.
The company’s rivals, including Wal-Mart, also fell.
** WORKDAY INC, $83.67, -7.23 pct
The human resources software seller beat estimates on top and bottom line in the fourth quarter, but analysts said the company’s full-year guidance was conservative.
“Workday is not showing enough incremental traction outside of its core business to warrant an additional premium to the stock’s current valuation,” Wunderlich Securities analyst said.
** TENET HEALTHCARE CORP, $19.67, -13.23 pct
The hospital operator’s quarterly revenue fell for the first time in six years and also missed estimates and the company forecast lower-than-expected full-year earnings.
** SEADRILL PARTNERS LLC, $1.74, -14.95 pct
The offshore rig contractor said it may file for Chapter 11 bankruptcy if no agreement is reached with its lenders.
** PERRIGO CO PLC, $74.90, -11.55 pct
The drugmaker said it agreed to sell the royalty stream from its multiple sclerosis drug Tysabri to privately held Royalty Pharma for up to $2.85 billion. Perrigo also said it would delay the filing of its annual report until March, and would review past accounting practices, specifically its historical revenue recognition of its Tysabri sales.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $15.10, -9.63 pct
The Canadian drugmaker reported a better-than-expected quarterly profit, helped by lower costs and strength in its Bausch and Lomb eyecare business, but its net loss widened and the company said it was feeling pricing pressure.
The company also posted an about 13 percent fall in its quarterly revenue as sales declined across businesses and realized prices fell.
** SILVER BAY REALTY TRUST CORP, $21.49, +18.27 pct
The REIT said it would be bought by Tricon Capital Group Inc for $1.4 billion in an all-cash deal.
** FRONTLINE LTD, $6.97, +3.57 pct
** DHT HOLDINGS INC, $4.66, -0.21 pct
Frontline said a higher and final offer for rival tanker firm DHT was rejected.
Frontline also reported a net profit of $18.3 million for the fourth quarter, below consensus estimate of $20 million.
** PRICELINE GROUP INC, $1,730.67, +6.05 pct
The travel website operator reported a 17.4 percent rise in fourth-quarter revenue, driven by higher hotel bookings.
At least 11 brokerages raised their price targets on the stock.
** INTELSAT SA, $5.30, -9.71 pct
OneWeb Ltd, a U.S. satellite venture backed by Japan’s SoftBank Group Corp, and debt-laden satellite operator Intelsat agreed to merge in a share-for-share deal.
** DRYSHIPS INC, $2.15, +14.97 pct
The dry bulk shipper on Monday said it will pay $2.5 million to shareholders on record as of March 15, with per share amount to be determined based on outstanding shares as of that date.
** TD AMERITRADE HOLDING CORP, $39.53, -9.46 pct
** E*TRADE FINANCIAL CORP, $34.11, -8.32 pct
** CHARLES SCHWAB CORP, $39.93, -4.31 pct
Fidelity Investments said it cut the price on trades for stocks and exchange-traded funds by 38 percent for retail brokerage clients. Fidelity’s price offers a discount of more than 50 percent when compared with some rivals.
** REALTY INCOME CORP, $61.46, -2.66 pct
The REIT offered 10.85 million shares, about 4 percent of total outstanding, at $62.00, a 1.8 percent discount to the stock’s Monday close.
** FRONTIER COMMUNICATIONS CORP, $2.93, -10.94 pct
The telecom operator’s fourth-quarter revenue missed estimates, as accounts acquired from Verizon in California, Texas and Florida were not paying bills in time.
As many as five brokerages cut their price targets on the stock.
** 3D SYSTEMS CORP, $15.34, -9.45 pct
** STRATASYS LTD, $20.10, -4.00 pct
3D printer maker 3D Systems’ fourth-quarter revenue missed estimates, hurt by weaker sales of professional printers and on-demand services.
The company’s rival, Stratasys, also fell.
** CALLON PETROLEUM CO, $12.59, -5.76 pct
The oil and gas producer reported a lower-than-expected fourth quarter profit.
** ATYR PHARMA INC, $3.95, +14.49 pct
The drug developer received the U.S. FDA’s orphan drug designation for the treatment of Limb Girdle Muscular Dystrophy (LGMD) with Resolaris.
** KITE PHARMA INC, $65.83, +15.84 pct
The cancer immunotherapy developer said its experimental CAR T-cell therapy, which helps the immune system fight cancer, was highly effective in treating aggressive non-Hodgkin lymphoma, meeting the main goal of a key study.
** NUTRISYSTEM INC, $46.60, +18.88 pct
The weight management products maker’s fourth-quarter revenue beat analysts’ estimate, helped by higher demand for its products and the South Beach diet.
** SIGNET JEWELERS LTD, $66.82, -8.32 pct
The company’s Sterling Jewelers is being sued in a class action lawsuit by hundreds of former employees alleging sexual harassment and discrimination.
** CEMPRA INC, $3.63, -13.69 pct
The drug developer posted a wider-than-expected fourth quarter loss due to higher operating expenses.
** FIESTA RESTAURANT GROUP INC, $19.70, -24.08 pct
The owner of the Taco Cabana and Pollo Tropical restaurant chains posted smaller-than-expected fourth quarter revenue as comparable restaurant sales fell amid prolonged industry-wide softness.
** INC RESEARCH HOLDINGS INC, $43.30, -23.43 pct
The contract research company issued lower-than-expected full-year revenue and earnings forecasts and reported slower backlog growth. (Compiled by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel)