January 11, 2013 / 3:27 PM / 5 years ago

MARKET PULSE-Infosys, Wells Fargo, J.C. Penney, Arqule, Dendreon

Jan 11 (Reuters) - Some U.S. stocks on the move on Friday:

(For more market insights, including options activity, click on ; for The Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, r.reuters.com/hus25t)


U.S. stock index futures were little changed, a day after the S&P 500 hit a five-year high and following higher-than-expected results from Wells Fargo. S&P 500 futures were down 0.05 percent, Dow Jones industrial average futures up 0.02 percent, and Nasdaq 100 futures up 0.07 percent at 0908 ET.

** J.C. PENNEY CO INC, $18.08, down 5.5 pct (1002 ET)

UBS Investment Research downgraded the retailer’s stock to “sell” from “neutral”, raising concerns about the department store owner’s pricing, new shop rollout strategies and cash preservation outlook.

** DENDREON CORP, $5.97, up 17 pct (1001 ET)

Sanford C. Bernstein upgraded the stock to “outperform” from “market-perform” and said the drugmaker could be one of the best performers in 2013.

** ARQULE INC, $2.53, down 13 pct (1001 ET)

The company and Japan’s Daiichi Sankyo Co Ltd said a mid-stage trial of their colorectal cancer drug failed to meet the main study goal of improving patient survival without the cancer getting worse.

** AEGERION PHARMACEUTICALS INC $28.07, up 5 pct (1000 ET)

The company said it expects to raise $67.9 million from a public offering of 2.7 million shares at $26.64 each. The offering is expected to close on Jan. 16.

** BEST BUY CO, $13.80, up 13 pct (0959 ET)

The company showed a bit of a turnaround in its U.S. stores, with flat same-store sales during the key holiday season, but slashed its expectations for free cash flow after it had to pay for some inventory earlier than expected.

** BAZAARVOICE INC, $6.70, down 10 pct (0956 ET)

The company, which helps companies run online consumer reviews, said its purchase of PowerReviews Inc would not cut competition, after the U.S. Justice Department sued the company to try to force it to sell some assets.

** INFOSYS LTD, $52.14, up 18 pct (0949 ET)

** WIPRO LTD, $9.87, up 7.6 pct

** SIFY TECHNOLOGIES LTD, $2.26, up 10.5 pct


** ACCENTURE PLC, $69.90, up 1 pct

India’s No.2 software services provider Infosys raised its revenue forecast after posting stronger-than-expected quarterly profit. Its India-listed shares rose 15 percent.

Shares of rivals Wipro, Cognizant, Accenture and Sify were also up on the news.

** TRANSGLOBE ENERGY CORPORATION $8.82, down 8.6 pct (0959 ET)

The Canadian oil and gas company said the Al Azayem well in Egypt would be abandoned as the reservoirs did not contain hydrocarbons. The company expects total well cost to be about $9 million, lower than the budgeted $9.6 million.

** WELLS FARGO & CO, $34.81, down 1.6 pct (1002 ET)

The bank said fourth-quarter profit rose 24 percent to a record high as the bank set aside less money to cover bad loans and made more fees from mortgages. But the bank’s net interest margin declined and it made fewer mortgage loans than in the third quarter.

** BOEING CO, $75.54, down 2 pct (0959 ET)

Boeing’s sophisticated new aircraft, the 787 Dreamliner, will undergo a comprehensive review of its critical systems by regulators, the U.S. Department of Transportation said after a series of problems in recent weeks.

** FORD MOTOR, $13.94, up 0.8 pct (0954 ET)

The auto maker said it will hire 2,200 salaried workers in the United States in 2013 to support new products.

** CLIFFS NATURAL RESOURCES INC, $36.04, down 4 pct (1010 ET)

** WALTER ENERGY INC, $38.19, down 3 pct

** PEABODY ENERGY CORP, $25.67, down 3 pct

** ALPHA NATURAL RESOURCES, $9.48, down 3 pct

** ARCH COAL, $7.07, down 2 pct

Coal miners face fierce global competition this year, keeping prices well below $100 per tonne, as China buys more at home and Colombia increases exports to Europe, Macquarie said in a report, becoming the latest bank to predict weak coal prices.

Coal stocks are also hurt by mild weather and news of China’s annual consumer inflation rate touching a seven-month high, CRT Capital Group analyst Kuni Chen said.

** RIO TINTO, $55.52, down 3 pct (1020 ET)

The world’s second-largest iron ore producer suspended ship loading at the ports of Dampier and Cape Lambert due to a severe tropical cyclone off Australia’s northwest coast. Cyclone Narelle that has shut ports handling a fifth of the world’s globally traded iron ore and cut supplies of natural gas and oil, intensified on Friday.

** KBR INC, $30, down 6 pct (0948 ET)

The engineering and construction company lowered its 2012 earnings forecast on Thursday, citing higher-than-expected fourth-quarter project charges in its minerals and U.S. construction units.

** CORNING INC, $12.20, down 3.5 pct (1007 ET)

Goldman Sachs downgraded the specialty glass maker’s stock to “neutral” from “buy”, Benzinga.com reported.

** XYRATEX LTD, $7.86, down 3.7 pct (0948 ET)

The network and storage equipment maker forecast current-quarter revenue below analysts’ estimates due to lower demand, and the company said it reduced its workforce 5 percent during the fourth quarter.

** JP MORGAN CHASE & CO, $45.79, down 0.7 pct (0946 ET)

A U.S. regulatory probe of JP Morgan is expected to result in an order that the bank correct lapses in how it polices suspect money flows, in an action expected as soon as Friday, people familiar with the situation said.

** AMERICAN EXPRESS CO, $61.64, up 1.3 pct (0955 ET)

The credit card company said it would cut about 5,400 jobs, or 8.5 percent of its workforce, as it restructures its business and pay legal bills. The steps will cost the company about $600 million in charges in the fourth quarter after taxes, which will halve its net income.

** CHEVRON CORP, $111.17, up 0.6 pct (0946 ET)

The second-largest U.S. oil company said on Thursday its fourth-quarter profit would be “notably higher” than the previous quarter as oil and gas output bounced back and it booked a $1.4 billion gain on an asset transaction.

** RANDGOLD RESOURCES LTD , $94.22, down 2 pct (0953 ET)

Morgan Stanley cut its price target on the miner’s London-listed stock to 70 pounds from 79 pounds, saying higher mining taxes planned by Ivory Coast could lower the company’s profit.

** SODASTREAM INTERNATIONAL LTD $48.07, up 2.2 pct (0935 ET)

Citigroup initiated coverage of the soda-machine maker with a “buy” rating, calling it the fastest growth stories over the next few years given its new distribution wins and rising household penetration rates.

** ELECTRONIC ARTS INC, $13.73, down 1.8 pct (1000 ET)

Piper Jaffray & Co downgraded the videogame publisher’s stock to “neutral” from “over weight”, citing weaker-than-anticipated holiday season sales and a lukewarm response to the company’s latest “Medal of Honor” game. The brokerage lowered the company’s price target to $14 from $18. (Compiled by Arpita Mukherjee in Bangalore)

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