January 11, 2013 / 4:33 PM / 5 years ago

MARKET PULSE-Infosys, Wells Fargo, Boeing, 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. stocks dipped after a record profit at Wells Fargo failed to attract buyers and Boeing shares were pressured by two further problems with its new Dreamliner aircraft. The Dow Jones industrial average was down 0.16 percent, the S&P 500 down 0.24 percent and the Nasdaq Composite down 0.14 percent.

** 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)

An experimental colorectal cancer drug being developed by ArQule and Japan’s Daiichi Sankyo Co Ltd failed to improve patient survival without the cancer worsening, in a mid-stage trial.

** 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 the first concrete signs of a turnaround in its U.S. stores, with flat same-store sales during the key holiday season, surprising analysts who had expected a decline. Shares of Best Buy, which is in the midst of a restructuring and faces a looming buyout proposal by founder and former chairman Richard Schulze.

** 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


** 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 and Accenture 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.

** CARDTRONICS INC, $25.56, up 5 pct (1040 ET)

J.P. Morgan Securities raised the ATM operator’s stock from “neutral” to “overweight”, according to Benzinga.com.

** WILLBROS GROUP, $5.91, up 4 pct (1025 ET)

Stifel Nicholaus raised its price target on the engineering and construction company’s stock, saying the sale of its interests in Oman for $41.3 million would help pay down debt.

** 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.

** METHANEX CORP $32.83, down 1.5 pct (1032 ET)

Vancouver-based Methanex, the world’s largest methanol supplier and distributor, said it would shut its Chile operation in March due to insufficient natural gas supply. Output from this plant represents less than 5 percent of Methanex’s 2013 production.

** COMSTOCK RESOURCES INC, $14.78, up 1.65 pct (1022 ET)

Brean Capital upgraded the oil and gas explorer’s stock to “buy” from “hold” after a recent deal in the Permian shale field. Occidental Petroleun Corp’s acquisition of acreage adjacent to Comstock’s asset implied a value of $15,000 to $18,000 per acre, higher than Comstock’s current market value of $4,000 per acre.

** BOEING CO, $75.37, down 2.23 pct (1112 ET)

U.S. aviation regulators will launch a comprehensive review of the Boeing 787 airplane, with special focus on its electrical systems, following a series of recent safety incidents, the new head of the Federal Aviation Administration said.

** 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, $55.53, down 3 pct (1030 ET)

** BHP BILLITON LTD, $76.52, down 2.76 pct

BHP Billiton suspended offshore oilfield operations and Rio Tinto shut down key iron ore export terminals as Cyclone Narelle intensified off Australia’s northwest coast. The severe tropical cyclone has shut ports handling a fifth of the world’s globally traded iron ore and cut supplies of natural gas and oil.

** 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.

** JPMORGAN CHASE & CO, $45.70, down 0.98 pct (1052 ET)

U.S. regulators are likely to order JPMorgan to correct lapses in how it polices suspect money flows, in an action expected as soon as Friday, people familiar with the situation said.

** MERCK & CO, $43.16, up 0.89 pct (1116 ET)

The U.S. drugmaker said it is taking steps to suspend availability of its drug Tredaptive after the medicine, used to raise “good” HDL cholesterol, failed to prevent heart problems in a large study.

** 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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