Jan 14 (Reuters) - Some U.S. stocks on the move on Monday:
Wall Street dipped as concerns about demand for Apple products sent shares of the tech heavyweight lower and investors faced a busy week for earnings in what is expected to be a uninspiring quarter. The Dow Jones industrial average was up 0.01 percent, The Standard & Poor’s 500 Index down 0.29 percent, and The Nasdaq Composite Index down 0.53 percent.
** APPLE INC, $501.82, down 3.5 pct (1305 ET)
** SKYWORKS SOLUTIONS INC, $21.10, down 1.26 pct
** CIRRUS LOGIC, $28.76, down 8.93 pct
** QUALCOMM INC, $63.78, down 1.73 pct
Apple has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand, the Nikkei reported on Monday, in a further sign the U.S. firm is losing ground to Asian smartphone rivals.
Shares of Apple suppliers Cirrus Logic, Skyworks and Qualcomm fell on the news.
** RESEARCH IN MOTION LTD, $14.77, up 9.29 pct (1143 ET)
The company’s shares surged as the countdown toward the Jan. 30 launch of its long-awaited BlackBerry 10 smartphones winds down and carrier support for the new line builds.
** STARZ ENTERTAINMENT, $15.47, up 9 pct (1240 ET)
The company started trading as its own publicly-traded stock after Liberty Media completed the spin-off of the company known for its premium movie channels late last week.
** RESPONSYS INC, $7.20, up 5.73 pct (1307 ET)
The provider of marketing software and online services approved terms for a change of control severance plan for company executives and employees, according to a regulatory filing late on Friday. (link.reuters.com/pab35t)
The adoption of such a plan often precedes an acquisition, JMP Securities analyst Patrick Walravens wrote in a note on Monday.
** FIFTH & PACIFIC, $14.30, up 11.37 pct (1307 ET)
Strong sales of kate spade handbags and shoes gave a boost to fashion apparel and accessories maker and retailer Fifth & Pacific Cos Inc during the fourth quarter, offsetting continued weakness at its once-popular Juicy Couture brand.
** HHGREGG INC, 7.08, down 10.27 pct (1024 ET)
The appliance and electronics retailer cut its full-year forecast after estimating weak holiday-quarter results on declining demand for TVs and video players.
** NICE SYSTEMS, $36.84, up 6 pct (1030 ET)
** VERINT SYSTEMS INC, $33.78, up 7.29 pct
** COMVERSE TECHNOLOGY INC, $4.35, up 7.28 pct
Nice, which provides civil defense monitoring systems, is in talks to buy rival Verint for $1.5 billion in cash and stock, the Calcalist financial newspaper reported.
Software developer Comverse had agreed in August to be bought out by Verint.
** LUMINEX CORP, $17.30, down 5.93 pct (1051 ET)
Cowen and Co downgraded Luminex to “underperform” from “neutral”, citing competitive pressures in its molecular diagnostics franchise and an expected increased share loss in the Respiratory Viral Panel products.
** CRIMSON EXPLORATION INC, $2.96, up 5.7 pct (0942 ET)
Brokerage firm Stifel Nicolaus raised the rating on the oil and gas explorer’s stock to “buy” from “hold” citing the company’s return to drilling by the end of January in the Woodbine region and expected startup of the Covington-Upchurch well by Feb.
** EMBRAER SA, $28.01, up 2.56 pct (1102 ET)
The Brazilian planemaker reported its first quarterly backlog growth in a year with an order of 20 regional jets from an unnamed customer.
** WAUSAU PAPER CORP, $9.08, up 1 68 pct (1014 ET)
The specialty paper maker’s largest shareholder, Starboard Value LP, called for the money-losing company to consider a sale, after Wausau said it would review its paper business.
** HALOZYME THERAPEUTICS, up $7.88, up 9.29 pct (1047 ET)
BMO Capital Markets upgraded the drug technology company to “outperform” from “market perform,” saying it was confident that Roche’s Herceptin SC, which uses Halozyme’s technology, will get a positive regulatory opinion in the first quarter.
** FLOWERS FOODS INC $26.46, up 6.56 pct (1105 ET)
The company, which owns brands such as Cobblestone Mill, Nature’s Own and Tastykake, on Friday said it has agreed to buy Wonder and other well-known bread brands from Hostess Brands Inc for $390 million, as part of the latter company’s bankruptcy reorganization.
** HARRY WINSTON DIAMOND CORP, $15.29, up 5.74 pct (1047 ET)
Jeweller Harry Winston is selling its high-end watches-to-necklaces division to Swatch Group in a $750 million cash deal that expands the Swiss watchmaker’s luxury offering and lets the Canadian group concentrate on its diamond mines.
** INCYTE CORP, $19.19, up 5 pct (1005)
Lazard upgraded Incyte to “buy” from “neutral” saying Incyte’s blood cancer drug, Jakafi, has evidence of a disease modifying effect, and education among physicians on the dosage could lead to fewer side effects in myelofibrosis patients. Jakafi, the first drug to specifically treat the rare bone marrow disease myelofibrosis, received U.S. regulatory approval last year.
** SUNPOWER CORP, $7.73, down 5.5 percent (1010 ET)
The solar panel maker on Friday forecast higher-than-expected restructuring charges for the fourth quarter. The company laid of 900 employees in October and restructured its manufacturing operations in the Philippines to cut costs. At the time, SunPower had said it expects to take restructuring charges of $10 million to $17 million in the fourth quarter. The company’s latest estimate of $33 million to $40 million is nearly double the initial forecast.
** HEADWATERS INC, $9.60, up 4 percent (1012 ET)
Stifel Nicolaus started coverage of the building products maker with a “buy” rating, saying the company will benefit from a recovery in the commercial and residential construction markets.
** JA SOLAR HOLDINGS CO LTD, $5.39, down 3.62 pct (1017 ET)
The company said its chairman and former chief executive, Baofang Jin, will return to the helm, three years after stepping down from the position.
** BILL BARRETT CORP, $18.01, down 3.48 pct (1040 ET)
Canaccord Genuity slashed the oil and gas company’s share price target to $19 from $36. Canaccord has a “hold” rating on the stock.
** MATERION CORP, $28.56, up 4.76 pct (1249 ET)
Jefferies & Co raised its price target on the shares of the specialty metal maker, saying the company’s earnings are poised to lift meaningfully in 2013 due to the absence of non-recurring restructuring costs and losses associated with its delayed beryllium pebbles plant start-up. The brokerage also kept its “buy” rating on the stock.
** SPRINT NEXTEL INC, $5.74, down 3.04 pct (1022 ET)
JP Morgan cut its rating on the No. 3 U.S. cellular company to “neutral” from “overweight”, partly on the recent run in the stock and expectations for rising capital expenses. “While we continue to believe that Sprint has the assets and now financial backing to succeed in the wireless space, 2013 looks like a year of heavy capital investment and uncertain subscriber momentum,” the brokerage said in a note.
** NETFLIX INC, $104.05, up 2.72 pct (1317 ET)
** TIME WARNER INC, $49.25, down 0.73 pct
Netflix will carry more shows from Time Warner, intensifying efforts by the video streaming company to attract more subscribers and beat back competition.
** KEY ENERGY SERVICES INC, $7.40, down 2.63 pct (1039 ET)
** FORUM ENERGY TECHNOLOGIES, $25.60, down 3.7 pct (1045 ET)
** SCHLUMBERGER LTD, $73, down 1 pct (1045 ET)
Global Hunter Securities downgraded oil services equipment provider to “neutral” from “buy,” saying it does not expect well servicing utilization in the United States to increase dramatically over the next two years.
** HEWLETT-PACKARD, $16.72, up 3.47 pct (1311 ET)
Research firm Gartner said the personal computer maker regained the top spot from China’s Lenovo Group in the in the last three months of 2012, thanks to its strength in the consumer market, a stronger driver than corporate sales in the holiday season.
J.P. Morgan Securities upgraded the company’s stock to neutral from underweight, saying “the headline news just cannot get much worse”. It raised the price target on the stock to $21 from $15.
** LEAR CORP, $47.24, down 1.60 pct (1020 ET)
The auto parts maker nearly doubled its share buyback program and launched plans to boost liquidity by $1 billion through a notes offering and a new credit facility.
** NUVASIVE INC, $58.76, down 1 pct (1053 ET)
Bank of America Merrill Lynch analyst Bob Hopkins downgraded the medical device maker to “neutral” from “buy”, citing tougher competition from the larger companies in the spine market. “Going forward we see fewer opportunities for ground breaking innovation and we see the larger names coming back to life,” Hopkins said in a note.
** HEALTH MANAGEMENT ASSOCIATES INC, $8.99, down 1.32 pct (1022 ET)
The hospital provider’s preliminary quarterly revenue fell well short of expectations due to legal and investigation expenses and Mississippi Medicaid payment reductions. The company expects net revenue from continuing operations of about $1.48 billion, well below analyst estimates of $1.66 billion, according to Thomson Reuters I/B/E/S. Medicaid is a joint federal-state program that provides health care coverage for low-income people.
** UNITED PARCEL SERVICE INC, $79.07, up 1.48 pct (1023 ET)
The company is dropping its $7-billion bid for Dutch delivery firm TNT Express after European anti-trust regulators said they would veto it, leaving TNT’s future in doubt and almost halving the value of its shares.
** WEBSENSE INC, $15.52, up 3.70 pct (1023 ET)
The online security firm has named John McCormack, president of the firm, as its new chief executive officer. The company also released its preliminary fourth quarter 2012 results, indicating it expects revenues of $91.5 million to $92 million versus its guidance of $90 to $92 million, according to a company statement issued Sunday night.
** TRANSOCEAN LTD, $54.65, up 1 pct (1311 ET)
The company has disclosed that billionaire activist investor Carl Icahn has acquired a 1.56 percent stake in the offshore rig contractor and is looking to increase that holding.
** VERA BRADLEY INC, $22.26, down 4.85 pct (1026 ET)
The handbag maker’s Chief Financial Officer Jeffrey Blade resigned on Friday to pursue other opportunities. The company, known for its bright paisley and floral prints, said Kevin Sierks was appointed interim CFO.
The Fort Wayne, Indiana-based company in December had forecast lower-than-expected results for the fourth quarter as the holiday selling season got off to a slow start, hurt in part by Superstorm Sandy.
** PHARMACYCLICS, $65.58, down 3 pct (1049 ET)
Lazard Capital Markets downgraded the drugmaker to “neutral” from “buy”, saying it expects the company’s shares to be quiet for most of the year as 2013 will primarily be a year of enrolling late-stage trials.
** H&R BLOCK INC, $19.33, down 3 percent (1025 ET)
Morgan Stanley downgraded the biggest U.S. tax preparer to “underweight” from “equalweight”, StreetInsider.com reported.
** BANK OF AMERICA CORP, $11.42, down 1.80 pct (1044 ET)
The company directors have reached a $62.5 million settlement to resolve investor claims over the bank’s acquisition of Merrill Lynch & Co, a person familiar with the matter said, after a federal judge expressed reservations about an earlier version of the accord. (Compiled by Arpita Mukherjee in Bangalore)