January 28, 2013 / 6:44 PM / in 5 years

MARKET PULSE-Caterpillar, Keryx, Boeing, Jos A Bank, Hess, Acadia

Jan 28 (Reuters) - Some U.S. stocks on the move on Monday:

S&P 500 DIPS AFTER RALLY, BUT APPLE LIFTS NASDAQ

The Standard & Poor’s 500 edged lower on Monday as a four-week rally stalled, while a rebound in Apple shares helped buoy the Nasdaq. The Dow Jones industrial average rose 0.03 percent. The S&P 500 fell 0.09 percent. The Nasdaq Composite rose 0.31 percent.

** CATERPILLAR INC, $97.67, up 2 pct (1205 ET)

The world’s largest maker of construction equipment, posted a 55 percent drop in quarterly profit on Monday due to a charge connected with accounting fraud at a Chinese subsidiary and weak demand among its dealers.

** BOEING CO, $74.31, down 1 percent (1207 ET)

The aircraft maker risks losing about $5 billion in revenue by the grounding of its 787 Dreamliner fleet, according to Bloomberg.

The odds of such a scenario, however, are about 4 percent and actual costs are likely to be much less - in the hundreds of millions of dollars, Bloomberg added.

** SCHOOL SPECIALTY INC, $0.12, down 78 pct (1208 ET)

The company, which provides school supply and educational products to the pre-kindergarten through grade 12 market, filed for bankruptcy protection and said it will sell its assets to investment firm Bayside Capital Inc, an affiliate of HIG Capital.

** FURIEX PHARMACEUTICALS INC, $31.95, up 50 pct (1207 ET)

Furiex said its Japanese partner Takeda Pharmaceutical Co Ltd received U.S. regulatory approval for their diabetes drug alogliptin on Friday, triggering a $25 million milestone payment to Furiex. Canaccord Genuity started Furiex with a “buy” rating and a $45 price target after the U.S. approval. Takeda, which markets the drug alogliptin in Japan under the name Nesina and Liovel, had licensed the compound from Furiex in return for royalty payments.

** KERYX BIOPHARMACEUTICALS INC, $5.43, up 58 pct (1208 ET)

The company said a late-stage trial of an experimental kidney disease drug met the main study goal of reducing phosphate levels in blood.

** REPROS THERAPEUTICS INC, $13.78, down 25 pct (1208 ET)

Repros said it will provide results of its Androxal drug in the third-quarter instead of the scheduled second-quarter, after it learnt that one site’s patient population was different from the other 16 sites. Repros said it will provide results of its Androxal drug in the third-quarter instead of the scheduled second-quarter, after it learnt that the results of one site’s patient population was different from the other 16 sites.

** NORDION INC, $7.04, up 10 pct (1208 ET)

The producer of medical isotopes said it begun a review of strategic alternatives as it struggles to find new raw material suppliers.

** SONY CORP, $14.94, up 4 pct (1140 ET)

China is considering lifting a decade-long ban on video game consoles, the official China Daily newspaper reported on Monday, sending shares of major hardware makers such as Sony Corp and Nintendo Co Ltd surging.

** PETSMART INC, $63.69, down 9 pct (1141 ET)

Nomura Research downgarded the pet products retailer company’s stock to “reduce” from “neutral,” citing ecommerce concerns, senior management changes and likely slowing pace of margin expansion going ahead.

The brokerage also cut its price target on the stock to $55 from $72.

** GEORGIA GULF CORP, $53.30, up 6 pct (1127 ET)

** PPG INDUSTRIES INC, $137.90, down 4 pct (1127 ET)

PPG said it closed a deal to spin off its commodity chemicals business and merge it with Georgia Gulf. PPG shareholders can now exchange their shares for those of the spun-off unit. They also have the right to exchange them further for Georgia Gulf’s shares. This $2.1 billion deal makes Georgia Gulf the third-largest producer of chlorine and caustic soda in North America.

** RESEARCH IN MOTION LTD, $16.45, down 6 pct (1147 ET)

RIM shareholders were probably selling to take a profit ahead of the Wednesday launch of its first phones based on the much-delayed BlackBerry 10 platform, said Canaccord Genuity analyst Michael Walkley. “Until we start to see the devices sell to consumers, the stock will remain quite volatile,” Walkley said.

** DOLE FOOD COMPANY INC, $10.93, up 8 pct (1145 ET)

Dole Food said on Friday it has resolved a class action lawsuit, which alleged Dole misrepresented its commitment to the environment. The fruit and vegetable producer, however, denies the allegations made against it in the lawsuit.

** ARUBA NETWORKS INC, $23.88, up 5 pct (1209 ET)

Craig Hallum raised its rating on the network equipment maker’s stock to ”buy“ from ”hold.

** 3D SYSTEMS CORP, $61.63, down 10 pct (1211 ET)

** STRATASYS, $80.30, down 8 pct (1211 ET)

** PROTO LABS INC, $41.70, down 3 pct

Industrial 3D printer maker ExOne announcing details for an IPO put stocks of 3D printers makers on watch, according to StreetInsider.com.

“This is noise. I’ve never heard of ExOne until they filed. They did $15 million in sales in 2011 and roughly $22 million in 2012,” Piper Jaffray analyst Troy Jensen told Reuters.

** SIFY TECHNOLOGIES LTD, $2.42, up 5 pct (1212 ET)

The Indian Internet and media company recorded a 23 percent rise in third-quarter revenue and said it become the preferred solution provider for both large-scale Government and private IT projects.

** MOLYCORP INC, $7.85, down 2 pct (1212 ET)

CIBC cut its price target on Molycorp by $1 to $16, saying the rare earth producer’s $375-million financing in shares and senior unsecured convertible bonds is a small cushion to cost overruns for expansion of its Mountain Pass mine.

Any further delay in completion of the project would strain the company, the brokerage said. Last week Molycorp said costs related to the expansion and modernization of the mine would rise by another $80 million to $1.42 billion.

** IDENIX PHARMACEUTICALS INC, $5.21, up 10 pct (1213 ET)

The biopharmaceutical company announced a collaboration with Johnson & Johnson ’s Janssen Pharmaceuticals Inc for the clinical development of all-oral direct-acting antiviral Hepatitis C Virus combination therapies, which include Idenix’s experimental drug, IDX719. The collaboration would evaluate the combinations in mid-stage trials to be initiated in the first quarter.

** YOUKU TUDOU INC, $24.26, up 6 pct (1214 ET)

Brokerage Deutsche Bank initiated coverage on the online video company’s stock with a ‘buy’ rating, the StreetInsider.com reported.

** JOS. A. BANK CLOTHIERS INC, $38.19, down 17 pct (1214 ET)

** MEN‘S WEARHOUSE INC, $31.05, down 6 pct (1258 ET)

Shares of JoS A Bank fell to their lowest in more than two years after the men’s apparel retailer said it would report a lower profit for the year ending Feb. 2 due to a disappointing holiday season and a mild winter.

** WASTE MANAGEMENT, $36.76, up 3 pct (1106 ET)

** REPUBLIC SERVICES, $31.77, up 2 pct (1106 ET)

Credit Suisse raised the price targets of Waste Management and Republic Services saying both the companies can convert themselves into real estate investment trusts, and such a move will be “well loved” by the market. The brokerage noted that it had seen a number of REIT conversions of companies from unconventional industries in recent times.

** PERCEPTRON INC, $7.94, down 8 pct (1110 ET)

The 3D scanning technology company’s stock has risen about 50 percent in the last month on investors’ enthusiasm for 3D printing. “But Perceptron has nothing to do with 3D printing technology,” said a Seeking Alpha article on Monday. Though the company does offer some 3D scanning solutions, it is a small part of its business, it added.

** JAMES RIVER COAL CO, $3.12, down 6.83 pct (1125 ET)

Brean Murray Carret & Co analyst Lucas Pipes said the coal company’s stock movement today was not based on “anything specific” calling its stock “volatile.”

** FACEBOOK INC, $32.8, up 2.6 pct (1132 ET)

Brokerage Raymond James upgraded the social networking company to “out perform” from “market perform,” citing improved demand by its advertising partners and higher usage trends of Facebook driven by mobile users.

The brokerage also raised its price target on the company’s shares to $38 from $31.54.

** HESS CORP, $62.01, up 5 pct (1215 ET)

The company said it would pursue the sale of 20 oil storage terminals in the United States and the Caribbean, and exit its refining business, freeing up $1 billion of capital that will be deployed in its oil and gas business.

** AK STEEL HOLDING CORP, $4.07, down 8 pct (1215 ET)

Goldman Sachs cuts its rating on the steelmaker’s stock to “sell” from “neutral,” citing lower steel prices due to overcapacity, high capital budget to fund its raw material and no sign of turnaround in its electrical steel business, which faces stiff competition from foreign companies looking to sell in the United States to offset weak demand in Europe.

** ACADIA PHARMACEUTICALS, $6.63, up 7 pct (1216 ET)

Cowen & Co initiated coverage on the drugmaker with an “outperform” rating, saying Acadia’s experimental drug for Parkinson’s disease psychosis has the potential to be the first-in-class and the best-in-class treatment for the space. “Pimavanserin has the potential to be the first and only antipsychotic without a boxed warning,” analyst Edward Nash wrote in a note to clients.

** BEST BUY CO INC, $16, up 1 pct (1216 ET)

Brokerage BB&T Capital Markets raised its rating on the world’s largest consumer electronics chain to “buy” from “hold,” saying there are several potential positive catalysts on the horizon that bode well for the company.

The brokerage said the company is likely to benefit from the recent changes in management, cost cuts, along with reducing dependence on lower margin products from Apple Inc as other companies launch compelling competing devices.

The company will also benefit from online retailers, as companies such as Amazon.com Inc begin collecting sales tax resulting in a “more level playing field,” BB&T said.

** TRANSOCEAN LTD, $58.50, up 3 pct (1217 ET)

Activist investor Carl Icahn on Friday pushed the offshore driller to declare a dividend of at least $4 per share and said if it does not, he will propose it at the company’s next annual meeting, according to a regulatory filing.

** BIOGEN IDEC INC, $151.20, up 3 pct (1217 ET)

The company said fourth-quarter net profit fell slightly due to a tax accounting error, but the company’s shares rose more than 3 percent on higher-than-expected drug sales and optimism over a new multiple sclerosis treatment. (Compiled by Neha Dimri in Bangalore)

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