March 4, 2013 / 4:28 PM / 5 years ago

MARKET PULSE-Hess, MGIC, Ferro, GMX, Prana, Select Comfort, Tuesday Morning

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March 4 (Reuters) - Some U.S. stocks on the move on Monday:


Wall Street was little changed as investors took worries about global economic growth and the euro zone debt crisis as opportunities to step back from equities that have risen near record highs. The Dow Jones industrial average was off 30.18 points, the Standard & Poor’s 500 Index down 1.33 points and the Nasdaq Composite Index down 5.09 points.

** HESS CORP, $68.47, up 3 pct (1030 ET)

The oil and gas company will exit its retail, energy marketing and energy trading businesses following pressure from its third-largest shareholder - activist investor Elliott Management - to break up the company.

** OUTDOOR CHANNEL HOLDINGS INC, $8.74, up 16 pct (1023 ET)

The operator of Outdoor Channel -- a cable network focused on hunting, fishing, and other outdoor activities -- received an unsolicited offer from Kroenke Sports & Entertainment LLC for $8.75 per share. This represents a nearly 16 percent premium to Outdoor’s Friday share close and values the company at about $227 million. The shares jumped to their highest in more than five years, making them the top percentage gainer on the Nasdaq on Monday morning.

** MGIC INVESTMENT CORP, $4.13, up 9 pct (1030 ET)

The mortgage insurer’s stock continued its rally after gaining more than a fourth of its value on Friday. Brokerage Keefe, Bruyette & Woods raised its price target on the MGIC stock to $4 from $1, while Susquehanna Financial Group reinstated its coverage on the stock with a “neutral” rating.

** BARNES & NOBLE INC $16.24, up 4 pct (1026 ET)

** MICROSOFT CORP, $27.72, down 1 pct (1036 ET)

A Barron’s article said that Microsoft could bid for the largest U.S. bookstore chain at $25 a share, or $1.75 billion, jump starting Microsoft’s retail strategy and giving it control of 677 bookstores.

** STRATASYS INC, $68.64, up 7 pct (1031 ET)

The 3D printer maker’s fourth-quarter revenue handily beat analysts’ estimates and the company forecast 2013 revenue above Wall Street expectations.

** ARENA PHARMACEUTICALS INC, $7.96, down 4.5 pct (1031 ET)

The biopharmaceutical company reported a larger-than-expected quarterly loss as operating expenses rose.

** TUESDAY MORNING CORP, $7.50, down 16 pct (1022 ET)

The home decor retailer said its chief executive Brady Churches has resigned. The company named Michael Rouleau as interim CEO.

** HECLA MINING CO, $4.04, down 13 pct (1031 ET)

** AURIZON MINES LTD, $4.38, up 4 pct (1031 ET)

** ALAMOS GOLD INC, $14.25, up 4 pct (0938 ET)

U.S. silver miner Hecla will buy Aurizon Mines for about C$796 million ($774 million) to gain control of a gold mine in Quebec, nearly a month after the Canadian company rejected an unsolicited offer from Alamos Gold.

** A. SCHULMAN INC, $31.36, up 1 pct (1032 ET)

** FERRO CORP, $6.86, up 32 pct (1032 ET)

Chemical maker A. Schulman offered to buy Ferro for $563 million nearly three weeks after being rebuffed by its rival, which makes products used in computers to mobile devices.

** NQ MOBILE INC, $7.26, up 5.21 pct (1018 ET)

** AMERICA MOVIL, $10.59, down 1 pct (1026 ET)

Mobile internet services provider NQ Mobile signed an agreement with America Movil to offer its mobile antivirus software to the Latin American telecom company’s subscribers in 18 countries.

** APPLE INC, $424.66, down 1 pct (1033 ET)

Apple had a major setback in its ongoing mobile patents battle with Samsung Electronics on Friday, as a federal judge slashed a $1.05 billion jury award by more than 40 percent and set a new trial to determine damages.

** ASSURED GUARANTY LTD, $19.21, up 2 pct (1015 ET)

** MBIA INC, $10.62, up 3 pct (1014 ET)

** JPMORGAN CHASE AND CO, $48.50, down 1 pct (1015 ET)

** BANK OF AMERICA CORP, $11.30, down 0.3 pct (1016 ET)

Shares of bond insurers, including Assured Guaranty and MBIA, rose after Credit Suisse Group AG settled a lawsuit brought by Ambac Financial Group Inc over misrepresentations on mortgage-backed securities that Ambac insured in 2007, according to court documents and a source familiar with the matter.

The lawsuit is similar to those filed by MBIA and Assured Guaranty against banks like JPMorgan Chase and Bank of America.

** CELGENE CORP, $103.55, down 2 pct (1033 ET)

The company reported on Saturday late-stage study results of its drug apremilast, which aims to treat skin disease psoriasis.

“Overall, the efficacy was a bit below what was seen in the Phase II trial and appear (to) place apremilast below the Injectable biologics,” ISI Group analyst Mark Schoenebaum wrote in a note. However, he said the drug is “clearly approvable.”

“Even though apremilast’s efficacy is below biologics, we believe its good safety profile and the ease of oral administration could drive significant use,” Schoenebaum said.


A unit of Russia’s Alfa Group is interested in putting together a consortium to restructure one of the world’s largest vodka producers, Central European Distribution, according to a U.S. securities filing.

** RADIAN GROUP INC, $9.46, up 3 percent (1015 ET)

Shares of the mortgage insurer touched their highest level since November 2010 after brokerage Keefe, Bruyette & Woods upgraded the company’s stock to “outperform” from “market perform”.

Radian announced a capital raise last week which the brokerage believes will help bolster the company’s capital and liquidity position. “The company should have sufficient capital to deal with its legacy risk,” KBW said in a note to clients.

** PENN VIRGINIA CORP, $4.18, up 3 pct (1013 ET)

Analysts at Wells Fargo started the oil and gas company with an “outperform” rating, reported.

** GMX RESOURCES INC, $2.73, down 12 pct (1034 ET)

The oil and gas producer said it would fail to make an interest payment on its senior debt, due on Monday, without specifying a reason. It also said that its stock would be delisted from the New York Stock Exchange as its market capitalization was lower than $50 million for a 30-day trading period.

** SELECT COMFORT CORP, $17.39, down 15 pct (1009 ET)

The specialty mattress maker said it experienced slower sales since Feb. 1, hurt by changes in its advertising strategy. The company is making corrections to its advertising strategy and its near-term expenses to address the issue, Chief Executive Shelly Ibach said in a statement.

** INTERMUNE INC, $9.58, up 4 pct (1003 ET)

The drugmaker reported on Friday that it reached an agreement with Italian health regulators on the pricing and reimbursement of its lung disease drug, Esbriet, the company said in a regulatory filing on Monday.

InterMune will launch Esbriet in Italy after its approval is published in the Official Gazette -- which is expected to take six to twelve weeks.

** YINGLI GREEN ENERGY, $2.33, down 3 pct (1034 ET)

Yingli Green, one of China’s largest solar equipment makers, reported its sixth straight quarterly loss, but forecast higher shipments for the year as it looks to sell a major chunk of its products at home.

** ATLANTIC POWER CORP, $6.49, down 9 pct (1024 ET)

Atlantic Power’s shares continued their fall as a dividend cut announced by the company on Thursday prompted several brokerages to reduce their price targets on the stock on Monday. The stock was one of the top percentage losers on the New York Stock Exchange in morning trading. TD Securities, RBC Capital Markets and CIBC cut their price target on the stock.

The company, which generates and sells electric power to utility companies in Canada and the United States, said it will cut its annual dividend by 65 percent to 40 Canadian cents per share.

** DRAGONWAVE INC, $1.87, down 21 pct (1035 ET)

The telecom network equipment maker said revenue for the fourth quarter would miss its forecast, citing lower sales from the microwave technology business it bought from Nokia Siemens Networks last year.

** PRANA BIOTECHNOLOGY LTD, $2.73, up 11 pct (0959 ET)

The Australian drug developer said on Sunday it would present new data at an upcoming medical meeting showing its experimental drug PBT2 reduces brain cell damage caused by a particular protein associated with Alzheimer’s disease. The data will be presented at the 11th International Conference on Alzheimer’s and Parkinson’s Disease in Florence, Italy, from March 6 to 10.

** FRANCE TELECOM, $10.12, up 5 pct (1052 ET)

Morgan Stanley analysts raised their rating on the French company’s stock to “overweight” from “underweight”, citing a low valuation, better cost control and possible state fibre network subsidies. (Compiled by Chandni Doulatramani)

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