August 12, 2013 / 5:33 PM / in 4 years

MARKET PULSE-BlackBerry, Ecotality, Vical, Invensense, gold stocks

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Aug 12 (Reuters) - Some U.S. stocks on the move on Monday:


Technology stocks Apple and BlackBerry kept the Nasdaq above break-even on Monday, but other major stock indexes were lower in a session marked by light trading.

The Dow Jones industrial average was down 0.08 percent while the Standard & Poor’s 500 Index was down 0.14 percent. The Nasdaq Composite Index was up 0.16 percent.

** BLACKBERRY LTD, $10.30, up 5.5 pct (1228 ET)

The Canadian smartphone maker is looking at options that could include joint ventures, partnerships or a sale of the company as it struggles to survive against stiff competition.

BlackBerry, which pioneered on-your-hip email with its first smartphones and email pagers, said it had set up a committee to review its options and that top shareholder Prem Watsa was stepping down from its board due to a possible conflict of interest.

BlackBerry was the most traded stock on the Nasdaq, with more than 49.5 million shares having changed hands by 1253 ET.

** GALECTIN THERAPEUTICS, $7.09, up 27.4 pct (1228 ET)

The biotechnology company said its experimental treatment for fatty liver disease with advanced fibrosis got “fast track designation” from the U.S. Food and Drug Administration.

A fast track designation expedites regulatory review of drugs that aim to treat serious diseases and fill unmet medical needs.

** STEINWAY MUSICAL INSTRUMENTS INC, $39.34, up 8.6 pct (1231 ET)

The manufacturer of pianos, saxophones and trumpets said it received a takeover offer from an investment firm it did not identify that topped a bid by private-equity firm Kohlberg & Co.

Steinway said in December that it had decided not to sell itself after a 17-month-long review of strategic options. Six months later, Kohlberg made an offer valuing the company at about $438 million. The latest offer values Steinway at about $477 million.

** PERION NETWORK LTD, $10.77, down 10.6 pct (1232 ET)

The digital media company reported lower-than-expected quarterly results and forecast a weak third quarter as customers delayed project implementation, pushing revenue expected in the current quarter into the next quarter.

Perion also announced an agreement with Yahoo Inc to diversify its search business. Under the agreement, Yahoo’s search marketplace and search feature will be available to Perion’s customers.

** ENDEAVOUR SILVER, $4.56, up 9.87 pct (1236 ET)

** HARMONY GOLD MINING, $4.09, up 9.65 pct (1236 ET)

** SILVER STANDARD RESOURCES, $8.44, up 7.6 pct (1100 ET)

** ROYAL GOLD, $58.98, up 8.51 pct (1236 ET)

** SEABRIDGE GOLD, $15.23, up 10.6 pct (1234 ET)

** ELDORADO GOLD,$8.54, up 8.2 pct (1233 ET)

** BARRICK GOLD, $18.32, up 5.2 pct (1233 ET)

** HECLA MINING, $3.48, up 5.5 pct (1232 ET)

** IAMGOLD CORP, $5.35, up 7 pct (1232 ET)

Gold hit its highest in nearly three weeks in thin trade, shrugging off a stronger dollar on technical buying, while the world’s biggest gold exchange-traded fund recorded the first inflow in two months.

Spot gold rose as much as 2.2 percent to $1,343.06 an ounce, its highest since July 24. It was up 2 percent at $1,340.50 by 1407 GMT, on track for its fourth straight day of gains and its biggest daily increase in three weeks.

Silver rose to a near two-month high of $21.32 an ounce and was later trading up 3.6 percent at $21.26.

** TEARLAB CORP, $13.08, up 8 pct (1212 ET)

Roth Capital Partners analyst Chris Lewis said the company’s second-quarter results estimates were better than expected and orders for its test to detect dry eye disease reflected growth in physician adoption and commercial demand.

Lewis raises the price target on the stock to $15 from $9.

Tearlab will report its final results on Aug. 13.

** INVENSENSE INC, $17.25, up 6 pct (1255 ET)

The chipmaker said in a regulatory filing on Friday its inventory increased by $10 million in the quarter ended June 30 because of higher production to meet future demand, reinforcing speculation that its chips have finally been designed into Apple's upcoming iPhones. (

** DOLE FOOD CO INC, $13.45, up 5 pct (1238 ET)

The vegetable and fruit producer said it agreed to be taken private by its 90-year-old Chairman and Chief Executive David Murdock after he raised his offer to $13.50 per share.

Murdock, who is Dole’s largest shareholder with a stake of about 40 percent, made an offer in June to buy the rest of the company for $12 per share.

** ECOTALITY INC, $0.32, down 78 pct (1238 ET)

The electric vehicle charging station company said it might file for bankruptcy in the near future as certain adverse developments impacted its ability to fund anticipated losses.

Ecotality said in a regulatory filing that it is exploring options for a restructuring or sale of its assets or the entire business.

The company had received about $135 million in grants from the U.S. Department of Energy to test the electric vehicle technology. Ecotality’s subsidiaries received about $35 million between 2005 and 2011 while the company was awarded a $100 million grant in 2009.

** VICAL INC, $1.57, down 56 pct (1239 ET)

The drugmaker said it would stop development of its most advanced drug, cancer therapy Allovectin, after a late-stage trial failed to show that the treatment was significantly better than chemotherapy, sending its share down 60 percent.

The 390-patient trial tested Allovectin for the treatment of advanced melanoma, the deadliest form of skin cancer.

More than 24 million Vical shares were traded on the Nasdaq by 1255 ET.

** CODEXIS INC, $1.98, down 11.9 pct (1307 ET)

The enzyme developer reported a bigger-than-expected second-quarter loss on Friday due to lower sales of its cholesterol-lowering generic drug atorvastatin.

Codexis reaffirmed its pharmaceutical revenue forecast of $35 million to $40 million for 2013, but said product revenue would now contribute about $25 million to that total. The company earlier said product revenue would be $30 million.

** TECHNICAL COMMUNICATIONS CORP, $7.09, down 8 pct (1305 ET)

The company, which makes equipment that enables users to digitally encrypt and transmit information, reported lower third-quarter revenue due to a slowdown in bookings in the first half of the year.

** CERAGON NETWORKS, $3.46, up 8.1 pct (1252 ET)

The Israeli telecom equipment maker reported a wider second-quarter loss but said its bookings improved through more business from telecom carriers in Latin America and Africa.

** KRISPY KREME DOUGHNUTS INC, $23.09, up 8 pct (1154 ET)

Analyst Mark Kalinowski of Janney Capital Markets upgraded the U.S. doughnut group’s stock to “buy” from “neutral”, citing strong same-store sales momentum.

“With same-store sales momentum apparently continuing longer than we had expected - and to a greater magnitude than we had previously expected - our confidence in the long-term unit economic outlook for the Krispy Kreme box has expanded,” Kalinowski wrote in a note.

** NATIONAL BANK OF GREECE, $4.5, up 8 pct (1235 ET)

Shares of the Greek lender rose as recession eased in the second quarter and Greece’s government beat its budget deficit target for the period, according to data released by the country’s statistics agency ELSTAT. The data showed the economy shrank at an annual pace of 4.6 percent in the quarter. Economists on an average had forecast a 5 percent contraction.

The German government dismissed a report that Greece would need a new aid package by early next year, saying Athens is making headway with reforms, as illustrated by some improved economic data from the recession-mired euro zone state.

** CHESAPEAKE GRANITE WASH TRUST, $15.36, down 5 pct (1313 ET)

Brokerage Raymond James lowered its rating on Chesapeake, an owner of oil and gas properties in Oklahoma, to “underperform” from “market perform”, citing lower-than-expected production at the company’s Colony Granite Wash wells for the three months ended May 31.

** CELLDEX THERAPEUTICS INC, $20.22, up 6.5 pct (1239 ET)

The biotechnology company announced the expansion of a mid-stage study on its experimental cancer therapy, rindopepimut, by adding a cohort of about 75 patients.

Rindopepimut targets EGFRvIII-positive glioblastoma, an aggressive form of brain cancer.

** HARVEST NATURAL RESOURCES INC, $4.04, down 6 pct (1200 ET)

The oil and gas producer on Friday reported a quarterly loss as earnings from its operations in Venezuela fell. The company’s planned sale of its Venezuelan operations to Indonesia’s state oil company PT Pertamina was scrapped by the Indonesian government earlier this year.

** JAMES RIVER COAL CO, $2.14, up 7.5 pct (1250 ET)

The coal miner’s stock continued to rally after it reported a smaller-than-expected quarterly loss on Friday as cost cutting made up for a sharp decline in coal prices and shipments.

Analysts also noted the company’s improved liquidity position. James River Coal’s available liquidity was $108.8 million as of June 30, up from $107.2 million as of March 31.

** URANIUM RESOURCE INC, $3.65, up 7 pct (1214 ET)

The miner, which is yet to record revenue from uranium sales, said on Friday that it expects a lower monthly cash burn during the second half of the year, and that it was likely to resume production activity in Texas in late 2014.

** GAFISA SA, $2.65, up 7 pct (1256 ET)

Shares of the Brazilian homebuilder rose after an executive told analysts on a conference call that cancellations in the low-income Tenda unit would not be material by the first half of next year.

** ENANTA PHARMACEUTICALS INC, $18.36, up 4 pct (1240 ET)

The biotechnology company reported a smaller-than-expected loss for the third quarter due to lower operating expenses.

** TESLA MOTORS INC, $146.82, down 4 pct (1240 ET)

Lazard Capital Markets cut its rating on the electric sports car maker’s stock to “neutral” from “buy”, saying that the recent rise in the share has already priced in the company’s development into a successful premium manufacturer.

“Meaningful upside from current (share price) levels will require domestic manufacturing in China and record sales of Gen 3 on launch,” Lazard analyst Aditya Satghare wrote in a note to clients.

The stock jumped 18 percent to a record of $158.88 on Thursday after the company reported a surprise quarterly profit. Tesla is due to launch a compact electric sedan known internally as Gen 3 in 2016.

** ISIS PHARMACEUTICALS INC, $27.60, down 2.16 pct (1241 ET)

A Barron's report said on Saturday that the promise of the company's lipid disorder drug, Kynamro, "may not be as great as it appears" and has significant side-effects. (

Kynamro was approved by the U.S. Food and Drug Administration in January to treat a rare genetic disorder that causes high levels of bad cholesterol.

** F5 NETWORKS INC, $93.01, up 3.5 pct (1242 ET)

Barclays Capital raised its rating on the network gear maker’s stock to “overweight” from “equal weight”, according to the

** LINN ENERGY LLC, $24.12, down 3.5 pct (1242 ET)

Oppenheimer & Co resumed on Friday its coverage of the oil and gas producer’s stock with an “underperform” rating, one rung lower than its prior rating, saying that the company’s acquisition of Berry Petroleum Co was in jeopardy. The Securities and Exchange Commission is investigating the proposed deal as well as Linn Energy’s accounting.

Raymond James analysts on Friday cut their price target on the stock to $37 from $40.

** PINNACLE FOODS INC, $26.47, up 4 pct (1242 ET)

The packaged foods company said it would buy Unilever Plc’s Wish-Bone salad dressings business for $580 million to expand its range of branded food products.

** APPLE INC, $465.68, up 2.5 pct (1243 ET)

The company is expected to present its redesigned iPhone on Sept. 10, technology blog AllThingsD said.

** SYSCO CORP, $33.37, down 4.7 pct (1243 ET)

The distributor of food and related products reported a lower-than-expected fourth-quarter profit because of higher expenses.

The stock was among the most heavily traded on the New York Stock Exchange on Monday. More than 1.88 million shares of the company had changed hands by 1246 ET.

** ZOLTEK COS INC, $13.45, down 2.25 pct (1246 ET)

The carbon fiber maker reported a third-quarter loss on Friday because of weak demand from the wind energy market. The company supplies carbon fibers used in the manufacture of wind turbines.

Zoltek reported a loss of $0.9 million, or 3 cents per share, compared with an income of $5.6 million, or 16 cents per share, a year earlier.

** PHARMERICA CORP, $13.55, down 3.8 pct (1247 ET)

The U.S. government has sued the pharmaceutical company, accusing it of dispensing controlled drugs without valid prescriptions and defrauding Medicare by causing claims to be submitted for the illegally dispensed drugs.

** QUIKSILVER INC, $5.66, down 3 pct (1247 ET)

B. Riley & Co downgraded the sportswear retailer’s stock to “neutral” from “buy”, according to

** LAREDO PETROLEUM HOLDINGS INC, $25.04, down 3.5 pct (1248 ET)

The oil and gas explorer would offer 13 million shares of its common stock and use proceeds from the sale to fund its exploration and development activities.

The company said certain affiliates of Warburg Pincus LLC and members of Laredo Petroleum’s management would offer an additional 3 million shares.

** HD SUPPLY HOLDINGS INC, $23.45, up 1.7 pct (1248 ET)

Shares of commercial construction products supplier HD Supply Holdings could rise more than 20 percent within a year and hit $42 within three years, according to a report in business weekly Barron’s on Sunday.

HD Supply was a division of the Home Depot until 2007 and went public in late June.

** ANI PHARMACEUTICALS, $6.70, up 2.3 pct (1248 ET)

The company said it would collaborate with privately-held Sofgen Pharmaceuticals for the development of a generic oral soft gel with a cardiovascular therapeutic effect.

Sofgen will be responsible for the development, manufacturing and regulatory submission of the gel while ANI will handle its marketing and distribution in the United States.

** NORDIC AMERICAN TANKERS LTD, $9.64, down 1.5 pct (1249 ET)

The tanker operator reported a bigger-than-expected loss for the second quarter as rates to hire its vessels fell in the spot market. (Compiled by Neha Alawadhi; Editing by Kirti Pandey)

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