(Corrects the item on Orbitz Worldwide to say PAR Capital Management is one of its largest shareholders, not the largest. The error appeared in four earlier versions of Market Pulse)
Aug 13 (Reuters) - Some U.S. stocks on the move on Tuesday:
U.S. stocks turned negative and fell to session lows in morning trading on Tuesday, putting the S&P 500 on track for its sixth negative session out of the past seven.
The Dow Jones industrial average was down 0.47 percent while the Standard & Poor’s 500 Index was down 0.37 percent. The Nasdaq Composite Index was down 0.53 percent.
** HARMONY GOLD INC, $3.94, down 3.9 pct (1040 ET)
** ROYAL GOLD CORP INC, $57.40, down 1.5 pct (1040 ET)
Gold fell on Tuesday, retreating from a three-week high hit in the previous session, as the dollar rose and investors awaited U.S. retail sales data. A new hike in Indian import tax undermined sentiment.
Spot gold extended initial declines, falling 0.6 percent to $1,327.41 an ounce by 1141 GMT.
** J.C. PENNEY CO, $12.7, down 3.5 pct (1004 ET)
J.C. Penney said activist investor Bill Ackman had resigned from the board, three years after embarking on a public and at times acrimonious campaign to turn around the struggling department store operator and less than a week after demanding the ouster of its chairman and chief executive.
** ELI LILLY AND CO, $55.82, up 4 pct (1004 ET)
The company said its experimental lung cancer drug increased patients’ survival in a late-stage trial, and it plans to file for an U.S. marketing application before the end of 2014.
** WHIRLPOOL CORP, $133.77, down 0.9 pct (1005 ET)
The home appliance maker said its Chinese unit would acquire a 51 percent stake in Hefei Rongshida Sanyo Electric Co Ltd for about 3.4 billion yuan ($552 million).
** MICROSOFT CORP, $32.44, down 0.6 pct (1005 ET)
Analysts at Stifel Nicolaus downgraded Microsoft’s stock to “hold” from “buy”, citing pricing pressure for its operating system Windows and increasing sales and marketing expenses.
“We believe the Windows headwinds are more substantial than we envisioned a few months ago, especially as it relates to potential average selling price contraction,” analysts said in a note to clients.
Stifel also removed its price target of $36 on the stock.
** HEWLETT-PACKARD CO, $27.33, up 2.2 pct (1006 ET)
** XEROX CORP, $10.36, up 2 pct (1006 ET)
Citigroup analysts added Hewlett-Packard to their U.S. focus list, saying they expect the computer maker to report better-than-expected quarterly results, and to forecast current-quarter results “at least” in line with estimates. Citigroup maintained its “buy” rating on the stock.
Citigroup also upgraded printer and copier maker Xerox’s stock to “buy” from “neutral”, raising its price target to $13 from $9.75.
The brokerage expects both companies to benefit next year from U.S. President Barack Obama’s signature 2010 healthcare law, dubbed “Obamacare”.
** FIRST BANCORP, $6.75, down 1.2 pct (1006 ET)
The lender said the secondary offering of 28 million shares of its common stock was priced at $6.75 per share, which represents a discount to the stock’s Monday closing. The U.S. Department of the Treasury, Thomas H. Lee Partners and Oaktree Capital Management are cutting their stakes in the company with this offering.
** OSIRIS THERAPEUTICS INC, $22.76, up 104 pct (0954 ET)
The stem cell products maker said its product Grafix was effective in treating diabetic foot ulcers, according to an interim analysis of the trial data.
Osiris said 62 percent of patients in the Grafix arm of the trial achieved complete wound closure compared with just 21 percent in the conventional treatment arm. The trial involved 131 patients.
** INSYS THERAPEUTICS INC, $21.78, up 22 pct (1050 ET)
The specialty pharmaceutical company, which recently got listed on the Nasdaq after its initial public offering, swung to a quarterly profit due to a jump in sales of its product Subsys.
Subsys is a spray that administers the painkiller fentanyl through tissues under the tongue in opioid-tolerant cancer patients.
** CACHE INC, $4.75, up 14 pct (1038 ET)
The retailer reported growth in quarterly same-store sales after three straight quarters of declines, and the company’s Chief Executive Jay Margolis said current-quarter same-store sales are also positive.
** ALIMERA SCIENCES INC, $3.88, down 9 pct (0955 ET)
The drug maker reported a much bigger-than-expected quarterly loss as initial sales of Iluvien, its chronic diabetic macular edema treatment launched in the United Kingdom and Germany in the second quarter, fell way below analysts’ estimates.
The company said it was pursuing expanded reimbursement in both countries to improve Iluvien’s uptake.
** CHINACACHE INTERNATIONAL HOLDINGS LTD, $5.05, up 8.8 pct (1045 ET)
The company, which provides Internet content and application delivery services, announced a partnership with Microsoft Corp . Under the agreement, customers will be able to use ChinaCache’s services on Windows Azure, Microsoft’s cloud computing platform.
** NORDIC AMERICAN TANKER LTD, $8.87, down 8.7 pct (1050 ET)
Two brokerages downgraded the tanker operator’s stock after the company reported a bigger-than-expected loss for the second quarter as rates to hire its vessels fell in the spot market.
Jefferies & Co cut its rating on Nordic American’s stock to “underperform” from “hold” while Cowen and Co downgraded it to “market perform” from “outperform”.
** NAUTILUS INC, $6.8, up 7 pct (1050 ET)
The fitness products company’s Chief Executive Bruce Cazenave filed to purchase 15,000 Nautilus shares at $6.65 per share, according to a regulatory filing.
Chief Operating Officer William McMahon also filed to purchase 5,000 Nautilus shares at $6.50 per share.
** IHS INC, $109.37, down 5.6 pct (1040 ET)
The publisher of Jane’s Defence Weekly raised its adjusted earnings and revenue forecast for the fiscal year to account for its purchase of R.L. Polk & Co, but lowered the high end of its forecast for adjusted earnings before interest, taxes, depreciation, and amortization.
“The high-end of adjusted EBITDA guidance was lowered, implying the core business is not doing as well as previously expected,” BMO Capital Markets analyst Jeffrey Silber said.
** TRI POINTE HOMES INC, $15.62, up 5 pct (0955 ET)
The builder of single-family homes reported better-than-expected second-quarter results and forecast full-year results much higher than analysts’ estimates.
The company expects full-year earnings of 40-42 cents per share. Analysts on average were expecting earnings of 30 cents per share, according to Thomson Reuters I/B/E/S. Tri Pointe also raised its forecast for 2013 deliveries to 370-380 units from 350-360 units.
** TATA MOTORS LTD, $24.32, up 5 pct (1055 ET)
Jaguar Land Rover, a unit of India's largest automobile company, said global sales rose 21 percent to 31,611 vehicles - the business's best-ever July sales. (r.reuters.com/xad42v)
** AVANIR PHARMACEUTICALS INC, $4.73, up 5 pct (1006 ET)
Avanir said on Monday that it signed a three-year agreement with Merck & Co to co-promote Merck’s multibillion-dollar drugs to treat Type 2 diabetes.
** MAIN STREET CAPITAL CORP, $29.58, down 4.8 pct (1051 ET)
The investment firm priced its offering of 4 million shares at $29.75 per share, which represents a 4 percent discount to the stock’s Monday close. The company plans to use the proceeds from the offering to repay debt and for other general corporate purposes. Main Street has 35.04 million outstanding shares.
** IAMGOLD CORP, $5.58, up 4.5 pct (1049 ET)
The gold miner on Monday cut its full-year cash cost outlook at all of its mines to $790-$840 per ounce from $850-$925 per ounce.
The company said it expects higher production in the current quarter and reaffirmed its full-year output forecast.
BMO Capital raised its price target on the stock to $5.75 from $5.
** YUM BRANDS INC, $72.23, down 3 pct (1009 ET)
The heat seems to be getting to KFC parent Yum Brands in China, after the fast-food chain saw China sales slide in July, with some market watchers saying a lack of focus on cooling drinks and ice cream meant diners looked elsewhere as record hot weather gripped the country.
Yum reported on Monday a much steeper-than-expected 13 percent drop in July sales at established restaurants in China as the company strives to bounce back from the double blows of a food safety scare and bird flu outbreak in its top market.
** BLACKBERRY LTD, $11.75, up 9 pct (1117 ET)
The struggling smartphone maker is weighing options that could include an outright sale, it said on Monday, and its largest shareholder is stepping down from its board to avoid any possible conflict of interest.
** AASTROM BIOSCIENCES INC, $0.28, down 48 pct (1033 ET)
The company priced a public offering of 29 million common shares of its common stock at 30 cents per share, which represents a 43 percent discount to the stock’s closing price on Monday.
** DIGITAL GENERATION INC, $13.39, up 30 pct (1010 ET)
Digital Generation agreed to sell its television business for $485 million to Extreme Reach Inc, a year after Reuters reported that the advertising distribution company had rejected a takeover bid by its rival.
** ORBITZ WORLDWIDE, $10.26, down 12.6 pct (1011 ET)
Online travel agency Orbitz said one of its largest shareholders, PAR Capital Management, sold 8.1 million of its 24.6 million shares.
** COMBIMATRIX CORP, $3.13, up 3 pct (1112 ET)
The diagnostic test provider said it entered into a strategic partnership with Manhattan Labs, under which the independent clinical laboratory would market CombiMatrix microarray tests for the miscarriage management testing market in the New York City metropolitan area.
** XOMA CORP, $4.12, up 6.4 pct (0940 ET)
Piper Jaffray started coverage on the company’s stock with an “overweight” rating and an $8 price target, saying it sees promise in the drugmaker’s antibody products pipeline.
** GIVEN IMAGING LTD, $17.20, up 5 pct (1036 ET)
The company, which makes medical devices to diagnose digestive system disorders, got the U.S. health regulator’s approval to sell its PillCam, SB 3, which helps detect small bowel abnormalities associated with Crohn’s disease, obscure gastrointestinal bleeding and iron deficiency anemia.
** GALECTIN THERAPEUTICS INC, $7.07, up 4.3 pct (1044 ET)
The company said the U.S. Food and Drug Administration granted fast track status to its drug to treat patients with fatty liver disease who develop scarring of the liver.
The drug, GR-MD-02, is being tested in an early-stage study in patients with the disease.
A fast track designation by the U.S. Food and Drug Administration expedites regulatory review of drugs that aim to treat serious diseases and fill unmet medical needs.
** ATHENAHEALTH INC, $111.60, down 4 pct (1004 ET)
Cowen & Co analysts downgraded the medical billing services provider’s stock to “underperform” from “market perform,” saying they expect the company’s business services revenue as a percent of collections to drop further.
“ATHN will need to add 84,000-93,000 physicians in 2014 ... to achieve 30 percent topline growth in the core ATHN business,” the analysts said, while lowering their target price on the stock to $93 from $96.
** GENMARK DIAGNOSTICS INC, $9.37, down 3.6 pct (1037 ET)
The diagnostic tests provider announced on Monday a $60 million public offering of shares of its common stock.
** LAREDO PETROLEUM HOLDINGS INC, $24.59, down 3 pct (1045 ET)
The oil and gas company late on Monday priced the public offering of 16 million shares of its common stock at $23.75 per share, which represents a discount of about 2 percent to the stock’s Monday closing on the New York Stock Exchange. The proceeds from the sale are expected to fund Laredo Petroleum’s exploration and development activities.
** BLACKSTONE GROUP LP, $23.22, up 1.2 pct (1014 ET)
** GENERAL ELECTRIC CO, $24.16, down 0.4 pct (1014 ET)
Blackstone is adding apartments to its portfolio of commercial real estate by agreeing to buy majority share in 80 apartment complexes from General Electric’s lending arm, a person familiar with the deal said on Monday.
** FIRST MAJESTIC SILVER CORP, $13.04, down 1.7 pct (1015 ET)
The Canadian miner reported a steep fall in second-quarter profit as it suspended a portion of its silver sales due to a slump in prices.
Earnings in the quarter ended June 30 fell to $0.2 million, or breakeven per share, from $15.3 million, or 14 cents per share, a year earlier.
** HEALTH MANAGEMENT ASSOCIATES INC, $13.21, down 0.2 pct (1015 ET)
** COMMUNITY HEALTH SYSTEMS INC, $43.20, down 1.2 pct (1015 ET)
Activist investor Glenview Capital Management said on Monday that a majority of shareholders in Health Management Associates have voted to oust the U.S. hospital chain’s board and replace it with Glenview’s slate of directors, throwing a wrench into HMA’s plans to be acquired by Community Health Systems.
** AROTECH CORP, $2.47, up 37 pct (1018 ET)
The company, which makes interactive simulation, batteries and charging systems used by the military, reported a net profit for the third consecutive quarter after eight straight quarters of losses. This indicates that the company is firmly on the road to sustainable profits.
Arotech also raised its full year revenue forecast to $87 million-$89 million from $85 million-$87 million.
** SINA CORP, $81.00, up 0.8 pct (1019 ET)
The Chinese internet company forecast current-quarter revenue above analysts’ estimates and reported better-than-expected results on Monday as advertising revenue rose due to its social networking site Weibo.
“Although the macro-economic conditions in China remain uncertain, our strategy to diversify Sina’s revenue stream to beyond big-brand advertisers and to leverage Weibo’s continued traffic growth to develop social and mobile advertising...is placing Sina in a good position for more profitable revenue growth,” Chief Executive Charles Chao said in a statement.
Brokerage Brean Capital raised on Tuesday its price target on the stock to $99 from $68.
** USA COMPRESSION PARTNERS LP, $24.23, down 3.9 pct (1022 ET)
The provider of natural gas compression services said it acquired 983 compression units in Texas and Oklahoma from S&R Compression LLC for about $187 million.
S&R Compression is controlled by Oklahoma billionaire George Kaiser’s investment arm.
USA Compression said on Tuesday that it expects the acquisition to immediately add to its cash flow. The company raised its adjusted core earnings and distributable cash flow forecasts for the year. (Compiled by Sruthi Ramakrishnan in Bangalore; Editing by Kirti Pandey)