Aug 13 (Reuters) - Some U.S. stocks on the move on Tuesday:
WALL STREET REBOUNDS, LIFTED BY FED‘S LOCKHART
U.S. stocks rebounded after a top Fed official said the economic picture is too mixed for the U.S. central bank to detail its exit strategy from massive stimulus.
The Dow Jones industrial average was up 0.38 percent while the Standard & Poor’s 500 Index was up 0.32 percent. The Nasdaq Composite Index was up 0.29 percent.
** US AIRWAYS GROUP INC, $16.70, down 9.2 pct (1359 ET)
** AMR CORP, $2.95, down 49 pct (1359 ET)
** UNITED CONTINENTAL, $31.62, down 4.8 pct (1400 ET)
** DELTA AIR LINES, $19.58, down 6.9 pct (1400 ET)
** REPUBLIC AIRWAYS HOLDINGS INC, $12.73, down 0.7 pct (1400 ET)
** SPIRIT AIRLINES, $33.82, down 4.5 pct (1401 ET)
** JETBLUE AIRWAYS CORP, $6.31, down 0.8 pct (1401 ET)
The U.S. Justice Department sued to block the merger of American Airlines’ parent company AMR Corp and US Airways Group Inc, saying the deal would hurt consumers by leading to higher fares and fees.
** J.C. PENNEY CO, $12.8, down 2.5 pct (1258 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, $55.65, up 4 pct (1258 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.
** HARMONY GOLD INC, $3.87, down 5.6 pct (1259 ET)
** ROYAL GOLD CORP INC, $56.82, down 2.5 pct (1259 ET)
Gold fell 1 percent, set to snap a four-day winning streak, weighed down by better U.S. consumer spending data and after top market India hiked its import duty on gold to a record 10 percent. Spot gold fell 1.2 percent to $1,320.31 an ounce by 1613 GMT.
** RENREN INC, $4.45, up 12 pct (1425 ET)
The Chinese social networking site is in talks to sell its group-buying unit Nuomi to Baidu Inc, Bloomberg reported. (r.reuters.com/pyd42v)
** MICRON TECHNOLOGY INC, $14.89, up 7.6 pct (1526 ET)
Spot prices of 2 gigabyte DRAM memory rose about 8 percent on Monday, according to a Seeking Alpha article on Tuesday. (link.reuters.com/syd42v) The increase in spot pricing is good news for Micron, whose DRAM chips, mostly used in PCs, contributed about 39 percent of its revenue last year. DRAM chip prices have been weak for the last couple of weeks, RBC Capital Markets Doug Freedman said.
** CME GROUP INC, $74.47, up 4 pct (1541 ET)
The world’s biggest futures exchange operator said trading volume for its NYMEX Brent (BZ) crude oil futures contract reached a record high, surpassing 100,000 contracts. Trading volume for NYMEX Brent reached 104,839, compared to Aug 8, the last record day, when volume reached 90,390 contracts.
** KIOR INC, $2.83, down 23 pct (1421 ET)
Shares of the company, which makes renewable fuel from non-food sources, have fallen about a third since it reported a bigger second-quarter loss on Aug. 8 and said that it shipped more than 75,000 gallons of fuel from its Columbus, Mississippi-based plant. Kior said in May that the facility would produce 300,000-500,000 gallons in the second quarter.
** WHIRLPOOL CORP, $133.77, down 0.9 pct (1259 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, $32.41, down 0.7 pct (1300 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, $27.41, up 2.5 pct (1300 ET)
** XEROX CORP, $10.46, up 3 pct (1300 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, $6.71, down 1.7 pct (1302 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, $22.20, up 108 pct (1304 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, $21.59, up 20 pct (1304 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, $4.84, up 16 pct (1305 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.
** NQ MOBILE INC, $18.92, up 19 pct (1305 ET)
The provider of mobile internet services forecast better-than-expected third-quarter revenue and raised its full-year revenue outlook.
The Chinese company also reported quarterly results that handily beat analysts’ estimates on an adjusted basis as revenue from its mobile security business increased about 68 percent.
** ALIMERA SCIENCES INC, $3.61, down 15 pct (1305 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.
** SKYPEOPLE FRUIT JUICE INC, $2.08, down 14 pct (1339 ET)
The fruit juice maker’s second-quarter income attributable to the company fell 72 percent to $0.7 million, hurt by reduced demand of its concentrated kiwifruit juice, pear juice and kiwifruit puree.
** PLY GEM HOLDINGS INC, $16.49, down 12.8 pct (1337 ET)
The maker of residential exterior building products reported a second-quarter net loss of $50.8 million, or 90 cents per share, compared with a profit of $5.3 million, or 11 cents per share, a year earlier as operating expenses rose due to a one-time cost of $23.5 million for an initial public offering.
** CHINACACHE INTERNATIONAL HOLDINGS LTD, $5.14, up 11 pct (1305 ET)
The company, which provides Internet content and application delivery services, announced a partnership with Microsoft. Under the agreement, customers will be able to use ChinaCache’s services on Windows Azure, Microsoft’s cloud computing platform.
** NORDIC AMERICAN TANKER LTD, $8.82, down 9.2 pct (1305 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”.
** EFUTURE INFORMATION TECHNOLOGY INC, $2.95, down 8.4 pct (1316 ET)
The Chinese supply chain management software maker’s loss widened to 4.9 million yuan ($800,400) in the second quarter from 0.5 million yuan ($81,700) a year earlier.
“The slight decrease in this quarter was attributed to a delay in revenue recognition as a result of clients postponing their shop opening schedules,” the company said in a statement.
** JOS A BANK CLOTHIERS INC, $43.54, up 8 pct (1424 ET)
BeaconLight Capital, which holds more than 1 percent stake in the men’s clothing retailer, in an open letter to the board demanded its reorganization, including termination of Chairman Robert Wildrick and return of cash to shareholders through buy-backs.
** ADDVANTAGE TECHNOLOGIES GROUP INC, $2.36, down 7.8 pct (1411 ET)
The company, which supplies network equipment to the cable television industry, reported a 16 percent drop in third-quarter revenue due to lower sales of net refurbished equipment.
The company’s revenue fell to $7.2 million in the quarter from $8.5 million a year earlier.
** PRANA BIOTECHNOLOGY, $3.78, up 8 pct (1339 ET)
MLV & Co analyst George Zavoico said the stock was up as there was buying ahead of the results of a mid-stage trial on the company’s drug to treat Huntington’s disease.
Zavoico said the results are expected in about 4-6 weeks, but could come earlier.
** NEPTUNE TECHNOLOGIES & BIORESSOURCES INC, $3.96, up 7 pct (1306 ET)
Neptune Technologies shares jumped after its unit, Acasti, said its experimental drug to treat high levels of triglyceride was found to be safe and effective in a mid-stage trial.
Acasti said the drug, CaPre, reduced more than 20 percent of the levels of triglyceride - a blood fat that contributes to heart disease - after 8 weeks of treatment.
** VALSPAR CORP, $65.79, down 7 pct (1332 ET)
The U.S. paint and coatings manufacturer posted a lower-than-expected profit for the third quarter due to weak sales in international markets including Europe and Asia. “We continue to expect improved sales and earnings growth in the fourth quarter, but not at the level we had anticipated earlier in the year,” Chief Executive Gary Hendrickson said.
** NAUTILUS INC, $6.8, up 6.4 pct (1307 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.
** ROSE ROCK MIDSTREAM LP, $32.75, down 6 pct (1221 ET)
The midstream oil company priced its offering of 4.75 million shares at $33.47 per share, about 4 percent lower than the stock’s Monday closing.
** IHS INC, $109.47, down 5.6 pct (1307 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.
** SCICLONE PHARMACEUTICALS INC, $5.46, down 5.3 pct (1327 ET)
The share movement was the result of normal volatility in the market, coupled with concerns over a long-standing governmental investigation into the China-based company, Aegis Capital analyst Raghuram Selvaraju said. “We expect that issue to be resolved near-term,” he said.
The company said in a regulatory filing on Friday that it received a subpoena from the Securities and Exchange Commission in the fourth quarter of 2012, relating to its investigation into possible violations of the Foreign Corrupt Practices Act. The investigation has been on since 2010.
** VISTEON CORP, $72.59, up 5.2 pct (1405 ET)
Automotive parts supplier agreed to sell its 50 percent stake in Chinese joint venture Yanfeng Visteon Automotive Trim Systems Co Ltd and its direct interest in certain YFV affiliates to its partner Huayu Automotive Systems Co Ltd for about $1.2 billion.
** PENN VIRGINIA CORP, $4.81, up 5 pct (1209 ET)
The oil and gas producer said it expects its oil output to grow 30 to 40 percent over the next couple of years. At an oil and gas conference in Denver on Monday, Chief Executive Baird Whitehead estimated the company's oil production would rise about 40 percent next year, driven by drilling in shale formations such as the Eagle Ford of Texas. (r.reuters.com/rud42v)
** TRI POINTE HOMES INC, $15.40, up 3.2 pct (1307 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, $24.47, up 5.6 pct (1308 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, $4.69, up 4.2 pct (1309 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 (1309 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, $5.43, up 1.7 pct (1309 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.
** ACCESS MIDSTREAM PARTNERS LP, $46.22, down 5 pct (1310 ET)
The company, which transports natural gas and liquids, priced its public offering of 8 million shares, representing limited partner interests, at $46.47 per share.
** YUM BRANDS INC, $72.23, down 3 pct (1310 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, $11.87, up 10 pct (1310 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 (1310 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, $12.83, up 24.4 pct (1310 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, $10.23, down 12.9 pct (1310 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, $3.12, up 2.3 pct (1402 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, $4.05, up 4.6 pct (1312 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, $17.52, up 7.2 pct (1312 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, $7.35, up 8.5 pct (1403 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, $112.43, down 2.8 pct (1312 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.
** LAREDO PETROLEUM HOLDINGS INC, $23.50, down 3.5 pct (1406 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.
** FIRST MAJESTIC SILVER CORP, $12.79, down 3.8 pct (1314 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, $13.15, down 0.7 pct (1315 ET)
** COMMUNITY HEALTH SYSTEMS INC, $43.31, down 1 pct (1315 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, $2.35, up 32 pct (1315 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, $83.47, up 3.9 pct (1316 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. (Compiled by Sruthi Ramakrishnan in Bangalore; Editing by Kirti Pandey)