August 14, 2013 / 2:16 PM / in 4 years

MARKET PULSE-Apple, Facebook, Deere, Macy's, Steinway, The Medicines Co

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Aug 14 (Reuters) - Some U.S. stocks on the move on Wednesday:


U.S. stocks were slightly lower as investors found few reasons to make big bets, with equities near all-time highs and little clarity over Federal Reserve policy.

The Dow Jones industrial average was down 0.32 percent while the Standard & Poor’s 500 Index was down 0.13 percent. The Nasdaq Composite Index was down 0.10 percent.

** APPLE INC, $496.79, up 1.4 pct (0931 ET)

Activist investor Carl Icahn said he has amassed a “large position” in the technology company and believes the stock could be worth as much as $700 if Chief Executive Tim Cook pushed for a larger stock buyback.

The surprise revelation from the billionaire activist caused a stir on Wall Street and pushed Apple’s stock almost 5 percent higher to close at a 7-month high of $489.57 on the Nasdaq on Tuesday.

** FACEBOOK INC, $37.41, up 1 pct (1000 ET)

One out of three people in the United States - more than 128 million - visit Facebook daily, and about 24 million in the United Kingdom do the same, the company said on Tuesday, releasing regional data for the first time as a way of helping advertisers understand how people use the social network.

** DEERE & CO, $83.07, down 1 pct (0932 ET)

The world’s largest maker of agricultural equipment reported a much higher-than-expected quarterly profit as strong sales of its tractors and harvesters to farmers in the Americas offset the impact of weak demand for earth-moving equipment from the construction industry.

** MACY‘S INC, $46.77, down 3.7 pct (0932 ET)

The company reported lower-than-expected quarterly sales and profit, citing consumers’ hesitation to spend on non-essentials, leading the department store chain to cut prices.

** STEINWAY MUSICAL INSTRUMENTS INC, $40.41, up 5.6 pct (0933 ET)

The musical instruments maker, best known for its grand pianos, said it would be taken private by Paulson & Co Inc after the hedge fund firm raised its offer to $40 per share, valuing the 160-year old company at about $512 million.

** CREE INC, $61.02, down 20 pct (0933 ET)

The company forecast current-quarter profit below analysts’ estimates, saying sales of its high-margin light emitting diode products are expected to remain at similar levels to those in the fourth quarter.

** J.C. PENNEY CO INC, $12.65, down 0.2 pct (0934 ET)

Now that activist investor Bill Ackman has stepped down after a week-long public spat with fellow board members at J.C. Penney, all eyes are back on whether the department store chain can avert a potentially disastrous sales decline this holiday season.

** AVANIR PHARMACEUTICALS INC, $4.91, up 7.4 pct (0945 ET)

The biotechnology company said it entered into a settlement with Novartis AG’s unit Sandoz, resolving patent litigation concerning Avanir’s drug, Nudexta. Under the agreement, Sandoz can start selling a generic version of the drug on July 30, 2026, or earlier, under certain circumstances.

Nudexta treats pseudobulbar affect, a central nervous system condition characterized by involuntary laughing, crying or emotional outbursts.

** THE MEDICINES CO, $30.64, down 0.4 pct (0935 ET)

The drug developer said on Tuesday that it has priced its underwritten public offering of 5.79 million shares of its common stock at $30.25 per share.

The offering is expected to close on or around Aug. 19.

** JA SOLAR HOLDINGS CO LTD, $8.05, down 3 pct (0936 ET)

The Chinese solar products maker said it has entered into an agreement with an institutional investor to issue shares in a direct offering for gross proceeds of up to $96 million.

** SEAWORLD ENTERTAINMENT INC, $34.17, down 5.8 pct (0936 ET)

SeaWorld reported a quarterly loss on Tuesday as attendance fell at its amusement parks.

** SINOVAC BIOTECH LTD, $4.77, up 11.4 pct (0939 ET)

The China-based company reported higher second-quarter revenue due to a 72 percent rise in sales of its hepatitis vaccines. Total revenue rose 86.4 percent to $17.5 million.

** EXONE CO, $67.06, down 11 pct (0937 ET)

The 3-D printer maker reported second-quarter sales below analysts’ estimates on Tuesday and forecast 2013 revenue at the lower end of its guidance due to a weak yen.

** REAL GOODS SOLAR INC, $2.20, down 10 pct (0950 ET)

The U.S. solar installer said its revenue and gross margin fell in the second quarter due to lower selling prices of its solar energy systems because of competition.

** KANDI TECHNOLOGIES CORP, $4.89, up 1.9 pct (0937 ET)

The Chinese vehicle maker reported a 10 percent jump in second-quarter revenue as it sold more all-terrain vehicles and electric cars.

** SUNTRUST BANKS INC, $35.04, up 0.3 pct (0938 ET)

BMO Capital Markets raised its price target on the bank’s stock to $36 from $35 on Tuesday.

** SAVIENT PHARMACEUTICALS INC, $0.68, down 4 pct (0938 ET)

The drugmaker reported a bigger-than-expected second-quarter loss, with sales of its main product, the chronic gout drug Krystexxa, coming below analysts’ estimates.


The network equipment maker reported third-quarter results above analysts’ estimates and said demand for its storage products was improving.

** JINKOSOLAR HOLDING CO LTD, $14.94, up 10.2 pct (0939 ET)

The Chinese solar company swung to a profit after seven quarters of losses as it shipped more to newer solar markets.

** AEROPOSTALE INC, $12.75, down 3.1 pct (0939 ET)

KeyBanc Capital Markets downgraded the teen apparel retailer’s stock to “underweight” from “hold”, saying the company’s move away from its logo business to a higher fashion but higher price point model would pressure profits in the near term.

** ZEP INC, $13.71, up 1.5 pct (0940 ET)

The cleaning-chemicals maker said it would consolidate some of its facilities and cut non-sales workforce by 6 percent, or by up to 100 positions, after slowing sales of its core brands, Zep, Enforcer and Selig. The company said it expects to incur a related charge of between $4 million and $7 million in its fourth quarter.

** ENVISION HEALTHCARE HOLDINGS INC, $24.79, up 7.8 pct (0955 ET)

The parent of the largest U.S. provider of ambulance services, formerly known as Emergency Medical Services Corp, debuted on the New York Stock Exchange. The initial public offering was priced at $23 per share.

** CHINA AUTO LOGISTICS INC, $2.65, down 22.4 pct (0941 ET)

The seller of luxury imported automobiles in China reported a 27 percent fall in its second-quarter revenue to $110.3 million as the Chinese government enforced new procedures that reduced imported vehicle availability and economic slowdown hurt sales.

** CHELSEA THERAPEUTICS INC, $2.89, up 3.6 pct (0942 ET)

The drugmaker said it has submitted to the U.S. Food and Drug Administration some additional information on its hypotension drug Northera, addressing issues the regulator highlighted while denying marketing approval to the drug in March 2012.

** AMERICA MOVIL, $20.66, down 0.2 pct (0942 ET)

An independent foundation that has the power to block a takeover of Dutch telecoms group KPN has expressed its concern over the proposed 7.2 billion euros ($9.6 billion) offer by Mexican billionaire Carlos Slim’s America Movil.

America Movil said on Friday it would make a public offer for the 70 percent of KPN that it does not already own.

** MANNKIND CORP, $8.21, up 19 pct (0943 ET)

The drugmaker said results of two late-stage studies showed that its experimental diabetes therapy was more effective than insulin and oral diabetes treatments. The therapy, called Afrezza, is designed to treat adult patients with Type 1 and Type 2 diabetes.

** BLACKBERRY LTD, $11.35, up 3.8 pct (0943 ET)

BlackBerry is expected to draw preliminary interest from technology companies, buyout firms and Canadian pension funds, but its fate may ultimately rest in the hands of its largest shareholder, Prem Watsa’s Fairfax Financial Holdings Ltd .

** TEARLAB CORP, $13.12, down 2.6 pct (0945 ET)

The diagnostic products maker reported a bigger-than-expected loss in the second quarter as marketing expenses of its opthalmic diagnostic devices nearly tripled.

TearLab posted a loss of 41 cents per share in the quarter. Analysts were expecting a loss of 13 cents per share, according to Thomson Reuters I/B/E/S.

** QKL STORES INC, $5.52, down 11 pct (0946 ET)

The Chinese regional supermarket chain reported a loss for the second quarter compared with a profit a year earlier as same-store sales fell 21 percent.

** TEXTRON INC, $28.65, down 0.4 pct (0947 ET)

Textron Systems, a unit of Textron Inc, says strong demand from the Middle East and Asia for unmanned systems, ground vehicles and smart weapons would help expand foreign sales to about half of the division’s total revenues in coming years.

** ZYNGA INC, $2.90, down 0.3 pct (0948 ET)

The game publisher announced on Tuesday the departure of several senior executives, including Chief Operating Officer David Ko, as part of a management shake-up under new Chief Executive Don Mattrick.

** MERCK AND CO, $48.60, up 0.4 pct (0948 ET)

As questions about the health effects of Merck’s Zilmax feed additive intensified in the beef industry, the pharmaceuticals giant on Tuesday unveiled a program to retrain and certify beef producers in administering the weight-adding drug to cattle.

The news comes a week after Tyson Foods Inc said it would stop accepting beef from Zilmax-fed cattle after it observed animals arriving at its slaughter facilities with signs they were having difficulty walking or moving.

** HERBALIFE LTD, $65.29, up 1.2 pct (0949 ET)

A former employee of Herbalife has been subpoenaed by the New York State attorney general to produce documents regarding a 2011 safety concern about the company’s nutritional shakes, The New York Times reported on Tuesday.

** BOEING CO, $105.51, down 0.7 pct (0950 ET)

Japanese airline ANA Holdings said it had found an electrical wiring problem in the fire extinguishers of the engines of three of its Boeing Dreamliner jets. The problem was first discovered during pre-flight maintenance of a jet at Tokyo airport, an ANA spokeswoman said.

** BAIDU INC, $142.88, up 1 pct (0952 ET)

China’s Baidu said it has agreed to buy the app store of Hong Kong-listed Netdragon Websoft Inc for $1.85 billion in cash in what would be the biggest deal in China’s IT sector.

** MECOX LANE LTD, $4.22, down 30 pct (0953 ET)

The China-based online retailer reported a 44 percent fall in second-quarter revenue as slowdown in the Chinese economy squeezed demand for apparel and accessories.

** GOODYEAR TIRE & RUBBER CO, $19.41, up 1 pct (0953 ET)

The tire manufacturer said on Tuesday that one of its largest investors Appaloosa Management LP raised stake in the company by 44 percent to 22 million shares. ( (Compiled by Sruthi Ramakrishnan in Bangalore; Editing by Kirti Pandey)

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