Aug 14 (Reuters) - Some U.S. stocks on the move on Wednesday:
WALL ST DOWN ON FED UNCERTAINTY, WEAK SALES BY MACY‘S
U.S. stocks fell as investors speculated on when the Federal Reserve might curb its stimulus measures and after department store Macy’s stock fell from a “tough” sales environment.
The Dow Jones industrial average was down 0.56 percent while the Standard & Poor’s 500 Index was down 0.32 percent. The Nasdaq Composite Index was down 0.12 percent.
** US AIRWAYS GROUP INC, $15.92, down 2.7 pct (1327 ET)
** UNITED CONTINENTAL, $30.25, down 1.6 pct
** DELTA AIR LINES, $19.22, down 1.7 pct
JP Morgan cut its ratings and price targets on the stocks of several U.S. airlines after the U.S. government sued on Tuesday to block American Airlines and US Airways’ proposed merger.
“We remain cautiously optimistic (with the emphasis on ”cautiously“) that LCC-AMR can legally prevail in their efforts to merge,” analysts led by Jamie Baker wrote in a client note.
** FIRST MAJESTIC SILVER CORP, $14.2, up 8.5 pct (1328 ET)
** SILVER STANDARD RESOURCES INC, $8.83, up 4 pct
** ENDEAVOUR SILVER CORP, $4.84, up 7 pct
** SILVERCORP METALS INC, $3.68, up 6.6 pct
** PAN AMERICAN SILVER CORP, $13.9, up 4.7 pct
** SILVER WHEATON CORP, $25.2, up 4.3 pct
** HECLA MINING CO, $3.56, up 4.7 pct
** HARMONY GOLD MINING, $4.02, up 6.6 pct
** ROYAL GOLD, $57.74, up 1.7 pct
** SEABRIDGE GOLD, $14.43, up 3.7 pct
** ELDORADO GOLD,$8.54, up 3.9 pct
** BARRICK GOLD, $18.72, up 5 pct
** IAMGOLD CORP, $5.74, up 5.5 pct
Silver prices rose 0.5 percent to $21.51 an ounce, having touched a two-month high of $21.76 on Tuesday, on track for its sixth straight session of gains for the first time since January.
Gold extended gains to a session high above $1,330 an ounce, in line with a broadly weaker dollar.
** TRIPADVISOR INC, $74.63, down 7.8 pct (1410 ET)
The online travel website’s chief executive said at the Canaccord Genuity Growth Conference that the company was seeing a “bumpier-than-expected” summer, according to the Seeking Alpha website.
The company’s shares had run up 32 percent through Tuesday after it reported a 26 percent jump in second-quarter profit in late July.
** GENCO SHIPPING AND TRADING LTD, $2.09, up 17 pct (1333 ET)
** BALTIC TRADING LTD, $4, up 4 pct
** EAGLE BULK SHIPPING INC, $3.63, up 9 pct
** DIANA SHIPPING INC, $11.12, up 6 pct
Shares of the U.S. dry bulk shippers rose after the Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, gained more than 5 percent on Wednesday as capesize rates jumped on higher activity.
** APPLE INC, $498.00, up 1.7 pct (1334 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.
** DEERE & CO, $82.18, down 2 pct (1335 ET)
The world’s largest maker of agricultural equipment reported a higher-than-expected quarterly profit due to strong sales of its tractors and harvesters in the Americas, but some analysts said the results represented the high-water mark for the company in the current farm cycle.
For a graphic on Deere's earnings and stock movement, click (link.reuters.com/ram42v)
** MACY‘S INC, $46.78, down 3.5 pct (1338 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.
** CHINA COMMERCIAL CREDIT INC, $11.44, up 79 pct (1338 ET)
Shares of the Chinese lender to small businesses gained a day after their debut in the U.S. market. The company provides direct loans and loan guarantee services to small-to-medium sized businesses, farmers and individuals in the Jiangsu province of China. China Commercial Credit priced its offering of 1.4 million common shares at $6.50 per share, raising $9.1 million. The stock had opened below its offering price on Tuesday.
** LIVE NATION ENTERTAINMENT INC, $17.26, down 5 pct (1332 ET)
The concert promoter’s Chief Executive, Michael Rapino, sold 640,000 shares of the company for about $12 million, according to a regulatory filing on Tuesday.
This was the first time he sold the company’s stock, Northcoast Research analyst John Healy said.
Some media reports incorrectly said the sale was worth about 40 percent of Rapino’s holding, but it actually amounts to about 7 percent, Healy said.
** MANDALAY DIGITAL GROUP INC, $3.13, down 9.2 pct (1415 ET)
The mobile content distribution service provider’s net loss widened to $5.7 million in the first quarter from $2.7 million, a year earlier, owing to higher operating costs.
** SILVER SPRING NETWORKS INC, $23.01, down 27.3 pct (1339 ET)
The smartgrid company failed to win UK government contracts totaling 2.8 billion pounds ($4.33 billion) to install a ‘smart’ energy meter in every home, according to the Seeking Alpha website.
Silver Spring, along with partner Vodafone Group Plc , was vying for a part of the contract that allows customers to monitor and control their power and gas usage in real time. The majority of the contract has been awarded to Spain's Telefonica SA. (r.reuters.com/xem42v)
** CHINA AUTOMOTIVE SYSTEMS INC, $7.95, down 20 pct (1339 ET)
The supplier of automobile power steering components reported second-quarter net income of $5.0 million, or 18 cents per share, down from $12.2 million, or 29 cents per share, a year earlier because of a rise in operating expenses.
** TREE.COM INC, $22.15, up 16.6 pct (1340 ET)
The parent of online lending marketplace Lending Tree reported a second-quarter loss but raised its full-year revenue growth forecast to 64-70 percent from 46-52 percent, citing rising interest and mortgage rates.
** PLANET PAYMENT INC, $2.51, down 16 pct (1340 ET)
The payment processing services provider forecast full-year revenue way below analysts’ estimates. The company forecast revenue in the range of $48 million to $50 million. Analysts on average were expecting $54.8 million, according to Thomson Reuters I/B/E/S.
** IMRIS INC, $2.71, down 14 pct (1340 ET)
The Canadian medical equipment maker forecast weak sales for the current quarter and the full year after reporting second-quarter revenue below analysts’ expectation, hurt by soft bookings. Paradigm Capital, however, said in a note that it expects bookings to bounce back in the second half of this year.
** ANACOR PHARMACEUTICALS INC, $9.50, up 13 pct (1341 ET)
The drugmaker’s finance chief Geoffrey Parker made an open market purchase of 50,000 shares of Anacor’s common stock on Tuesday at an average price of $8.34 per share, according to a regulatory filing.
** CLEANTECH SOLUTIONS INTERNATIONAL INC, $7.15, up 10.7 pct (1341 ET)
The company, which makes metal components for a range of clean technology customers, said its profit more than doubled in the second quarter due to higher demand from textile manufacturers, who continue to phase out obsolete equipment to reduce pollution from the dyeing process.
** ENVISION HEALTHCARE HOLDINGS INC, $25.54, up 11 pct (1342 ET)
Shares of the biggest operator of U.S. ambulance services rose 10 percent in their market debut, giving the company a market valuation of about $4.24 billion.
** STEINWAY MUSICAL INSTRUMENTS INC, $41.45, up 8 pct (1343 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, $60.57, down 20.3 pct (1343 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.
** CENTURY CASINOS INC, $4.16, up 15.7 pct (1343 ET)
The Colorado-based casino operator’s second-quarter revenue rose 59 percent to $28.3 million as it benefited from its Casinos Poland Ltd acquisition. Century now has 66.6 percent stake in Casinos Poland.
** SUPERNUS PHARMACEUTICALS INC, $7.03, up 12.7 pct (1344 ET)
The company reported a smaller-than-expected quarterly loss as revenue increased about 16 percent due to higher sales of the company’s seizure drug, Oxtellar XR. Adjusted net loss for the second quarter was 57 cents per share. Analysts expected a loss of 65 cents per share, according to Thomson Reuters I/B/E/S.
** ULTRAPETROL (BAHAMAS) LTD, $3.27, up 11 pct (1344 ET)
The shipping company posted a profit in the second quarter compared with a loss a year earlier as crop volumes transported in the company’s river barges rose 13 percent. The river-transportation business accounted for about half of Ultrapetrol’s revenue the previous year.
** BIOFUEL ENERGY CORP, $3.48, down 14 pct (1347 ET)
The ethanol producer said on Tuesday that it received indications of interest in its two ethanol plants but none of them would result in meaningful proceeds to the company. It also said it was evaluating the possibility of obtaining other sources of financing to retain one or both plants.
** VOLTARI CORP $5.29, down 7.5 pct (1348 ET)
The mobile media and marketing company’s second-quarter revenue fell 25 percent from a year earlier and said it would no longer generate revenue from its legacy carrier business in the second half of 2013.
** GOODRICH PETROLEUM CORP, $22.12, up 1.7 pct (1348 ET)
The oil and gas producer is offering non-convertible, perpetual preferred shares to shore up its balance sheet by repaying borrowings.
** INSYS THERAPEUTICS INC, $24.86, up 13.7 pct (1349 ET)
The drugmaker, which went public in May, on Tuesday reported better-than-expected second-quarter results as sales of its spray to manage pain in opioid-tolerant cancer patients jumped nearly 18 times. This led to Oppenheimer and JMP Securities raising their price targets on the stock.
** PRIMO WATER CORP, $2.28, up 12.9 pct (1349 ET)
The seller of multi-gallon purified bottled water and dispensers reported a smaller second-quarter net loss due to higher margins and lower operating expenses.
** PORTUGAL TELECOM, $3.88, down 7.6 pct (1350 ET)
Portugal Telecom posted a higher-than-expected second-quarter net profit but said sales remained downbeat in its home Portuguese market, which has gone through three years of recession, and Brazil was hit by a weaker currency.
** HALLADOR ENERGY CO, $7.40, down 4 pct (1351 ET)
The coal miner said an investor, Yorktown Energy Partners VI LP, had distributed 750,000 shares, or less than 3 percent of Hallador’s outstanding shares, to its limited and general partners.
** NORTHERN TIER ENERGY LP, $22.94, down 3.6 pct (1351 ET)
The downstream oil company said it would sell 11.5 million shares, representing limited partner interests, at $22.85 per share. This price represents a 4 percent discount to the stock’s Tuesday close on the New York Stock Exchange.
** BIOSCRIP INC, $13.51, down 4.7 pct (1352 ET)
The infused drugs provider said it increased the size of its public offering to about 6.9 million shares from 6.8 million shares. The underwriter, Morgan Stanley & Co LLC, has been granted an option to buy an additional 1.02 million shares of the company’s common stock.
** PAREXEL INTERNATIONAL CORP, $49.27, down 4 pct (1352 ET)
Sterne Agee downgraded the outsourced pharmaceutical research services provider’s stock to “underperform” from “neutral”, citing concerns over the company’s 2014 operating margin and revenue forecast. “With the expected moderation of revenue contribution from PRXL’s largest client, upside to FY14 revenue guidance may be limited,” analyst Greg Bolan wrote in a note.
** PENNYMAC MORTGAGE INVESTMENT TRUST, $22.14, down 4.3 pct (1352 ET)
The mortgage real estate investment trust said it has priced its offering of 11.3 million shares and it would use the proceeds from the offering to repay debt and for other general corporate purposes. The company has 59.15 million outstanding shares.
** TOWERS WATSON & CO, $84.94, down 2.4 pct (1353 ET)
The employee benefits consultancy firm forecast first-quarter results below estimates, saying it did not expect bulk contracts to be as high in 2014 as in 2013. The company primarily assists clients in creating and managing cost-effective benefits programs that help attract and retain talent.
** J.C. PENNEY CO INC, $12.75, down 0.5 pct (1354 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, $5.06, up 10.5 pct (1354 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.
** CHINA HOUSING & LAND DEVELOPMENT INC, $2.44, up 7.7 pct (1355 ET)
The Chinese homebuilder reported a 70 percent increase in second-quarter revenue at $59.7 million as it sold more homes at higher prices in the Xi‘an region of China.
** ROADRUNNER TRANSPORTATION SYSTEMS INC, $27.13, down 2.7 pct (1355 ET)
The transportation and logistics services provider priced a public offering of 4.3 million shares of its common stock at $27 per share.
** GENMARK DIAGNOSTICS INC, $10.25, up 3.7 pct (1355 ET)
The molecular diagnostics company said on Tuesday that it priced its public offering of 60 million shares at $9.84 per share. Genmark also said it granted the underwriters a 30-day option to purchase an additional 1.14 million shares.
** IMMUNOMEDICS INC, $5.10, up 2.8 pct (1356 ET)
The drug developer said results from a mid-stage study showed that its experimental drug, epratuzumab, in combination with a standard chemotherapy drug, rituximab, reduced disease progression in patients with a specific type of blood cancer. Epratuzumab targets follicular lymphoma, a type of non-Hodgkin’s lymphoma.
** THE MEDICINES CO, $30.19, down 1.7 pct (1356 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, $7.95, down 4 pct (1357 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, $34.90, down 3.8 pct (1357 ET)
SeaWorld reported a quarterly loss on Tuesday as attendance fell at its amusement parks.
** SINOVAC BIOTECH LTD, $4.56, up 6.5 pct (1357 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, $68.10, down 10 pct (1358 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 (1358 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, $4.66, up 2.8 pct (1359 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, $35.08, up 0.5 pct (1359 ET)
BMO Capital Markets raised its price target on the bank’s stock to $36 from $35 on Tuesday.
** SAVIENT PHARMACEUTICALS INC, $0.66, down 7 pct (1400 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.
** BROCADE COMMUNICATIONS SYSTEMS INC, $7.90, up 14 pct (1400 ET)
The network equipment maker reported third-quarter results above analysts’ estimates and said demand for its storage products was improving.
** JINKOSOLAR HOLDING CO LTD, $14.22, up 5 pct (1400 ET)
The Chinese solar company swung to a profit after seven quarters of losses due to demand from newer solar markets, making it one of the first Chinese panel makers to return to the black after a two-year long slump in prices.
** AEROPOSTALE INC, $12.80, down 2.7 pct (1400 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.
** MYRIAD GENETICS INC, $28.35, down 6 pct (1406 ET)
The molecular diagnostics company forecast full-year results above market estimates, after reporting a better-than-expected quarterly profit due to higher sales of its breast and ovarian cancer detection test, but some analysts said that the forecast was vague.
They said the company did not quantify the impact that competition could have on sales of that test, the BRACAnalysis test, which is Myriad’s biggest revenue driver.
Cowen and Co analyst Doug Schenkel said Myriad’s forecast could require a cut if the company doesn’t get a preliminary injunction from a district court preventing two companies from selling competing tests that Myriad claims infringes its patents. Schenkel lowered his rating on the stock to “market perform” from “outperform”.
** ZEP INC, $13.91, up 2.9 pct (1400 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, $25.45, up 10.6 pct (1401 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, $2.49, down 26 pct (1402 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.
** MANNKIND CORP, $7.91, up 15 pct (1403 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, $11.02, up 1.2 pct (1404 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 .
** TAYLOR MORRISON HOME CORP $20.09, down 8.5 pct (1338 ET)
Susquehanna Financial Group and Sterne, Agee & Leach cut their price targets on the homebuilder’s stock, citing lower-than-expected new orders in the second quarter. FBR Capital Markets also cut its share-target price.
** FIRST MAJESTIC SILVER CORP, $14.14, up 7.8 pct (1251 ET)
At least four brokerages including BMO Capital Markets and Raymond James raised their price targets on the Canadian silver miner’s stock after the company maintained its full-year production forecast.
First Majestic also reported an adjusted second-quarter profit of 7 cents per share, in line with analysts’ estimates, according to Thomson Reuters I/B/E/S.
** TEARLAB CORP, $13.31, down 1.3 pct (1404 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, $5.09, down 18 pct (1404 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, $28.43, down 1 pct (1405 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, $2.95, down 1.4 pct (1405 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.
** HERBALIFE LTD, $66.01, up 2 pct (1406 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, $104.61, down 1.5 pct (1406 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, $139, down 2 pct (1407 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, $4.54, down 25 pct (1407 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, $19.37, up 1 pct (1409 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. (r.reuters.com/xaf42v) (Compiled by Sruthi Ramakrishnan in Bangalore; Editing by Kirti Pandey)