Aug 27 (Reuters) - Some U.S. stocks to watch on Tuesday:
Index futures fell further after Western powers told the Syrian opposition to expect a strike against President Bashar al-Assad’s forces within days, according to sources who attended a meeting between envoys and the Syrian National Coalition in Istanbul. S&P 500 futures were down 0.97 percent. Dow Jones industrial average futures were down 0.84 percent points and Nasdaq 100 futures were down 1.12 percent. The U.S. military is ready to act immediately should President Barack Obama order action against Syria over a chemical weapons attack, Defense Secretary Chuck Hagel said in a television interview with the BBC.
** BANK OF AMERICA CORP, Monday close $14.49, down 1 pct premarket
A federal judge on Monday threw out the bank’s lawsuit against the Federal Deposit Insurance Corp over $1.7 billion of investor losses stemming from the collapses in 2009 of a large regional bank and a large mortgage lender. The lawsuit concerned the FDIC’s role as receiver for a banking unit of Alabama’s Colonial BancGroup Inc and the implosion of Taylor, Bean & Whitaker Mortgage Corp, home to what federal prosecutors called a $2.9 billion mortgage fraud.
** JPMORGAN CHASE & CO, Monday close $51.80, down 0.9 pct premarket
A New York state judge found liable the largest U.S. bank to Russian-American billionaire Leonard Blavatnik for breach of contract for stuffing an investment account he held with risky subprime mortgage securities, and ordered the bank to pay more than $50 million of damages including interest.
** MCDONALD‘S CORP, Monday close $95.31, down 0.3 pct premarket
McDonald’s Holdings Co (Japan) Ltd, 49.9 percent held by the world’s largest hamburger chain, cut its full-year sales and profit targets after operating profits dropped more than 40 percent and sales fell 11.4 percent in the first half, largely due to a decline in promotions and discounts.
** GOLDMAN SACHS GROUP INC, Monday close $157.90, down 0.9 pct premarket
The bank lost tens of millions of dollars after a computer glitch led to a flood of erroneous options trades last week, a source close to the matter said on Monday.
** CATALYST PHARMACEUTICAL PARTNERS INC, Monday close $1.42, up 52 pct premarket
The drugmaker said the U.S. Food and Drug Administration granted “breakthrough therapy” designation to its experimental drug, Firdapse, to treat symptoms of Lambert-Eaton Myasthenic Syndrome - a muscle-weaking autoimmune disorder.
The FDA grants the breakthrough designation to drugs for serious or life-threatening conditions and speeds up their development and review.
** STAR BULK CARRIERS CORP, Monday close $7.20, up 15 percent premarket
The drybulk shipper reported a surprise profit for the second quarter due to lower expenses and increased utilization. Excluding items, the company reported earnings of 48 cents per share, while analysts’ expected a loss of 5 cents per share, according to Thomson Reuters I/B/E/S.
** BROWN SHOE CO, Monday close $23.70, up 4 pct premarket
The shoe company’s second-quarter results beat Wall Street estimates, boosted by strong sales of its Famous Footwear brand and early back-to-school sales. The company raised its full-year earnings forecast.
** MOVADO GROUP INC, Monday close $38, up 5.5 pct premarket
The watchmaker reported second-quarter results that beat analysts’ estimates, helped by strong sales of its Movado and licensed brands. The company also raised its full-year revenue and profit forecasts.
** OREXIGEN THERAPEUTICS INC, Monday close $7.24, up 5 pct premarket
The drugmaker said an independent committee analyzing Orexigen’s obesity drug study said the threshold for major adverse cardiovascular events required for the analysis would occur in the next two months. Accordingly, Orexigen expects to be able to conduct an interim analysis of the study by early December and potentially resubmit the drug, Contrave, for U.S. approval by year-end.
** SANDERSON FARMS INC, Monday close $69.79, up 4 pct premarket
The No. 4 U.S. poultry producer reported third-quarter results that beat market estimates helped by higher prices.
** LDK SOLAR CO LTD, Monday close $1.74, down 2 pct premarket
The Chinese solar company reported its ninth straight quarterly loss and the debt-laden company’s cash levels dwindled to the lowest level in nearly four years.
** BLACKBAUD INC, Monday close $35.15, up 1.6 pct premarket
Brokerage Stifel Nicolaus raised its rating on the company’s stock to “buy” from “hold,” according to the website Theflyonthewall.com. The company makes software for non-profit organizations.
** NUANCE COMMUNICATIONS INC, Monday close $19.01, down 0.5 pct premarket
Provider of document recognition, data capture Abbyy said that a jury appointed by the U.S. District Court of San Francisco has found in favor of Abbyy in the patent infringement lawsuit initiated by speech recognition software maker Nuance.
The litigation was initially filed against Abbyy and Lexmark International Inc by Nuance in February 2008 centered on alleged patent infringement.
** NEWMONT MINING CORP, Monday close $33.29, up 2 pct premarket
** IAMGOLD CORP, Monday close $6.79, up 4 pct premarket
** BARRICK GOLD CORP, Monday close $20.43, up 3 pct premarket
** ROYAL GOLD INC, Monday close $67.00, up 3.2 pct
** RANDGOLD RESOURCES LTD, Monday close $81.10, up 1 pct
Gold hit an 11-week high on Tuesday, bolstered by safe-haven buying on geopolitical tensions as the West edged towards possible military action against Syria, while strong support came from hopes of prolonged U.S. monetary stimulus. Spot gold was trading at $1,411.50 by 9:50 a.m. GMT, up 0.5 percent.
** ACURA PHARMACEUTICALS INC, Monday close $1.87, down 20 pct premarket
The drugmaker said a painkiller made with its abuse-deterrent technology did not show statistically significant results in reducing likability among abusers.
** J.C. PENNEY CO INC, Monday close $13.35, down 3 pct premarket
Hedge fund manager William Ackman, the biggest shareholder in the retailer, said on Monday he had sold his entire stake after his campaign to overhaul J.C. Penney failed. Ackman’s Pershing Square Capital Management sold 39.1 million shares, or 18 percent of the company, to Citigroup Inc, which is now offering the shares to other investors, the company and the $11 billion hedge fund said.
** TIFFANY & CO, Monday close $81.67, up 2.4 pct premarket
The jeweler on Tuesday reported a higher quarterly profit, helped by sales gains in China that trumped fears of a slowdown there, and the company raised its full year forecast.
** AMIRA NATURE FOODS LTD, Monday close $7.99, up 14 pct after market
The packaged rice seller reported better-than-expected quarterly results on Monday due to strong demand from India. The company also reaffirmed its full-year revenue outlook, after sales in the first quarter rose 38 percent to $110.3 million.
Brokerage Jefferies & Co raised its price target on Amira’s stock to $13 from $12, citing the strong results.
** AKORN INC, Monday close $16.44, up 5.5 pct premarket
** HI-TECH PHARMACAL CO INC, Monday close $35.21
The specialty pharmaceutical company will buy rival Hi-Tech Pharmacal for $640 million in cash to expand its eye drug portfolio to other dosage forms such as oral liquids, topical creams and ointments. Akorn will pay $43.50 per Hi-Tech share, representing a premium of 23.5 percent to Hi-Tech’s last close.
** BEST BUY CO INC, Monday close $35.81, down 2 pct premarket
Richard Schulze, the founder and largest shareholder of the world’s largest consumer electronics chain, has informed the company about his plan to start selling its stock starting this fall, according to a regulatory filing on Monday.
** SIRIUS XM RADIO INC, Monday close $3.66, down 0.3 pct premarket
A U.S. nonprofit charged with collecting digital royalties for music artists sued the satellite radio service provider for at least $50 million on Monday for underpaying on recordings, including ones from before 1972.
** QIHOO 360 TECHNOLOGY CO LTD, Monday close $78.80, up 0.5 pct premarket
Brokerage Jefferies upgraded China’s second-largest internet search company’s stock to “buy” from “hold” after its management said on Friday that its share in the Chinese search traffic market would reach 30 percent by end of 2014 from 15 percent now. Jefferies said a 30 percent market share would suggest meaningful scale for international brand advertisers to consider Qihoo as an alternative to Baidu Inc for search ad placement.
** REGIS CORP, Monday close $17.16
The company, which operates the Supercuts chain, reported a profit that missed Wall Street estimates by a wide margin for the fourth quarter in a row as fewer people visited its hair salons.
** SOTHEBY‘S, Monday close $47.21
Activist investor Daniel Loeb’s hedge fund Third Point LLC increased its stake in the auction house to 5.7 percent, a regulatory filing showed on Monday. Loeb’s New York-based hedge fund said in the filing with the Securities and Exchange Commission that it intends to communicate with the board or management of Sotheby’s on matters such as potential changes in strategy and leadership.
** BARNES & NOBLE INC, Monday close $14.32
The company’s retail group head Mitchell Klipper sold about two-thirds of his shares in the beleaguered retailer in the past few days, according to a filing with the Securities and Exchange Commission. Klipper, 55, who has been the chief executive of Barnes & Noble’s retail group since March 2010, sold about 400,996 shares at prices ranging from $13.99 to $14.53, raising more than $5.5 million, the filing showed. (Compiled by Sagarika Jaisinghani in Bangalore; Editing by Joyjeet Das)