November 14, 2013 / 5:18 PM / in 4 years

MARKET PULSE-Cisco, YuMe, Millennial, Eagle Bulk, China Recycling

(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning News Call newsletter, U.S. stocks were up modestly on Thursday, holding gains from late in the previous session which came ahead of the release of remarks from Federal Reserve chair nominee Janet Yellen, while a slide in Cisco shares weighed on the technology sector. The Dow Jones industrial average rose 0.06 percent. The S&P 500 gained 0.09 percent, while the Nasdaq Composite dropped 0.2 percent.

** CISCO SYSTEMS INC, $21.16, down 12 pct (11:40 a.m. ET)

** FINISAR CORP, $21.87, down 7 pct

** BROADCOM CORP, $27.15, down 1.6 pct

** HEWLETT-PACKARD CO, $25.23, down 5 pct

** ORACLE CORP, $34.08, down 2.7 pct


Network equipment maker Cisco forecast a steep drop in revenue for the current quarter, prompting at least 17 brokerages to cut price targets on its stock and two to downgrade their ratings.

** HOUGHTON MIFFLIN HARCOURT CO, $14.50, up 21 pct (11:50 a.m. ET)

Shares of the textbook publisher that emerged from bankruptcy last year rose as much as 33 percent in their debut, valuing the company at about $2.23 billion.

** KOHL‘S CORP, $53.55, down 8 pct (9:48 a.m. ET)

The department store chain cut its full-year earnings forecast after reporting weaker-than-expected third-quarter results due to a surprise fall in same-store sales.

** EAGLE BULK SHIPPING INC, $3.49, down 25 pct (9:53 a.m. ET)

The dry bulk shipper reported a bigger-than-expected third-quarter loss, hurt by lower time-charter rates. The company said it would not be able to meet some payment obligations if charter rates fell further, or it was unable to cut costs, or if it recorded more losses on some investments. Eagle Bulk said it was evaluating asset sales, and equity and debt financing options to raise cash.

** YUME INC, $8.25, up 29 pct (10:03 a.m. ET)

The online advertising company reported a smaller-than-expected third-quarter loss on Wednesday and forecast current-quarter revenue well above expectations as advertising customers increased by 45 percent.

The company reported loss of 3 cents per share on revenue of $36.2 million. Analysts on average had expected a loss of 9 cents per share on revenue of $34.5 million, according to Thomson Reuters I/B/E/S.

** PERCEPTRON INC, $11.20, down 16 pct (10:04 a.m. ET)

The maker of non-contact measurement and inspection solutions for industrial applications late on Wednesday reported a third-quarter loss, compared with a profit a year earlier, due to lower margins and higher operating expenses.

** CHINA RECYCLING ENERGY CORP, $3.78, up 15 pct (10:14 a.m. ET)

The waste management company reported a third-quarter profit, compared with a loss a year earlier, as it completed more projects.

** MILLENNIAL MEDIA INC, $16.12, down 15 pct (10:00 a.m. ET)

The company, which helps companies advertise on mobiles, reported a lower-than-expected quarterly profit after it aggressively purchased advertising space.

Cannacord Genuity cut its target on the stock to $8 from $10.

** NOVOGEN LTD, $5.80, up 14 pct (10:07 a.m. ET)

The Australia-based biotechnology company said one of its pilot drugs was toxic to stem cells associated with a disease characterized by weakness of muscle tissue. The drug is part of a program to develop drugs against genetic and degenerative disorders. (

Novogen said it would commit resources to take the program to its next phase, which is designing drugs against stem cells associated with other diseases, including cystic fibrosis and muscular dystrophy.

** CENTURY CASINOS INC, $5.42, down 13 pct (10:54 a.m. ET)

The casino operator reported a 10 percent fall in quarterly profit, saying flooding “significantly impacted” its operations in Colorado and Calgary.

** DIVERSIFIED RESTAURANT HOLDINGS INC, $5.99, down 7 pct (10:50 a.m. ET)

The restaurant operator reported a lower-than-expected third-quarter profit, hurt by higher compensation costs and restaurant operating expenses.

** REGULUS THERAPEUTICS INC, $6.30, up 7 pct (10:37 a.m. ET)

The company reported a smaller-than-expected loss in the third quarter due to higher revenue, mainly from its collaborations with Sanofi SA and AstraZeneca Plc .

Regulus also said it expected to begin human trials of its experimental hepatitis C drug in early 2014.

Cowen and Co analysts said the company had a strong cash position as it ended the quarter with $123.9 million in cash, cash equivalents and short-term investments.

** PHOENIX NEW MEDIA LTD, $9.05, down 12 pct (9:57 a.m. ET)

The Chinese media company reported lower-than-expected third-quarter revenue and forecast a weak current quarter.

** TYCO INTERNATIONAL LTD, $37.52, up 2 pct (09.56 a.m. ET)

The fire protection and security company reported fourth-quarter revenue that beat analysts’ estimates due to higher demand for its services.

The company also said it was acquiring fire protection services company Westfire Inc.

** SOLARCITY CORP, $58.85, up 9 pct (9:33 a.m. ET)

Analysts at Robert W. Baird & Co raised their rating on the solar panel installer to “outperform” from “neutral”, citing the launch of solar asset-backed securities. SolarCity priced the securities on Wednesday.

The analysts said that the move distinguished SolarCity as one of the most innovative public solar financing companies. They said the company could offer more such securities as it looks to lower its cost of capital.

** OXYGEN BIOTHERAPEUTICS INC, $6.97, up 9 pct (9:34 a.m. ET)

The drug developer said it closed the previously announced acquisition of certain assets of Phyxius Pharma, a privately held biopharmaceutical company.

As part of the deal, Oxygen named Phyxius’s chief executive John Kelley as CEO of the company, replacing Michael Jebsen, who was serving as interim CEO. Jebsen will continue in his role as chief financial officer.

** NOVAVAX, $3.10, up 6.5 pct (9:57 a.m. ET)

The first human test of an experimental vaccine against a deadly strain of avian flu, using novel technology that could produce millions of doses very quickly, produced protective antibodies in the vast majority of those who received it, scientists said on Wednesday. The encouraging results in the early stage trial from Novavax were published online in the New England Journal of Medicine.

** TURQUOISE HILL RESOURCES LTD, $4.11, down 7 pct (11:54 a.m. ET)

The miner said Thursday it was planning a rights offering, citing delays at Rio Tinto’s Oyu Tolgoi copper-gold mine in Mongolia that have stopped it from financing the mine’s next phase.

** ZOGENIX INC, $2.86, up 5 pct (9:55 a.m. ET)

Brokerage Oppenheimer & Co upgraded the stock to “outperform” from “perform” after a survey indicated that physicians were likely to prescribe the company’s recently approved pain drug, Zohydro.

The drug is an extended release formulation of a common painkiller hydrocodone, which belongs to a widely-used class of pain drugs known as opioids and is approved for use in patients for whom alternate treatment has proved inadequate or ineffective.

** ACCRETIVE HEALTH INC, $8.80, down 5 pct (10:06 a.m. ET)

The company, which provides revenue cycle management and physician advisory services to healthcare providers, said client attrition and contract challenges in late 2012 and early 2013 affected the company’s overall performance in that period.

Accretive Health, which last reported results in November 2012, said it expects to file restated financial statements with the SEC by March 19, 2014.

** RIVERBED TECHNOLOGY INC, $18.08, down 5 pct (9:51 a.m. ET)

The network equipment maker is currently not weighing a sale, two people with knowledge of the matter said, denying a media report that pushed up the technology company’s stock earlier on Wednesday.

Bloomberg had earlier reported that Riverbed was working with Goldman Sachs Group Inc to consider options including a sale of the company and that it had already attracted informal interest from private equity firms for a leveraged buyout. (

** CGI GROUP INC, $37.92, up 5 pct (11:55 am ET)

The main contractor for the flawed website of President Barack Obama’s healthcare program said its pipeline of orders was strong despite the negative publicity from the project.

** TATA MOTORS LTD, $31.10, up 4.8 pct (10:59 a.m. ET)

The car maker said its global sales of passenger vehicles in October rose 3 percent to 50,814 units from September. Sales of Jaguar Land Rover climbed 1 percent. (

** KANDI TECHNOLOGIES GROUP INC, $7.15, up 4 pct (11:18 a.m ET)

The electric car maker reported a 34 percent rise in revenue as sales of its all-terrain vehicles more than doubled.

** COMPANHIA PARANAENSE DE ENERGIA, $14.11, up 5 pct (10:30 a.m. ET)

The Brazilian power company said it would pay a dividend equal to half its net income in the first six months of this year, Bloomberg reported on Thursday. (

** ULTRAPETROL (BAHAMAS) LTD, $3.50, down 5 pct (10:20 a.m. ET)

The shipping company said sales in its ocean vessels business fell 6 percent in the third quarter due to a decline in revenue from a product tanker, used to transport refined petroleum. The business contributed about 23 percent to total revenue last year.

** ALIGN TECHNOLOGY INC, $55.35, down 5 pct (09:32 a.m. ET)

Healthcare conglomerate Danaher Corp sold 4.6 million shares of the dental products maker at $54.60, cutting its stake to about 5 percent from 11 percent. (

** TOWER GROUP INTERNATIONAL LTD, $4.07, down 4 pct (9:31 a.m. ET)

The property and casualty insurer said in a filing with the Securities and Exchange Commission that it was still working with auditors to resolve adjustments to its loss reserves.

The company also said it had found certain 'inadvertent mistakes' in its financial statements for some prior periods and would be delaying the filing of its quarterly 10Q filing for the last two quarters. (

** NORTHERN TIER ENERGY LP, $25.12, up 3 pct (10:30 a.m. ET)

Analysts at Macquarie Equities Research raised their rating on the refiner to “outperform” from “neutral”, citing Western Refining Inc’s recent acquisition of a controlling stake in Northern Tier.

** RE/MAX HOLDINGS INC, $27.35, down 3 pct (10:05 a.m. ET)

The franchiser of real estate brokerage services late on Wednesday reported a third-quarter profit that missed analysts’ estimates as operating expenses rose 7 percent.

** LULULEMON ATHLETICA INC, $66.51, down 3.6 pct (9:48 a.m. ET) Sterne Agree cut the women’s workout gear retailer’s stock to “underperform”, according to Theflyonthewall.

** CROCS INC, $13.54, down 2.4 pct (9:54 a.m. ET)

The company, known for its colorful clogs, has hired investment bank Moelis & Co to explore strategic alternatives, including a leveraged buyout, two people familiar with the matter said on Wednesday. The company has already held talks with a small group of private equity firms, including Blackstone Group LP and KKR & Co LP, the people said, asking not to be identified because the discussions are confidential.

** COMPUWARE CORP, $10.78, up 2 pct (12:05 a.m. ET)

Activist investor Starboard Value LP asked business software maker Compuware to consider an immediate sale or implement a new restructuring plan.

** OFFICE DEPOT INC, $5.49, up 2 pct (11:00 a.m. ET)

BofA Merrill Lynch upgraded its rating on the office retailer's stock to "buy" from "underperform" and raised its price target to $6.50 from $3.50, according to ( (Compiled by Natalie Grover and Garima Goel; Editing by Maju Samuel)

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