(For more market insights, including options activity, click on ; for the Day Ahead newsletter r.reuters.com/wyd74v; for the Morning News Call newsletter, r.reuters.com/maf74v) The Dow and the S&P 500 climbed to fresh highs on Friday in the wake of reassuring remarks by Federal Reserve chair nominee Janet Yellen that the central bank's accommodative policies would continue.
The Dow Jones industrial average was up 39.21 points, or 0.25 percent, at 15,915.43 and the Nasdaq Composite Index was up 3.24 points, or 0.08 percent, at 3,975.98.
** INTERCLOUD SYSTEMS INC, $4.90, up 92 pct (9:39 a.m. ET)
The cloud and consulting services company's quarterly revenue rose five-fold to $16.2 million, helped by acquisitions and organic growth. (link.reuters.com/zuf74v)
The company also posted a profit of $1.3 million, or 12 cents per share, compared with a loss of $0.8 million, or $2.16 per share, a year earlier.
** CADENCE INC, $7.30, up 24 pct (9:37 a.m. ET)
The drugmaker said on Thursday the U.S. District Court for the District of Delaware ruled in its favor in the company’s patent infringement lawsuit against privately held Exela Pharma Sciences LLC concerning Cadence’s Ofirmev pain injection.
** BIOSTAR PHARMACEUTICALS INC, $3.04, up 44 pct (11:40 a.m. ET)
The company posted a quarterly profit, compared with a loss a year earlier, helped by an increase in general sales volume and revenue generated by several new products.
** SYNUTRA INTERNATIONAL INC, $9.52, up 33 pct (10:42 a.m. ET)
The China-based infant formula company on Thursday reported second-quarter results that beat analysts’ estimates.
Oppenheimer & Co upgraded its rating on the company’s stock to “outperform” from “perform” on Friday.
** SUMMER INFANT INC, $2.08, down 21 pct (10:51 a.m. ET)
The Rhode Island-based juvenile health and wellness products maker on Thursday reported a surprise third-quarter loss as its gross margins declined.
Roth Capital Partners cut its target price on the company’s stock to $2.50 from $3.50 on Friday.
** S&W SEED COMPANY, $5.11, down 15.2 pct (11:38 a.m. ET)
The company’s first-quarter net income more than halved due to higher operating expenses. The company expects second-quarter revenue to be in the range of $11 million to $13 million. The company reported revenue of $13.7 million in the same quarter last year.
S&W, which sells seed to agribusiness firms and farmers worldwide, said changes in seed prices and the ability to source expected level of seeds are possible risks that could impact outlook.
** VANDA PHARMACEUTICALS INC, $15.17, up 17 pct (9:35 a.m. ET)
An advisory panel to the U.S. Food and Drug Administration said on Thursday that an experimental drug designed to help regulate the internal body clocks of blind patients appears safe and effective.
** CELL THERAPEUTICS INC, $1.92, up 10 pct (9:38 a.m. ET)
** BAXTER INTERNATIONAL INC, $67.93, up 0.5 pct
Baxter agreed to develop and market Cell Therapeutics’s bone marrow disorder drug for payments that could total up to $362 million.
** GSE HOLDING INC, $2.50, down 22 pct (9:39 a.m. ET)
The company, which makes geosynthetic containers used in the mining and waste management industries, reported a third-quarter loss, compared with a profit a year earlier, as margins shrank to 11.6 percent from 17.4 percent.
** FONAR CORP, $13.38, up 27 pct (9:57 a.m. ET)
The medical imaging equipment maker’s quarterly profit rose about 90 percent on strong demand for its diagnostic scanners.
First-quarter net income rose to $3.6 million, or 37 cents per share, from $1.9 million, or 22 cents per share, a year earlier. Total revenue rose about 80 percent.
** AGILENT TECHNOLOGIES INC, $54.61, up 8 pct (9:41 a.m. ET)
The company posted a better-than-expected quarterly profit on Thursday, helped by strong expense control.
** INTREPID POTASH INC, $15.98, up 3 pct (9:45 a.m. ET)
Potash exports by the North American producers jumped 27 percent in October from the previous month to 506,000 tonnes -- the first time since April, according to data posted on Thursday on Potash Corp of Saskatchewan’s website.
** TILE SHOP HOLDINGS INC, $11.35, down 12 pct (9:46 a.m. ET)
The stone tile retailer said it suspended its relationship with supplier Beijing Pingxiu, which, according to short seller Gotham City Research, was run by the brother-in-law of Tile Shop Chief Executive Robert Rucker.
Tile Shop’s shares had plunged 46 percent during the day on Thursday after Gotham City alleged the company’s gross margins were inflated as it used captive suppliers such as Beijing Pingxiu to overstate inventories, understate cost of sales and overstate gross profits.
Tile Shop denied misreporting financial statements.
** WPX ENERGY INC, $18.99, up 3.3 pct (9:47 a.m. ET)
The oil and gas producer said it would form a master limited partnership (MLP) in the first half of 2014 and would offer units in the MLP that hold interests in natural gas properties in the Piceance Basin, Colorado. Many energy companies have turned to tax-efficient corporate structures called MLPs, which rely on easy access to capital markets to fund growth.
** YOUKU TUDOU INC, $29.15, up 11 pct (9:41 a.m. ET)
The Chinese internet television company said it expects to post an adjusted profit for the current quarter after reporting a 14 percent rise in third-quarter revenue due to higher advertising sales.
** SOTHEBY‘S, $51.41, up 1.3 pct (9:54 a.m. ET)
** J.C. PENNEY CO, $8.93, up 3 pct
Top U.S. hedge fund managers in the third quarter zoned in on the consumer sector, with investment plays ranging from Sotheby‘s, a high-end auction house that caters to millionaires, to J.C. Penney, the struggling department store chain.
** JOS. A. BANK CLOTHIERS INC, $49.93, down 1 pct (9:56 a.m. ET)
** MEN‘S WEARHOUSE, $46.08, down 0.08 pct
Jos. A. Bank terminated its offer to buy Men’s Wearhouse. However, Jos. A. Bank did not rule out another bid for its larger rival in future.
** ELECTRONIC ARTS INC, $24.81, down 4 pct (10:00 a.m. ET)
Omega Advisors, owned by billionaire Leon Cooperman, dissolved its stake of 750,000 shares in the video game publisher.
** BIOMARIN PHARMACEUTICAL, $67.60, up 5 pct (10:01 a.m. ET)
An experimental drug to treat a rare genetic disorder that causes skeletal malformation and a host of related lung, eye ear and heart problems confers “modest” benefit, according to an initial review by the U.S. Food and Drug Administration.
The drug, Vimizim, is being developed by BioMarin to treat Morquio A Syndrome, one of a group of lysosomal storage disorders known as mucopolysaccharidoses (MPS).
** INTREXON CORP, $19.89, up 10 pct (10:03 a.m. ET)
Intrexon’s shares rose after two hedge funds reported stakes in the biotechnology company. Greenlight Capital Inc said it took a 2.2 million share stake in the company. Third Point LLC also took a sole share stake of 2.2 million shares.
** REAL GOODS SOLAR INC, $3.24, down 5 pct (10:05 a.m. ET)
The solar panel installer said it was offering 5.9 million shares at its Thursday closing price of $3.40 per share.
** BIOFUEL ENERGY CORP, $2.60, up 6 pct (10:14 a.m. ET)
U.S. Energy Information Administration on Thursday reported U.S. ethanol production in the latest week at 927,000 barrels per day, up 25,000 from the previous week, a reflection of strong margins for producers, traders said. Biofuel Energy produces ethanol and its co-products such as corn oil.
** AKORN INC, $22.30, up 4 pct (10:20 a.m. ET)
The generic drugmaker said it bought the U.S. rights for three eye-related products from a unit of Merck for $52.8 million in cash.
Akorn expects the deal to add between 9 and 11 cents to its 2014 adjusted earnings per share.
** INTEROIL CORP, $91.85, up 8 pct (10:30 a.m. ET)
Analysts at Morgan Stanley resumed their coverage on the integrated energy company with an “overweight” rating and price target of $105, saying the company is “on the eve of transformation”. The company posted losses in the last two quarters.
The analysts also noted that InterOil could have a major LNG partner by year-end and would be active in highly prospective exploration program.
** CHINA COMMERCIAL CREDIT INC, $10.30, up 7.5 pct (10:55 a.m. ET)
The Chinese lender to small businesses reported a higher quarterly profit as it earned more interest and fee income. Net interest income jumped to $2.7 million in the third quarter from $2.2 million a year earlier.
** WESTERN UNION CO, $16.48, down 5.6 pct (10:40 a.m. ET)
The world’s largest money-transfer firm said Chief Financial Officer Scott Scheirman will be leaving the company, effective Feb. 28. Raj Agrawal, currently executive vice president, will serve as chief financial officer in the interim from Jan. 1 until a new replacement is found.
** PINGTAN MARINE ENTERPRISE LTD, $2.48, down 14 percent (10:09 a.m. ET)
The holding company, which offers fishing and dredging services through its units, reported higher profit for the third quarter as revenue from the company’s fishing business shot up.
** UNITED FINANCIAL BANCORP INC, $17.83, up 11 pct (11:15 a.m. ET)
The bank said it will merge with Rockville Financial Inc in an all-stock transaction under which shareholders will receive 1.3472 shares of Rockville Financial stock for each share held.
The $360 million deal values each United Financial share at $18.35, a 14 percent premium to the stock’s Thursday close.
** MEAD JOHNSON NUTRITION CO, $85.03, up 5 pct (11:11 a.m. ET)
Soros Fund Management and Eton Park Capital Management LP on Thursday disclosed stakes in the maker of Enfamil baby formula.
Separately, Seekingalpha.com said the company's stock is likely up on China's decision to loosen its one-child policy. (link.reuters.com/jag74v)
Foreign firms control around 40 percent of the baby formula market in China. Among foreign brands, Mead Johnson holds the biggest share. (Compiled by Rohit T.K. in Bangalore; Editing by Maju Samuel)