The Dow and S&P 500 extended their record highs on Monday, ticking above 16,000 and 1,800 respectively, as trading continues to focus on economic stimulus from the Federal Reserve. The Dow Jones industrial average rose 0.25 percent, while the S&P 500 lost 0.04 percent and the Nasdaq Composite dropped 0.17 percent.
** BOEING CO, $140.72, up 3.4 pct (09:33 a.m. ET)
The U.S. planemaker said at the Dubai Airshow on Sunday that it had received orders worth $100 billion at list prices - its largest ever - for 259 of its new 777 jets.
For a Factbox on orders, click
** JPMORGAN CHASE & CO, $55.59, up 1 pct (09:34 a.m. ET)
The biggest U.S. bank by assets said on Friday it agreed to pay $4.5 billion to settle claims by investors who lost money on mortgage-backed securities before the collapse of the U.S. housing market.
** MICROSOFT CORP MSFT.O, $37.49, down 1 pct (9:34 a.m. ET)
** SONY CORP, $19.05, up 3 pct
BofA Merrill downgraded Microsoft’s stock to “underperform” from “neutral”, according to the Theflyonthewall.com.
Rival Sony Corp said on Sunday it had sold 1 million units of its new PlayStation 4 gaming console in the first 24 hours that it was available in the United States and Canada, ahead of Microsoft’s Xbox One launch on Nov. 22.
** TYSON FOODS INC, $29.89, up 3.5 pct (9:35 a.m. ET)
The largest U.S. meat processor reported a better-than-expected 28 percent rise in quarterly operating profit, helped by higher chicken sales and a rebound in its beef business, and said it expected meat production to rise in the current fiscal year.
** INTERCLOUD SYSTEMS INC, $14.59, up 54 pct (9:35 a.m. ET)
Shares of the cloud and consulting services company continued their gain for the second day. The stock soared about 206 percent on Friday after the company's revenue rose five-fold to $16.2 million, helped by acquisitions and organic growth. (link.reuters.com/zuf74v)
** SYNTA PHARMACEUTICALS CORP, $5.05, up 19 pct (11:02 a.m.)
The company’s Chief Executive Safi Bahcall and three directors bought shares worth about $19.50 million, according to regulatory documents filed on Friday.
A report on investment website SeekingAlpha said the stock could be a good speculative pick based on intensive insider buying. (link.reuters.com/pun74v)
** CHINA LIFE INSURANCE CO LTD, $45.54, up 7.2 pct (11:07 a.m. ET)
** CHINA MING YANG WIND POWER GROUP LTD, $2.55, up 7.5 pct
** CHINA EASTERN AIRLINES CORP LTD, $18.97, up 5.4 pct
** CHINA FINANCE ONLINE CO LTD, $3.10, up 12.2 pct
** KU6 MEDIA CO LTD, $2.70, up 14.8 pct (11:28 a.m. ET)
Shares of China-based companies gained following Beijing’s announcement of its most sweeping economic and social reforms in decades. The document, released on Friday, relaxed China’s one-child policy and further frees up markets in order to put the world’s second-largest economy on a more stable footing.
** RENEWABLE ENERGY GROUP INC, $11.50, down 14 pct (9:52 a.m. ET)
** GREEN PLAINS RENEWABLE ENERGY, $15.27, down 2 pct
** GEVO INC, $1.66, down 4.5 pct
** KIOR INC, $2.74, up 8 pct
** BIOFUEL ENERGY CORP, $2.16, down 10 pct (11:32 a.m. ET)
Shares of biofuels makers continued their fall after the Obama administration on Friday proposed slashing federal requirements for U.S. biofuel use in 2014. Nevertheless, some biofuels producers rallied after the announcement of the proposed goal, which matched the number contained in a draft that was leaked last month.
Canaccord Genuity downgraded Renewable Energy stock to “hold” from “buy”.
** JINKOSOLAR HOLDING CO LTD, $33.31, up 12 pct (9:36 a.m. ET)
The Chinese solar panel maker reported a second straight quarterly profit, helped by its fast-growing solar power plant business, amid signs of a recovery in the industry after a four-year downturn.
** ATOSSA GENETICS INC, $2.31, up 9 pct (9:58 a.m. ET)
The medical device maker said it met with the U.S. health regulator to discuss the premarket application for its medical device used to collect breast fluid, and said it had the data to file the application “as soon as possible”.
Atossa said in October that it would recall the device and the test which used it, and would submit a new application for approval.
** TILE SHOP HOLDINGS INC, $15.81, up 9 pct (9:55 a.m. ET)
Shares of the stone tile retailer continued their gains for the second day after the company said late on Thursday 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 on Thursday after Gotham City alleged that 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.
** CELL THERAPEUTICS INC, $1.99, up 6.41 pct (9:44 a.m. ET)
The drug maker said it could spend up to $96 million through mid-2017 to develop its drug pacritinib to treat two forms of blood cancer. The company said it expects to get $67 million in cash milestone payments through 2015 from its deal with Baxter International Inc, which would offset some of its expenses.
The two companies agreed on Friday to jointly develop and market the drug in a deal that could fetch Cell Therapeutics up to $362 million.
** ON TRACK INNOVATIONS LTD, $3.04, up 6 pct (9:46 a.m. ET)
The company said it signed a partnership agreement with card maker ABnote through which ABnote will offer On Track Innovations’ WAVE device - an audio jack plug-in for smartphones, tablets and PCs - to enable wireless payment using Near Field Communication technology within ABnote’s secure mobile wallet product.
Last week, the company said it deployed its NFC payment system for a consortium of regional banks in Hong Kong, Macau and Taiwan.
** PRANA BIOTECHNOLOGY LTD, $5.76, up 6 pct (10:07 a.m. ET)
The Australia-based company said 29 of the 42 patients enrolled in a mid-stage study of its Alzheimer’s disease drug completed the treatment. Prana also said an independent safety monitoring committee did not suggest the trial design be changed following a final review. The company expects results from the mid-stage trial in March.
** PIONEER ENERGY SERVICES CORP, $7.61, down 5 pct (10:55 a.m. ET)
** KEY ENERGY SERVICES INC, $8.67, down 2 pct
Analysts at Global Hunter Securities lowered their rating on the onshore oilfield drilling service providers’ stocks to “neutral” from “buy”, citing lower-than-expected capital spending from oil and gas producers next year amid weak natural gas prices.
** SUPERVALU INC, $6.55, down 5 pct (9:41 a.m. ET)
Goldman Sachs cut its rating on the supermarket operator’s stock to “sell” from “neutral” as it expects the company to be hurt by increased competition and higher costs as a result of the Affordable Care Act.
** MAZOR ROBOTICS LTD, $17.96, down 3.6 pct (9:37 a.m. ET)
The company reported a larger-than-expected loss in the third quarter as sales of its spine surgery robot in the United States fell and its operating expenses increased.
** ALCATEL LUCENT SA, $4.04, down 3 pct (10:40 am ET)
The French telecom equipment maker confirmed the closure of its Colomiers site near Toulouse. The closure will involve the redeployment of 77 workers and 28 job cuts, the Agence France Press reported citing a trade union source.
** BLYTH INC, $12.31, up 2.5 pct (9:38 a.m. ET)
The candle maker named its chief operating officer Robert Goergen Jr as chief executive. Blyth’s founder Robert Goergen Senior will continue to serve as executive chairman of the board.
Last week, Blyth rejected an unsolicited acquisition proposal from direct seller CVSL Inc.
** MECHEL OAO, $2.43, up 4.75 pct (9:39 a.m. ET)
Russian state-controlled bank VTB has agreed to join other creditors in restructuring mining group Mechel’s $9.6 billion debt, a source close to VTB said on Saturday.
** FRANKS INTERNATIONAL NV, $24.42, down 4.6 pct (11:13 a.m. ET)
Goldman Sachs cut its rating on the oilfield services provider to “sell” from “neutral”. “We forecast that Franks International will have one of the lowest EBITDA growth rates in the group, so unless its premium multiples expand further, stock upside is limited,” analysts led by Waqar Syed wrote in a note to clients.
The shares, listed on Aug. 9, have lost around a quarter of their value since touching a life-high of $32.69 on Oct.18.
** RENESOLA LTD, $4.9, up 4 pct (9:46 a.m. ET)
The Chinese solar panel maker said it would deliver more than 178,000 panels for a 53.5 megawatt power project in Southern Texas. The project is expected to be completed in 2016.
** NVIDIA CORP, $15.83, down 2 pct (9:47 a.m. ET)
Morgan Stanley cut its rating on the graphics chipmaker’s stock to “underweight,” saying that the stock seems to be pricing in substantial earnings improvement that is still uncertain.
The analysts also said the value of patent royalty the company got from Intel Corp through a cross-licensing agreement was less than their expectations and there was little prospect of renewal of the agreement.
** ALPHA NATURAL RESOURCES INC, $7.80, down 3.46 pct (9:48 a.m. ET)
Analysts at Citi Investment Research cut their rating on the coal miner’s stock to “sell” from “neutral”, according to Theflyonthewall.com.
** BONA FILM GROUP LTD, $5.80, down 5.38 pct (9:49 a.m. ET)
Brokerage Cowen & Co cut its rating on the company’s stock to “market perform” from “outperform” and lowered its target price to $5 from $6 after the film distributor on Thursday reported third-quarter revenue below analysts’ average expectations.
** INTERACTIVE BROKERS GROUP INC, $23.02, down 4.2 pct (9:49 a.m. ET)
Analysts at Keefe, Bruyette & Woods downgraded the online broker’s stock to “market perform” from “outperform”.
“We believe that the brokerage business is sufficiently big enough to consistently outweigh the market-making noise and FX translation issues when valuing the company and stock, but that most of this revaluation has now occurred,” the analysts said in a note to clients.
** DIEBOLD INC, $31.59, up 3.3 percent (9:50 a.m. ET)
KeyBanc Capital Markets raised its rating on the ATM and voting machine maker to “buy” from “hold”, according to Theflyonthewall.com.
** POTASH CORP, $32.90, up 2 pct (09:40 a.m. ET)
** INTREPID POTASH INC, $15.51, up 1 pct
** MOSAIC CO, $49.50, up 1 pct
** AGRIUM INC, $90.72, up 1 pct
Russian tycoon Mikhail Prokhorov agreed on Monday to buy Suleiman Kerimov’s 21.75 percent stake in Uralkali, the world’s largest potash miner, in a deal that seeks to calm tensions over the collapse of a sales cartel.
Shares of potash companies may react positively as investors believe that a new owner of Uralkali may lead to a resolution in the dispute between Belarus and Uralkali, UBS Investment Research analyst John Roberts said in a note before the market opened.
Global prices for the soil nutrient potash have been hit by the break up of a potash export cartel between Russian producer Uralkali and a Belarusian state company, which had accounted for 40 percent of global sales.
** WASHINGTON POST CO, $647.00, down 1.15 pct (9:51 a.m. ET)
The company is changing its name to Graham Holdings Co after it sold the Washington Post newspaper to Amazon.com Inc founder Jeff Bezos.
** ABBVIE INC, $49.61, up 2.5 pct (9:52 a.m. ET)
The company said a late-stage trial of its experimental oral hepatitis C treatment showed about 96 percent of patients had no detectable levels of the virus after 12 weeks.
** CANADIAN SOLAR INC, $32.23, up 1 pct (9:37 a.m. ET)
A renewable energy project fund managed by DIF will buy four solar power plants totaling 40 megawatts from Canadian Solar in Ontario, the solar company said on Monday. Construction is expected to start this year, while commercial operation from the plants is expected in 2014. The companies did not disclose the value of the deal.
Compiled by Natalie Grover; Editing by Sriraj Kalluvila