April 2, 2014 / 6:19 PM / 4 years ago

MARKET PULSE-MannKind, Rubicon, Autobytel, Ellie Mae, UniFirst

(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks inched higher on Wednesday, pushing the S&P 500 to another intraday record, after data suggested the economy was slowly building momentum after a winter-related pullback earlier in the year. Dow Jones industrial average futures were up 0.07 percent at 16,460, S&P 500 futures were up 0.14 percent at 1,880.5 and Nasdaq 100 futures were down 0.03 percent at 3,649.

** MANNKIND CORP, $7.195, +78.98 pct

U.S. health advisers on Tuesday recommended approval of the company’s inhaled diabetes drug, and said the experimental treatment could help some patients, especially those wary of needles typically used with traditional insulin therapy.

** RUBICON PROJECT INC, $20.2, +34.67 pct

Shares of the provider of online advertising services soared in their market debut. The shares opened at $17.50 and went above $20. The company is betting on the growing demand for digital advertising as more consumers switch to the Internet, mobile networks and digital television.

** AUTOBYTEL INC $15, +24.69 pct

The automotive marketing services company raised its forecast for organic revenue growth to 22-24 percent from 18-22 percent for the first quarter.

Including contribution from AutoUSA, which it bought in January, the company estimates total first-quarter revenue growth of 45-47 percent. Brokerage firm B.Riley raised the target price of the company’s stock to $22 from $21.50.

** ELLIE MAE INC $26.85, -5.42 pct

The company, whose software is used by mortgage professionals, on Tuesday said an external malicious attack had led to outages that have made its Encompass services unavailable to users.

“Ellie Mae has detected unusually high demand for services consistent with an external malicious attack characteristic of a distributed denial of service (DDoS),” the company said in a statement.

** UNIFIRST CORP, $101.75, -9.72 pct

The maker of uniforms and industrial protective clothing reported second-quarter results and forecast a full-year profit below the average analyst estimate, hurt by lower demand for its specialty garments and first aid division.

The company forecast 2014 earnings of $5.60-$5.75 per share, below the average analyst estimate of $5.91 per share, according to Thomson Reuters I/B/E/S.

** KU6 MEDIA CO LTD, $2.7501, -8.33 pct

Shares of the online video uploading and sharing service fell on Wednesday after rising about 43 percent on Tuesday following news that its controlling shareholder Shanda Media Group Ltd reduced its stake in the company.

** CHINA DIGITAL TV HOLDING CO LTD, $3.47, +10.86 pct

The company, which provides smart cards used in television set-top boxes to cable TV operators in China, declared a special cash dividend of $0.50 per share.


The scrap goods auctioneer said it is the apparent high bidder for a contract with the U.S. Defense Logistics Agency (DLA) to purchase, manage and sell non-rolling stock surplus assets of the U.S. Department of Defense. The company’s high bid was equal to 4.35 percent of the DoD’s original acquisition value.

** BALLARD POWER SYSTEMS, $4.84, +7.80 pct

The company said European bus manufacturer Van Hool NV delivered the first four of ten buses, powered by Ballard’s fuel cell modules.

** ACCELERON PHARMA INC $39.1, +15.44 pct

** CELGENE CORP, $146.61, +0.01 pct

The drug developer said its partner Celgene agreed to buy about 1.1 million of the company’s shares for about $47 million.

Acceleron said it expects Celgene will have a stake of about 14.8 percent when the deal closes, making it the majority shareholder. Celgene had a 11.15 percent stake in the company as of Jan. 20.

** ENVIVIO INC, $3.6101, +9.40 pct

The company, which provides video processing and delivery software, said its encoders are powering live high-definition sports channels on Apple Inc’s Apple TV for a major European service provider.


The fiber optic component maker estimated first-quarter sales of $24.8 million, more than the $22.53 million two analysts on average were expecting according to Thomson Reuters I/B/E/S.

** ELDORADO GOLD, $5.84, +3.55 pct

** BARRICK GOLD CORP, $18.58, +3.86 pct

** NEWMONT MINING CORP, $24.41, +4.09 pct

** SEABRIDGE GOLD INC, $7.26, +1.54 pct

** THOMPSON CREEK METALS CO INC, $2.35, +6.82 pct

Gold rose around one percent on Wednesday, recouping some strength after two days of losses as investors remained jittery ahead of U.S. jobs data that should help gauge the strength of the world’s biggest economy.

** MYRIAD GENETICS INC, $39.44, +12.20 pct

The molecular diagnostics company said on Tuesday that the Centers for Medicare & Medicaid Services raised its reimbursement for the company’s BRACAnalysis genetic cancer test to $2,767 from $2,021.

At least four brokerages, including Jefferies, Cantor and Leerink raised their price targets on Myriad’s stock.

“We note that while this reimbursement increase is an incremental positive for Myriad and clearly better than expected, the new reimbursement rate is still materially below the pre-September 2013 rate,” Cowen and Co analysts said.

** APOLLO EDUCATION GROUP, $31.9, -9.27 pct

** CAREER EDUCATION CORP, $7.38, -4.40 pct

** STRAYER EDUCATION INC, $46.29, -3.26 pct

** CAPELLA EDUCATION CO, $61.45, -4.12 pct

** EDUCATION MANAGEMENT CORP, $4.58, -6.91 pct

** DEVRY EDUCATION GROUP INC, $42.04, -2.26 pct

For-profit education company Apollo reported lower-than-expected quarterly revenue as enrollments declined 16.8 percent at its flagship University of Phoenix. The company also said it had received a subpoena from the U.S. Department of Education’s Office of Inspector General, seeking information about the operations of the Northeast region of the University of Phoenix.

Shares of other for-profit colleges were also trading down on Wednesday on the news.

** SUN BANCORP INC, $3.91, +12.03 pct

** BANKUNITED INC, $35.22, +0.80 pct

The lender said it will hire Thomas O‘Brien, a board member of BankUnited, as its new chief executive, pending regulatory approval. Chairman Sidney Brown will continue as interim CEO until O‘Brien assumes his role.

** AMYRIS INC, $4.11, -7.43 pct

The renewable chemicals and fuels company's shares fell on Wednesday after rising as much as 19 percent on Tuesday. The company's stock jumped on Tuesday after the United States Maritime Administration report said Amyris' fuel reduced air emissions without significantly impacting engine performance. (r.reuters.com/seq28v)

** DFC GLOBAL CORP, $9.481, +5.58 pct

The pawn and payday lender said it would sell itself to private equity firm Lone Star Funds for $9.50 per share in cash, or about $1.3 billion, including debt.

** GLAXOSMITHKLINE PLC, $52.97, -0.62 pct

** AGENUS INC, $3.17, -4.23 pct

GlaxoSmithKline has stopped a high-profile clinical trial using a novel vaccine to fight lung cancer after deciding it will not be possible to find a sub-group of patients who might benefit.

Agenus contributed technology to the treatment, the MAGE-A3 vaccine, which is aimed at people with established disease, helping their immune systems to prevent the recurrence of disease post surgery.

** ALCOA INC, $12.84, -1.53 pct

Analysts at two brokerage firms raised concerns about the aluminum producer’s 2014 earnings due to low prices and oversupply.

Cowen and Co said they expect the London Metal Exchange (LME) to appeal against a UK court ruling which required the LME to abandon plans to reduce queues within its warehouse network which would reduce premiums the aluminum makers earned.

The brokerage raised its price target on Alcoa’s stock to $11 from $10, citing stronger commodity and energy prices.

** HEALTHSTREAM INC, $26.15, -3.51 pct

Northland cut its rating on the company’s stock, which provides IT solutions to healthcare organizations, to “market perform” from “outperform”, according to theflyonthewall.com

** LAREDO PETROLEUM INC, $26.76, +4.37 pct

Suntrust Robinson Humphrey upgraded the stock of the oil and gas producer to “buy” from “hold”, citing lower well costs by year-end and successful testing at the Spraberry wells in the Permian Basin. The brokerage also raised its price target on the stock to $36 from $29.

** NEW YORK MORTGAGE TRUST INC, $7.5599, -3.33 pct

The real estate investment trust said it would offer 13 million shares at $7.59 each and use the proceeds to buy distressed residential loans and repay debt. The offering is expected to close on April 7.

** ARCELORMITTAL SA, $15.96, -2.21 pct

Analysts at Credit Suisse downgraded the stock of the world’s largest steelmaker to “neutral” from “outperform”, citing lack of earnings momentum and rich valuation for the stock.

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