8 Min Read
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for more market insights, including options activity, ; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks were little changed on Thursday, after four straight days of gains sent the S&P 500 to a fresh record high, as economic data was not enough to entice investors to push equities higher. The Dow Jones industrial average was down 0.14 percent at 16,882.84 and the S&P 500 was down 0.07 percent at 1,955.67.
** CORINTHIAN COLLEGES INC, $0.315, -62.94 pct
The for-profit education provider said it may not be able to continue as a going concern after the U.S. Department of Education delayed reimbursements. The department has increased the period in which Corinthian is refunded some disbursements to 21 days from 24-72 hours, Corinthian said in a regulatory filing. (1.usa.gov/1qvpC6z)
** ALDEYRA THERAPEUTICS INC, $7.9, +18.09 pct
Aegis Capital Corp started coverage of the biotechnology company with a "buy" rating. Analysts said Aldeyra has the potential to pursue lead rare skin disorder drug for additional skin-related uses. The company also appointed Stephen Tulipano chief financial officer.
** SENOMYX INC, $9.34, +11.86 pct
** Craig-Hallum started coverage of the flavor ingredients maker's shares with a "buy" rating, according to StreetInsider.com. Craig-Hallum set a price target of $16.50 on the stock, according to Benzinga.com.
** BLACKBERRY LTD, $9.271, +11.83 pct
The Canadian smartphone maker reported a smaller-than-expected quarterly loss on Thursday as the smartphone company's cost cutting and other turnaround efforts started to pay off. Excluding a one-time non-cash accounting gain and certain restructuring charges, the loss was 11 cents per share.
More than 21 million shares changed hands in the first 15 minutes of trading, more than double their 50-day moving average.
** STEMCELLS INC, $1.91, +21.66 pct
The drug developer reported positive interim results of an early-stage trial of its experimental drug to treat age-related blindness. Patients given the drug showed 65 percent reduction in degeneration of retinal tissue.
** MARKIT LTD, $27.08, +12.83 pct
Shares of the financial data provider rose as much as 12.5 percent in their market debut, valuing the company at $4.83 billion and raising about $1 billion for its 12 bank shareholders.
** CELLULAR BIOMEDICINE GROUP INC, $11, +19.70 pct
The drugmaker said follow-up data from early-stage trial showed its experimental drug that repairs damaged joint cartilage reduced knee pain and improved mobility in patients.
** MEASUREMENT SPECIALTIES INC, $86.19, +10.50 pct
** TE CONNECTIVITY LTD, $62.59, +1.05 pct
The Swiss electronics company TE Connectivity said it would buy the company for about $1.7 billion, including debt, to grab a bigger slice of the high-growth global sensor market.
UBS raised target price on TE to $68 from $66.
** KBR INC, $23.79, -9.61 pct
The engineering and construction company reported lower-than-expected first-quarter results and said it would resume practice of providing earnings outlook only after an in-depth review of its businesses.
** ENBRIDGE ENERGY PARTNERS LP, $34.85, +12.64 pct
The pipeline company said it would sell additional interest in its natural gas midstream business for $350 million. Enbridge would sell a 12.6 percent interest in Midcoast Operating LP to partner Midcoast Energy Partners.
** AMERICAN APPAREL INC, $0.689, +7.66 pct
The clothing and accessories retailer ousted its controversial founder Dov Charney as chairman and moved to fire him as CEO and president following an ongoing investigation into alleged misconduct.
** BALLARD POWER SYSTEMS, $4.31, +3.86 pct
Ballard said it signed an agreement with China's Azure Hydrogen to provide telecom backup power systems for the Chinese market. The deal is valued at about $6 million over 2014-15. Under the terms of the agreement, Ballard will also be exclusive supplier of air-cooled fuel cell stacks and fuel processors.
** PIER 1 IMPORTS INC, $15.85, -13.20 pct
The furniture retailer cut its full-year earnings forecast to $1.14-$1.22 per share from $1.16-$1.24. Pier I reported a profit of 16 cents per share for the first quarter ended May 31. Analysts on average had expected 20 cents per share, according to Thomson Reuters I/B/E/S.
** KROGER CO, $49.97, +5.71 pct
The U.S. supermarket operator reported a better-than-expected quarterly profit, helped by acquisition of grocer Harris Teeter earlier this year. First-quarter adjusted earnings of $1.09 per share came above analysts' average estimate of $1.05, according to Thomson Reuters I/B/E/S.
** CLARCOR INC, $62.65, +6.55 pct
The air filtration system maker reported better-than-expected quarterly results on Wednesday.
Clarcor also forecast full-year adjusted earnings of $2.85-$2.95 per share and revenue of $1.49 billion-$1.54 billion. Analysts on average were expecting profit of $2.79 per share and revenue of $1.49 billion, according to Thomson Reuters I/B/E/S/.
** SEADRILL PARTNERS LL, $31.66, -3.48 pct
The offshore rig operator announced public offering of 6.1 million units for gross proceeds of about $200 million. The company, which had a market value $2.44 billion as of Wednesday close, intends to use proceeds from the offering for acquisitions, repayment of debt and working capital.
** GILDAN ACTIVEWEAR, $57.51, +3.51 pct
The Canadian clothing maker said it will buy Doris Inc, maker of branded ladies hosiery, for about C$110 million ($101 million). Deal expected to add to Gildan's earnings in fiscal 2015. Shares hit a life high.
** CLECO CORP, $56.06, +6.11 pct
The utility retained Goldman, Sachs & Co to advise on a sale, thedeal.com reported, citing two sources familiar with the matter. The company received an unsolicited bid from Canadian infrastructure group Borealis Infrastructure, the website said. Cleco is seeking $61-$62 per share, taking the value of a deal to more than $5 billion including debt. (bit.ly/1lJssND)
** ELDORADO GOLD CORP, $6.98, +6.73 pct
** IAMGOLD CORP, $4.155, +2.59 pct
** GOLDCORP INC, $27.26, +4.44 pct
Gold prices gain as dollar falls after Fed said it remained committed to accommodative measures and low interest rates. Spot gold rose as much as 1.3 percent to four-week high of $1,295.50 an ounce.
** CHEMICAL FINANCIAL CORP, $28.3, -4.94 pct
The lender priced its offering of 2.5 million shares at $28 per share, a discount of 6 percent to its Wednesday's close.
** RED HAT INC, $54.66, +2.94 pct
The world's largest commercial distributor of Linux operating system raised full-year adjusted profit and revenue forecast as it benefitted from higher enterprise demand for its software used in data-centers.
Susquehanna Financial Group raised its price target to $57 from $54, saying it expects the company to benefit from newer products and the acquisition of cloud computing company eNovance.
** NVIDIA CORP, $19.06, -2.71 pct
Bank of America Merrill Lynch cut its rating on the chipmaker's stock to "underperform" from "neutral", according to theflyonthewall.com.
** RITE AID CORP, $7.2, -3.23 pct
The drug store operator forecast sales of $26 billion-$26.5 billion for year ending March 1. Analysts on average were expecting $26.19 billion, according to Thomson Reuters I/B/E/S. (Compiled by Mridhula Raghavan, Edited by Don Sebastian)