June 27, 2014 / 3:48 PM / 4 years ago

BUZZ-U.S. Stocks on the Move-Michaels Cos, Glu Mobile, NextEra, GoPro

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U.S. stocks fell slightly on Friday as investors found few reasons to keep buying as economic data painted a mixed picture of economic growth, though equities continued to be viewed as a better deal than other assets. The Dow Jones industrial average was down 0.16 percent at 16,819.23, the S&P 500 was down 0.03 percent at 1,956.63 and the Nasdaq Composite was down 3.73 points, or 0.09 percent, at 4,375.32.

** MICHAELS COS INC, $17.01, +0.06 pct

Shares of the biggest U.S. arts and crafts retailer fell as much as 2.1 percent in their return to the market, valuing the company at about $3.4 billion. The company raised $472.6 million after its offering of 27.8 million shares was priced at the low end of the expected range.

** NEXTERA ENERGY PARTNERS LP, $31.6, +26.40 pct

Shares of the limited partnership, a unit of NextEra Energy Inc, rose as much as 32.8 percent in debut to a high of $33.20, valuing company at about $3.09 billion. The offering of 16.3 million common units priced at $25 each, the higher end of an expected price range, raised about $407.5 million.

** GLU MOBILE INC, $4.72, +6.07 pct

Brokerage Benchmark Co raised the rating on the mobile game maker’s stock to “buy” from “hold” and price target to $5.60 from $4.62. Glu Mobile is expected to benefit from continued success of its recent game launches and a growing mobile gaming market, analyst Mike Hickey said.

** GOPRO INC, $38.9, +24.12 pct

The action camera-maker’s shares were among the top gainers on the Nasdaq, a day after the company’s blockbuster debut. The shares jumped as much as 38 percent in on Thursday and closed with a 31 percent gain.


The international shipping agency and logistic services provider priced its offering of 572,000 shares at $1.76 each. The company had 4.7 million outstanding shares as of May 13. The offering at a discount of 20 percent to the stock’s Thursday closing on the Nasdaq.

** ELDORADO GOLD CORP, $7.57, +6.17 pct

The Canadian miner’s flagship Kisladag gold mine in Turkey received approval from the government to expand the open pit mine throughput to a maximum of 35 million tonnes per annum from the current 12.5 million tonnes.

** IPC THE HOSPITALIST CO INC, $44.2875, +7.78 pct

RBC Capital Markets raised the in-patient care provider’s stock to “outperform” from “sector perform,” saying analysts see potential for growth through acquisitions.

** DOLLAR GENERAL CORP, $57.37, -6.99 pct

** FAMILY DOLLAR STORES INC, $66.2, -2.65 pct

Discount retailer Dollar General’s CEO Rick Dreiling will retire effective May 30, 2015, or upon appointment of a successor, the company said.

Under Dreiling’s leadership, the company’s sales had increased more than 80 percent to $17.5 billion in 2013.

** PROFIRE ENERGY INC, $4.36, -10.10 pct

The combustion management technology developer priced its public offering of 6 million shares at $4 each, a discount of 17.5 pct to the stock’s Thursday close. The offering represents about 12.5 percent of outstanding shares, according to Thomson Reuters data.

** TASEKO MINES LTD, $2.47, +7.39 pct

A Supreme Court of Canada ruling confirmed that the Canadian miner’s New Prosperity Gold-Copper project is located in an area where aboriginal title does not exist.

The court said on Thursday aboriginals in British Columbia can stake a broad claim to traditional territories.

** ISIS PHARMACEUTICALS INC, $35.152, -3.38 pct

An article on investment website seekingalpha.com raised questions about the "long-term tolerability" of the company's cholesterol drug, Kynamro.(bit.ly/1pTwTMa)

FDA approved the drug last year as a treatment for a rare genetic disorder that causes high levels of bad cholesterol.

** KEURIG GREEN MOUNTAIN INC, $125.91, +4.59 pct

Argus Research Co raised the rating on the K-cup coffee pod maker’s stock to “buy” from “hold”, according to Theflyonthewall.com. Keurig said last week it would create 550 new jobs and invest $337 million toward its first-ever cold pod manufacturing facility in Georgia.

** PROGRESS SOFTWARE CORP, $23.945, +7.67 pct

The enterprise software maker reported better-than-expected second quarter results.

Brokerage Wedbush raised target price on the company’s stock to $23 from $22.

** NIKE INC, $78.17, +1.70 pct

The world’s largest sportswear maker reported better-than-expected quarterly results, as demand for its apparel and footwear rose in North America and Western Europe after the company spent heavily on marketing ahead of the 2014 soccer World Cup.

At least four brokerages raised their price target on the company’s stock.

** DUPONT, $64.8, -4.28 pct

The chemicals maker cut its operating profit forecast for the second quarter and the full year, saying sales in its agriculture and performance chemicals units increased at a slower pace than it had expected.

** MANITOWOC CO INC, $32.26, +8.58 pct

** TEREX CORP, $40.82, +2.18 pct

Activist investment firm Relational Investors LLC disclosed an 8.5 percent stake in crane and food equipment maker Manitowoc and said that a spin off of the food business from the crane business would maximize shareholder value. (1.usa.gov/1pF5bR2)

At least two brokerages raised the price target on the company’s stock.

Rival Terex’s stock was also up on the news.

** RETROPHIN INC, $11.065, -6.31 pct

The pharmaceutical company said a patient dosed with its experimental neurological disorder drug was temporarily taken off the treatment after an elevation in liver enzyme levels. Elevated liver enzyme levels may indicate inflammation or damage to cells in the liver.

** IGI LABORATORIES INC, $5.13, -3.39 pct

The generic drug maker priced its common stock offering of 4.7 million shares, representing 10 percent of total outstanding shares, at $5 per share. The offer price was at a discount of 6 percent to the stock’s Thursday closing.

** AWARE INC, $6.5603, +15.50 pct

The imaging software maker declared special cash dividend of $1.75 per share, totaling about $40 million.

** AMEDISYS INC, $15.99, +18.88 pct

The home health and hospice company’s second-quarter forecast topped analysts’ average estimate. The company said it expects revenue of $300-$305 million and adjusted earnings from continuing operations of 15-20 cents per share.

** ENCANA CORP, $23.7, -0.88 pct

** APOLLO GLOBAL MANAGEMENT LLC, $27.37, +1.56 pct

Canada’s largest natural gas producer said it would sell its Bighorn gas properties in Alberta to Apollo for about C$2 billion ($1.9 billion). The deal includes about 360,000 net acres comprising Encana’s working interests in all pipelines and facilities as well as service arrangements. (Compiled by Amrutha Gayathri in Bangalore; Editing by Joyjeet Das)

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