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U.S. stocks opened flat on Friday after notching three declines in the prior four sessions, with the S&P 500 on track for its worst week since April. The Dow Jones industrial average was down 0.22 percent at 16,878.01 and the S&P 500 was down 0.15 percent at 1,961.69.
** MGIC INVESTMENT CORP, $8.1, -12.34 pct
** RADIAN GROUP INC, $13.845, -4.85 pct
** GENWORTH FINANCIAL INC, $16.15, -5.33 pct
Federal Housing Finance Agency (FHFA) asked for public comment on proposals to tighten requirement for private insurers that do business with government-controlled mortgage finance firms Fannie Mae and Freddie Mac.
The FHFA said that the proposed rules will help ensure “approved insurers have a sufficient level of liquid assets from which to pay claims”.
** RENT-A-CENTER INC, $25.405, -12.58 pct
The rent-to-own home furniture retailer’s estimated second quarter revenue and profit below analysts’ expectations on Thursday
“Macro-economic pressures continue to burden our financially constrained customers contributing to softer than expected demand in our U.S. business segments,” CEO Robert Davis said.
** REYNOLDS AMERICAN INC, $61.77, -0.79 pct
** LORILLARD INC, $65.93, +4.50 pct
The U.S cigarette makers are in talks on a possible multi-billion dollar disposal to Britain’s Imperial Tobacco Group Plc, as part of efforts to ease antitrust concerns over their planned merger.
** WELLS FARGO & CO, $51, -1.56 pct
The largest U.S. mortgage lender said income from mortgage banking fell 39 percent to $1.7 billion in the second quarter, from a year earlier. Revenue slipped to $21.1 billion from $21.4 billion.
** JOE’S JEANS INC, $1.23, +19.42 pct
The jeans maker reported a 56 percent jump in second-quarter net sales and said it expects better results in second half of the year, helped by higher same-store sales at retail outlets.
B. Riley raised its rating on the stock to “buy” and price target to $1.70 from $1.30.
** KOFAX LTD, $7.34, -9.16 pct
The customer management software maker estimated revenue of $287.5 million to $290.5 million for year ended June 30, below the average analyst estimate of $297 million, according to Thomson Reuters I/B/E/S.
** HALOZYME THERAPEUTICS INC, $9.805, +5.54 pct
J.P. Morgan started coverage of the biotechnology company’s stock with an “overweight” rating.
Halozyme has a validated technological platform, diverse pipeline and an attractive mix of partnered and proprietary assets, J.P. Morgan analysts said.
** FINISH LINE INC, $27.45, -4.79 pct
Brokerage Sterne Agee cut its rating on the footwear retailer’s shares to “neutral” from “buy,” according to the theflyonthewall.com
** NORDION INC, $12.94, +3.94 pct
The Canadian supplier of medical isotopes said it had cleared a U.S. antitrust hurdle, paving the way for the company to be acquired by Sterigenics.
** WHIRLPOOL CORP, $142.34, +2.25 pct
The world’s largest maker of home appliances said it will buy 66.8 percent of voting stock of Italian white goods maker Indesit Company SpA for about 758 million euros ($1.03 billion) to spur its growth in Europe.
** FIFTH STREET FINANCE CORP, $9.64, -3.76 pct
The specialty finance company priced its offering of 13.3 million common shares at $9.95 per share, which was below its Thursday close. The offer represented about 9.6 percent of its total shares outstanding as of May 7.
** AMAZON.COM INC, $340.42, +3.81 pct
The company is seeking permission from U.S. regulators to test its delivery drones near Seattle, as part of a rapid expansion of a program that has sparked widespread debate over the safety and privacy implications of drone technology.
** CHESAPEAKE ENERGY CORP, $28.57, -1.55 pct
A judge in Michigan has ruled that the energy company must face a criminal trial on a charge of bid-rigging with competitor Encana Corp at a 2010 state land lease auction, citing evidence of a conspiracy between the companies that drove state lease prices down sharply.
** FASTENAL CO, $45.88, -4.72 pct
The industrial distributor reported second-quarter revenue that was below expectations.
** WESTMORELAND COAL CO, $38.01, +2.73 pct
The company said a public offering of 1.5 million shares was priced at $35.50 each. (Compiled by Avik Das in Bangalore; Edited by Maju Samuel)