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U.S. stocks were little changed on Friday, with indexes on track for their biggest weekly drop in months, as an early ream of corporate earnings wasn’t enough to entice buyers even after a string of market losses. The Dow Jones industrial average was down 0.13 percent at 16,893.01 and the S&P 500 was down 0.06 percent at 1,963.44.
** MGIC INVESTMENT CORP, $8.06, -12.77 pct
** RADIAN GROUP INC, $13.81, -5.09 pct
** GENWORTH FINANCIAL INC, $16.34, -4.22 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, $26, -10.53 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, $61.38, -1.41 pct
** LORILLARD INC, $66.25, +5.01 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.
** 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.
** URS CORP, $52.75, +3.57 pct
The engineering and construction services company has recently held talks with industry rivals and buyout firms about a potential sale of the company, people familiar with the matter said. The company has a market value of about $3.5 billion.
** INTERCLOUD SYSTEMS INC, $6.74, +20.36 pct
The company, which provides engineering and maintenance services to telecom companies, said it got $3.1 million orders from existing clients.
** KEYW HOLDING CORP, $12.72, +5.12 pct
The cyber-security product maker said it is working with Oracle Corp to develop advanced applications for the U.S. government.
Keyw counts various U.S. government agencies as clients.
** KOFAX LTD, $7.5501, -6.56 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, $9.739, +4.83 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, $27.24, -5.52 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.
** FIFTH STREET FINANCE CORP, $9.74, -2.76 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, $342.38, +4.41 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.
** FASTENAL CO, $45.73, -5.04 pct
The industrial distributor reported second-quarter revenue that was below expectations. (Compiled by Avik Das in Bangalore; Edited by Maju Samuel)