August 8, 2014 / 1:43 PM / 4 years ago

BUZZ-U.S. Stocks on the Move-Tekmira, Zynga, CBS, NVIDIA, Solarcity

(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,; for the Morning News Call newsletter, U.S. stocks rose at the open on Friday as optimism over the Russia-Ukraine crisis offset concerns about the implications of U.S. air strikes on Iraq. The Dow Jones industrial average was up 0.03 percent at 16,372.38, the S&P 500 was up 0.06 percent at 1,910.73 and the Nasdaq Composite was up 0.01 percent at 4,334.98.


The biotechnology company said on Thursday that the U.S. Food and Drug Administration had modified its clinical hold status on its experimental Ebola treatment to enable its potential use in humans infected with the virus.

** ZYNGA INC, $2.83, -3.08 pct

At least eight brokerages cut their price targets on the mobile gaming company’s stock by as much as $2 to low of $2.83 on Thursday, after the company reported unexpectedly weaker second-quarter bookings and slashed its 2014 forecast after saying it had delayed several games including a revamped version of “Zynga Poker”.


The drugmaker reported a net loss of 6 cents per share in the second quarter, smaller than the average analyst estimate of 9 cents. Roth Capital Partners analysts say they expect revenue streams from its cancer drugs, Beleodaq and CE-Melphalan, to strengthen Spectrum’s business model.

** NVIDIA CORP, $18.489, +5.89 pct

At least seven brokerages raised their price targets on the graphic chipmaker’s stock after the company forecast current-quarter revenue above analysts’ average estimates, as it benefits from higher demand for PCs from businesses looking to replace older computers.

** SOLARCITY CORP, $77.1301, +1.98 pct

The solar company reported a smaller-than-expected quarterly loss, citing “unprecedented demand”. The company, backed by Tesla Motors Inc founder Elon Musk, said it added more than 30,000 customers in the second quarter ended June 30, compared with 8,559 a year earlier.

** ASSURED GUARANTY LTD, $23.03, +4.82 pct

The bond insurer reported better-than-expected results in the second quarter helped by change in value of certain derivatives.

** MEDIFAST INC, $26.62, -8.21 pct

The provider of weight-loss products and services trimmed its forecast for full-year profit and revenue and reported weaker-than-expected second-quarter sales as direct channel sales fell 12 percent.

** MEDIVATION INC, $79.75, +5.95 pct

The drugmaker raised its full-year U.S. sales forecast for its prostate cancer drug, Xtandi, due to strong demand. At least four brokerages raised their price targets on the stock.

** HIBBETT SPORTS INC, $45.44, -9.25 pct

The sports goods retailer cut its full-year profit forecast to $2.63-$2.73 per share from $2.78-$2.98. Suntrust Robinson Humphrey cut its price target on the stock to $60 from $70, while Canaccord Genuity cut it to $47 from $50.

** LULULEMON ATHLETICA INC, $39.53, +1.28 pct

The athletic wear retailer’s founder Chip Wilson will sell half of his 27 percent stake in the company to PE firm Advent International for $845 million. The sale is part of the deal in which Wilson agreed not to wage a proxy contest until after the annual shareholder meeting in 2016.

** GAP INC, $42.23, +5.05 pct

The apparel retailer estimated second-quarter adjusted earnings between 68 cents and 69 cents per share. Analysts on average expected a profit of 66 cents per share.

** ARISTA NETWORKS INC, $76.732, +6.25 pct

The network switch maker reported a better-than-expected adjusted profit in the second quarter and forecast third quarter revenue of $142-$150 million, above the average estimate of $134 million.

** POST HOLDINGS INC, $35.03, -21.30 pct

The packaged food maker reported an adjusted loss of 30 cents per share for the third quarter, while analysts had expected a profit of 27 cents. The company also forecast a full-year profit before interest, taxes, depreciation and amortization of $260 million-$270 million, short of analysts’ expectations of $390 million.

** SALIX PHARMACEUTICALS LTD, $127.8663, -4.26 pct

The drug company forecast lower-than-expected third-quarter revenue. The company also reported second-quarter results that missed the average analyst estimate.

** RUBICON TECHNOLOGY INC, $6, -19.89 pct

The company, which makes sapphire-based components used in electronic devices, forecast a third-quarter adjusted loss of 39-44 cents per share on revenue of $8-$12 million. Analysts on average estimated a loss of 27 cents per share on revenue of $16.4 million.

** MERCADOLIBRE INC, $107.0639, +15.82 pct

The Argentina-based online retailer reported better-than-expected adjusted profit and revenue for the second quarter. Gross merchandise volume rose 67 percent while total payments rose 77 percent on a constant currency basis.

** MINERVA NEUROSCIENCES INC, $6.319, -9.73 pct

The drug developer reported a net loss of $19.4 million, or $2.55 per share in the second quarter, compared with loss of $400,000, or 10 cents per share, a year earlier.

** INSULET CORP, $33.91, -5.39 pct

The medical device maker cut its full-year revenue forecast, citing changes in a payer’s general pump reimbursement policies that is delaying new patient starts.

** CBS CORP, $58.81, +3.36 pct

The TV network owner doubled its share buyback program to $6 billion and hiked its quarterly dividend to 15 cents per share from 12 cents. (Compiled by Anannya Pramanick in Bangalore; Editing by Simon Jennings)

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