November 4, 2014 / 2:58 PM / 4 years ago

BUZZ-U.S. Stocks on the Move-Alibaba, Dish Network, Sprint, Office Depot

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U.S. stocks opened modestly lower on Tuesday, with investors taking a pause following a rally that has taken major indexes to repeated records, while energy shares were weighed down by a sharp decline in crude oil prices. The Dow Jones industrial average was up 0.02 percent at 17,369.84, the S&P 500 was down 0.19 percent at 2,014.07 and the Nasdaq Composite was down 0.21 percent at 4,629.395.

** ALIBABA GROUP HOLDING LTD, $102.77, +0.95 pct

The Chinese e-commerce giant reported quarterly results which showed non-GAAP net income rising 15.5 percent to $1.11 billion for the July-September period, meeting forecasts for the Chinese e-commerce giant’s first quarterly report to Wall Street since its record-setting $25 billion listing.

** PRICELINE GROUP INC, $1,096.443, -8.52 pct

The online travel agency forecast fourth-quarter earnings below Wall Street’s average forecast but cited no reason.

** SPRINT CORP, $5.15, -16.94 pct

The third-largest U.S. carrier said on Monday it would fire 2,000 employees and lowered its 2014 adjusted earnings forecast as the company attempts to cut costs and turn around several quarters of losses.

** DISH NETWORK CORP, $61.97, -2.88 pct

The second-largest U.S. satellite TV company reported lower-than-expected quarterly revenue as it lost pay-TV subscribers due to increased competition.


** NAVIOS MARITIME PARTNERS LP, $16.36, -1.39 pct

Analysts at Morgan Stanley slashed their price target on Knightsbridge’s stock to $8 from $14, citing weak charter rates and cut their rating on Navios Maritime’s stock to “underweight” from “equal weight” on concerns about a dividend cut.

** MICHAEL KORS HOLDINGS LTD, $70.35, -9.80 pct

The company, known for its trendy handbags and watches, forecast third-quarter sales and profit largely below analysts’ estimates.

** ALLY FINANCIAL INC, $21.771, -2.37 pct

An existing shareholder, whose identity is not known, is selling shares of the financial services company. Morgan Stanley is marketing 10 million shares at $22.00-$22.10 per share against $22.30 per share on the last sale, according to sources. The US Treasury, which is the largest shareholder, is understood not to be the seller, according to sources.

** OFFICE DEPOT INC, $6.0033, +18.41 pct

The office supply retailer reported its first quarterly profit after three quarters of losses and raised its full-year adjusted operating income forecast.

** REGENERON PHARMACEUTICALS INC, $379.6775, -3.94 pct

The drugmaker cut the top end of its full-year sales forecast for its blockbuster eye drug and reported a lower-than-expected adjusted quarterly profit, citing higher costs.

** HERBALIFE LTD, $48.25, -13.69 pct

The maker of weight-loss and nutritional products slashed its full-year revenue and adjusted profit forecasts as it wrote down the value of its Venezuelan assets.

** SANDRIDGE ENERGY INC, $3.635, -4.59 pct

The oil and gas company said it expected a delay in filing its quarterly report as a result of a review by the SEC.

The SEC asked the company to reassess its practice of taking an annual penalty in relation to its CO2 agreement with Occidental Petroleum, Sandridge said.

** UMPQUA HOLDINGS CORP, $17, -3.41 pct

The bank holding company’s offering of 31.2 million shares was priced at $16.70 per share, a 5.1 percent discount to the stock’s Monday’s close. The offering represents about 14 percent of company’s total outstanding shares as of Sept. 30.


The hotel operator priced its secondary offering of 90 million shares at $25 each, a discount of 1 percent to the stock’s Monday close. The shares, which are being sold by Blackstone Group LP, represent about 9 percent of Hilton’s total outstanding shares as of Oct. 27.

** LEAPFROG ENTERPRISES INC, $4.66, -14.18 pct

The toy maker reported a bigger-than-expected quarterly loss, hurt partly by inventory carry-overs of tablets from the holiday season last year and a delay in its first shipments of Leap TV to the current quarter.

** RETAILMENOT INC, $14.78, -27.55 pct

The online coupon company said its chief financial officer had resigned as it forecast weak quarterly revenue and its shares sank in extended trading.

** BORDERFREE INC, $7.45, -31.27 pct

The e-commerce service provider reported an adjusted third-quarter loss of 3 cents per share on revenue of $31.3 million, missing the average analyst expectation of a loss of 1 cent per share on revenue of $31.7 million.

** JPMORGAN CHASE & CO, $59.84, -1.71 pct

The bank said the U.S. Justice Department was conducting a criminal investigation into its foreign exchange business.

** ESTEE LAUDER COS INC, $73.16, -3.69 pct

The U.S. cosmetics company reported a 24 percent fall in first-quarter profit, hurt by lower sales as some retailers advanced orders in the fourth quarter ahead of a planned technology upgrade.

** BLACKSTONE GROUP, $30.73, +1.42 pct

Singapore sovereign wealth fund GIC Pte is leading a consortium to buy U.S.-based IndCor Properties from the private equity firm in a deal valued at about $8 billion including debt, a person familiar with the matter said on Tuesday.

** BANK OF NOVA SCOTIA, $59.7, -1.37 pct

Canada’s No. 3 lender said on Tuesday it was cutting about 1,500 jobs and would take a pre-tax charge of C$451 million ($396 million) in the quarter ended Oct. 31.

** CHEGG INC, $6.1, -7.15 pct

The Internet textbook rental and student services company forecast fourth-quarter revenue below Wall Street targets.

** TEXAS ROADHOUSE INC, $30.79, +5.16 pct

The casual dining chain reported better-than-expected quarterly sales, helped by a 4.4 percent jump in traffic. The company reported total third-quarter revenue of $385.2 million, above the average analyst estimate of $375.9 million, according to Thomson Reuters I/B/E/S.

** COMMUNITY HEALTH SYSTEMS INC, $53.84, -2.87 pct

The hospital operator reported a better-than-expected quarterly profit as admissions in its hospitals soared 49 percent.

** MARATHON OIL CORP, $33.47, -3.18 pct

The U.S. oil producer said on Monday that quarterly profit fell 24 percent, as a slide in the price of crude offset higher oil and natural gas production from shale wells. (Compiled by Avik Das in Bangalore; Editing by Simon Jennings)

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