March 3, 2015 / 3:18 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Springleaf, Oncolytics, Opower, NorthStar

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter,; for the Morning News Call newsletter, U.S. stocks opened lower on Tuesday, with the Dow and S&P 500 pulling back from record highs a day after the Nasdaq topped 5,000 for the first time in 15 years. The Dow Jones industrial average was down 0.41 percent at 18,214.52 and the S&P 500 was down 0.48 percent at 2,107.21.


The oilfield service provider reported a fourth-quarter profit, compared with a loss a year earlier. The company also forecast 2015 revenue much higher than analysts’ average estimate.


The REIT prices a public offering of 60 million shares at $18.65 per share. The offering represents about 20 percent of the company’s total outstanding shares as of March 2.

** OCWEN FINANCIAL CORP, $8.89, +4.10 pct

The mortgage servicer says it will sell residential mortgage servicing rights on $45 billion of Fannie Mae loans to an undisclosed buyer.

** ONCOLYTICS BIOTECH INC, $1.25, +16.82 pct

The U.S. FDA gives the Canadian biotech company’s lead drug, Reolysin, orphan drug status to treat of a type of abdomen cancer. The drug had also been given orphan drug status for treatment of fallopian tube cancer on Monday.

** TOWER SEMICONDUCTOR LTD, $17.495, +4.20 pct

The Israeli chip manufacturer, which includes Tower Semi and its U.S. unit Jazz Semiconductor, has won a contract from Intel Corp to produce infrared sensors for Intel’s 3D cameras.

** DURECT CORP, $1.21, +17.48 pct

Cantor Fitzgerald upgraded the drugmaker’s stock to “buy” from “hold,” citing the company’s announcement to further develop a new compound to treat metabolic diseases. Development of DUR-928 could increase Durect’s attractiveness as a takeout candidate, Cantor analysts said.

** OPOWER INC, $12.75, -17.58 pct

The cloud-based software maker forecast first-quarter and full-year 2015 revenue below analysts’ expectations, saying it is taking “conservative stance” on international revenue. Opower also forecast 2015 loss bigger than analysts’ estimate.

** MANNKIND CORP, $5.795, -12.73 pct

Goldman Sachs downgraded the drugmaker’s stock to “sell” from “neutral”, citing slower-than-expected launch of its inhaled insulin device, Afrezza.

** BEST BUY CO INC, $39.06, +1.11 pct

The largest U.S. consumer electronics chain reported a better-than-expected quarterly profit, helped by improved sales of higher-margin products such as large-screen TVs and mobile phones during the holiday shopping season.

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** CITIGROUP INC, $53.7, +0.39 pct

** SPRINGLEAF HOLDINGS INC, $48.09, +26.42 pct

Citigroup said it has agreed to sell its consumer finance unit OneMain Financial Holdings Inc to subprime lender Springleaf for $4.25 billion in cash.

** SMITH & NEPHEW PLC, $35.24, -4.37 pct

Stryker Corp plans to buy back $2 bln worth of shares. Rumors that Stryker could bid soon for Smith & Nephew, frequently named as a possible takeover candidate, had surfaced earlier.

Meanwhile, Smith & Nephew agreed to buy its distributor in Colombia following similar deals in Brazil, Turkey and India.

** BARCLAYS PLC, $15.76, -1.99 pct

The British bank took a 750 million pound ($1.2 billion) charge in the fourth quarter as it prepares to settle allegations its traders manipulated foreign exchange markets, overshadowing the bank’s efforts to slash costs and boost profits.

** INTREXON CORP, $43.06, +7.06 pct

The synthetic biology products company posted a surprise fourth-quarter profit and a four-fold jump in revenue, helped partly by the recognition of some deferred collaboration revenue. Mizuho Securities USA Inc analysts raised their price target on the stock to $50 from $32.


Janney Capital Markets upgraded the hardwood flooring retailer’s stock to “buy” from “neutral”.

The stock closed down 25 percent on Monday after the CBS news program “60 Minutes” said the company’s products failed to meet safety standards, allegations the company denied.

“We believe ‘60 Minutes’ did not provide a complete picture of the issue. It didn’t highlight victims, had no feedback from regulators and relied on anonymous Chinese factory workers making accusatory statements,” Janney Capital analysts said.

** SILVER WHEATON CORP, $20.16, -4.91 pct

The Vancouver-based company said on Monday that it would pay $900 million for the right to buy an additional 25 percent of future gold production from Vale SA’s Salobo mine in Brazil, boosting its 2015 gold output to 230,000 ounces.

** DTS INC, $33.27, +10.49 pct

The audio products maker forecast 2015 revenue largely above analysts’ average estimate, citing demand from “network-connected markets, specifically connected TVs, mobile devices and Play-Fi enabled devices”.

** AUTOZONE INC, $661.6, +1.86 pct

The second-largest U.S. auto parts retailer’s second-quarter profit topped analysts’ average estimate as merchandise margins rose. Domestic same-store sales rose 3.6 percent.

** NABORS INDUSTRIES LTD, $12.63, +0.72 pct

The onshore and offshore driller swung to a quarterly loss, hurt by a fall in drilling activity amid a slump in global crude prices.

** PLUG POWER INC, $3.09, -1.28 pct

The fuel-cell maker said it is unable to file annual report on form 10-K within the prescribed time period. The company said it experienced unforeseen delays in collecting, compiling and finalizing some financial and related data.


The Israeli drug developer said results from the pre-clinical studies of experimental cell therapy PLX-R18 were positive.

** JD.COM INC, $29.11, +3.41 pct

The biggest Chinese e-commerce rival to Alibaba Group Holding Ltd posted a 73 percent rise in revenue for the three months through December, topping estimates as it expanded sales across more consumer goods categories. (Compiled by Amrutha Gayathri in Bengaluru; Edited by Maju Samuel)

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