March 3, 2015 / 4:36 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Primoris, McDermott, Springleaf, Finjan

(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 edged lower shortly after the open on Tuesday in the wake of the latest records for the Dow and S&P and the Nasdaq scaling the 5,000 mark for the first time in 15 years. The Dow Jones industrial average was down 0.71 percent at 18,158.2 and the S&P 500 was down 0.76 percent at 2,101.39.

** MCDERMOTT INTERNATIONAL INC, $3.275, +25.48 pct

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.

** NUTRISYSTEM INC, $19.47, +13.53 pct

The weight-loss products and services company reported better-than-expected fourth-quarter profit and revenue on Monday as it added more customers.

** PRIMORIS SERVICES CORP, $17.6, -16.55 pct

The construction services company reported fourth-quarter profit and revenue well below analysts’ average estimate, primarily due to weakness in its west construction business.

** AKORN INC, $49.32, -8.17 pct

The opthalmic drugmaker sought to extend the deadline for annual 10-K report, citing “unforeseen delays”.

** OCWEN FINANCIAL CORP, $8.86, +3.75 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, $1.1615, +8.55 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, $17.89, +6.55 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, $1.2, +16.50 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, $12.56, -18.81 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, $5.989, -9.80 pct

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

** TARENA INTERNATIONAL INC, $10.34, -10.17 pct

The Chinese IT education provider forecast first-quarter revenue to be between $27.8-$28.8 million, lower than the average analyst estimate of $34.8 million.

** BEST BUY CO INC, $38.883, +0.65 pct

The largest U.S. consumer electronics chain reported higher-than-expected quarterly earnings on a strong holiday season and said it would buy back stock for the first time since 2012.

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** CITIGROUP INC, $53.8, +0.58 pct

** SPRINGLEAF HOLDINGS INC, $48.01, +26.21 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, $34.85, -5.43 pct

Plans by Stryker Corp to launch a new $2 billion share buyback programme punctured hopes the U.S. surgical implant firm would bid for rival Smith & Nephew.

** AK STEEL HOLDING CORP, $4.14, -4.17 pct

Nomura Equity Research cut its rating on the steel maker’s stock to “neutral” from “buy”. “We believe the U.S. will be unable to maintain strong price premiums to the global market owing to unfavorable cost shifts,” Nomura analysts wrote in a note.

** BARCLAYS PLC, $15.7, -2.36 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.

** ALIBABA GROUP HOLDING LTD, $81.5, -2.98 pct

A slew of brokers cutting their price targets following the company’s January earnings report have kept the pressure on the stock. The company has seen almost $100 billion in market-cap wiped off since the shares hit a peak in November. It is now valued at just over $200 billion.

** ARENA PHARMACEUTICALS INC, $4.0601, -5.14 pct

The drugmaker’s fourth-quarter loss exceeds average analysts’ average estimate as operating expenses jumped 38 percent.

** INTREXON CORP, $43.35, +7.78 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.

** FORD MOTOR CO, $16.12, -2.72 pct

For the second year in a row, ferocious winter weather slowed U.S. vehicle sales in February. Ford’s sales dropped 2 percent to 180,383. Analysts expected 194,872.

** MICRON TECHNOLOGY INC, $30.065, -3.76 pct

Nomura Securities cut its price target on the chipmaker’s stock to $30 from $40 and downgraded to “neutral” from “buy”.

** FINJAN HOLDINGS INC, $2.8, +9.38 pct

The cybersecurity software provider said all its five patent infringement claims were upheld by the District Court for the Northern District of California in a Markman hearing.

** SILVER WHEATON CORP, $20.09, -5.24 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, $33.69, +11.89 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”.

** NABORS INDUSTRIES LTD, $12.82, +2.23 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.

** PLURISTEM THERAPEUTICS INC, $3.1099, +2.64 pct

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

** JD.COM INC, $28.95, +2.84 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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