March 10, 2015 / 6:25 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-IDT, Phoenix New Media, NN, Akorn

(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 fell 1 percent on Tuesday, with major indexes dropping in a broad decline and turning negative for the year amid continued strength in the U.S. dollar. The Dow Jones industrial average was down 1.52 percent at 17,721.5 and the S&P 500 was down 1.37 percent at 2,051.

** URBAN OUTFITTERS INC, $43.8, +10.86 pct

The apparel retailer reported a better-than-expected quarterly profit as comparable sales rose for the first time in a year, helped by a recovery at the company’s namesake brand and strong demand for its Free People line of clothes.

At least 14 brokerages, including Barclays, Credit Suisse, raised their price targets to as much as $49.

Janney Capital Markets analysts raised their rating to “buy”.

** BARNES & NOBLE INC, $22.66, -8.85 pct

The bookstore chain operator reported a third-quarter profit below analysts’ estimates as it paid more tax and invested in the college books business ahead of ITS planned spinoff.

** NN INC, $19.61, -26.86 pct

The metal bearing components maker’s fourth-quarter revenue and profit missed estimates as SG&A expenses rose 80 percent.

** IDT CORP, $16.36, -20.93 pct

The telecoms company reported lower-than-expected second-quarter profit and revenue, hurt by weak demand for its core telecom services.


The hardwood flooring retailer said it would discuss product safety, its first quarter forecast and its liquidity among other issues on a March 12 investor call.

** CALLON PETROLEUM CO, $6.24, -11.36 pct

The oil and gas producer’s offering of 9 million shares, or 16.2 percent of its total shares outstanding, was priced for estimated gross proceeds of $59 million. Sources said sole underwriter for the offering reoffered shares in a range of $6.48-$6.62, a 6-8 percent discount to the stock’s Monday close.

** US AUTO PARTS NETWORK INC, $2.7144, -8.91 pct

The online provider of automotive parts posted a bigger fourth-quarter loss as a 22 percent rise in cost of goods sold negated an 18 percent rise in sales.

** REGIONAL MANAGEMENT CORP, $14.8, -8.42 pct

BMO Capital Markets cut its price target on the stock of the specialty consumer finance company to $17 from $19. The company reported a lower-than-expected fourth quarter profit, hurt by higher expenses.

** PRIMO WATER CORP, $4.31, +5.90 pct

The provider of purified bottled water raised its full-year sales forecast on Monday and reported fourth-quarter sales above analysts’ average estimate. B. Riley & Co raised its price target on the stock to $7 from $6,

** MITCHAM INDUSTRIES INC, $5.29, -12.85 pct

The seismic data equipment maker estimated a fourth-quarter pretax loss of $10 million-$12 million as oil and gas customers canceled projects due to lower oil prices; analysts on average had expected a profit of $1.18 million.

** CITIGROUP INC, $51.61, -2.53 pct

** JPMORGAN CHASE & CO, $60.25, -2.03 pct

** GOLDMAN SACHS GROUP INC, $183.72, -2.24 pct

** BANK OF AMERICA CORP, $15.85, -1.98 pct

** MORGAN STANLEY, $34.98, -1.93 pct

Every stock in the Dow Jones U.S. bank index were in the red, with Citi the biggest drag and the biggest loser. The Citi stock, down for a fifth straight session, is one of the most active with 1.9 million shares traded.

** AKORN INC, $45.685, -11.87 pct

Jefferies & Co analysts cut its price target on the drugmaker’s stock to $56 from $59; Sterne Agee & Leach analysts cut to $51. Actavis Plc on Monday launched generic version of Temovate, a competitor to Akorn’s clobetasol cream used to treat skin infections.


The drug developer priced its public follow-on offering at $40, below its marketed range. Sources said the bookrunner had marketed shares in the range of $40.50-$41.50, versus Monday’s $42.31 close.

** WESTPORT INNOVATIONS INC, $4.86, -14.44 pct

The Canadian auto parts supplier’s stock is the biggest percentage loser on Dow Jones Global Industrials Index .

At least four brokerages cut their price targets by as much as $3 to as low as $5 after the company reported a 48 percent fall in fourth-quarter revenue late on Monday.

** CTI BIOPHARMA CORP, $2.73, -3.19 pct

The drugmaker said experimental drug pacritinib reduced spleen size by 35 percent in blood cancer patients. Analysts from H.C. Wainwright & Co, Leerink Swann, UBS Investment Research and Wells Fargo Securities say pacritinib would not directly threaten Incyte Corp’s Jakafi - the only FDA-approved treatment for myelofibrosis.

** XO GROUP INC, $16.51, +7.00 pct

The media company, which operates websites such as and, reported a surprise profit and better-than-expected revenue, helped by an increase in advertising revenue. Stifel Nicolaus & Co raised its rating to “buy” from “hold”.


** MAXIMUS INC, $61.96, -0.03 pct

Republic Airways will replace Maximus in the S&P SmallCap 600 after market close on Wednesday. Republic Airways also said Chief Operating Officer Wayne Heller will retire on Friday.

** PHOENIX NEW MEDIA LTD, $6.36, -11.79 pct

The Chinese digital content provider’s fourth-quarter revenue missed estimates by biggest margin in about eight quarters. Macquarie cut target price by $2 to $13, which compares with the median target of $12, according to Thomson Reuters data.

** IMPERVA INC, $41.01, -9.75 pct

The data security service provider filed for a follow-on offering of 3 million shares, or about 10 percent of total outstanding shares. This is Imperva’s first follow-on offering since it went public in 2011.

** ZIOPHARM ONCOLOGY INC, $13.55, -2.59 pct

Analysts at Mizuho Securities USA downgraded the cancer drug developer’s stock to “neutral” from “buy” on valuation.

** ROSETTA RESOURCES INC, $16.96, -5.57 pct

The oil and gas producer said it was offering 12 million shares, about 19.5 percent of its total outstanding shares. Analysts at Credit Suisse cut their price target to $24 from $40.


The for-profit education provider said it expects a 2015 loss of 32-47 cents per share, compared with analysts’ average estimate of 14 cents, according to Thomson Reuters I/B/E/S. Fourth-quarter revenue fell 2.3 percent to $85.4 million, hurt by a 3 percent decline in average student population and an increase in scholarships.

** CNH INDUSTRIAL NV, $7.6, -4.40 pct

** TITAN MACHINERY INC, $11.8, -15.95 pct

Jefferies & Co said agricultural equipment dealers in North America face a challenging 2015. Titan Machinery, which sells CNHI’s equipment, said it reduced equipment inventory by about $168 million in the financial year ended Jan. 31 as demand in its agricultural unit continued to be affected.

Titan estimated fourth-quarter revenue below market estimates as lower corn prices and weak farm income weighed on demand for agricultural machinery.

** ESCALERA RESOURCES CO, $0.4882, -2.38 pct

The oil and gas company on Monday suspended dividend for the quarter ending March 31 on 9.25 percent series A cumulative preferred stock to preserve cash.

** UNITED NATURAL FOODS INC, $75.99, -6.74 pct

The food products distributor lowered its forecast for profit and the top end of sales for the full year on continued decline in Canadian dollar. Canaccord Genuity cut its price target on the stock to $85 from $89, while Oppenheimer & Co cut to $90 from $95.


The company said it would offer 6 million common units, or 8.6 percent of its total outstanding shares, at $26.75 each, a 3.9 percent discount to Monday’s close.

** APPLE INC, $125.0728, -1.63 pct

Apple launched its long-awaited watch on Monday, including yellow or rose gold models with sapphire faces costing up to $17,000, but some investors questioned whether Chief Executive Tim Cook’s first product would be a breakaway hit.

** GLADSTONE INVESTMENT CORP, $7.3529, -3.25 pct

The investment management company plans to sell 3 million shares of common stock. The offering represents 11.3 percent of total outstanding shares, as of March 9.

** CREDIT SUISSE GROUP AG, $25.1, +6.63 pct

Credit Suisse has swooped on Prudential boss Tidjane Thiam to replace chief executive Brady Dougan - seen to have failed in reforming the Swiss bank fast enough - in order to push into wealth management of a growing multi-millionaires club in Asia. (Compiled by Rohit T.K. in Bengaluru; Edited by Maju Samuel)

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