(Corrects Google item to say stock surge added “nearly $60 billion” to market value, not “about $50 billion”) The Nasdaq composite index opened at a record high on Friday on strong results from Google, while Boeing kept a check on the Dow.
The Dow Jones industrial average was down 0.33 percent at 18,059.86, the S&P 500 was down 0.07 percent at 2,122.85 and the Nasdaq Composite was up 0.60 percent at 5,194.376.
** GOOGLE INC, $694.4, +15.39 pct
** GOOGLE INC, $660.9, +13.98 pct
Its shares surged as much as 14.5 percent, adding nearly $60 billion to its market value, a day after the Web search leader’s profit beat forecasts for the first time in six quarters, boosted by strong ad revenue and its new CFO said spending would be disciplined.
BREAKINGVIEWS-Google’s new CFO recalibrates investment algorithm
** GENERAL ELECTRIC CO, $27.13, +0.33 pct
The U.S. conglomerate’s quarterly industrial profit rose 5 percent, as stronger performance in its power division offset weak oil segment results, and the company raised its 2015 outlook for its industrial manufacturing businesses.
** HONEYWELL INTERNATIONAL INC, $105.32, +1.69 pct
The U.S. manufacturer of aerospace parts and climate control systems reported a better-than-expected rise in quarterly profit, helped by cost controls.
** OOMA INC, $11.35, -12.69 pct
Shares of the company, which offer cloud-based telephony and other communication services, fell as much as 14 percent in their debut. The stock opened at $12.10, below its IPO price of $13, and fell to al ow of $11.20.
** SOLARWINDS INC, $37.71, -19.85 pct
The network management software maker forecast current-quarter and full-year revenue below analysts’ average estimates.
** HERTZ GLOBAL HOLDINGS INC, $19.18, +12.89 pct
The car rental company said it filed restated financials for 2011, 2012 and 2013. It also boost its 2015 cost savings target by $300 million and reaffirmed a $1 billion share buyback plan. It expects the spin-off of Hertz Equipment Rental Corp to be completed in the second quarter.
** TROVAGENE INC, $9, -11.16 pct
The cancer monitoring device maker said an offering of 4 million shares was priced at $8.75 per share, a 13.6 percent discount to its last close.
** AXOVANT SCIENCES LTD, $19.49, +11.12 pct
JMP Securities started coverage on the biopharmaceutical company’s stock with a “market outperform” rating and price target of $36.
** INTERCLOUD SYSTEMS INC, $2.59, +25.73 pct
The telecom network service provider said it has received contracts valued at $2.3 million from existing and new clients and that the work on is expected to be completed between the third and fourth quarters.
** CONOCOPHILLIPS, $56.73, -2.11 pct
** ENSCO, $19.14, -5.81 pct
ConocoPhillips said it will reduce spending on deepwater drilling due to low crude oil prices, and also raise its dividend 1 cent. Conoco has already twice cut capital spending for 2015 in response to crude price declines of more than 50 percent.
The biggest deepwater spending cuts will come in the Gulf of Mexico, where the company said it will terminate a three-year contract for an Ensco drill ship due to be delivered late this year. Ensco said ConocoPhillips is obligated to pay it termination fees monthly for two years.
** BEST BUY CO INC, $32.89, -5.76 pct
BofA Merrill cut its rating on the consumer electronics retailer’s stock to “underperform” from “buy”.
** REDHILL BIOPHARMA LTD, $16.45, -9.57 pct
The Israeli biopharmaceutical company said its offering of 2.5 million American Depository Shares, each representing ten of its ordinary shares, was priced at $16.25 per ADS.
** NATIONAL-OILWELL VARCO INC, $42.71, -1.79 pct
UBS downgraded the oilfield equipment maker’s stock to “sell”, according to theflyonothewall.com.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $238.5, -0.15 pct
The Canadian drugmaker said it would buy Egypt’s largest drugmaker, Amoun Pharmaceutical, for about $800 million.
** NEPHROGENEX INC, $4.68, -17.89 pct
The drugmaker raised $7.5 million through an offering of 1.5 million shares and warrants to purchase up to 1.5 million shares at a combined price of $5 per share and accompanying warrant. The warrants are exercisable immediately at $6.25 per share and will expire five years from the date of issuance.
The cyber security company’s shares are expect to have a solid debut on the Nasdaq on Friday.
The company sold 6.5 million shares at $16 apiece in its initial public offering. Trading in the stock is expected to start at about 10:25 a.m. ET.
The maker of MasterCraft sport boats is expected to start trading on the Nasdaq on Friday. The company sold all the 6.1 million shares in its initial public offering at $15 per share. Trading in the stock is expected to start at about 10:50 a.m. ET. (Compiled by Anannya Pramanick in Bengaluru; Editing by Savio D’Souza)