(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, here ; for the Morning News Call newsletter, here ) The S&P and the Nasdaq were slightly higher in late morning trading on Thursday as investors assessed remarks by Federal Reserve Chair Janet Yellen at a congressional testimony.
The Dow Jones Industrial Average was up 0.09 percent at 18,886.01, the S&P 500 was up 0.41 percent at 2,185.96 and the Nasdaq Composite was up 0.54 percent at 5,322.952.
** WAL-MART STORES INC, $68.56, -3.96 pct
The world’s largest retailer reported lower-than-expected quarterly sales at established U.S. stores, hurt by declining food prices and warm weather that reduced demand for winter clothes and other seasonal items.
** BEST BUY CO INC, $44.455, +9.90 pct
The No. 1 U.S. electronics retailer reported a better-than-expected rise in quarterly same-store sales, helped by higher online sales and strong demand for consumer electronics and mobile phones.
** CISCO SYSTEMS INC, $29.775, -5.69 pct
The world’s largest networking gear maker forecast an adjusted profit for the current quarter below analysts’ estimate as the company’s traditional business of switches and routers continues to struggle with sluggish demand.
** FIRST SOLAR INC, $31.6987, -3.42 pct
The largest U.S. solar equipment maker forecast 2017 sales well below analysts’ estimate, and the company said it would slash about 1,600 jobs, or 27 percent of its global workforce, as it transitions to a new product ahead of schedule.
Seven brokerages including JP Morgan, Baird, Goldman Sachs cut price target on the co’s quarterly results.
** TESORO CORP, $87.04, +1.52 pct
** WESTERN REFINING INC, $37.35, +22.46 pct
U.S. oil refiner Tesoro said it would buy Western Refining for $4.1 billion to add refineries in Texas, New Mexico and Minnesota.
** REGENERON PHARMACEUTICALS, $405, -3.59 pct
** SANOFI, $41.12, -0.12 pct
Sanofi and Regeneron said on Thursday they would continue a large clinical outcomes study with their injectable cholesterol-lowering drug Praluent.
** WELLCARE HEALTH PLANS INC, $130.5, +1.71 pct
** UNIVERSAL AMERICAN CORP, $9.94, +11.81 pct
Health insurer Wellcare said it would buy smaller rival Universal American for about $600 million to expand its Medicare Advantage presence.
** SUNPOWER CORP, $6.96, -2.79 pct
Baird cut its rating on the stock to “neutral” and price target to $7 from $12.
** FORD MOTOR CO, $11.94, -0.50 pct
Ford lowered the 2017 pretax profit forecast for its financial services arm by $300 million to about $1.5 billion, citing 27 risk factors in a securities filing.
** J.M. SMUCKER CO, $125.12, -3.72 pct
The Folgers coffee maker’s sales fell more than expected for the second quarter in a row, hurt by lower demand for Folgers coffee, Jif peanut butter and pet foods such as Kibbles ‘n Bits.
** GLOBAL SHIP LEASE INC, $2.5, +25.00 pct
** TOP SHIPS INC, $4.68, -23.15 pct
** SINO-GLOBAL SHIPPING AMERICA, $7.74, +15.01 pct
** DRYSHIPS INC,$25.7, -64.79pct
Shipping stocks reversed course from premarket gains on Thursday. The stocks have rallied sharply in the wake of U.S. presidential election, shocking industry analysts and attracting short sellers.
** TTM TECHNOLOGIES INC, $12.425, -2.24 pct
The circuit board manufacturer announced a public stock offering of 12 million shares by its largest shareholder, Su Sih (BVI) Ltd.
** NETAPP INC, $37.635, +8.36pct
The data storage equipment maker forecast current-quarter revenue and adjusted profit above estimates, driven by cost cuts and restructuring.
** D.R. HORTON INC, $28.68, +3.20pct
** LENNAR CORP, $43.17, +2.59pct
** KB HOME, $15.44, +2.66pct
Shares of U.S. homebuilders rise as U.S. housing starts surge to a more than 9-year high in October as builders ramped up construction of both single and multifamily homes.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $17.54, -1.79pct
The Canadian drugmaker’s U.S. shares fell after U.S. federal prosecutors announced charges against two executives in connection with an investigation into Valeant’s secret ties to a specialty pharmacy company.
** TALLGRASS ENERGY GP LP, $23.5747, -5.96pct
Shareholders Kelso & Co and Energy & Minerals Group sold 9 million shares, up from the planned 8 million. The shares were priced at $22.00, a 12.2 percent discount to TEGP’s close on Wednesday.
** HAIN CELESTIAL GROUP INC, $39.2461, +9.56pct
The Arrowhead Mills baking products maker completed an audit committee review, which found no evidence of intentional wrongdoing in connection with the company’s fourth-quarter financial statements.
** PLANET FITNESS INC, $23.365, -3.13pct
The fitness center operator announced a 15 million secondary share offering.
** PLUG POWER INC, $1.5775, +6.59pct
The company signed a cooperative memorandum of understanding (MOU) with Zhangjiagang Furui Special Equipment Co and a Chinese industrial vehicle manufacturer. (Compiled by Laharee Chatterjee; Editing by Maju Samuel)