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* The Morning News Call newsletter: tmsnrt.rs/2fwPLTh U.S. stocks dipped late on Thursday morning due to losses in banks and health stocks, reversing course after earlier inching up enough to notch record intraday highs for the sixth straight session.
The Dow Jones Industrial Average was down 0.10 percent at 20,591.48, the S&P 500 was down 0.25 percent at 2,343.32 and the Nasdaq Composite was down 0.28 percent at 5,803.077.
** KRAFT HEINZ CO, down 4.5 pct at $87.04, volume 2.6x their 10-day moving average
Recent capital raise by Kraft Heinz investor 3G Capital will not be used to roll into next Kraft deal, but to pursue new, unspecified vertical” a CNBC reporter tweeted, contrasting with November report from Brazil that said the raise was to fund a Kraft deal.
** WENDY’S CO, down 3.2 pct at $13.88, volume 1.9x their 10-day moving average
The U.S. burger chain cut its forecast for sales at established restaurants this year, as a drop in prices of cereals, bakery products and meat has made it more attractive to eat at home.
** REGENERON PHARMACEUTICALS, down 3.6 pct at $370.17, volume 0.8x their 10-day moving average
Goldman Sachs cut its rating on the drugmaker’s stock to “neutral” from “buy” and removed the company from its Americas buy list, citing several potential scenarios for biopharma stocks, including rolling Medicare Part B into Part D, with Regeneron highly exposed to Part B.
** NETEASE INC, up 12.1 pct at $293.45, volume 2.0x their 10-day moving average
The Chinese internet company reported better-than-expected fourth-quarter revenue, helped by growth in its mobile gaming business, prompting two brokerages to raise their PT on the stock.
** PRIMERO MINING, down 12.9 pct at $0.77, volume 1.9x their 10-day moving average
The Canadian gold miner said 1,000 unionized employees went on strike at a Mexico mine, and delayed releasing 2017 production and cost forecasts, saying the strike’s duration could hit output.
** AVON PRODUCTS INC, down 18.9 pct at $4.76, volume 4.0x their 10-day moving average
The maker of Skin-So-Soft and Avon Naturals cosmetics brands reported fourth-quarter revenue and profit that missed estimates as demand slipped in all but one of its markets.
** DEAN FOODS CO, down 7.6 pct at $18.91, volume 2.5x their 10-day moving average
The largest U.S. dairy processor forecast first-quarter profit well below analysts’ estimates due to weak demand for milk and higher investments in a recently announced joint venture to expand its organic milk business.
** KATE SPADE & CO, up 11.4 pct at $21.92, volume 2.6x their 10-day moving average
The handbag and accessories maker said it would explore strategic alternatives, bowing to pressure from U.S. hedge fund Caerus Investors, sending the company’s shares up nearly 12 percent in morning trading on Thursday.
** SYNOPSYS INC, up 9.1 pct at $72.31, volume 1.2x their 10-day moving average
The company’s first-quarter revenue and profit beat estimates, driven by early closing of hardware and IP deliverables. The company also boosted its second quarter and fiscal year 2017 guidance above consensus estimates.
** CENOVUS ENERGY INC, up 2.3 pct at $14.04, volume 1.2x their 10-day moving average
Canadian oil and gas producer Cenovus Energy Inc reported a surprise quarterly profit as production rose and costs fell.
** HHGREGG INC, up 9.3 pct at $0.47, volume 0.7x their 10-day moving average
The appliance retailer said it had hired Stifel Financial Corp to advise it on strategic and financial transactions, as the company struggles with sales declines.
** CISCO SYSTEMS INC, up 3.0 pct at $33.79, volume 1.1x their 10-day moving average
The network gear maker reported higher-than-expected quarterly revenue and profit, helped mainly by strong demand for its security products.
** CONFORMIS INC, down 32.9 pct at $5.74, volume 12.3x their 10-day moving average
The medical device maker forecast 2017 revenue below estimates, hurt by changes in reimbursements of partial knee replacement procedures in Germany, prompting B. Riley to cut its target price on the stock.
** MOLINA HEALTHCARE INC, down 18.1 pct at $49.04, volume 10.1x their 10-day moving average
The Medicaid-focused health insurer reported a fourth-quarter loss and forecast 2017 profit far below Wall Street estimates, blaming Obamacare for its disappointing financial performance.
** TRIPADVISOR INC, down 9.6 pct at $47.64, volume 3.3x their 10-day moving average
The travel review website reported lower-than-expected quarterly revenue, hurt by a fall in display advertisements on its websites and a drop in subscription revenue.
** ON DECK CAPITAL INC, down 15.5 pct at $4.75, volume 5.0x their 10-day moving average
The marketplace lender reported a bigger loss for the fifth straight quarter and said it would reduce headcount by 11 percent.
** CONOCOPHILLIPS, down 1.1 pct at $48.81, volume 0.4x their 10-day moving average
The biggest U.S. independent oil producer has decided to sell several of its Canadian conventional natural gas assets in a deal that could fetch as much as $2 billion, people familiar with the matter told Reuters.
** CRYOLIFE INC, down 18.4 pct at $15.95, volume 9.8x their 10-day moving average
The medical device maker forecast 2017 revenue and profit that was below analysts’ average estimate.
** TIVO CORP, up 11.5 pct at $21.30, volume 2.1x their 10-day moving average
The set-top box maker reported better-than-expected fourth-quarter revenue, and upped its stock repurchase program authorization to $150 million.
** AVIS BUDGET GROUP, down 13.8 pct at $35.06, volume 3.5x their 10-day moving average
The car rental company reported a lower-than-expected fourth-quarter profit due to higher expenses and lower pricing.
** ZOETIS INC, down 4.0 pct at $52.97, volume 1.4x their 10-day moving average
The animal health company slightly reduced its 2017 guidance, citing foreign exchange rate changes; and investors may be concerned about Zoetis’ comments on a conference call about reinvesting in the business, which could potentially hurt earnings, according to Gabelli & Co.
** CASTLIGHT HEALTH INC, up 11.9 pct at $3.53, volume 2.0x their 10-day moving average
The healthcare information provider’s shares reported better-than-expected fourth quarter revenue for 8 straight quarters, helped by higher subscriptions.
** NETAPP INC, up 4.1 pct at $40.51, volume 2.0x their 10-day moving average
The data storage equipment maker’s third-quarter profit and revenue beat estimates, prompting a third of the 34 brokerages that cover it to hike their price targets.
** HORNBECK OFFSHORE SERVICES INC, down 24.2 pct at $4.89, volume 2.8x their 10-day moving average
The offshore service provider posted a bigger-than-expected fourth-quarter loss, while revenue plunged about 53 pct in the quarter, also missing estimates, hurt by weak market conditions worldwide that led to the company’s decision to stack 25 incremental vessels.
** MGM RESORTS INTERNATIONAL, down 8.4 pct at $27.13, volume 4.3x their 10-day moving average
The casino operator reported lower-than-expected fourth-quarter revenue and profit, hurt by lower convention room nights in the United States, its biggest market, due to “timing of certain conventions”.
** LABORATORY CORP OF AMERICA, up 2.2 pct at $139.34, volume 0.7x their 10-day moving average
The U.S. laboratory diagnostics company reported a higher-than-expected fourth-quarter revenue, primarily helped by acquisition of privately-held Sequenom Inc and Covance Inc.
** NGL ENERGY PARTNERS LP, down 5.0 pct at $22.95, volume 4.9x their 10-day moving average
The pipeline company said it intends to offer $450 million of senior notes, and announced the pricing of its upsized public offering of 8.8 million common units.
** CVR ENERGY INC, up 6.9 pct at $23.01, volume 1.6x their 10-day moving average
The oil refiner posted a quarterly profit, helped by higher sales in its refined products and nitrogen fertilizer businesses. (Compiled by Anya George Tharakan in Bengaluru; Editing by Savio D’Souza)