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* The Morning News Call newsletter: tmsnrt.rs/2fwPLTh Wall Street dipped on Thursday, weighed down by energy stocks as oil prices dropped and as banks shares fell for the first time in six days.
The Dow Jones Industrial Average was down 0.13 percent at 20,584.77, the S&P 500 was down 0.26 percent at 2,343.03 and the Nasdaq Composite was down 0.27 percent at 5,803.47.
** CISCO SYSTEMS INC, up 2.7 pct at $33.72, volume 1.3x 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.
** WELLS FARGO & CO, down 1.3 pct at $57.82, volume 0.5x their 10-day moving average
Credit Suisse cut its rating on the lender’s stock to “neutral” from “outperform”.
** KRAFT HEINZ CO, down 4.1 pct at $87.39, volume 2.9x 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.
** TRIPADVISOR INC, down 9.4 pct at $47.75, volume 3.6x 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.
** AVON PRODUCTS INC, down 19.2 pct at $4.74, volume 4.9x 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 the cosmetics maker failed once again to hold on to its “Avon Ladies”.
** DEAN FOODS CO, down 8.1 pct at $18.79, volume 2.9x 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 12.3 pct at $22.09, volume 3.0x 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.
** GODADDY INC down 3.9 pct at $36.00, volume 4.4x their 10-day moving average
The website hoster posted an unexpected fourth-quarter adjusted loss, and brokerage Summit Redstone cut its rating on the stock to “hold” from “buy” and said it will wait for some progress on the company’s plans and growth before reevaluating.
** WENDY’S CO, down 3.3 pct at $13.86, volume 2.2x their 10-day moving average
The U.S. burger chain warned that full-year sales growth at established restaurants could fall short of its expectations, as more Americans prefer to eat at home encouraged by a drop in grocery prices.
** REGENERON PHARMACEUTICALS, down 3.1 pct at $372.13, volume 0.9x 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 12.0 pct at $293.27, volume 2.2x 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 12.6 pct at $0.77, volume 2.0x 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.
** SYNOPSYS INC, up 8.8 pct at $72.07, volume 1.4x 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 1.3 pct at $13.92, volume 1.5x 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 8.4 pct at $0.47, volume 0.9x 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.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, down 2.5 pct at $16.44, volume 1.8x their 10-day moving average
The FDA approved Valeant’s Siliq to treat adults with moderate-to-severe plaque psoriasis with a boxed warning - the severest warning from FDA - to mitigate the risk of suicide.
** RAVEN INDUSTRIES INC, up 8.9 pct at $27.35, volume 3.1x their 10-day moving average
The farming equipment maker’s fourth quarter sales beat estimates, helped by an 18.1 percent rise in revenue from its applied technology unit.
** CONFORMIS INC, down 35.1 pct at $5.55, volume 13.9x 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.
** BUILD-A-BEAR WORKSHOP INC, down 27.3 pct at $8.65, volume 11.8x their 10-day moving average
The toy retailer reported fourth-quarter revenue and profit below analysts’ estimates, hurt by lower mall traffic. It missed sales in December due to the inability of the company’s systems to manage the increased traffic to its site, and had to discount more than expected.
** MOLINA HEALTHCARE INC, down 17.3 pct at $49.54, volume 10.9x 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.
** ON DECK CAPITAL INC, down 14.5 pct at $4.81, volume 5.7x their 10-day moving average
The online lender posted its fifth straight quarterly loss and set aside more money for future losses after determining its calculations were askew.
** STERICYCLE INC, up 7.9 pct at $83.53, volume 2.9x their 10-day moving average
The medical waste management service provider posted better-than-expected fourth-quarter revenue and profit, helped by acquisitions.
** CONOCOPHILLIPS, down 1.4 pct at $48.66, volume 0.5x 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 18.0 pct at $16.03, volume 11.5x their 10-day moving average
The medical device maker forecast 2017 revenue and profit that was below analysts’ average estimate.
** DENNYS CORP, up 12.8 pct at $13.88, volume 3.5x their 10-day moving average
The restaurant chain operator reported better-than-expected fourth-quarter revenue and adjusted profit, helped by a rise in the company’s restaurant sales and franchise royalties.
** ESPERION THERAPEUTICS INC, up 6.9 pct at $22.32, volume 0.7x their 10-day moving average
UBS raised its price target on the drug developer, citing its increased confidence in a potential early launch of Esperion’s anti-cholesterol drug.
** TIVO CORP, up 11.4 pct at $21.28, volume 2.4x 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 13.2 pct at $35.30, volume 3.9x 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 3.2 pct at $53.39, volume 1.9x 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.
** GNC HOLDINGS INC, down 11.8 pct at $7.34, volume 3.6x their 10-day moving average
The nutritional products retailer’s fourth-quarter profit and revenue missed estimates due to weak demand of its products in the vitamins, protein, food/drink and weight management categories.
** CHOICE HOTELS INTERNATIONAL INC, up 8.5 pct at $62.75, volume 2.1x their 10-day moving average
The hotel operator reported better-than-expected fourth-quarter profit, helped by higher RevPAR at hotels in the U.S., and forecast current-quarter profit above estimates. Deutsche Bank raised its price target on stock to $61 from $54.
** CASTLIGHT HEALTH INC, up 14.3 pct at $3.60, volume 2.2x 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 4.7 pct at $40.75, volume 2.2x 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 26.7 pct at $4.73, volume 3.5x 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 8.9 pct at $26.98, volume 4.9x 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 1.8 pct at $138.84, volume 0.9x 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 4.6 pct at $23.05, volume 5.3x 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 9.4 pct at $23.55, volume 2.2x their 10-day moving average
The oil refiner posted a quarterly profit, helped by higher sales in its refined products and nitrogen fertilizer businesses.
** MCKESSON CORP, down 0.6 pct at $148.56, volume 0.4x their 10-day moving average
** AMERISOURCEBERGEN CORP, down 1.4 pct at $89.89, volume 0.6x their 10-day moving average
** CARDINAL HEALTH INC, down 0.5 pct at $79.98, volume 0.4x their 10-day moving average
Goldman Sachs analysts say speculation over healthcare policy change will likely add to an already fragile view of current supply chain economic models.
Any proposal that ultimately reduces brand drug list price inflation would be a headwind for drug wholesalers and changes like rolling Medicare Part B into Part D could have the most significant impact.
** EXPRESS SCRIPTS HOLDING CO,down 1.0 pct at $68.77, volume 0.3x their 10-day moving average
** CVS HEALTH CORP, up 0.3 pct at $79.66, volume 0.3x their 10-day moving average
Goldman Sachs analysts also write that implications for the pharmacy benefit managers appear more mixed, as the proposal to roll Part B into Part D would allow them to play a greater role, while if all Medicare Part D members get Medicaid-like discounts, PBMs would no longer be responsible for negotiating rebates on behalf of Part D plans. (Compiled by Anya George Tharakan in Bengaluru; Editing by Savio D’Souza)