Oct 11 (Reuters) - Some U.S. stocks on the move on Thursday:
WALL ST CLIMBS AS JOBLESS CLAIMS HIT 4 1/2-YR LOW
Stocks advanced after data showed initial jobless claims fell to the lowest level in more than four and a half years, suggesting improvement in a key factor for economic growth.
The Dow Jones industrial average gained 42.92 points, or 0.32 percent, to 13,387.89. The Standard & Poor’s 500 Index gained 8.09 points, or 0.56 percent, to 1,440.65. The Nasdaq Composite Index gained 19.25 points, or 0.63 percent, to 3,071.03.
** SPRINT NEXTEL CORP, $5.68, up 12.7 pct (1018 ET)
** METROPCS COMMUNICATIONS INC, $11.44, down 5 pct (1018 ET)
** CLEARWIRE CORP, $1.77, up 35 pct (1019 ET)
Softbank Corp, Japan’s third-largest mobile carrier, is in talks to buy a majority stake in Sprint in a deal worth more than 1 trillion yen ($12.8 billion), a source with direct knowledge of the matter told Reuters.
Clearwire shares also jumped on the news. Sprint could be attractive to Softbank as it has a majority interest in Clearwire, which owns 2.5 Ghz spectrum, a Wells Fargo analyst said. Softbank is among the few global carriers which has an active 2.5GHz TDD / LTE network, the analyst added.
MetroPCS shares fell after it was reported that Sprint Nextel was still weighing whether to make a counter bid for it. MetroPCS agreed last week to merge with Deutsche Telekom AG’s unit, T-Mobile USA, but many investors hoped Sprint would make a higher counter bid.
A Guggenheim analyst said the stock could trade down as MetroPCS and Deutcshe prepare to report earnings, as “disappointing earnings from either or both companies could cause forward estimates to be revised downward and lead to increased investor skepticism around the merged company’s prospects.”
** REALOGY INC, $33.48, up 23.8 pct (1013 ET)
The real estate services company’s shares soared during their market debut, as investors bet on the growth of the housing market.
** SHUTTERSTOCK INC, $21.35, up 25.7 pct (1009 ET)
The online stock photography provider priced its shares above its expected range.
** DRAGONWAVE INC , $2.53, up 15 pct (1016 ET)
The telecom network equipment maker posted a narrower second-quarter loss on Wednesday, helped by the closing of the acquisition of Nokia Siemens Networks’ microwave technology business and a $19.4 million one-time gain related to it.
** ROSETTA GENOMICS LTD, $5.76, up 9.1 pct (1018 ET)
The diagnostic tests maker named officers to its newly-created positions of chief medical and scientific officer.
The former director of science and technology of Israel-based BioLineRx Ltd, Dganit Bar, is now the chief scientific officer of Rosetta while Robert Wassman was named the chief medical officer, effective Oct. 22.
** COOPER TIRE & RUBBER CO, $20.17, up 7.9 pct (1011 ET)
Indian tyre maker Apollo Tyres is in the process of buying a controlling stake in the company, India’s Economic Times reported.
** DEAN FOODS CO, $14.46, down 3.5 pct (1022 ET)
UBS Investment Research cut its price target on the dairy company’s stock to $15.5 from $17.5.
** FASTENAL CO, $45.09, up 6.5 pct (0942 ET)
The industrial distributor posted third-quarter profit inline with market expectations, on improved transactional gross margins, which measures daily fluctuations in price relative to freight and product costs.
** BOEING Co, $71.17, up 1.2 pct (0939 ET)
Alaska Airlines said it will buy 50 Boeing 737 single-aisle jetliners, worth $5 billion at list prices, in its largest order yet.
** WAL-MART STORES INC, $75.80, up 0.5 pct (0940 ET)
The world’s largest retailer expects sales to grow throughout this year and next as it keeps enticing shoppers, especially those on limited budgets, with smaller new stores, ecommerce and lower prices.
** AMAZON.COM INC, $246.02 up 0.45 pct (1025 ET)
The company received approval from the U.S. Federal Communications Commission to sell its high-end Kindle Fire 4G tablets, a company spokeswoman said on Wednesday.
** SAFEWAY INC, $15.32, down 6 pct (0934 ET)
The supermarket operator posted a lower quarterly profit from continuing operations amid rising competition from other grocery sellers, while net profit increased, helped by the sale of some stores.
** VOXX INTERNATIONAL CORP, $6.90, down 5.2 pct (0934 ET)
The audio equipment maker lowered its forecast for full-year adjusted earnings before depreciation and amortization to $61 million from its prior estimate of between $62 million and $65 million as and said weak European economic conditions will continue to hurt in the second half of the year.
The company also reported first-quarter results below analysts’ estimates.
** PFIZER INC, $25.33, up 0.7 pct (0935 ET)
The company said a late-stage trial of its experimental pain drug showed the drug’s long-term safety profile was comparable to those of other similar formulations.
** WINNEBAGO INDUSTRIES INC, $12.72, down 4.3 pct (0936 ET)
The largest U.S. motor home maker reported its highest motor homes order backlog since the recession, underscoring the recovery of the U.S. recreational vehicle market.
** PRIVATEBANCORP INC, $16.60, up 4.3 pct (0938 ET)
The company said on Wednesday it plans to raise about $200 million to repay the bailout funds it received from the U.S. Treasury under the Troubled Asset Relief Program (TARP).
** ROYAL GOLD INC, $91.14, down 4.3 pct (0938 ET)
The company, which acquires precious metals royalties, said it would sell 5.25 million shares of its common stock to a group of underwriters led by Goldman, Sachs & Co.
** RUBY TUESDAY INC, $6.94, down 1.1 pct (0938 ET)
The company reported a lower-than-expected quarterly profit on higher advertising and marketing expenses and said it expects these costs to rise for the rest of the year.
** NEW YORK TIMES CO, $10.42, up 4.4 pct (0939 ET)
Barclays Capital raised its rating and price target on the media company’s stock.
** ELI LILLY & CO, $50.52, up 0.6 pct (0939 ET)
Experimental Alzheimer’s drugs from Roche Holding AG and Eli Lilly & Co have been selected for a high-profile clinical trial to test whether it is possible to prevent the brain-wasting disease from developing in at-risk patients.
** EBAY INC, $47.17, up 0.9 pct (0940 ET)
The company has been quietly testing an online marketplace for deals on local services, expanding into a multibillion- dollar market currently led by Groupon Inc. It is also re-designing its website, adding Facebook-like features it hopes will spur more sales.
** NOBLE ENERGY INC, $94.52, down 0.4 pct (1027 ET)
The company hosts a conference call to update investors on its ambitious exploration program that includes prospecting for deep oil in the Eastern Mediterranean and drilling in northeastern Nevada.
** VANDA PHARMACEUTICALS INC, $3.90, down 3.9 pct (0941 ET)
The company said Novartis AG dropped development of a long-acting injectable formulation of Vanda’s schizophrenia drug, Fanapt. Vanda had sold marketing rights of Fanapt in the United States and Canada in 2009 to the European drugmaker for about $465 million. (Complied by Aditi Shrivastava in Bangalore) (email@example.com, within U.S. +1 646 223 8780, outside U.S. +91 80 4135 5783, Reuters messaging: firstname.lastname@example.org)