April 23 (Reuters) - Some U.S. stocks on the move on Tuesday:
The Dow Jones industrial average was up 0.88 percent. The Standard & Poor’s 500 Index was up 0.79 percent. The Nasdaq Composite Index was up 1 percent.
** MEMSIC INC, $4.09, up 51 pct (0935 ET)
The chip component maker said it will be acquired by IDG-Accel China Capital II for about $88.5 million, or $4.225 per share. IDG’s affiliates currently own about 19.5 percent of Memsic’s shares.
** NETFLIX INC, $212.00, up 21.6 pct (0936 ET)
The video subscription service impressed investors on Monday with solid subscriber growth and better-than-expected profits in the first quarter.
At least two brokerages raised their price target on the stock on Tuesday.
** CAESARS ENTERTAINMENT CORP, $14.48, up 16 pct (0959 ET)
The casino operator said it would split itself into two companies, with private-equity firms Apollo Management and TPG Capital investing a total of $500 million in a new subsidiary that would pursue growth opportunities.
** BANK OF AMERICA CORP, $11.98, up 2.2 pct (0936 ET)
Morgan Stanley raised its rating on the stock to "overweight" from "equalweight," according to StreetIndsider.com. (link.reuters.com/cyw57t)
** TRAVELERS COMPANIES INC, $87.12, up 3 pct (0937 ET)
** CHUBB CORP, $89.59, up 2.2 pct (0956 ET)
** ACE LTD, $91.15, up 2.1 pct (0957 ET)
** WR BERKLEY CORP, $44.63, up 1 pct (0958 ET)
The U.S. insurer posted a record quarterly operating profit that easily surpassed Wall Street estimates as catastrophe losses declined and the insurer charged higher premiums from businesses and individual customers.
The acceleration of business insurance rate increases bodes well for peers, in particular for the shares of Chubb, ACE and WR Berkley, UBS analyst Brian Meredith said in a note to clients.
** CELSION CORP, $0.99, up 30 pct (0938 ET)
The cancer therapy developer said it would cut about one-third of its workforce to cut costs and conserve capital, and engaged Cantor Fitzgerald & Co to conduct a review of strategic options including a sale of the company and acquiring other firms with promising drug candidates.
The announcement comes after Celsion said in January that its experimental liver cancer treatment ThermoDox failed to meet the main goal of increasing patients’ survival without worsening their cancer.
** COACH INC, $56.05, up 10.7 pct (0938 ET)
The upscale leather goods maker and retailer reported better-than-expected third-quarter results and raised its annual dividend.
** VEECO INSTRUMENTS INC, $31.30, up 15.7 pct (0939 ET)
The company, which makes equipment critical for LED production, said it was booking rush orders from some of its LED customers that would help reduce excess supply.
** TEXAS INSTRUMENTS INC, $35.35, up 1.6 pct (0939 ET)
The chipmaker posted first-quarter results slightly ahead of Wall Street expectations on Monday and it forecast growth for the current quarter on improving demand for its chips.
Three brokerages raised their price targets on the stock on Tuesday.
** ARM HOLDINGS , $43.31, up 7.5 pct (0940 ET)
The British chip designer easily beat first-quarter profit forecasts, helped by the strength of the dollar and buoyant demand for smartphones and tablets that use its processor technology.
** XEROX CORP, $8.28, down 3.7 pct (0940 ET)
The printer maker reported first-quarter earnings on Tuesday that beat expectations and reiterated its full-year targets.
** LENNAR CORP, $40.60, up 4.7 pct (0940 ET)
** MERITAGE HOMES CORP, $44.21, up 3.8 pct (0941 ET)
** PULTEGROUP INC, $19.47, up 6.3 (0941 ET)
** TOLL BROTHERS INC, $33.57, up 7.5 pct (0941 ET)
** RYLAND GROUP INC, $39.73, up 3 pct (0942 ET)
Barclays Capital upgraded U.S. homebuilders Lennar, Meritage Homes, PulteGroup and Toll Brothers to “overweight” and Ryland Group to “equal weight,” saying it expects home prices to overshoot equilibrium levels in the near term, before a likely correction by 2015.
** RENT-A-CENTER INC, $33.80, down 5.9 percent (0943 ET)
The rent-to-own operator of furniture and electronic items reported quarterly results that widely missed Wall Street forecasts, as demand dropped due to delayed issuance of federal income tax refunds, rising fuel prices and higher payroll taxes.
** ILLUMINA INC, $61.96, up 12.5 pct (0943 ET)
The gene sequencing products maker’s first-quarter adjusted profit beat analysts’ expectations on Monday as its product sales rose 21 percent.
Credit Suisse raised its price target on the stock.
** XOOM CORP, $20.41, up 4.2 pct (0944 ET)
The online money transfer provider posted a surprise profit as more people transferred money using its digital platform. The company which, went public in February, said active customers grew by 46 percent to about 841,819 for the quarter ended March 31,2013. Revenue rose 43 percent to $24.3 million
** YINGLI GREEN ENERGY HOLDING CO LTD, $2.07, up 3 pct (0945 ET)
The company, one of China’s largest solar equipment makers, said it has signed two loan agreements with China Development Bank (CDB) with an aggregate of $165 million. CDB will provide the company with a one-year loan of $110 million and a three-year loan of $55 million.
** TECK RESOURCES LTD , $23.88, down 5.8 pct (0945 ET)
Canada’s largest diversified miner reported a 40 percent fall in first-quarter adjusted profit due to lower coal prices, and said economic uncertainty may affect prices and shipments.
** CIT GROUP INC, $40.81, down 1.5 pct (0945 ET)
The small-business lender operating under Federal Reserve supervision since emerging from bankruptcy, reported a lower-than-expected quarterly profit due to a 17 percent drop in its interest income.
** CENTENE CORP, $47.27, up 4.3 pct (0946 ET)
The health insurer reported a better-than-expected quarterly profit as new contracts and expansion of existing contracts boosted revenue by 53 percent.
** ENCANA CORP , $19.20, up 2.2 pct (0946 ET)
Canada’s No.1 natural gas producer, reported a 25 percent fall in first-quarter operating profit due to hedging losses.
** LEXMARK INTERNATIONAL INC, $29.04, up 14.2 pct (0946 ET)
The printer maker forecast current-quarter adjusted profit largely below analysts’ estimates as it grapples with lower demand for its printers and printing services.
** CIT GROUP INC, $40.83, down 1.5 pct (0947 ET)
The small-business lender, which is operating under Federal Reserve supervision since emerging from bankruptcy, reported a lower-than-expected quarterly profit due to a 17 percent drop in its interest income.
** CELESTICA INC , $7.82, up 2.2 pct (0947 ET)
The contract electronics manufacturer reported a 76 percent fall in first-quarter profit, hit by the loss of contracts from its once-biggest customer, Blackberry .
** TRANSALTA CORP , $13.51, down 1.3 pct (0948 ET)
Canadian power generation company reported a first-quarter loss, hurt in part by a one-time charge related to pension funding obligations. L3N0DAGNS
** LOCKHEED MARTIN CORP, $97.57, up 1.8 pct (0950 ET)
The largest U.S. defense contractor expects across-the-board U.S. budget cuts to have a bigger impact on the company’s results in the second and third quarters of 2013, Chief Financial Officer Bruce Tanner told reporters on Tuesday. [ID;nL2N0DA0MC]
** INGERSOLL-RAND PLC, $54.31, down 0.5 pct (0950 ET)
The maker of Trane air conditioners, Schlage locks and Thermo King mobile refrigeration units, reported a 7 percent decline in earnings due to weak demand for its commercial heating and cooling systems and industrial products.
** ARCH COAL INC, $4.56, down 7 pct (0951 ET)
The company forecast a stronger second half, driven by improving domestic coal market, a recovering metallurgical market and starting of its Leer mine in Appalachia.
** U.S. AIRWAYS GROUP, $15.96, up 2.8 pct (0952 ET)
US Airways Group Inc LCC.N reported a lower quarterly profit on Tuesday as expenses for salaries went up.
Net income came to $44 million, or 26 cents a share, compared with $48 million, or 28 cents a share, a year earlier.
** REGIONS FINANCIAL CORP, $7.87, up 1.8 pct (0952 ET)
The southeastern U.S. bank reported a better-than-expected quarterly profit on lowered expenses and as it set aside lesser money to cover soured loans. The bank reported earnings of 23 cents per share for the quarter, above analyst expectations of 20 cents per share, according to Thomson Reuters I/B/E/S.
** MORGAN STANLEY, $21.30, up 2.8 pct (0953 ET)
Suntrust raised its rating on the stock to “buy” from “neutral”, according to theflyonthewall.com.
** WELLS FARGO & CO, $36.94, up 0.5 pct (0954 ET)
The fourth-largest U.S. bank by assets will hold its annual shareholder meeting. Last year’s gathering was disrupted by demonstrators angered over foreclosure practices and other issues. (Compiled by Sruthi Ramakrishnan in Bangalore,)