Oct 23 (Reuters) - U.S. stocks fell on Wednesday as shares of Caterpillar and a number of chipmakers tumbled in the wake of results, putting the S&P 500 on track to snap a four-session streak of record highs. The Dow Jones industrial average was down 0.42 percent, The Standard & Poor’s 500 Index was down 0.52 percent and the Nasdaq Composite Index was down 0.58 percent.
** CATERPILLAR INC, $83.93, down 6 pct (01:06 p.m. ET)
The world’s largest maker of earth-moving equipment for builders and miners posted a lower-than-expected quarterly profit and cut its full-year forecast yet again as weak demand from mining customers continued to bedevil the heavy equipment maker.
** BOEING CO, $127.48, up 5 pct (01:07 p.m. ET)
The planemaker, whose stock is at its life-high, said adjusted profit increased in the third quarter, and raised its full-year forecast, reflecting booming commercial aircraft production.
** ALCOA INC, $9.12, down 2.5 pct (01:03 p.m. ET)
The U.S. aluminmium producer’s stock slid back a day after surging 8.8 percent to its year-high on news of the company’s partnership with Russia’s titanium producer VSMPO-AVISMA Corp on Tuesday.
** BROADCOM CORP, $26.33, down 2.9 pct (01:40 p.m. ET)
A host of U.S. chipmakers gave quarterly revenue forecasts that disappointed Wall Street and hurt their shares on Tuesday, including Broadcom, which said it would lay off over a thousand workers as it struggles with slow demand for its cellphone chips.
Several brokerages cut their price target on the stock.
** RF MICRO DEVICES INC, $5.66, down 8 pct (01:42 p.m. ET)
The company, whose chips are used in everything from handsets to radar equipment, forecast current-quarter revenue below market expectations, saying it expects revenue from its wireless infrastructure business to decline, mainly due to lower seasonal orders from cable TV networks.
Brokerage Canaccord Genuity cut its price target on the company’s stock.
** STMICROELECTRONICS NV, $7.97, down 8.3 pct (01:42 p.m. ET)
The European chipmaker reported weak third-quarter results dragged down by mobile chips and pushed back a key profit margin target by six months.
** INTERNET GOLD, $11.80, down 18 pct (2:06 p.m. ET)
Shares of Bezeq Israel Telecom fell sharply on Wednesday after Citi lowered its recommendation to “sell” from “neutral” due to expectations of intensifying competition starting in 2014. Shares of B Communications, which owns a 30.9 percent stake in Bezeq, fell and those of Internet Gold, which controls B Communications, slipped on the news.
** CELESTICA INC, $11.2, up 6.7 pct (12:26 p.m. ET)
The Canadian contract electronics manufacturer struck a deal with Lumos Solar for the production of frameless solar modules.
Late on Tuesday, Celestica reported a 31 percent rise in third-quarter profit, helped by higher demand from telecom companies for its networking equipment.
** FMC TECHNOLOGIES INC, $53.38, down 7.3 pct (12.11 p.m. ET)
The maker of subsea technologies and fluid control equipment reported third-quarter results below market estimate on Tuesday as operating margin in its subsea technologies business lagged its own estimate. The company also forecast 2013 earnings of $2.00 to $2.10 per share, lower than analysts expectation of $2.19, according to Thomson Reuters I/B/E/S.
** REX ENERGY CORP, $21.93, down 5.6 pct (1:14 p.m. ET)
** CONTINENTAL RESOURCES INC, $112.58, down 3.9 pct
** EPL OIL & GAS INC, $37.06, down 7.4 pct
** OASIS PETROLEUM INC, $51.97, down 5.2 pct
Analysts at Global Hunter Securities cut their rating on several oil and gas producers’ stocks, saying their share prices already reflected much of the potential for upward earnings and cash flow, with stock prices being much closer to valuations than any time mid-2008.
The analysts also said plans to expand the productive footprint of a shale field, like those ongoing in the Permian, Utica, Eagle Ford and Tuscaloosa Marine, growing production of natural gas and related liquids, and a slow growth rate economy represented a potential risk.
** LITHIA MOTORS INC $62.12, down 10 pct (02:00 p.m. ET)
The U.S. auto dealer forecast first-quarter and full-year 2014 earnings that fell short of analyst estimate.
Lithia’s shares have nearly doubled from the start of the year to Tuesday’s close.
** MATADOR RESOURCES CO, $19.20, down 5.3 pct (02:06 p.m. ET)
Analysts at Canaccord Genuity cut their rating on the oil and gas explorer’s stock to “hold” from “buy” after the company presentation at a conference, citing lack of meaningful catalysts for the company’s shares. “MTDR will present meaningful updates only in December at its analyst day,” the brokerage said.
** WELLPOINT INC, $85.80, down 3 pct (1:38 p.m. ET)
** CIGNA CORP, $74.04, down 3 pct
** AETNA INC, $62.43, down 2 pct
Shares of U.S. health insurers fell after WellPoint said there were some uncertainties around its 2014 enrolment due to the implementation of President Barack Obama’s Affordable Care Act, known as Obamacare.
** CENTENE CORP, $63.58, down 3.5 pct (01:27 p.m. ET)
Citi analyst Carl McDonald cut his rating on the health insurer’s stock to “sell” from “neutral,” saying he was concerned about the potential impact of the health insurance industry tax on the company next year. He also said Centene had little room for earnings volatility, despite its new contract wins.
“It’s unlikely these new contracts will approach target margins until early to mid-2015, something the market doesn’t appear to be fully discounting,” he wrote in a note to clients. Brokerage Monness Crespi Hardt also cut its rating on the stock to “neutral” from “buy.”
** HAWAIIAN HOLDINGS INC, $7.65, down 5 pct (1:44 p.m. ET)
The parent of Hawaiian Airlines Inc reported lower-than-expected third-quarter revenue late on Tuesday due to higher fuel costs and maintenance and repair expenses.
** ORANGE SA, $13.82, down 5.3 pct (02:07 p.m. ET)
France’s biggest telecom operator said it was uncertain of meeting its goal to stabilise operating profit next year, given looming changes in European regulations on mobile roaming fees and continued pressure in its home market, Chief Financial Officer Gervais Pellissier said.
** SHARPS COMPLIANCE CORP, $3.55, up 13.8 pct (01.26 p.m. ET)
The provider of services for management of medical waste reported first-quarter earnings that beat analsyts estimates as customer billings - a key measure of performance and progress of its business - rose 23.6 percent to $6.7 million.
** FOX FACTORY HOLDING CORP $17.25, up 7.4 pct (1:57 p.m. ET)
The company, which makes and designs suspension products used in vehicles, reaffirmed its full-year forecast and said it expected third-quarter profit to be at the higher end of its forecast.
Fox Factory had earlier forecast third-quarter earnings of between 23 cents and 27 cents per share.
** NORFOLK SOUTHERN CORP, $85.10, up 5.6 pct (1:55 p.m. ET)
The railroad transportation company reported better-than-expected results for the third quarter as revenue from its railway operations rose 16 percent.
** OMNICARE INC, $54.12, down 6 pct (1:46 p.m. ET)
The health services company reported lower-than-expected margins for the third quarter despite its results beating analysts’ estimates mainly due to sales growth in its specialty care business.
Cowen analysts attributed this margin weakness to negative reimbursement mix, particularly with generics.
** JUNIPER NETWORKS INC, $19.40, down 4.7 pct (12:56 p.m. ET)
The network equipment maker forecast a fourth-quarter revenue that fell largely below below analysts’ expectations as it remains cautious of spending by the U.S. government due to the recent U.S. government shutdown.
** CVENT, $33.53, up 5 pct (1:52 p.m. ET)
The event management software maker said it would invest about $7 million to expand its headquarters operation in Fairfax County. The expansion will create 400 jobs and retain 451 jobs.
** REPROS THERAPEUTICS INC, $16.43, down 30.6 pct (01:11 p.m. ET)
The U.S. Food and Drug Administration asked for additional studies of the company’s testosterone replacement drug Androxal and recommended a study of the drug to be extended, delaying the company’s submission for marketing approval.
** STEREOTAXIS INC, $5.21, up 45.9 pct (01:12 p.m. ET)
The medical device maker reported preliminary third-quarter revenue, expected in the range of about $10.6 million to $11.1 million.
The company also said that Japan’s Ministry of Health, Labor and Welfare classified its Niobe Magnetic Navigation System as a C2 medical device. The classification puts the device in the highest of five reimbursement categories for medical devices in the country.
The device is used for cardiac ablations, a procedure used to correct heart rhythm problems.
** JAKKS PACIFIC INC, $6.23, up 25.85 pct (01:12 p.m. ET)
The toy company reported a 20 percent rise in third-quarter profit, above Wall Street estimates, helped by lower selling expenses. Jakks, whose stock had fallen over 60 percent this year, also forecast a smaller-than-expected loss for 2013.
Jakks Chief Executive Stephen Berman said the company is pleased with the “enthusiastic response” from retailers, licensors and other industry partners to its 2014 product line-up, particularly to its new technology-driven toys.
** NEOGENOMICS INC, $3.27, up 9.3 percent (01:13 p.m. ET)
The laboratory services provider increased its full-year revenue forecast to $65.7 million to $66.2 million, from its prior range of $63 million to $66 million. The company also reported third-quarter earnings of 2 cents per share, just above Wall Street estimates, helped by a stronger demand for its tests.
** RECON TECHNOLOGY LTD, $4.90, up 6.1 pct (01:14 p.m. ET)
The oilfield service provider said fracturing projects in China Petroleum and Chemical Corp’s Zhongyuan oilfield in China have been accepted by the client, marking the completion of the project.
** FACEBOOK INC, $51.72, down 1.8 pct (01:14 p.m. ET)
The social networking company’s shares fell after ITG Research, a unit of Investment Technology Group, cut its estimates on the stock below consensus estimates, according to Seeking Alpha. ITG Research’s checks point to slower-than-expected North American transaction volumes in September.
** DELCATH SYSTEMS INC, $0.32, down 22.7 pct (01:15 p.m. ET)
The medical device maker announced an offering of 21 million shares of its common stock and warrants to purchase up to 9.4 million shares of common stock at a combined price of 36 cents per share and related warrant - a discount of 14 percent to the stock’s Tuesday close. The offering will fetch the company about $6.8 million in net proceeds.
** MEDIVATION INC, $58.61, up 8.75 pct (01:16 p.m. ET)
Shares of the company continued to rise a day after the company and its Japanese partner Astellas Pharma Inc said their prostate cancer treatment improved patient survival in a late-stage trial testing the drug for use in a wider population.
** FLAGSTAR BANCORP INC, $16.57, up 13 pct (01:16 p.m. ET)
The bank reported quarterly results that widely missed estimates but reported a sharp drop in its loan loss provision, which fell to $4 million from $52.6 million a year earlier.
** CR BARD INC, $138.36, up 8.9 pct (01:17 p.m. ET)
The medical device maker on Tuesday reported third-quarter results that beat analysts’ estimates, helped by higher sales of its surgical and vascular devices. At least six brokerages raised their target prices on the company’s stock. Goldman Sachs raised its rating on the stock to “neutral” from “sell,” according to theflyonthewall.com.
** IROBOT CORP, $34.41, down 5.5 pct (01:18 p.m. ET)
The maker of robots late on Tuesday reported third-quarter results that missed analysts estimates as revenue from its contract services fell and the company forecast fourth-quarter earnings largely below Street expectations.
** FEDERAL-MOGUL CORP $18.68, up 19.4 pct (01:18 p.m. ET)
The auto parts supplier reported a better-than-expected quarterly profit helped by an increased demand for its parts used in European light vehicle production.
Federal-Mogul makes pistons, spark plugs, windshield wiper blades, brake pads and other auto components.
** PANERA BREAD CO, $154.24, down 5 pct (01:19 p.m. ET)
The company laid out plans to speed up service at its busy bakery cafes, a day after reporting weaker-than-expected quarterly restaurant sales.
** SIFY TECHNOLOGIES, $2.21, down 18.9 pct (01:20 p.m. ET)
The India-based IT service provider reported a net profit of 111 million Indian rupees for the the second-quarter, but that included a one-time gain of 658 million Indian rupees. The company had reported a net loss of 57 million Indian rupees a year earlier.
** GIGAMON INC GIMO.N, $36.25, down 8.6 pct (01:22 p.m. ET)
The maker of traffic management software said it will sell 5.1 million shares of its common stock at a price to the public of $38.50 per share, which represents a discount of 3 percent to the stock’s tuesday close.
** VASCULAR SOLUTIONS INC, $19.45, up 4 pct (01.23 p.m. ET)
The medical device company reported better-than-expected third-quarter results on Tuesday, helped by higher margins due to growth in both U.S. and international sales of its products. The results overhsadowed Vascular’s full-year profit forecast range that was slightly below analysts’ expectations.
** ZIOPHARM ONCOLOGY INC, $4.54, down 7.8 pct (01:24 p.m. ET)
The drug developer reported a third-quarter loss on Tuesday that was larger than expected, and said it would offer $50 million shars of its common stock to fund the development of its experimental drugs.
** CUBIST PHARMACEUTICALS INC, $62.29, down 4.4 percent (01:24 p.m. ET)
The company reported third-quarter results which missed analysts’ estimates, hurt by higher research and development costs and expenses.
** IMMUNOMEDICS INC, $4.59, up 12.4 pct (01:25 p.m. ET)
The biopharmaceutical company said an early-stage trial of its experimental pancreatic cancer drug showed the treatment produced a median overall survival of over five months in patients with metastatic cancer who had received at least two prior treatments.
** ONCOMED PHARMACEUTICALS INC, $15.36, up 3.7 pct (01.26 p.m. ET)
Jefferies on Tuesday reiterated its “buy” rating on OncoMed stock, citing promising data on the drugmaker’s experimental cancer treatments released at the AACR-NCI-EORTC medical conference.
** APOLLO GROUP INC, $25.97, up 24 pct (01:27 p.m. ET)
** STRAYER EDUCATION INC, $47.57, up 8.9 pct
** DEVRY INC, $34.75, up 2.9 pct
** CAREER EDUCATION CORP, $3.62, up 14 pct
University of Phoenix owner Apollo Group stunned Wall Street with its ability to trim fat and by finally reporting a slowdown in new enrolment declines, lifting shares of the for-profit education companies.
** CORNING INC, $17.29, up 12.6 pct (01:29 p.m. ET)
Samsung Electronics Co Ltd moved to tighten its grip on vital electronics parts supplies as it looks to stay ahead of rival Apple Inc with new products in a fast changing technology industry. The South Korean group’s unlisted Samsung Display unit could become the biggest shareholder of Corning, the maker of scratch-resistant Gorilla Glass used in many mobile gadgets, as part of a deal in which Corning buys Samsung Display out of a 1995 joint venture making glass for liquid crystal displays.
** DATALINK CORP, $10.90, down 23.5 pct (01:30 p.m. ET)
The company, which manages servers and networks, reported worse-than-expected third-quarter results and said unexpected product shortages and delivery issues with one of its biggest storage partners contributed to a 6 percent sequential revenue decline.
The results also reflected the 3.8 million shares issued in a stock offering in August, The company said and forecast current-quarter adjusted earnings below analysts’ expectations.
** CREE INC, $62.28, down 16.2 pct (01:31 p.m. ET)
The maker of light-emitting diodes forecast current-quarter earnings below analysts’ average estimate as it expects higher marketing expenses for its LED bulb.
** USANA HEALTH SCIENCES INC, $79.12, down 13.4 pct (01:31 p.m. ET)
The skincare-products company on Tuesday narrowed its forecast range for full-year results, lowering the midpoint of its sales outlook. The company said it now expects full-year earnings of $5.35-$5.40 per share on revenue of $705 million to $710 million. It had previously forecast earnings of $5.30-$5.45 per share on revenue of $700 million to $720 million.
** JPMORGAN CHASE & CO, $52.81, down 1.5 pct (01:33 p.m. ET)
The bank is nearing an agreement worth close to $6 billion with a group of institutional investors to settle claims over shoddy mortgage-backed securities issued in the run-up to the financial crisis, a source familiar with the talks said.
** NORTHROP GRUMMAN CORP, $104.86, up 3.4 pct (01:34 p.m. ET)
The maker of global Hawk unmanned planes and a key supplier on the F-35 fighter, reported sharply higher than expected earnings despite a slight drop in sales, and raised its forecast for full-year sales, earnings and cash flow.
** W.R. GRACE AND CO, $93.05, up 2.6 pct (01:35 p.m. ET)
Strong demand for the company’s construction, packaging and coatings materials helped quarterly profit scrape past analysts’ estimates, even as prices of chemical catalysts, its main business, remained low.
** CANADIAN PACIFIC RAILWAY, $144.38, up 10 pct (3:31 p.m. ET)
Canada’s No. 2 rail operator’s third-quarter profit rose more than expected as freight revenue hit a record high and operating costs fell, lifting the stock more than 10 percent to a historic peak.
** NASDAQ OMX GROUP INC, $34.95, up 4.1 pct (01:38 p.m. ET)
The No. 2 exchange operator reported a higher third-quarter profit that beat analysts’ expectations, helped by recent acquisitions and increased market data revenue.
** COLE REAL ESTATE INVESTMENTS INC, $13.85, up 8 pct (3:40 p.m. ET)
American Realty Capital Properties Inc has reached a deal to buy Cole Real Estate Investments for about $7.2 billion in cash and stock to create the largest U.S. net-leased real estate investment trust (REIT), the companies said on Wednesday.
** SAFEWAY INC, $35.74, up 8.6 pct (01:39 p.m. ET)
A handful of buyout firms, including Cerberus Capital Management LP, are exploring a deal for all or part of supermarket chain Safeway, according to people familiar with the matter, in what could potentially shape up to be one of the largest leveraged buyouts since the financial crisis.
** ALTERRA CORP, $32.40, down 13.1 pct (01:40 p.m. ET)
The programmable-chip maker forecast current-quarter revenue below Wall Street estimates, citing fewer orders for its telecom and wireless products, following which several brokerages cut their price target on the company’s stock.
** UNISYS CORP, $24.97, down 4.3 pct (01:50 p.m. ET)
The IT services provider posted a lower-than-expected third-quarter profit on Tuesday.
** XOOM CORP, $31.56, down 9.8 pct (01:54 p.m. ET)
The digital money transfer company reported a quarterly profit, but forecast fourth-quarter revenue below street estimates. It reported a 52 percent rise in interest expenses to $588,000, compared with a year earlier, and said it expects fourth-quarter revenue of $30.2 million to $31.2 million. Analysts on average had expected $31.4 million, according to Thomson Reuters I/B/E/S.
** GENTEX CORP, $30.79, up 3.6 pct (02:03 p.m. ET)
Rovert W. Baird & Co analysts upgraded to “outperform” the stock of the company, which makes camera-based driver-assist systems, after it said it expects current quarter revenue to increase 20-25 percent. At least two other brokerages raised their price targets on the stock.
** VOCUS INC, $8.95, down 12.6 pct (02:04 p.m. ET)
The cloud and social-media marketing software maker posted third-quarter revenue that missed analysts’ expectations and forecast fourth-quarter profit and revenue and full-year revenue below Street estimates.
The results and outlook prompted FBR to cuts its price target on the stock to $11 from $12.
** ABAXIS INC, $33.11, down 13.1 pct (02:05 p.m. ET)
The maker of blood analysis systems reported second-quarter results that fell below Wall Street estimates, hurt by a 10 percent fall in sales in the medical market.
Canaccord Genuity cut its price target on the stock to $34 from $40, saying the company’s inventory imbalance could take up to two quarters to resolve. (Compiled by Sampad Patnaik, Edited by Joyjeet Das)