October 30, 2013 / 2:04 PM / 5 years ago

MARKET PULSE-Apple, GM, Central European Media, Western Union

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Oct 30 (Reuters) - Wall Street rose slightly at the open on Wednesday, adding to fresh records scaled by the Dow and the S&P 500, amid sturdy results and on expectations the Federal Reserve will continue its stimulus efforts into next year. The Dow Jones industrial average was up 18.24 points or 0.12 percent, to 15,698.59, the S&P 500 was up 2.08 points or 0.12 percent, to 1,774.03 and the Nasdaq Composite was up 8.957 points or 0.23 percent, to 3,961.295.

** GENERAL MOTORS COMPANY, $36.94, up 2.4 pct (9:45 a.m. ET)

The No. 1 U.S. automaker posted a better-than-expected quarterly profit on strong results in its core North American market and a smaller-than-anticipated loss in Europe.

** APPLE INC, $521.77, up 0.8 pct (9:45 a.m. ET)

The company has not reinvented the wheel with the iPad Air, but the thinner device, priced higher than many of its competitors, is a major improvement on a successful product, reviewers wrote on Tuesday.

** CAMECO CORP, $19.52, up 7.5 pct (9:45 a.m. ET)

The world’s third-biggest uranium producer, reported a higher quarterly profit on Wednesday as its uranium sales and realized price rose.

** CBRE GROUP INC, $22.41, down 8.2 pct (9:46 a.m. ET)

The commercial real estate services firm reported third-quarter earnings below analysts’ expectations as total costs rose 8 percent.

** ARIAD PHARMACEUTICALS INC, $4.19, up 10.5 percent (9:46 a.m. ET)

Sarissa Capital Management LP, a hedge fund run by investor Carl Icahn’s former healthcare lieutenant, Alexander Denner, took a 6.22 percent stake in the biotechnology company.

** EDWARDS LIFESCIENCES CORP, $66.55, down 4.7 pct (9:46 a.m. ET)

Two brokerages cut their target price on the medical device makers stock. JP Morgan downgraded the company’s rating to “underweight” from “neutral,” according to Theflyonthewall.com.

** CIRRUS LOGIC INC, $21.72, down 11 pct (9:46 a.m. ET)

The audio chipmaker, which supplies to Apple Inc, reported better-than-expected second-quarter results on Tuesday on higher sales in its portable audio segment. But Barclays cut its rating on the stock to “underweight” from “equal weight” on a day later, saying the company’s earnings could decline from the next year as growth at its biggest customer Apple slows and Cirrus’s average selling prices drop as both Apple and Samsung focus on bringing down costs.

** MANNKIND CORP, $5.18, down 1 pct (9:47 a.m. ET)

The drugmaker said the U.S. health regulator accepted the updated marketing application for its insulin therapy, Afrezza, and said the company can expect a decision on the treatment by April 15.

The drug device, designed to improve glycemic control, comprises the Afrezza inhalation powder and an inhaler to administer it.

** UNITED STATES STEEL CORP, $24.95, down 2 pct (9:47 a.m. ET)

The company said on Tuesday that it will permanently shut down iron and steelmaking operations at its Hamilton, Ontario, mill at the end of this year.

Deutsche Bank downgraded the stock to “hold.”

** PHILLIPS 66, $63.17 (9:47 a.m. ET)

The quarterly profit at the oil refiner and chemicals company fell more than expected, with weak global margins causing a loss in its refining business.

** HYATT HOTELS CORP, $46.13, down 1.4 pct (9:48 a.m. ET)

The company’s quarterly profit more than doubled, driven by higher occupancy and a rise in room rates across most of its properties.

** AUTOMATIC DATA PROCESSING INC, $74.62, down 2.3 pct (9:48 a.m. ET)

The company reported a higher-than-expected quarterly profit as it processed more payrolls in an improving U.S. job market.

** GARMIN LTD, $49.90, up 3.8 pct (9:49 a.m. ET)

The navigation device maker raised its earnings forecast for 2013 after reporting better-than-expected quarterly results as it sold more navigation devices used in aircraft and by fitness enthusiasts.

** COMCAST CORP, $47.48, down 0.5 pct (9:49 a.m. ET)

The top U.S. cable provider, which also owns NBC Universal, posted lower quarterly profit and revenue in the third quarter on Wednesday, without the boost from the London Summer Olympics a year ago.

** MERRIMACK PHARMACEUTICALS INC, $2.67, down 21 pct (9:49 a.m. ET)

The company said its cancer drug failed to meet the main goal of a mid-stage study in patients with advanced ovarian cancers.

** TEVA PHARMACEUTICAL INDUSTRIES, $38.74, down 5.5 pct (9:50 a.m. ET)

The world’s largest generic drugmaker said Chief Executive Jeremy Levin was stepping down and finance chief Eyal Desheh would stand in on an interim basis, effective immediately.

** GILEAD SCIENCES INC, $73.00, up 5 pct (9:50 a.m. ET)

The biotechnology company reported a 17 percent jump in quarterly net profit on Tuesday and raised its outlook for full-year sales as revenue and demand for its flagship HIV drugs exceeded Wall Street estimates.

A host of brokerages raised their price targets on the stock.

** BORGWARNER INC, $104.78, up 0.1 pct (9:50 a.m. ET)

The maker of automotive turbochargers and emission systems, reported a 65 percent rise in quarterly profit, partly due to higher demand for fuel-efficient vehicles.

** NUVASIVE INC, $30.39, up 18.4 pct (9:50 a.m. ET)

The medical device company reported better-than-expected quarterly results and raised its full year revenue forecast, prompting at least four brokerages to raise their price targets on Nuvasive’s stock.

Piper Jaffray said the strong beat was “driven by solid execution in a stable to moderately improving spine market, while holding the line on operating expenses.”

The maker of implants and instruments used in spine surgeries now expects to report revenue of $670 million for 2013, up from its prior view of $655 million.

Barclays Capital raised its price target to $28 from $23, while Needham & Co raised it to $35 from $28. Piper Jaffray raised its price target to $35 from $31, while BMO raised it to $28 from $25.

** CORNING INC, $17.25, down 1.5 pct (9:51 a.m. ET)

The specialty glass maker posted a 10 percent rise in quarterly revenue, helped by an increase in sales of devices that use Gorilla Glass, its most profitable product.

** WESTERN UNION CO, $15.88, down 17.5 pct (9:51 a.m. ET)

The world’s largest money-transfer company, reported a 20 percent fall in third-quarter profit, hurt by lower revenue from its consumer business and higher expenses.

** SPRINT CORP, $6.64, down 0.6 pct (9:51 a.m. ET)

The No. 3 U.S. mobile operator posted a decline in third-quarter revenue as it lost more subscribers than expected, following the shutdown of its older iDen network. Sprint, 80 percent owned by SoftBank, reported a profit of $383 million, compared with a loss of $767 million in the year-ago quarter, before Sprint’s deal with SoftBank and its July purchase of Clearwire Corp. Revenue fell to $8.68 billion from $8.76 billion.

** SPIRIT AIRLINES, $43.81, up 1.7 pct (9:52 a.m. ET)

The low-cost carrier said quarterly profit nearly doubled as its flights increased. Net income was $61.1 million, or 84 cents per share, in the third quarter, compared with $30.9 million, or 43 cents per share, a year earlier. Quarterly revenue rose 33 percent to $456.6 million.

** BUFFALO WILD WINGS INC, $140.42, up 8.4 pct (9:52 a.m. ET)

The company reported third-quarter results that beat analysts’ estimates as an extra week of big sporting events enticed more customers to visit its restaurants, sending its shares up 10 percent in extended trading.

Two brokerages raised their price targets on the company’s stock following results.

** QUESTCOR PHARMACEUTICALS INC, $58.15, down 16.2 pct (9:52 a.m. ET)

The company said it was being investigated in multiple jurisdictions, in addition to an ongoing probe by the U.S. Attorney’s office in Pennsylvania into its promotional practices, sending its shares down 10 percent.

** CENTRAL EUROPEAN MEDIA ENTERPRISES, $3.18, down 48 pct (9:53 a.m. ET)

The lossmaking broadcaster said on Wednesday it needed more money to stay afloat and was trying to secure extra financing from its main shareholder, Time Warner.

** CANADIAN SOLAR INC, $24.22, up 1 pct (9:53 a.m. ET)

The solar power company said Deutsche Bank AG has agreed to give a loan of C$104 million ($99.55 million) for construction of three power plants in Ontario, totaling 30 megawatts.

** TAKE-TWO INTERACTIVE SOFTWARE, $16.92, down 5.5 pct (9:54 a.m. ET)

The company raised its fiscal 2014 results forecast on Tuesday after reporting that second-quarter revenue quadrupled, driven by record-breaking sales of the video game “Grand Theft Auto V.”

** WALTER ENERGY INC, $16.42, up 7 pct (9:54 a.m. ET)

The coal miner reported a much smaller quarterly net loss compared with the year-ago quarter, when the company took a $1.1 billion impairment charge related to its acquisition of Western Coal.

** ELECTRONIC ARTS INC, $26.39, up 9.4 pct (9:54 a.m. ET)

The video game publisher reported higher profit for the second quarter on cost controls and digital sales, although revenues were down on the year ago quarter.

** LINKEDIN CORP, $232.91, down 5.8 pct (9:55 a.m. ET)

The company issued a conservative revenue forecast through the end of the year that damped a sizzling run in its stock price, taking the shine off an upbeat performance at the professional social network in the third quarter. The stock has been trading at roughly 158 times its forward earnings.

** YELP INC, $64.63, down 6 pct (9:55 a.m. ET)

The consumer reviews website operator reported a wider-than-expected loss on Tuesday as its marketing expenses more than doubled in the third quarter.

** BAIDU INC, $168.89, up 5.8 pct (9:55 a.m. ET)

The largest Internet search engine in China said it experienced strong growth in mobile search revenue during the third quarter and forecast better-than-expected revenue for the final three months of the year.

Jefferies and Co and Brean Murray Carret and Co upgraded the stock to “buy.”

** TRULIA INC, $45.93, up 8 pct (9:56 a.m. ET)

The online real estate listing service forecast current-quarter results that largely beat Wall Street estimates as it adds more subscribers.

Two brokerages raised their price targets on the company’s stock following results.

** SHUTTERFLY INC, $49.84, down 4.7 pct (9:56 a.m. ET)

The online photo-sharing service forecast current-quarter results way below analysts’ estimates, sending its shares down 10 percent in extended trading.

Brokerage Jefferies cut their price target on the company’s stock following results.

** WI-LAN INC, $3.10, up 3.7 pct (9:56 a.m. ET)

The Canadian patent licensing company said it was exploring strategic options, including selling itself. The move comes less than a week after the company lost a patent lawsuit against Apple Inc. WiLan’s shares plunged 23 percent after Oct. 24 ruling that also resulted in several analysts downgrading the stock.

** DREAMWORKS ANIMATION SKG INC, $30.92, up 11 pct (9:56 a.m. ET)

The company reported quarterly results ahead of Wall Street estimates, helped by a strong pay-TV showing for “Rise of the Guardians”, a fantasy film featuring Jack Frost, Santa Claus, the Easter Bunny and the Tooth Fairy.

** GENWORTH FINANCIAL INC, $14.61, up 0.2 pct (9:57 a.m. ET)

The life and mortgage insurer reported its eighth straight quarterly profit as losses narrowed in its U.S. mortgage insurance business due to a recovering housing market.

** PRAXAIR INC, $126.58, up 1.5 pct (9:57 a.m. ET)

The largest industrial gas supplier in the Americas reported a higher profit for the third quarter driven by sales in North America, where it has started several hydrogen gas plants used by refiners to process crude oil. The company, however, said it was cautious about its volume growth in the fourth quarter as it does not expect industrial production in North America and Europe to improve.

Praxair on Wednesday named Matt White as chief financial officer, who will take over from Jim Sawyer on Jan. 1.

** ASCENT SOLAR TECHNOLOGIES INC, $0.94, up 3.3 pct (9:57 a.m. ET)

The solar products maker said it would raise $10 million through a registered direct offering of Series B convertible preferred stock to an institutional investor. The company intends to use the proceeds to expand its retail channels for its products in the United States, Europe and Asia and launch additional products. (Compiled by Sampad Patnaik; Editing by Joyjeet Das)

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