January 22, 2014 / 3:08 PM / 4 years ago

CORRECTED-MARKET PULSE-Norfolk, AMD, DragonWave, Evoke Pharma, Brinker, Textron

(Corrects Evoke Pharma item to say the company's drug is an inhaled version of an existing oral generic drug, not a new version of its drug) For more market insights, including options activity, click on STXNEWS/US; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks were little changed on Wednesday, as corporate earnings provided investors with little reason to buy in a stock market that has been unable to find its footing after a strong rally last year. The Dow Jones industrial average was down 0.15 percent at 16,390.62, the S&P 500 was unchanged at 1,843.76 and the Nasdaq Composite was up 0.10 percent at 4,230.136.

** COACH INC, $49.02, -6.72 pct

The company said comparable sales in North America fell 13.6 percent in the final quarter of 2013, the latest sign it is losing share in the handbag market to fast-growing rivals such as Michael Kors Holdings Ltd and kate spade.

** IBM CORP, $182.67, -3.06 pct

The world's biggest technology services company missed revenue expectations for the fourth consecutive quarter as it grappled with weakening demand for its servers and storage equipment, particularly in growth markets like China.

** FREEPORT MCMORAN COPPER & GOLD INC, $34.68, -1.64 pct

The miner said it was working to "defend its rights" in Indonesia in the face of a new export tax it said contravened its agreement with the government, as it reported a drop in fourth-quarter earnings.

** ADVANCED MICRO DEVICES INC, $3.73, -10.55 pct

The chipmaker forecast a steeper-than-expected fall in current-quarter revenue, prompting at least two brokerages to lower their price targets on its stock.

** EVOKE PHARMA INC, $12.33, +23.30 pct

The drugmaker said its inhaled version of a generic gastrointestinal drug was found to be superior in managing symptoms of bowel disease compared with the existing oral treatment.

** DRAGONWAVE INC, $1.83, +15.09 pct

The telecom network equipment maker said it won a contract to provide microwave radio systems to in-flight internet provider Gogo Inc.

DragonWave's radios will help link Gogo's remote tower locations to a wired network.

** SUPER MICRO COMPUTER INC, $21.58, +16.65 pct

Needham raised its price target on the server maker's stock to $23 from $16 after the company reported better-than-expected quarterly results on Tuesday and forecast current-quarter profit and revenue above analysts' estimates.

** YRC WORLDWIDE INC, $18.25, +3.99 pct

Leaders of the Teamsters union agreed to put to vote a revised labor contract from the company, setting the stage for the struggling trucking company to go ahead with a vital restructuring plan.

** INTERCEPT PHARMACEUTICALS INC, $341.98, +4.87 pct

Wedbush analyst Liana Moussatos raised her price target on the drug developer's stock to $449 from $72, citing its lead drug's consistent efficacy and potential for blockbuster peak sales. The drug is being developed to treat a form of liver inflammation.

Intercept had said on Jan 9. that its drug, obeticholic acid, was found effective in a trial in patients with non-alcoholic steatohepatitis, paving the way for it to become the first approved treatment for the chronic condition.

** NORFOLK SOUTHERN CORP, $94.1, +6.08 pct

The company posted a 24 percent rise in quarterly income, beating analysts' estimates, as demand for shipments like chemicals, construction materials and automobiles more than offset a dip in coal volumes.

** BRINKER INTERNATIONAL INC, $49.63, +6.30 pct

The company's shares hit their life high after it reported a better-than-expected 7 percent rise in quarterly profit as same-restaurant sales at its Chili's chain rose for the first time in a year.

** TEXTRON INC, $38.25, +5.96 pct

The world's largest maker of business jets reported a 17 percent rise in quarterly profit as sales of its flagship Cessna aircraft picked up after five straight quarters of decline.

** ABBOTT LABORATORIES INC, $37.73, -3.55 pct

The company reported weaker-than-expected fourth-quarter revenue, hurt by the stronger dollar and an overseas sales disruption earlier in the year of its baby formulas.

** MOTOROLA SOLUTIONS INC, $64.61, -3.73 pct

The company, which makes walkie-talkies, rugged mobile computers and tablets, forecast a steep drop in first-quarter sales. The company reported a slight rise in quarterly profit, helped by higher government sales.

** VISIONCHINA MEDIA INC, $30.55, +26.29 pct

** BAIDU INC, $174.325, +0.94 pct

Chinese outdoor digital advertising company VisionChina Media said it signed a deal to promote Baidu online gaming unit in China.

** CANADIAN SOLAR INC, $42.8, -0.19 pct

The solar company said its unit would supply 10 megawatts of solar panels to Silvercreek Solar Park Inc for a plant in Canada. The solar power plant is expected to generate about 17.5 million kilowatt-hours per year.

** UNITED TECHNOLOGIES CORP, $116.21, +1.06 pct

The world's largest maker of elevators and air conditioners, reported a rise in fourth-quarter profit that topped Wall Street estimates, helped by a stronger performance across its businesses. However, the company's revenue came below analysts' estimates.

** INTERACTIVE BROKERS GROUP INC, $21.93, -2.96 pct

The electronic broker's fourth-quarter results were below analysts' estimates, mainly due to a 62 percent fall in pre-tax income in its market making segment. The company posted net income of 7 cents per share on revenue of $262.9 million. Analysts were expecting the company to earn 19 cents per share on revenue of $285.2 million, according to Thomson Reuters I/B/E/S.

** SOUTHWESTERN ENERGY CO, $41.63, +3.22 pct

Analysts at Sterne Agee raised their rating on the oil and gas producer's stock to "buy" from "neutral," citing improvement in gas prices. Analysts said Southwestern's progress toward LNG exports in 2015-16 and increase in gas exports to Mexico by 2015 would help raise its gas volumes.

** BOB EVANS FARMS INC, $47.08, -0.32 pct

The company slashed its fiscal 2014 earnings forecast on Tuesday as severe U.S. winter hurt customer traffic and increased operating expenses at its restaurants. Bob Evans cut its 2014 adjusted earnings forecast to $2.20-$2.30 per share from $2.60-$2.65 per share.

Brokerage Janney Capital Markets cut its price target on the restaurant operator's stock on Wednesday to $45 from $52.

** CA INC, $34.82, +1.63 pct

The business management software maker reported better-than-expected results for the third quarter on Tuesday, helped by its recent acquisitions of software companies, Layer 7 and Nolio.

** HURON CONSULTING GROUP, $66.32, +5.67 pct

The consulting company said it expected full-year earnings to top the high end of its forecast due to higher-than-expected performance-based fees in the healthcare segment. The company said it expected to earn $2.88-$2.92 per share from continuing operations.

** CONSOL ENERGY INC, $38.84, +1.73 pct

The company, which wants to transform into an exploration and production (E&P) company with a coal unit, said it expected to double the size of its E&P operations by 2016. The natural gas and coal producer named Timothy Dugan as chief operating officer of its E&P business.

** VMWARE INC, $98.88, +1.56 pct

The cloud software maker said it would buy mobile security company AirWatch for about $1.18 billion in cash and about $365 million in installment payments and assumed unvested equity.

** AMAG PHARMACEUTICALS INC, $19.995, -8.53 pct

The drugmaker said the U.S. Food and Drug Administration rejected its application for wider use of its iron deficiency drug due to safety concerns and asked for more trial data.

** PARKER HANNIFIN CORP, $123, -3.01 pct

The maker of motion and control technologies reported second-quarter profit that beat analysts' estimates as orders rose 5 percent.

However, the company forecast 2014 earnings of $6.40 per share. Analysts on average were expecting $6.57 per share, according to Thomson Reuters I/B/E/S.

** CREE INC, $64.84, +3.20 pct

The LED maker reported a 75 percent rise in second-quarter profit, driven by higher sales in its lighting products business. Net income rose to $35.7 million, or 29 cents per share, in the quarter ended Dec. 29 from $20.4 million, or 18 cents per share, a year earlier.

** ABB LTD, $25.67, -3.79 pct

The Swiss engineering group told investors it would miss fourth-quarter profit expectations due to weak orders at its power division and delays on wind projects in the North Sea.

** BLACKBERRY LTD, $10.35, +4.23 pct

The smartphone maker said on Tuesday it intended to divest the majority of its real estate holdings in Canada, as it seeks to bolster its balance sheet and turn around its fortunes.

** NUANCE COMMUNICATIONS INC, $15.66, +5.17 pct

The company, whose software powers the Siri feature on Apple Inc's iPhones, raised its estimates for first-quarter adjusted revenue and earnings on Tuesday.

** NEKTAR THERAPEUTICS, $12.82, -5.11 pct

The company said it commenced a public offering of 8.5 million shares of its common stock. Nektar said it would use part of the proceeds of the stock sale to fund research and development.

** VERIZON COMMUNICATIONS INC, $47.38, -0.67 pct

The company's acquisition of Intel Corp's venture to create a web-based TV service may be the catalyst that pushes U.S. cable players to start similar products to fend off fast-growing video rivals such as Netflix Inc and Amazon.com Inc.

** XILINX INC, $47.83, +0.61 pct

The chipmaker forecast current-quarter revenue largely below analysts' estimates, hurt by weak sales to telecom, aerospace and defense customers. (Compiled by Neha Dimri in Bangalore; Edited by Kirti Pandey)

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