January 31, 2014 / 3:35 PM / 4 years ago

MARKET PULSE-Alcoa, Chevron, Wal-Mart, Google, Amazon, BP, MasterCard

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Wall Street dropped at the open on Friday and was set for its first monthly decline since August, hurt by weaker-than-expected inflation data in the euro zone and ongoing concerns about turbulence in emerging markets. The Dow Jones industrial average was down 1.40 percent at 15,626.74, the S&P 500 was down 1.03 percent at 1,775.66 and the Nasdaq Composite was down 0.96 percent at 4,083.451.

** ALCOA INC, $11.59, -3.01 pct

Vice President Olivier Jarrault sold 175,031 shares of the largest U.S. aluminum producer at an average price of $10.57, according to a regulatory filing, an 11.5 percent discount to the stock’s Thursday close.

** CHEVRON CORP, $111.58, -4.18 pct

The second-largest U.S. oil company said its fourth-quarter profit dropped 32 percent as refining margins and production fell around the world.

** WAL-MART STORES INC, $73.93, -1.10 pct

The world’s largest retailer shaved its outlook for the fiscal fourth quarter and full year to account for special items, including those tied to its store closures in Brazil and China and its Sam’s Club restructuring in the United States.

** GOOGLE INC, $1,175.014, +3.49 pct

The Internet giant’s quarterly revenue beat Wall Street’s target despite an ongoing decline in prices for its online ads and deepening losses at Motorola, the handset-making division to be sold to China’s Lenovo.

** AMAZON.COM INC, $369.95, -8.20 pct

The online retailer warned of a possible loss in the current quarter and its quarterly results missed expectations in the holiday shopping season. At least seven brokerages cut their price targets on the stock, by as much as $30 to a low of $415.


The wireless communication technology provider’s fourth-quarter revenue dropped 41 percent, hurt by government contracting delays and declines in commercial applications revenue.

** THE NEW HOME COMPANY LLC, $2.4201, -1.62 pct

Shares of the homebuilder rose as much as 6 percent in their trading debut, valuing the company at about $191.5 million.

** BP PLC, $46.83, -1.22 pct

BP is dropping plans to invest in a refinery in China, three sources with direct knowledge said, the fourth refining project in recent months to fall foul of a slowdown in growth in the world’s second-largest economy.

** MASTERCARD INC, $75.77, -5.00 pct

The world’s No.2 credit and debit card company reported a 3 percent rise in quarterly profit but missed analysts’ average forecast as expenses rose. -2.52** ACCURAY INC , $10.32, +11.69 pct

The maker of cancer radiation devices reported a smaller-than-expected quarterly loss, helped by revenue growth and strong margins, and raised its 2014 revenue forecast.

** ABAXIS INC, $35.92, -5.57 pct

The blood analysis systems maker reported a lower-than-expected quarterly profit as sales of its instruments to veterinary clinics dipped due to decreased orders from its largest distributors, who held excess inventory.

** HANGER INC, $33.69, -13.81 pct

The orthotic and prosthetic products provider estimated full-year earnings significantly below analysts’ average expectations due to operational issues at one of its units.

Brokerage Noble Financial cut its price target on the company’s stock to $38 from $40.

** PACCAR INC, $56.11, -2.33 pct

The company, which makes vehicles sold under the Kenworth, Peterbilt and DAF brand names, reported higher quarterly profit on Friday as the maker of commercial trucks and engines benefited from recovering demand in Europe.

** SOLAZYME INC, $10.94, +11.98 pct

The renewable oil producer said on Thursday that commerical operations had begun at both Archer Daniels Midland Co’s facility in Clinton, Iowa, and at another facility in Galva, Iowa, operated by American Natural Products. Oil products - used in lubricants, metalworking, home and personal care - made at the facilities by the three companies, are being sold in the United States and Brazil, Solazyme said.


The natural gas pipeline company priced its public offering of 8 million common units at $16.50 each, below Thursday’s closing price of $16.91.

** CONSOL ENERGY INC, $37.62, -0.74 pct

The company’s adjusted core earnings declined 20 percent in the fourth quarter as weak realized prices for coal and natural gas squeezed margins.

** STATE STREET CORP, $66.88, -1.99 pct

Britain’s financial watchdog has fined the company 22.9 million pounds ($38 million) for deliberately overcharging some of its clients, and said the custody bank acted with “complete disregard” for the interests of its customers. Between June 2010 and September 2011 State Street UK, a unit of the world’s second-largest standalone custody bank State Street, overcharged six clients a total of $20.2 million, the Financial Conduct Authority (FCA) said.

** WYNN RESORTS LTD, $206.5, +2.48 pct

The casino operator on Thursday reported fourth-quarter results that beat analysts’ estimates, driven by growth in revenue from its Macau and Las Vegas operations.

At least four brokerages raised their price targets on the company’s stock on Friday.

** GREEN DOT CORP, $20.89, -21.85 pct

The prepaid debit card company reported a weaker-than-expected quarterly profit as it incurred higher operating expenses.

Brokerage SunTrust Robinson reduced its price target on the company’s stock to $22 from $25, but maintained its “neutral” rating. Green Dot forecast full-year revenue in the range of $640-$650 million, well above the average analyst estimate of $631.6 million, according to Thomson Reuters I/B/E/S.

** CEPHEID INC, $52.03, +10.07 pct

The company reported a smaller-than-expected loss in the fourth quarter, helped by higher sales of its molecular diagnostics systems and reagents.

At least seven brokerages, including UBS, Citigroup and Canaccord Genuity raised their price targets on the company’s stock.

** MATTEL INC, $38.81, -9.77 pct

** HASBRO INC, $48.96, -3.70 pct

Mattel, the world’s largest toy company, missed Wall Street’s profit and sales estimates for the fourth quarter on weak demand in the United States during the all-important holiday selling season.

Rival Hasbro’s stock also fell on the results.

** COOPER TIRE & RUBBER CO, $23.46, +2.71 pct

The company said it could sell its 65 percent stake in its Chinese joint venture to partner Chengshan Group Co Ltd, clearing the way for the U.S. tire maker to look for a buyer for itself.

** CYTRX CORP, $7.05, -11.65 pct

The drug developer priced a public offering of 11.5 million shares of its common stock at $6.50 each, a discount of 19 percent to its Thursday close. The company plans to use the net proceeds of the offering to fund trials of its cancer drug, aldoxorubicin, and for general corporate purposes.

DFC GLOBAL CORP, $8.18, -22.61 pct

The pawn and payday lender reported a weaker-than-expected quarterly profit as it earned lower fees from its consumer lending and pawn businesses, promoting several brokerages to lower their price targets on the company’s stock. Nomura downgraded the company’s stock to “buy” from “neutral.”

** MEDLEY CAPITAL CORP, $13.8, -3.77 pct

The business development finance company started a public offering of 6 million shares of its common stock at $14 each, below its Thursday close of $14.34. The company plans to use the proceeds from the offering for debt repayment, for investment and general corporate purposes.

** AUTOLIV, $90.27, +2.25 pct

The auto safety equipment maker reported a bigger-than-expected rise in fourth-quarter earnings and forecast continued sales growth this year, albeit at a slower pace than in 2013.

** SIMON PROPERTY GROUP INC, $154.59, +1.07 pct

The largest owner of U.S. malls and outlet centers reported fourth-quarter results above analysts’ estimates due to higher rents and occupancy at its malls. The company also said it was boosting its quarterly dividend.

** MCKESSON CORP, $174.68, -1.44 pct

The company, which last week reached a deal to acquire Germany’s Celesio AG, reported on Thursday a lower quarterly profit and trimmed its full-year outlook, citing higher taxes and one-time charges.

** ZYNGA INC, $4.25, +19.38 pct

Zynga will shed 15 percent of its workforce to slash costs and buy mobile game developer NaturalMotion for $527 million to refresh a stalled games pipeline.

** GOLDMAN SACHS GROUP INC, $163.8, -1.23 pct

Chief Executive Lloyd Blankfein received restricted stock worth $14.7 million this week as part of his 2013 bonus, Goldman reported in a regulatory filing on Thursday.

** CANADIAN NATIONAL RAILWAY CO, $52.25, -1.56 pct

Canada’s largest rail operator reported higher quarterly earnings on Thursday, saying its full-year volumes and revenue hit record highs, but the results were tempered by extreme winter weather in December and came in slightly below estimates.

At least three brokerage’s raised their price target on the stock.

** CHIPOTLE MEXICAN GRILL INC, $558.25, +13.02 pct

The burrito chain said on Thursday an increase in customer visits contributed to bigger-than-expected growth in quarterly sales at established restaurants.

** BROADCOM, $30.03, +2.81 pct

The company on Thursday posted fourth-quarter revenue and profits that were down from a year earlier, but the results slightly exceeded expectations of Wall Street analysts concerned about tepid smartphone sales.

** NATIONAL OILWELL VARCO INC, $75.02, +1.86 pct

The largest U.S. oilfield equipment provider, reported a better-than-expected adjusted quarterly profit, boosted by strength in its business that helps prepare oil and gas wells for production.

** TYSON FOODS INC, $36.9, +6.99 pct

The largest U.S. meat processor posted a 47 percent rise in first-quarter profit, helped by growth in sales volumes of chicken and beef.

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