February 13, 2014 / 6:33 PM / 4 years ago

MARKET PULSE-Time Warner, Retrophin, PepsiCo, Drew, Goodyear

(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks advanced on Thursday, erasing earlier declines as investors discounted weaker-than-expected data on consumer spending and the labor market, but a disappointing outlook by Cisco Systems kept gains in check on each of the major indexes. The Dow Jones industrial average was up 0.34 percent at 16,017.82, the S&P 500 was up 0.46 percent at 1,827.56 and the Nasdaq Composite was up 0.67 percent at 4,229.548.

** COMCAST CORP, $53.0901, -3.89 pct

** TIME WARNER CABLE INC, $144.73, +6.96 pct

** CHARTER COMMUNICATIONS INC $128.96, -6.26 pct

Comcast Corp said on Thursday that it would buy Time Warner Cable for $45.2 billion in an all-stock deal that combines the two largest U.S. cable operators. The friendly takeover comes as a surprise after months of public pursuit of Time Warner by smaller rival Charter Communications.

** CISCO SYSTEMS INC, $21.99, -3.76 pct

The network gear maker forecast on Wednesday a 6-8 percent revenue slide this quarter, underlining its struggle to rekindle demand in emerging markets like China, even as hardware spending sags globally.

** RETROPHIN INC, $16.65, +55.90 pct

The drugmaker said it would buy privately held Manchester Pharmaceuticals, a specialty pharmaceutical company that focuses on treatments for rare diseases, for $62.5 million.

Manchester markets two drugs that are approved by the U.S. Food and Drug Administration - Chenodal, for use in patients suffering from gallstones, and Vecamyl, for managing hypertension and uncomplicated cases of malignant hypertension.

** ORBITZ WORLDWIDE INC, $8.95, +29.52 pct

The online travel agency reported a quarterly profit on Thursday as it booked more hotel stays and vacation packages.

** PEPSICO INC, $79.34, -2.64 pct

PepsiCo, rejecting a proposal by activist investor Nelson Peltz, said it had decided not to spin off its North-American beverage business, which posted another drop in sales in the fourth quarter.

** GENETIC TECHNOLOGIES LTD, $2.2601, +58.05 pct

The diagnostics company said a re-examination of the claims made by a patent held by it was successfully resolved.

Ladenburg Thalmann upgraded its rating on the company’s stock to “buy” from “neutral,” citing increased visibility for the launch of an updated cancer test, the company’s patent landscape and the implementation of steps to cut operating expenses.

** OXYGEN BIOTHERAPEUTICS INC, $6.5313, +16.42 pct

The specialty pharmaceutical company said a study published in a medical journal offered evidence that its experimental heart drug, levosimendan, provides significant renal benefits to patients undergoing mitral valve surgery.

The company expects to begin a late-stage trial testing levosimendan in patients undergoing coronary artery by-pass and/or mitral valve surgery in the third quarter.

** BIOANALYTICAL SYSTEMS INC, $2.888, -11.14 pct

The drug development services provider posted a first-quarter loss, hurt by a non-cash warrant liability.


Shares of the residential insulation installer rose in their market debut, valuing the company at about $365 million. The company’s IPO raised about $82 million after its initial public offering of 7.45 million shares was priced at $11 per share, significantly below its expected range of $14-$16.

** LEAPFROG ENTERPRISES INC, $6.35, -9.80 pct

The toy maker on Wednesday forecast current-quarter results far below the average analyst estimate, citing difficult retail conditions. The company also reported weaker-than-expected fourth-quarter revenue, hurt by the tough holiday shopping season in 2013.

** SKECHERS USA INC, $35.81, +19.45 pct

The footwear maker reported better-than-expected fourth-quarter results as its products across the men’s, women’s and kid’s categories led more customers to its stores.

Brean Capital LLC raised its price target on the company’s stock to $50 from $39.

** CRA INTERNATIONAL INC, $21.08, +9.45 pct

The financial consulting company reported a better-than-expected fourth-quarter profit, helped by higher revenue from its regulatory and management consulting services. The company said its board has authorized an expanded share repurchase program of up to $15 million.

** ION GEOPHYSICAL CORP, $3.97, +26.03 pct

The seismic data processing company reported fourth-quarter revenue way ahead of the average analyst estimate, helped by data library sales that more than doubled year-on-year, rising particularly in areas offshore East and West Africa, East and West India, and the Gulf of Mexico.

** ANGIE’S LIST INC, $14.19, -17.02 pct

Brokerage Raymond James cut its rating on the company’s stock to “market perform” from “strong buy,” while at least five other brokerages cut their price targets on Angie’s stock, following its fourth-quarter results on Wednesday.

The company, which operates a website that allows the public to review local businesses, forecast lower-than-expected revenue for the first quarter and said it expected marketing expenses to rise.


The title insurer reported stronger-than-expected fourth-quarter profit, helped by lower claims. Title losses and related claims fell 28 percent to $25.9 million for the quarter ended Dec.31. The company said it expects to return $70 million to stockholders through a share buy-back program, with the majority expected to occur in 2015.

** MOLINA HEALTHCARE INC, $34.75, +6.17 pct

The health insurer, on Thursday, provided a 2014 outlook that topped Wall Street estimates.

** BIODEL INC, $3.21, +5.94 pct

The drugmaker said data from an early-stage trial of its experimental insulin formulation showed it was safe and tolerable, and the company planned to advance the drug into a mid-stage study.

** WHITEWAVE FOODS CO, $25.81, +8.58 pct

The dairy products producer reported fourth-quarter results that beat the average analyst estimate, helped by volume growth across its North America and Europe divisions.


The insurer posted a better-than-expected fourth-quarter profit as it wrote higher insurance premiums in the quarter. The company’s revenue rose about 77 percent to $816.4 million.

** GOODYEAR TIRE & RUBBER CO, $26.63, +10.18 pct

The tire company posted a higher-than-expected fourth-quarter profit on Thursday and said it had fully funded its hourly U.S. pension plan.

** INTREPID POTASH INC, $14.23, -6.99 pct

The potash producer reported a surprise fourth-quarter loss, hurt by higher production costs and lower prices and sales volumes.

** GENERAC HOLDINGS INC, $56.1, +12.45 pct

The generator maker reported a better-than-expected fourth-quarter profit, as its acquisitions of Ottomotores, Tower Light and Baldor generators drove up the sales of its commercial and industrial products.

** DREW INDUSTRIES INC, $51.04, +10.88 pct

The supplier of components for recreational vehicles, late on Wednesday, reported fourth-quarter profit that beat the average analyst estimate, as retail demand for travel trailer and fifth-wheel recreational vehicles rose 10 percent in 2013, the highest since 2007.

** ITRON INC, $33.44, -14.67 pct

The power meter maker’s fourth-quarter revenue missed the average analyst estimate due to the unfavorable impact of changes in foreign currency exchange rates.

At least three brokerages cut their ratings on the Itron’s stock.

** THE MEDICINES CO $28.38, -14.26 pct

An independent advisory panel to the U.S. Food and Drug Administration said the drugmaker’s blood clot preventer should not be approved due to a lack of data to prove its efficacy.

** CABELAS INC, $63.9, -8.47 pct

The specialty retailer of hunting, fishing and camping merchandise reported a lower-than-expected fourth-quarter profit and a 10 percent fall in same-store-sales, hurt by a sharper-than-expected decline in ammunition sales. The company also forecast first-quarter profit below the average analyst estimate.

** BARRICK GOLD CORP, $19.9, +4.90 pct

** ROYAL GOLD INC, $65.27, +3.23 pct

** MCEWEN MINING INC, $2.89, +8.65 pct

** IAMGOLD, $4.015, +3.48 pct

** GOLDCORP INC, $26.87, +3.19 pct

** HECLA MINING CO, $3.295, +2.65 pct

** NEWMONT MINING CORP, $23.25, +3.29 pct

Gold hovered below a three-month high on Thursday, struggling to break above $1,300, as investor caution ahead of a series of U.S. economic figures offset support from a sharply lower dollar and weaker equity markets. Spot gold was up 0.1 percent at $1,291.40 an ounce by 1238 GMT, having hit a three-month high of $1,295.91 on Wednesday.


The Canadian miner said year-to-date sales volume from its Oyu Tolgoi copper and gold mine in Mongolia has fallen short of expectations, citing post-commissioning issues.

** TECK RESOURCES LTD, $23.74, -6.39 pct

Canada’s largest diversified miner’s reported on Thursday that its fourth-quarter operating profit fell mostly due to lower prices of coal and copper.

** MATADOR RESOURCES CO, $22.08, +4.50 pct

At least two brokerages raised their ratings on the oil and gas producer’s stock after it said its year-end proved reserves more than doubled to 51.7 million barrels of oil equivalent in 2013. The increase in reserves was driven by drilling successes in the Eagle Ford shale field in Texas and an improvement in gas prices.


The alternative asset manager said it repurchased 60.6 million of its Class A shares from Nomura Holdings Inc for about $363.4 million, payable in cash.

** TOWER SEMICONDUCTOR LTD, $7.44, +4.49 pct

The Israeli chip maker’s shares rose on Thursday on a report that India’s cabinet had approved the setting up of two semiconductor plants.


The real-estate investment trust, late on Wednesday, reported fourth-quarter funds from operations that beat the average analyst estimate. The company also forecast full-year 2014 funds from operations largely above the average analyst estimate.

** WHOLE FOODS MARKET INC, $51.165, -7.74 pct

The largest U.S. organic and natural food retailer, on Wednesday, reported first-quarter results that missed the average analyst estimate and stunned investors by cutting its 2014 sales forecast for the second time in three months.

At least 9 brokerages cut their price targets on the company’s stock.

** B&G FOODS INC, $28.61, -6.78 pct

The private-label food manufacturer, on Wednesday, reported a fourth-quarter profit that missed the average analyst estimate, hurt by a lower gross margin due to a net price decrease, a sales mix shift to lower margin products, and a rise in distribution costs.

** NANOSPHERE INC, $2.475, +4.43 pct

The molecular diagnostics company reported fourth-quarter results and forecast 2014 revenue largely in line with the average analyst estimate.

At least two brokerages, including Roth Capital Partners, raised their price targets on the Nanosphere’s stock.

** CBS CORP $64.13, +3.69 pct

The media company on Wednesday reported a better-than-expected profit, announced an accelerated share buyback plan and raised its projection for revenue from pay television operators.

** CENOVUS ENERGY INC, $26.26, -2.70 pct

The Canadian oil and gas producer’s fourth-quarter operating profit fell short of the average analyst estimate as production at its Foster Creek oil sands project in northern Alberta dropped 11 percent.

** YOU ON DEMAND HOLDINGS INC, $5.93, +3.67 pct

The Chinese video-on-demand provider said it had appointed its first chief technology officer. Kevin Lin, who will be based in China, joins from Huawei’s Silicon Valley Research Labs.

** NETAPP, $41.1, -3.50 pct

The storage equipment maker forecast fourth-quarter revenue below the average analyst estimate on Wednesday.

At least three brokerages cut their price targets on the company’s stock on Thursday.

Compiled by Garima Goel in Bangalore; Editing by Simon Jennings

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