February 28, 2014 / 6:24 PM / 4 years ago

MARKET PULSE-NII Holdings, CME, Intermolecular, Varonis, Medivation

U.S. stocks rose on Friday as some positive economic data boosted the S&P 500 to record levels for a second straight day and put major indexes on track for strong gains in both the week and the month. The Dow Jones industrial average was up 0.72 percent at 16,390.5, the S&P 500 was up 0.69 percent at 1,867.14 and the Nasdaq Composite was up 0.40 percent at 4,336.24.


The loss-making television broadcaster has agreed a deal with its main shareholder Time Warner to raise new debt and issue share warrants to help cover the company’s financing needs.

** NII HOLDINGS INC, $1.24, -51.84 pct

The telecom service provider lost more than half its market value after the company reported a 22 percent drop in quarterly revenue and forecast slower user growth in Mexico.

** INTERMOLECULAR INC, $2.86, -25.71 pct

The research and development partner for semiconductor and clean-energy companies said Sandisk Corp and Toshiba Corp would not renew an agreement to develop certain memory technologies. The agreement expires on March 15.


The networking component maker reported better-than-expected fourth-quarter revenue and forecast current-quarter revenue largely above expectations, saying it would be helped by “record bookings driven by the adoption of new data center and fiber-to-the-home products.”

** VARONIS SYSTEMS INC, $40.54, +84.27 pct

Shares of the data protection and analysis provider rose in its market debut, valuing the company at about $955.8 million. Varonis Systems’ initial public offering raised about $105.6 million after its offering was priced at $22 per share, above its $19-$21 expected pricing range.

** AMERICAN PUBLIC EDUCATION INC, $36.17, -21.79 pct

The owner of online learning provider American Public University System reported a fourth-quarter profit below the average analyst estimate as new student registrations fell about 10 percent. “The temporary suspension of Department of Defense tuition assistance programs in October 2013 resulted in fewer enrollments from active duty service members than otherwise would have been expected,” the company said.

Deutsche Bank cut its price target on the company’s stock to $40 from $44.

** ENDOLOGIX INC, $13.59, -23.95 pct

The medical device maker forecast full-year revenue below the average analyst estimate due to slow growth in device sales in the United States.

** COMPUGEN LTD, $11.46, -19.30 pct

The Israeli drugmaker said on Thursday that its public offering of 6 million shares was priced at $10.50 per share, a discount of 26 percent to their last close. The company expects gross proceeds of about $63 million.

** KBR INC, $27.26, -14.65 pct

The engineering company reported a lower-than-expected profit because it could not close a deal to build two liquefied natural gas projects in the fourth quarter, as it had previously expected to. The company said it expects to earn between $1.75 and $2.10 per share in 2014, much lower than the average analyst estimate of $2.69 per share, according to Thomson Reuters I/B/E/S.


The insurer reported a higher fourth-quarter profit as it earned more from net premiums, which more than doubled to $35 million from $16.8 million a year earlier.

** MERCADOLIBRE INC, $107.08, +13.64 pct

The Argentina-based e-commerce company posted better-than-expected quarterly results helped by a 30 percent jump in sales.

** DECKERS OUTDOOR CORP, $75.24, -11.14 pct

The shoe maker, on Thursday, forecast a surprise loss for the first quarter due to higher expenses.

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

** MEDIVATION INC, $72.56, -14.15 pct

The cancer drug maker, on Thursday, forecast weak 2014 sales for its prostate cancer drug, Xtandi. Medivation said on Thursday that it expects revenue of $500-$535 million in the United States for the drug. Cowen & Co analyst Eric Schmidt said the forecast was below analysts’ consensus estimate of $667 million.

** YUME INC, $6.347, -17.14 pct

The video advertising service provider’s fourth-quarter revenue missed Street estimates and it forecast 2014 revenue below analysts’ expectations.

Brokerage Citigroup downgraded Yume’s stock to “neutral” from “buy,” according to theflyonthewall.com.

** YOUKU TUDOU INC, $33.7, +9.20 pct

The Chinese internet television company, on Thursday, reported a 42 percent jump in fourth-quarter revenue, which beat the average analyst estimate due to higher video mobile traffic.

** TESCO CORP,$19.085, -9.46 pct

The company, which delivers technology-based services to oil and gas companies, reported a lower-than-expected fourth-quarter profit, driven by lower sales of its drilling tool, Top Drives, due to lower drilling activities in North America.

** PLUG POWER INC, $4.7999, +9.84 pct

The alternative energy technology provider’s shares continued to rally after it said on Wednesday that it would supply 1,738 of its hydrogen fuel cells to Wal-Mart Stores Inc , the world’s largest retailer.

** CLEAN ENERGY FUELS CORP, $8.425, -13.14 pct

The natural gas fuel supplier’s fourth-quarter revenue fell 14 percent, as it did not repeat last year’s gains from selling two compressed natural gas stations to a transit customer.


The Canadian biopharmaceutical company said it has acquired an Irish subsidiary of Perigo Co Plc, to develop and market Perigo’s neuropsychiatric experimental drug. The drug, code named ELND005, is being tested for studies related to Alzheimer’s, bipolar disorder and Down Syndrome.

** MASTEC INC, $40.875, +7.37 pct

The infrastructure construction company reported a 24 percent jump in fourth-quarter revenue due to higher business at its oil and gas and electrical transmission divisions.


The drugmaker posted a bigger-than-expected fourth-quarter loss due to higher costs related to the expansion of its drugs pipeline.


The company, which designs and develops technologies to improve the performance of combustion systems, said it entered into subscription agreements with certain institutional investors to sell about $6.5 million of its common stock in a registered direct offering. The offering is priced at $8 per share, which represents a discount of about 9 percent to the stock’s Thursday’s close.

** BONANZA CREEK ENERGY INC, $49.82, +7.32 pct

The oil and gas explorer reported a better-than-expected fourth quarter adjusted profit due to increased production volumes in its Rocky Mountain region in Colorado.

Analysts at BMO Capital Markets raised their price target on company’s stock to $60 from $50.


The digital imaging chipmaker posted better-than-expected third-quarter results, helped by stronger demand for its PureCel sensors. The company also forecast fourth-quarter profit and revenue largely above the average analyst estimate.

** JOS. A. BANK CLOTHIERS INC, $62.13, +3.03 pct

** MEN’S WEARHOUSE INC, Thursday close $53.93, +6.96 pct

Jos. A. Bank rejected Men’s Wearhouse Inc’s revised takeover offer calling it inadequate, but said it was willing to talk with its larger rival about a higher bid.

** 3D SYSTEMS CORP, $76.55, +2.53 pct

The largest 3D printer company forecast 2014 full-year revenues largely above Wall Street estimates, allaying fears of a bubble in the 3D printing industry. The company also reported a fourth-quarter adjusted profit that was in line with the average analyst estimate and said its 3D printers and other product revenue increased 76 percent to $73.9 million, from a year earlier.


The Quebec-based biotechnology company said its public offering of 10 million common shares is priced at $2.50 per share, which represents a discount of 16 percent to the stock’s Thursday closing price. The offering will fetch about $25 million in gross proceeds.


The Israeli business integration software maker said on Thursday that it intends to offer and sell ordinary shares of the company in a public offering.

** CEMPRA INC, $11.51, -11.26 pct

The drug developer said it now expected data from a late-stage trial of its experimental antibiotic in the first quarter of 2015, which it was earlier expecting in mid-2014.

The drug, solithromycin, is being developed as a treatment for community-acquired bacterial pneumonia.

** RADISYS CORP, $4.305, +7.63 pct

Brokerage Needham & Co Inc raised its rating on the network equipment maker’s stock to “buy” from “hold,” according to Benzinga.com. ()

** 58.COM INC, $48.05, +14.43 pct

The Chinese online classified ads provider, which reported fourth-quarter results on Thursday, said it expects current-quarter revenue to increase 81-90 percent, year-on-year, to $43-$45 million.

** BONA FILM GROUP LTD, $6.7499, -7.28 pct

The film distributor reported a 20 percent drop in fourth-quarter revenue on Thursday, as it did not release any television series in the period.

** HALOZYME THERAPEUTICS INC, $14.69, -8.30 pct

The drugmaker reported a bigger-than-expected fourth-quarter loss due to high expenses related to clinical trial costs and marketing spends.

** SOUTHWESTERN ENERGY, $41.25, -4.38 pct

The oil and gas producer’s fourth-quarter profit beat the average analyst estimate by one cent, but the company reduced its estimate for ultimate recovery from its proved undeveloped reserves in the Marcellus shale.

Analysts at Simmons and Co identified the lower estimate and disappointing well results in the Brown Dense formation, an unconventional oil reservoir found in southern Arkansas and northern Louisiana, as negatives.

** ARENA PHARMACEUTICALS INC, Thursday close $6.77, -2.22 pct premarket

The drugmaker posted lower-than-expected quarterly revenue as sales of its weight management drug, Belviq, did not grow as expected.

The drug was approved by the U.S. Food and Drug Administration in June 2012.

** SALIX PHARMACEUTICALS LTD, $111.82, +1.80 pct

The drugmaker posted a better-than-expected fourth-quarter profit helped by strong sales of its liver drug Xifaxan.

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

** MARKWEST ENERGY PARTNERS LP, $63.42, -5.70 pct

The oil and gas transporter reported a fourth-quarter loss on Thursday, compared with analysts’ expectations of a profit, hurt by lower natural gas liquids sales in Western & Southeastern Oklahoma and weak Gulf Coast operations.

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

** ATLANTIC POWER CORP, $2.65, +5.58 pct

The power company expects adjusted core earnings of its projects to grow 8 percent this year, as the company ramps up investments in power projects. “We... have now committed to $27 million of organic growth investments through 2014...,” Chief Executive Barry Welch said.

** SOTHEBY’S, $46.56, -7.56 pct

Billionaire hedge fund manager Daniel Loeb is mounting a proxy fight at the auction house, with the goal of winning three board seats after the company’s promise to return $450 million to shareholders failed to appease activist investors.

** VAALCO ENERGY INC, $6.75, -4.93 pct

The oil and gas company said late on Thursday that it would plug and abandon an exploration well in Dimba, offshore Gabon, after it did not recover reserves of any commercial value there.

** CHUY’S HOLDINGS INC, $39.585, -5.97 pct

The restaurant operator reported on Thursday fourth-quarter revenue that missed the average analyst estimate, due to the impact of an ice storm in early December.

** GW PHARMACEUTICALS PLC, $68.68, +6.37 pct

The company said the U.S. Food and Drug Administration had granted orphan drug status to its experimental drug for treating a rare and severe form of childhood epilepsy.

The FDA grants the status to drugs or biologics that treat a condition affecting less than 200,000 Americans and gives the drugmaker a marketing exclusivity of seven years in the United States, upon approval.

** MEI PHARMA INC, $8.68, +3.46 pct

The oncology company said the U.S. health regulator had granted orphan drug status to its experimental drug, Pracinostat, for the treatment of acute myeloid leukemia, a form of white blood cell cancer.

** PEARSON PLC, $17.1, -6.40 pct

The British publishing and educational company warned its earnings would fall sharply again in 2014 as it entered the second year of a restructuring sparked by the deterioration in its main U.S education market.

** GALENA BIOPHARMA, $3.9999, +3.89 pct

The company said it has received a “notice of acceptance” from the Australian Patent Office for a patent for its experimental cancer vaccine NeuVax. The patent protection for NeuVax, currently being tested in a late-stage study for breast cancer, runs until 2028.

** AMERICAN VANGUARD CORP, $22.2, -3.73 pct

The chemical manufacturer’s fourth-quarter revenue fell 27 percent due to lower sales of its insecticides as prolonged wet weather in the United States reduced corn planting.

** CELSION CORP, $3.8402, +3.79 pct

The drug developer said interim data from a mid-stage study showed that its experimental cancer drug, ThermoDox, used in combination with thermal therapy, had a response rate in patients with recurrent chest wall breast cancer who did not respond to prior treatment. Celsion said that of five evaluable patients, two showed no signs of the disease, two showed a decrease in the size of tumors and one patient did not show an increase or decrease in the extent of the cancer.

** RENEWABLE ENERGY GROUP INC, $12.05, +1.35 pct

The biodiesel producer posted better-than-expected fourth-quarter results, boosted by a 90 percent increase in biodiesel sales. Quarterly revenue rose 68 percent to $390.6 million, the company said late on Thursday.

** JAMES HARDIE INDUSTRIES PLC, $63.7, +3.29 pct

The world’s biggest fiber cement products maker said on Friday that it would pay a special dividend to investors as it booked a 64 percent rise in third-quarter profit thanks to the stronger U.S. housing market.

** AIR LEASE CORP, $36.4, +2.48 pct

The aircraft leasing company reported better-than-expected fourth-quarter results, helped by higher aircraft bookings in the Asia Pacific.


United Airlines, which is operated by United Continental, cut its first-quarter forecast for system available seat miles, which represent the capacity of an airline, due to severe winter weather across the United States forcing the company to cancel more than 22,500 flights in the first two months of 2014.

** FREEPORT-MCMORAN COPPER & GOLD, $32.81, -1.97 pct

The U.S. miner said its Indonesian unit may need to declare force majeure on copper concentrate sales if a dispute with the government over export taxes drags on for a prolonged period. Freeport and fellow U.S. miner Newmont Mining Corp have refused to pay an escalating export tax introduced last month as part of package of new mining rules aimed at forcing miners to build smelters and process raw materials in Indonesia.

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