January 13, 2015 / 3:43 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Alcoa, Goodyear, KB Home

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U.S. stocks rallied on Tuesday to bounce from a two-day decline as financial results from Alcoa helped ease some investor worry regarding the corporate earnings season. The Dow Jones industrial average was up 1.34 percent at 17,877.65, the S&P 500 was up 1.20 percent at 2,052.68 and the Nasdaq Composite was up 1.43 percent at 4,731.38.

** ALCOA INC, $15.81, -2.23 pct

The aluminum company reported a higher-than-expected quarterly profit and forecast “strong demand” in its aerospace unit, driven by a robust market for large commercial aircraft, and solid demand in the automotive sector in 2015. Alcoa also forecast 2015 free-cash flow of $500 million.

** GOODYEAR TIRE & RUBBER CO, $26.56, -5.26 pct

The tiremaker estimated full-year operating income growth to be “slightly below” its forecast of 10-15 percent due to a stronger dollar and a challenging industry environment in Europe in the fourth-quarter.

** KB HOME, $16.52, -0.30 pct

** BEAZER HOMES USA INC, $20.27, +1.91 pct

** LENNAR CORP, $48.13, +2.25 pct

** D.R. HORTON INC, $26.51, +1.65 pct

** TOLL BROTHERS INC, $35.89, +2.51 pct

** PULTEGROUP INC, $23.04, +1.54 pct

The homebuilder reported an increase in fourth-quarter revenue and profit as it sold more homes at higher prices. New home orders, which indicate future revenue growth, rose 10 percent.

Other homebuilder stocks also rose on the result.

** BEST BUY CO INC, $39.58, +1.25 pct

Goldman Sachs upgraded the electronics retailer’s stock to “buy” from “neutral”, citing strong TV sales. The brokerage also raised price target to $45 from $38.

** NETLIST INC, $1.62, +39.66 pct

A federal judge granted the memory products maker preliminary injunction against Diablo Technologies Inc and SanDisk Corp. The two companies now cannot manufacture and sell controller chipsets.

** SYNNEX CORP, $78.9, +11.17 pct

The hardware distributor reported better-than-expected fourth-quarter results as revenue from its technology solutions business rose 16 percent. At least four brokerages, including Citigroup, raised price target on the stock.

** ANGLOGOLD ASHANTI LTD, $10.74, -0.28 pct

** AGNICO EAGLE MINES LTD, $29.96, -2.79 pct

** KINROSS GOLD CORP, $3.34, -2.91 pct

** COEUR MINING INC, $6.06, -0.66 pct

** ENDEAVOUR SILVER CORP, $2.65, +1.15 pct


** SILVER WHEATON CORP, $22.8, +0.31 pct

Gold extended gains to climb to its highest since October, boosted by safe-haven demand triggered by continued slump in oil prices and weakness in some equities markets.

Spot gold was up 0.4 percent at $1,238.50 an ounce, while spot silver was up 3 percent at $17.07 an ounce at 8.50 a.m. ET.

** SYNNEX CORP, $78.9, +11.17 pct

The hardware distributor reported better-than-expected fourth-quarter results as revenue from its technology solutions business rose 16 percent. At least four brokerages, including Citigroup, raised price target on the stock.

** BIG 5 SPORTING GOODS CORP, $12.33, -4.93 pct

The sporting goods retailer narrowed its fourth-quarter profit estimate, hurt by weak holiday season sales. Fourth-quarter same-store sales fell 0.5 percent while merchandise margins decreased 10 basis points.

** CELGENE CORP, $122, +4.27 pct

The drug developer forecast fourth-quarter and full-year 2014 adjusted earnings above average analysts estimates.

** LIMONEIRA CO, $22.82, -1.00 pct

The real estate developer forecasts 2015 profit below average analyst estimate and reported a fourth-quarter loss that was three times that of market expectation.

** PHARMACYCLICS INC, $146.23, +18.20 pct

The company forecast U.S. net revenue of $1 billion for its cancer drug Imbruvica for 2015. The forecast of an 103 percent increase over the expected 2014 revenue is based on continuous strong demand for the drug within its three approved indications and an anticipated market expansion related to a pending fourth indication.

** CHIMERIX INC, $40.9, +2.25 pct

The ebola drug developer said it was issued a patent covering its antiviral drug brinicidofovir. With this patent, the coverage for the drug in the United States was expected to extend until 2034. William Blair raised its price target on the stock to $53 from $46, and raised its total peak sales estimate for the antiviral drug to $2.4 billion from $2 billion.

** ANTARES PHARMA INC, $2.39, -8.43 pct

The company said the U.S. Food and Drug Administration has asked for additional safety data on its testosterone drug after a patient developed hives in a mid-stage trial. Hives is an allergic skin reaction that causes red, itchy bumps on the skin.

** ELI LILLY & CO, $70.31, +1.28 pct

** MERCK & CO, $62.98, +1.09 pct

** BRISTOL-MYERS SQUIBB CO, $63.13, +1.53 pct

Eli Lilly signed two separate deals with Merck and Bristol-Myers to test combinations of its cancer treatments with two recently approved therapies that belong to a promising new class of drugs.

** AMAZON.COM INC, $299.26, +2.69 pct

Citigroup upgraded the e-commerce company’s stock to “buy” from “neutral”, and raised its price target to $354 from $325.

** RADIOSHACK CORP, $0.4899, +25.62 pct

Salus Capital Partners would provide $500 million to the troubled electronics retailer in a kind of debtor-in-possession loan used by companies to fund operations in bankruptcy, the Wall Street Journal reported on Monday.

** FACEBOOK INC, $77.855, +1.48 pct

Mark Zuckerberg and Xiaomi Inc CEO Lei Jun discussed a potential investment by the social networking site in China’s top smartphone maker ahead of its $1.1 billion fundraising last month, but a deal never materialized, several people with knowledge of the matter told Reuters.

** WALT DISNEY CO, $96.13, +1.77 pct

** SONY CORP, $21.4, +0.19 pct

** DREAMWORKS ANIMATION SKG INC, $23.34, +1.43 pct

Walt Disney, Sony Corp and DreamWorks urged a federal judge to throw out an antitrust lawsuit accusing them of conspiring not to poach each other’s animators in order to keep wages down.

** UNITED AIRLINES, $67.54, +2.46 pct

The Chicago-based carrier is assessing whether to outsource jobs at airports around the country in a cost-cutting effort that could impact some 2,000 workers.

** ALIBABA GROUP HOLDING LTD, $102.53, +0.90 pct

The online retailer’s founder Jack Ma and other investors will pump up to 10 billion yuan ($1.61 billion) into Chinese drugmaker Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd to help fuel its online expansion.

** AROTECH CORP, $2.5993, -3.37 pct

The defense and security products maker said on Monday that its smaller battery and power systems business received new orders worth $17 million.

The business generated revenues of $25.1 million in 2013, which was about 28 percent of the company’s total revenue.

** HEXCEL CORP, $42.18, +4.46 pct

The composite materials maker announced a quarterly dividend of 10 cents per share, its first since 1992. Hexcel also said it expects 2014 adjusted earnings to top analysts’ estimates helped by sales of its commercial aerospace business.

** BEBE STORES INC, $2.9, +16.94 pct

The apparel retailer estimated second-quarter comparable-store sales rose about 8 percent, helped by strong holiday season sales.

Bebe Stores also said it expected net loss per share, excluding non-recurring costs from continuing operations, to be in low single-digit range for the quarter ended Jan. 3

** WOLVERINE WORLD WIDE INC, $29.04, -1.99 pct

The shoemaker said it expected 2015 profit to be flat compared to 2014 as it planned to spend more on marketing and omnichannel initiatives. The company said its forecast was also hurt by a stronger U.S. dollar and higher pension related expenses.

Wolverine now expects adjusted profit for 2014 at the high end of its previous forecast of $1.57-$1.63 per share. Analysts on average were expecting $1.61 per share.

** TILLY’S INC, $13.65, +17.57 pct

The specialty apparel and accessories retailer raised its fourth-quarter profit forecast due to strong sales during the holiday season.

** CNOVA NV, $8.49, +2.29 pct

The e-commerce company reported a 19.7 percent rise in quarterly net sales in the fourth quarter, helped by an increase in client spending. Cnova’s number of active clients rose 21.3 percent to 13.6 million, while orders rose 38 percent. (Compiled by Yashaswini Swamynathan in Bengaluru; Edited by Joyjeet Das)

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