August 19, 2015 / 3:32 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-American Eagle, Rayonier, Corbus, Arch Coal, Eldorado

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Wall Street was sharply lower on Wednesday as investors worried about the effect of China’s slowing growth ahead of the minutes from the latest U.S. Fed meeting that could give clues regarding the timing of a rate increase.

The Dow Jones industrial average was down 1.13 percent at 17,313.42, the S&P 500 was down 1.07 percent at 2,074.45 and the Nasdaq Composite was down 1.09 percent at 5,004.354.

** TARGET CORP, $79.7, -0.75 pct

The retailer’s stock reversed course after rising earlier as the company reported a higher-than-expected quarterly profit and raised its full-year earnings forecast for the second time, benefiting from strong demand for clothing and other product categories at the center of its growth plan..

** LOWE’S COS INC, $73.24, +0.30 pct

The No.2 U.S. home improvement chain reported a lower-than-expected quarterly profit, hurt by a rise in costs and a higher tax rate. Lowe’s also posted its slowest growth in same-store sales in five quarters. But that, however, topped analysts expectations on higher demand for items such as appliances and outdoor power equipment.


The teen apparel retailer said third-quarter comparable store sales growth would be sharply lower than the strong increase it reported in the second quarter.


** EASTMAN CHEMICAL, $75.15, -2.28 pct

Cellulose fiber maker Rayonier is in a contract dispute with Eastman, one of its biggest customers. Rayonier is seeking a court ruling on “meet or release” pricing/volume provision in a contract that would require it to respond to offers made to Eastman by other suppliers. Eastman sought ruling earlier that all contracted volume is subject to provision, the absence of which would make the contract invalid. RBC analyst Paul Quinn said Eastman is essentially seeking lower price.

** SEAGATE TECHNOLOGY PLC, $50.48, -3.02 pct

** DOT HILL SYSTEMS CORP, $9.685, +86.97 pct

Hard-drive maker Seagate said it would acquire data storage equipment maker Dot Hill for about $694 million in cash. The offer values Dot Hill at $9.75 per share.


The drug developer said the U.S. FDA granted a Fast Track designation for its experimental drug, Resunab, to treat scleroderma, a potentially fatal inflammatory disorder that has no treatment in market so far.

** ARCH COAL INC, $2.25, +53.06 pct

The miner will seek a compromise with lenders opposing a debt-swap deal that will help it avoid a bankruptcy filing, Bloomberg reported, citing people familiar with the matter. (

** CITI TRENDS INC, $25.5, +12.14 pct

The retailer posted a surprise quarterly profit as sales rose. The company also said it would start paying a quarterly dividend and set a share buyback program of up to $15 million.

Citi Trends also amended its credit facility with Bank of America to extend the term of to August 2020.

** FLEXSTEEL INDUSTRIES INC, $34.1256, -17.95 pct

The furniture retailer posted a lower-than-expected quarterly profit as its sales just about met analysts expectations.

** ELDORADO GOLD CORP, $3.85, -8.11 pct

Greece has suspended the mining operations of the Canadian gold miner in northern Greece, saying the company violated contract terms, in a setback to one of the top foreign investment projects in the country.

BMO Capital Markets cut its rating on the company’s stock to “market perform” from “outperform”.

** PHOTRONICS INC, $8.74, +12.77 pct

The chip component maker reported better-than-expected quarterly results, helped by higher sales of components used in making high-end flat panel displays.

** BIOCEPT INC, $2.245, +14.54 pct

H.C. Wainwright started coverage of the molecular diagnostic company’s stock with a “buy” rating, saying “Biocept is currently undervalued given that its cancer tests have been generating commercial sales and have considerable market potential”.

** CANADIAN SOLAR INC, $20.39, -17.42 pct

The solar company posted a near 70 pct fall in second-quarter profit, hurt by lower sales, and forecast current-quarter revenue below analysts estimate. The company also warned that some of its projects under development may not reach completion due to a failure to secure all of the necessary permits and grid-connection approvals.

** TARENA INTERNATIONAL INC, $9.77, -19.79 pct

The Chinese IT education provider reported lower-than-expected second-quarter results due to higher costs, and cut its full-year revenue forecast due to the devaluation of yuan.

** ENERGY FOCUS INC, $16.35, +6.79 pct

Roth Capital Partners raised its price target on the LED lighting product maker’s stock to $23 from $16, maintaining its “buy” rating.


Morgan Stanley raised its rating on the weight management services company’s stock to “equal-weight”.

** GEVO INC, $2.45, +8.41 pct

Rodman & Renshaw started coverage of the chemical and biofuel maker’s stock with a “buy” rating and a $5 price target.

** YUM BRANDS INC, $86.08, +2.23 pct

The owner of the KFC and Pizza Hut brand announced new leadership for its China division as activist investors lobby the company to spin off that business, which is its biggest driver of revenue and profit.

** PALATIN TECHNOLOGIES INC, $1.01, +7.45 pct

Sprout Pharmaceuticals’s Addyi, the first drug to treat low sexual desire in women or HSDD, won approval from U.S. health regulators on Tuesday. Palatin is creating a rival to Addyi, which has been nicknamed the “female Viagra”.

** STAPLES INC, $13.895, -1.80 pct

The office supplies retailer reported quarterly revenue slightly below analysts’ estimates, hurt by a stronger dollar. The company also said it was on track to close the Office Depot deal by the end of 2015.

** CHINANET ONLINE HOLDINGS INC, $0.8702, +6.12 pct

** BAIDU INC, $161.9, -2.53 pct

Chinese advertising company launched new online-to-offline sales service “The GOOD Business of China” with internet company Baidu Inc and its forum posting platform Tieba

** CEMPRA INC, $38.4, +4.40 pct

The drug developer said the U.S. FDA granted a Fast Track designation for its solithromycin intravenous and capsules to treat community acquired bacterial pneumonia (CABP).

** WEB.COM GROUP INC, $21.48, -9.63 pct

The Web domain name registration company said may have lost credit card information of about 93,000 customers to a cyber breach of one of its computer systems.

** ANALOG DEVICES INC, $58.45, +0.95 pct

The analog chipmaker reported better-than-expected third-quarter results, helped by higher revenue from its industrial and consumer business segments. The company also forecast current-quarter revenue and adjusted profit above analysts’ average estimate.

** MEDICINOVA INC, $3.41, -3.13 pct

The drug developer said an offering of 5 million shares was priced at $3.50 per share. (Compiled by Sruthi Shankar in Bengaluru; Editing by Savio D’Souza)

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