March 1, 2016 / 6:18 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Career Education, Honeywell, automakers

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U.S. stock indexes rose on Tuesday, led by financial and technology stocks, after strong U.S. factory and construction data suggested the economy was regaining momentum after slowing in the fourth quarter. The Dow Jones industrial average was up 1.82 percent at 16,817.65, the S&P 500 was up 1.93 percent at 1,969.53 and the Nasdaq Composite was up 2.22 percent at 4,659.244.

** SUNEDISON INC, $1.6, -19.19 pct

The solar company said on Monday it had delayed filing its annual report, mainly due to an internal investigation into its financial position.

** KATE SPADE & CO, $22.07, +11.35 pct

The handbag and accessories maker reported better-than-expected quarterly sales at established stores, helped by demand for its kate spade new york line of products in North America.

** MARATHON OIL CORP, $7.94, -3.29 pct

The oil and natural gas producer announced on Monday an upsized offering of 145 million shares at $7.65 per share. The offering, which represents 21 percent of Marathon’s outstanding shares as of Feb. 14, is at a discount of 6.8 percent to the stock’s Monday close.

** BONANZA CREEK ENERGY INC, $1.01, -45.70 pct

The oil and producer said it failed to close the $225 million Rocky Mountain infrastructure unit sale to Meritage Midstream and the company posted a bigger fourth-quarter loss. Brokerages Scotia Howard Weil, Topeka, Keybanc and Capital One cut their ratings on the stock to “hold” from “buy”, while Raymond James and Stifel downgraded to “sell” from “hold”.

** PTC THERAPEUTICS INC, $5.72, -28.32 pct

Three brokerages cut their ratings on the drug developer’s stock and five cut their price targets after the company said the FDA considered the study results of its muscle disorder drug as “negative” and that they did not provide “substantial evidence of effectiveness”.

** CAREER EDUCATION CORP, $3.24, +28.57 pct

The for-profit education company swung to a profit in the fourth quarter, helped by lower costs and higher revenue at its university group business.

** EXELIXIS INC, $3.87, +6.32 pct

The drugmaker said it entered into an exclusive agreement with European drugmaker Ipsen to commercialize and develop its lead oncology drug outside the United States, Canada and Japan. Exelixis will get an upfront payment of $200 million and will be eligible for regulatory milestones and royalties.

** UNITED TECHNOLOGIES CORP, $94.28, -2.42 pct

** HONEYWELL INTERNATIONAL INC, $105.04, +3.64 pct

Honeywell, a maker of aircraft parts and climate control systems, said it was scrapping its offer to buy United Technologies due to the company’s unwillingness to engage in negotiations.

** JD.COM INC, $26.62, +3.54 pct

China’s second biggest e-commerce company reported better-than-expected revenue growth in the fourth quarter as volume sales on its platforms jumped despite economic slowdown in the country.

** DIPLOMAT PHARMACY INC, $26.69, -25.07 pct

JPMorgan analysts cut their rating and price target on the independent specialty pharmacy’s stock after it forecast full-year 2016 adjusted EBITDA below the average analyst estimate. The weaker guidance is surprising given the strong fundamental backdrop of the specialty pharmacy industry, the analysts wrote.

** WYNN RESORTS LTD, $85.7, +3.90 pct

** LAS VEGAS SANDS CORP, $51.29, +6.23 pct

** MGM RESORTS INTERNATIONAL, $19.95, +5.39 pct


In February, Macau gambling revenue registered its smallest decline in 20 months as more tourists visited over the Lunar New Year holiday. Macau gambling revenue fell 0.1 percent in the month, less than analysts’ expectations of a fall of 2-10 percent.

** TERRAFORM GLOBAL INC, $3.25, +2.52 pct

The yieldco of SunEdison raised the quarterly dividend on its class A common stock by about 61 percent. TerraForm Global announced a dividend of $0.275 per class A common share for the fourth quarter compared with $0.1704 for the third quarter.


The Canadian drugmaker said that it was being investigated by the U.S. Securities and Exchange Commission. A Valeant spokeswoman said the company confirmed that it “received a subpoena from the SEC in the fourth quarter of 2015 and, in the normal course, would have included this disclosure in its 2015 10-K.”

** BARCLAYS PLC, $8.885, -5.88 pct

The British bank said it would sell its Africa business as part of a plan by new Chief Executive Jes Staley to simplify its structure and seek higher shareholder returns, after reporting a 2 percent profit drop and slashing its dividend.

** MARVELL TECHNOLOGY GROUP LTD, $9.7701, +2.30 pct

The chipmaker said an independent investigation of its accounting practices found no fraud in the way the company had booked its revenues in the past few quarters.

** WORKDAY INC, $66.16, +9.45 pct

The human resources software maker reported on Monday fourth-quarter revenue above analysts’ estimates and a smaller-than-expected loss. The company also raised its first-quarter billings forecast and said more than 200 customers signed up for its services by the end of full-year 2016.

** ARCELORMITTAL SA, $4.13, +8.68 pct

** BHP BILLITON LTD, $23.53, +4.07 pct

** RIO TINTO LTD, $26.97, +3.33 pct

** VALE SA, $3.2, +8.84 pct

U.S.-listed shares of miners and steel producers rose after poor factory data from China overnight boosted hopes that the government will scale up economic stimulus measures. Traders also said part of the reason for copper prices holding up was optimism about further monetary and fiscal stimulus in China.

** ANADARKO PETROLEUM CORP, $39.99, +5.38 pct

The U.S. oil company said it planned to monetize up to $3 billion of assets this year amid a slump in crude oil prices. Anadarko also said on Tuesday that it expected 2016 capital expenditures of $2.6 billion-$2.8 billion, compared with its previous estimate of $2.8 billion.

** ULTRA PETROLEUM CORP, $0.3305, -7.16 pct

The natural gas producer said on Monday its auditors had raised doubts about its ability to stay in business and that it may have to seek bankruptcy protection in the United States or Canada. The company said it expected to default on a credit agreement on March 15 and would file for bankruptcy protection if it failed to make debt payments, restructure debt or secure additional capital.


The New York Stock Exchange owner said it might make a rival bid for London Stock Exchange, raising the prospect of a takeover battle with Deutsche Boerse.

** YAHOO INC, $32.62, +2.61 pct

The company said it might have to write down the goodwill value of Tumblr, more than two years after the web pioneer spent $1.1 billion to buy the blogging website.

** CROCS INC, $8.81, -10.01 pct

The clog shoe maker reported a bigger-than-expected fourth-quarter loss, hurt by a strong dollar and increased promotions.

** OPOWER INC, $6.45, -22.01 pct

Four brokerages cut their price targets on the software maker’s stock after it forecast first-quarter profit and revenue below analysts’ average estimate. Pacific Crest also cut its rating to “sector weight”.

** HERTZ GLOBAL HOLDINGS INC, $9.66, +13.65 pct

The car rental company reported a higher-than-expected fourth-quarter profit, helped by lower expenses. The company also said it expected to save an additional $350 million in savings in full-year 2016.

** REWALK ROBOTICS LTD, $9.07, -13.45 pct

The robotic exoskeleton maker filed a mixed shelf offering and said it might offer ordinary shares, warrants and/or debt securities of up to $100 million. The company also said some shareholders might also sell up to 4.4 million ordinary shares.

** MEDTRONIC PLC, $73.89, -4.52 pct

The medical device maker reported quarterly revenue below analysts’ estimates, and said it expected a strong dollar to hurt fourth-quarter revenue by about $180 million-$220 million.


Analysts at Monness, Crespi, Hardt & Co cut their ratings on the specialty chemical maker’s stock to “neutral” from “buy”, saying it may take much longer than 12 months to see any clear fundamental progress from the company’s underlying businesses. The company’s 2016 adjusted EBITDA forecast was also lower than expected, the analysts wrote in a note.

** FORD MOTOR CO, $13.1, +4.72 pct

** GENERAL MOTORS CO, $29.95, +1.73 pct

** FIAT CHRYSLER AUTOMOBILES, $7.34, +7.15 pct

** TOYOTA MOTOR CORP, $106.44, +2.25 pct

U.S. auto sales in February showed no signs of decelerating as most major automakers on Tuesday posted big gains from a year ago despite fears of an eventual slowdown after a record 2015. Ford’s sales rose 20 percent, Fiat’ sales were up 12 percent, while General Motors’ sales fell 1.5 percent in February.


The for-profit education company reported higher-than-expected fourth-quarter revenue and profit, and forecast first-quarter profit largely above street estimates, helped by lower costs. (Compiled by Ramkumar Iyer in Bengaluru; Editing by Kirti Pandey)

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