(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) The Nasdaq tumbled more than 2 percent on Friday as momentum stocks sold off for a second straight session. The big drop in momentum stocks overshadowed the day's relatively strong March jobs data, which helped the Dow and S&P 500 hit intraday record highs early in the session. The Dow Jones industrial average was down 0.64 percent at 16,466.75, the S&P 500 was down 1.01 percent at 1,869.78 and the Nasdaq Composite was down 2.47 percent at 4,133.13.
** FACEBOOK INC, $56.73, -4.64 pct
** AMAZON.COM, $319.52, -4.23 pct
** NETFLIX INC, $338.36, -4.60 pct
** TRIPADVISOR INC, $84.26, -7.71 pct
** BIOGEN IDEC INC, $292, -3.27 pct
** GILEAD SCIENCES, $71.98, -2.73 pct
Momentum names - typically high-growth companies mostly in the tech and biotech sectors that led 2013’s rally - have sold off in recent weeks but appeared to stabilize earlier this week.
“It’s a surprise how violent the selloff in some of these momentum stocks is. They have had an enormous run up, and you can come up with all kinds of things as reasons. But my sense is if you need to sell something to pay the big capital gains from last year ... they might be good candidates to sell,” said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.
** GRUBHUB INC, $35.79, +37.65 pct
Shares of the company jumped as much as 57 percent in their market debut as investors scrambled for a piece of the biggest U.S online food-delivery service, which delivers everything from expensive steaks to bento boxes.
The stock, sold for $26 in the initial public offering, jumped to a high of $40.80, valuing the company at $3.2 billion.
** GENCO SHIPPING & TRADING LTD, $1.92, +25.49 pct
The drybulk shipper said on Thursday that it had reached a restructuring plan with its lenders, that would be implemented through a Chapter 11 bankruptcy protection filing.
The company said its $1.1 billion credit facility would be converted into equity worth more than an 80 percent stake in the new company. About $125 million of convertible notes would also be converted into a roughly 8 percent stake, the company said in a regulatory filing.
Genco said that existing shareholders would get 6 percent of the new company in the form of warrants.
** HALOZYME THERAPEUTICS INC, $8.245, -28.86 pct
The drugmaker said it had halted enrolment of patients and dosing of its cancer drug in a mid-stage trial for the treatment of pancreatic cancer, after the recommendation of an independent safety committee.
** AETRIUM INC, $5.9999, +39.53 pct
The company, which makes electromechanical and electrothermal equipment used in testing of integrated circuits, said late on Thursday it had acquired KBS Building Systems, which makes and distributes modular housing units for residential and commercial use.
The deal is for $5 million in cash, and includes $5.5 million six-month promissory note made by a wholly-owned subsidiary of Aetrium, and the assumption and payoff of about $1.4 million in debt.
** OPOWER INC, $23.25, +22.37 pct
Shares of Opower, a provider of cloud-based software to the utility industry, opened at $25 on its market debut, above initial public offering price of $19.
Cloud-based technology providers have been increasingly popular among investors as their services are sought out by large companies across industries.
** IMS HEALTH HOLDINGS INC, $22.5, +12.50 pct
Shares of the healthcare information company rose as much as 15 percent in their trading debut on Friday, valuing the TPG Capital Management-backed company at more than $7.5 billion.
The stock, sold for $20 in the initial public offering, touched a high of $23.05.
** FIVE9 INC, $8.08, +15.43 pct
Shares of the cloud-based software provider for call centers rose about 34 percent in its market debut.
The stock, sold for $7 in the initial public offering, touched a high of $9.35.
** SYNNEX CORP, $75.76, +21.37 pct
The hardware distributor reported better-than-expected quarterly results as it benefited from higher spending on information technology and the acquisition of International Business Machines Corp’s customer-care business process outsourcing operations.
** OCEAN POWER TECHNOLOGIES INC, $3.02, -20.53 pct
The company, which makes the PowerBuoy system that generates electricity from ocean waves, said it would sell 3.8 million shares at $3.10 per share, an 18.4 percent discount to the stock’s closing price on Thursday. The company intends to use the proceeds for working capital expenses and to develop and test the PowerBuoy systems.
** BOEING INC, $128.11, -0.52 pct
** MERCURY SYSTEMS INC, $13.9, +5.06 pct
Boeing is considering buying the company which supplies digital signal and image processing systems to the aerospace and defense industry, according to two people familiar with the matter.
Mercury, which has a market value of roughly $440 million, supplies to companies including Boeing, Lockheed Martin Corp , Northrop Grumman Corp and Raytheon Co.
** MYLAN INC, $51.43, +3.15 pct
Sweden’s Meda AB said on Friday it had rejected a takeover approach by the U.S. generic drugmaker, scuppering a potential deal to create a combined company worth around $24 billion.
** CHINA SUNERGY CO LTD, $5.1499, +2.18 pct
The solar panels maker forecast higher shipments for the year, after strong sales in its domestic market helped it post a smaller fourth-quarter loss.
** QKL STORES INC, $3.79, -12.47 pct
The supermarket chain operating in Northeastern China and Inner Mongolia reported a 21.5 percent fall in fourth-quarter revenue and a 7.2 percent fall in sales at stores open for at least a year as fewer people visited its stores.
** POTBELLY CORP, $18.01, +5.20 pct
Brokerage William Blair upgraded its rating on the sandwich chain’s stock to “outperform” from “marketperform,” according to theflyonthewall.com.
** E*TRADE FINANCIAL CORP, $20.059, -9.50 pct
** TD AMERITRADE HOLDING CORP, $30.4, -5.06 pct
** CHARLES SCHWAB CORP, $26.003, -4.99 pct
Shares of E*Trade and Ameritrade continued their fall on Friday over concerns that a core source of their revenue could be eliminated by regulators. Both companies are heavily dependent on payments from professional trading firms, or market makers, in exchange for sending them hundreds of thousands of stock orders from retail customers every day.
Schwab, the largest competitor in the discount brokerage market as measured by capitalization, is not as vulnerable, said Richard Repetto, an analyst at Sandler O‘Neill and Partners.
On Wednesday, a member of the U.S. Securities and Exchange Commission said the regulator should consider a temporary ban on a similar rebate practice known as “maker-taker” that is used by regulated stock exchanges to attract orders.
** GOLDCORP INC, $25.08, +1.95 pct
** ELDORADO GOLD CORP, $6, +3.81 pct
** IAMGOLD CORP, $3.56, +1.14 pct
** ROYAL GOLD INC, $64.8, +2.86 pct
Gold rose more than 1 percent on Friday as solid U.S. employment growth in March unleashed heavy short-covering by bullion investors who had feared that the data would exceed Wall Street’s expectations. Gold is now on track for its biggest one-day gain in a month.
** EXACT SCIENCES CORP, $13.19, +2.09 pct
The company said on Friday said its offering of 10 million shares was priced at $12.75 each, a 1.3 percent discount to the stock’s Thursday close.
The company intends to use the net proceeds, expected to be about $119.7 million, to fund its efforts related to FDA approval for its colorectal cancer screening test and marketing it, besides for working capital.
** HYDROGENICS CORP, $24.1199, -9.22 pct
The fuel-cell maker forecast first-qurater revenue of $7.0-$7.5 million, lower than analysts’ expectations of $11.6 million, according to Thomson Reuters I/B/E/S. It said delays in deliveries by customers would hurt revenue. The company reiterated its 2014 outlook.
** WESTERN ASSET MORTGAGE CAPITAL CORP, $14.52, -5.96 pct
The company, which finances residential mortgage backed securities (RMBS), said it would sell 13 million shares and intends to use the proceeds to purchase RMBS.
** GLOBAL PAYMENTS INC, $69.04, -3.63 pct
The payment processor on Thursday reported a fall in third-quarter net income as interest and other expenses rose two-fold. The company’s adjusted profit beat Wall Street’s expectations but revenue growth missed estimates, according to Thomson Reuters I/B/E/S.
The company also raised its full-year profit forecast and expanded its share repurchase authorization to $365 million.
At least four brokerages raised their price target on the company’s stock on Friday.
** USA TECHNOLOGIES INC, $2.1, +3.96 pct
The maker of cashless payment systems signed an agreement with Pepi Co, a food- and coffee-vending machine provider, for the use of its products across all of Pepi’s operations, including mobile payments and cafeteria service points. Pepi already uses the company’s products to offer cashless payments on its vending machine network. (Reporting by Abhirup Roy in Bangalore; Editing by Savio D‘Souza)