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U.S. stocks opened slightly lower on Wednesday, a day after the S&P 500 ended above 2,100 for the first time, as investors waited to see whether a debt deal would be reached with Greece.
The Dow Jones industrial average was down 0.20 percent at 18,011.29, the S&P 500 was down 0.16 percent at 2,096.88 and the Nasdaq Composite was down 0.01 percent at 4,898.851.
** ANGIE‘S LIST INC, $6.95, +42.13 pct
The operator of website that allows users to review local businesses reported fourth-quarter profit and revenue above analysts’ average estimates as it earned more from service providers and advertising.
** ONCOLYTICS BIOTECH INC, $0.83, +15.28 pct
The Canadian biotech company said it completed enrollment for mid-stage study testing its lead drug, reolysin, in patients with colorectal cancer.
** POTBELLY CORP, $15.62, +10.00 pct
The sandwich chain operator reported fourth-quarter adjusted profit that beat analysts average estimate, helped by 13 percent rise in revenue, and said it expects 2015 adjusted net income to rise at least 20 percent.
Piper Jaffray raised its price target on the stock to $16 from $14.
** MEDASSETS INC, $17.71, -10.69 pct
The healthcare information technology and service provider said its founder John Bardis had retired as chairman and CEO for personal reasons, and would be immediately succeeded by board member Halsey Wise. The company also forecast 2015 adjusted EPS well below the average analyst estimate.
The new CEO’s lack of healthcare experience and limited public company leadership dampens our positive view, Citi analysts say, cutting their price target on stock to $19 from $26.
** FOSSIL GROUP INC, $83.06, -16.37 pct
The fashion accessories retailer reported lower-than-expected quarterly revenue and profit due to a decline in watch and leather products sales in North America. The company also said net sales would decrease up to 7.5 percent in the first quarter and that 2015 profit would be significantly hurt by a strong dollar and restructuring charges.
At least five brokerages cut their price target on the stock, with Evercore ISI’s $50 cut to $100 being the biggest.
** SIGNAL GENETICS INC, $2.79, +6.49 pct
The cancer test maker’s shares bounce back on Wednesday after falling nearly 33 percent on Tuesday when the company’s offering of 3.2 million shares was priced at $2.80 apiece. The shares were at about $2.90 on Wednesday, nearer the offer price than Tuesday’s close of $2.62.
** BOSTON SCIENTIFIC CORP, $16.32, +9.97 pct
** JOHNSON & JOHNSON, $100.03, -0.41 pct
Medical device maker Boston Scientific agreed to pay $600 million to J&J to settle a long-running lawsuit over Boston Scientific’s 2005 acquisition of rival Guidant.
JP Morgan raised its price target on Boston Scientific stock to $18 from $17.50.
** AMARIN CORP PLC, $1.338, +13.39 pct
Suntrust Robinson raised its rating on the Irish drugmaker’s stock to “buy” from “neutral”, according to theflyonthewall.com.
** EMERSON RADIO CORP, $1.42, +32.71 pct
The distributor of home and consumer electronic products reported a 9.8 percent rise in third-quarter revenue due to higher sales of houseware products such as microwave ovens. The company also posted a profit compared with a loss a year ago when it took a charge to settle a litigation. Lower costs and higher licensing revenue also boosted results.
** GARMIN LTD, $52.07, -8.34 pct
The maker of GPS-based gadgets said a stronger dollar would slow down revenue growth and forecast a profit below market estimates for the full year.
** TRANSOCEAN, $18.08, -1.20 pct
The offshore driller said it idled two more of its rigs and it had amended contracts to delay delivery of 5 jackups by about 6 months.
BMO started coverage of the stock with “underperform”, while it started coverage of the U.S. oil services industry with “outperform”. RBC Capital Markets analysts cut its price target to $17 from $20, citing company’s trouble in finding work for rigs rolling off contracts.
** SASOL, $38.41, -6.88 pct
The South African petrochemicals group signalled it will cut its dividend to save cash in the face of falling oil prices.
** YANDEX, $17.66, +6.07 pct
The operator of Russia’s biggest Internet search engine said it expected first-quarter revenues to grow by about 15 percent, year-on-year, after a 21 percent growth rate in the previous quarter.
** HILTON WORLDWIDE HOLDINGS INC, $28.11, -1.88 pct
The owner of Conrad and Waldorf Astoria hotel brands forecast profit below market estimates for the first quarter as well as for the full year.
** RACKSPACE HOSTING INC, $51.56, +3.39 pct
Pacific Crest raised its rating on the web-hosting company’s stock to “outperform” saying, “it appears that execution issues that beset the company are mostly behind it, and management has painted an achievable and sufficiently wide 2015 outlook range for revenue growth.”
Jana Partners LLC raised its sole share stake in the company by 14.2 percent to 8.0 million shares.
** JACK IN THE BOX INC, $95, +7.76 pct
Barclays raised price target on the hamburger restaurant chain’s stock to $90 from $84 after the company reported better-than-expected first-quarter profit and sales. The company raised full-year 2015 profit and same-store sales forecast, above analysts’ average estimates.
** PLURISTEM THERAPEUTICS INC, $3.2, +4.92 pct
The company’s drug for treating bone marrow, damaged by exposure to high levels of radiation, succeeded in study conducted by National Institutes of Health.
** LA-Z-BOY INC, $26.87, -2.47 pct
The furniture maker reported a lower-than-expected third-quarter profit on Tuesday as it spent more on technology upgrades and replacement of its e-commerce platform.
** DENBURY RESOURCES INC, $8.84, -2.54 pct
** SANDRIDGE ENERGY INC, $2.44, +3.83 pct
** RANGE RESOURCES CORP, $52.52, +0.15 pct
** HALCON RESOURCES CORP, $2.18, -2.24 pct
** HALLIBURTON CO, $44.46, -0.91 pct
** CIMAREX ENERGY CO, $111.29, -1.11 pct
Hedge funds exited tumbling oil company shares during the fourth quarter, regulatory filings show.
Leon Cooperman’s Omega Advisors liquidated its entire 3.7 million share investment in Denbury. But at SandRidge, Cooperman cut only 29 percent of his position.
Meanwhile Point72 Asset Management, which invests Steven A. Cohen’s roughly $10 billion personal fortune, slashed its investment in Range Resources by 65 percent.
Rainier Investment Management liquidated its 2.5 million share-stake in Halcon and also sold its interest in Halliburton.
Regiment Capital made only a small adjustment by selling 50,085 shares of Halcon, cutting its stake by 2 percent.
Diamond Hill Capital Management increased its investment in Cimarex by 16 percent, but Senator Investment Group liquidated its investment, selling 1.9 million shares.
** ENI, $36.77, +2.37 pct
The Italian oil company reassured investors with a small dividend increase on Wednesday and pledged to cut capital spending after lower oil prices depressed fourth quarter profit.
** BERKSHIRE HATHAWAY INC, $223,250, -0.02 pct
** DEERE & CO, $91.76, +2.05 pct
** EXXON MOBIL CORP, $91.91, -1.23 pct
Warren Buffett’s Berkshire Hathaway disclosed a 5 percent stake in agricultural equipment maker Deere and said it shed a $3.74 billion investment in oil company Exxon Mobil as oil prices plunged.
** HERBALIFE LTD, $34.12, -1.36 pct
Three of the top 20 investors in Herbalife liquidated their positions during the fourth quarter when the nutrition and weight loss company missed Wall Street earnings estimates, but Soros Fund Management increased its holdings by roughly 80 percent, regulatory filings show. (Compiled by Neha Dimri in Bengaluru; Editing by Savio D‘Souza)