12 Min Read
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s)
U.S. stocks advanced slightly on Tuesday, with the Dow and S&P 500 at intraday records, as investors attempted to interpret testimony by Federal Reserve Chair Janet Yellen. The Dow Jones industrial average was up 0.37 percent at 18,184.6, the S&P 500 was up 0.12 percent at 2,112.14 and the Nasdaq Composite was down 0.17 percent at 4,952.59.
** AMERICAN AIRLINES GROUP INC, $50, -2.55 pct
Cowen & Co downgraded the stock of the largest U.S. carrier by passengers to "market perform" from "outperform" and cut its price target on the stock by $11 to $55. Analysts at the brokerage said the company would continue to see pricing pressure in 2015 in Dallas and Latin America.
** DAKTRONICS INC, $10.6199, -17.99 pct
The electronic display system maker reported lower-than-expected third-quarter revenue and profit, hurt by higher costs in its manufacturing and services business.
** LIBERTY TAX INC, $27.98, -17.80 pct
The tax preparer said it filed about 909,000 tax returns in its offices through Feb. 13, a 0.1 pct drop from a year earlier.
** FREEPORT-MCMORAN INC, $21.11, +2.53 pct
Chief Executive Richard Adkerson said on Monday the gold and copper miner is unlikely to sell assets in current market as buyers are unwilling to pay good prices due to weak commodities prices.
** WORTHINGTON INDUSTRIES INC, $26.77, -12.57 pct
Worthington said on Monday it expected third-quarter profit to be lower, hurt by lower steel prices and low demand from oil and gas and agriculture sectors.
** HORSEHEAD HOLDING CORP, $14.22, +6.60 pct
Zinc and nickel-based product maker reported a smaller-than-expected fourth-quarter loss, helped by rampup of production at its Mooresboro, North Carolina facility and lower expenses.
** COTT CORP, $8.81, +10.82 pct
The Canadian beverage maker, which reported losses in its previous 11 quarters, reported a profit in the fourth quarter, helped by the acquisition of Aimia Foods and DS Services. The profit was also helped by Calypso soft drinks business, bought in 2013, and inclusion of an extra week in the quarter, Cott said.
** NAUTILUS INC, $15.25, +3.74 pct
The home fitness products company reported higher-than-expected fourth-quarter sales and profit, helped by strong demand for its Bowflex Max Trainer exercise equipment line.
** AMERICAN TOWER CORP, $94.64, -2.76 pct
The wireless communications REIT launched a public offering to finance its recently announced purchase of Verizon assets. American Tower is offering 23.5 million common shares and 12.5 million depositary shares, each representing a one-tenth interest in a share of the company's three-year mandatory convertible preferred stock.
** COMPUTER TASK GROUP INC, $7.79, -8.89 pct
The information technology service provider said it expects 2015 profit to fall about 38 percent from 2014, mainly due to lower revenue from electronic health record implementation, a weaker euro and low revenue contribution from data analytics offerings.
** ONEOK INC, $45.16, -4.77 pct
The diverse energy company slashed its 2015 dividend growth forecast to 4-8 percent from 14 percent. It also cut its 2015 outlook for cash flow available for dividends to $570 million-$650 million from $580 million-$660 million.
** ALKERMES PLC, $69.35, -5.83 pct
The biotech company said it will stop developing its pain drug, ALKS 7106, after it failed in an early-stage study.
** LIQUID HOLDINGS GROUP INC, $0.3135, -10.43 pct
The financial technology provider postponed the release of its fourth-quarter results, scheduled for Thursday, saying delinquent payments from client QuantX were unresolved and it needed more time to finalize the results.
** APRICUS BIOSCIENCES INC, $2.4788, +19.75 pct
Activist fund Sarissa Capital Management LP reported a 17.64 percent stake in the drug developer on Monday.
** FIRST SOLAR INC, $56.49, +13.80 pct
** SUNPOWER CORP, $32.775, +17.90 pct
** JINKOSOLAR HOLDING CO LTD, $22.34, +5.03 pct
** YINGLI GREEN ENERGY HOLDING CO LTD $2.18, +3.07 pct
** TRINA SOLAR LTD, $10.72, +3.64 pct
** RENESOLA LTD, $1.4, +4.44 pct
** JA SOLAR HOLDINGS CO LTD, $8.8152, +2.15 pct
** CANADIAN SOLAR INC, $30.3125, +6.47 pct
** SOLARCITY CORP, $53.47, +0.64 pct
** SUNEDISON INC, $23.46, +4.45 pct
First Solar and SunPower said they were in talks to form a joint venture for some of their power-generating assets that would be spun off.
Sunpower, the second-largest solar panel maker in the United States, reported a better-than-expected quarterly profit, helped by strong demand for its high-margin power plant business.
** CYMABAY THERAPEUTICS INC, $9.9625, -18.67 pct
The drug developer said its experimental lead gout pill did not lower uric acid levels at specified rate, compared with current standard of care treatment allupurinol, in a mid-stage study.
** RCS CAPITAL CORP, $10.1, -10.38 pct
The retail brokerage reported lower-than-expected fourth-quarter results as it earned less from direct investment sales and investment banking.
** GREAT BASIN SCIENTIFIC INC, $2.55, -25.44 pct
The diagnostics company offered up to 2.2 million units, each comprising one share of its series E convertible preferred stock and eight series C warrants. Each series E preferred stock was convertible into four common shares. Great Basin had 5 million shares outstanding as of Feb. 12.
** BIOCEPT INC, $3.34, +51.82 pct
The cancer test maker's shares surged for the second straight day after it said its blood-based diagnostic test was effective in determining hormone levels in breast cancer patients in a study at the Columbia University College of Physicians and Surgeons.
The stock was the second-biggest percentage gainer on the Nasdaq.
** MICRON TECHNOLOGY, $30.2478, -3.67 pct
The memory chip maker's shares slid, and were the most traded on the Nasdaq, after Seeking Alpha reported Samsung Electronics Co Ltd was now handling "at least half" of Apple Inc's DRAM needs for the iPhone 6S, citing Korea Times.
** DIAMOND OFFSHORE DRILLING INC, $30.68, -8.74 pct
The offshore contractor said Pemex and Petrobras verbally informed it of their intention to terminate contracts on some rigs. Cowen and Co cut its price target on the stock to $26 from $28.
The stock was the third-biggest percentage loser on the New York Stock Exchange.
** FACEBOOK INC, $78.481, -0.46 pct
The social media company said its active advertisers jumped 33 percent to 2 million from the 1.5 million it had in July 2014.
** SPRINT CORP,$4.625, -0.96 pct
BTIG Research analyst Walter Piecyk downgraded the mobile phone service provider's stock to "sell" from "neutral", citing concerns over growth. He set a price target of $3.25 on the stock, implying a 30 percent decline from its Monday close.
** JPMORGAN CHASE & CO, $60.94, +2.68 pct
The bank said on Tuesday it was aiming to save about $1.4 billion in annual expenses by cutting costs and simplifying businesses mainly in its consumer- and investment-banking units.
The firm is set to charge large institutional customers for some deposits, citing new rules that make holding money for the clients too costly, the Wall Street Journal reported, citing people familiar with the matter.
The stock was among the sixth-most traded on the New York Stock Exchange.
** REAL GOODS SOLAR INC,$0.4951, -29.17 pct
The solar company priced public offering of units, consisting of shares and warrants, at $0.50 per unit. The stock closed at $0.70 on Monday on the Nasdaq.
** CYTORI THERAPEUTICS INC, $0.74, +13.85 pct
European regulators issued a positive opinion on the cell therapy drug developer's application to procure orphan drug status for its experimental drug, ECCS-50, to fight autoimmune condition scleroderma.
** DEALERTRACK TECHNOLOGIES INC, $41.005, -8.23 pct
The company, which makes software for the automotive retail industry, forecast a 2015 profit below analysts' expectations. Barclays Capital cut its price target on the stock to $43 from $47.
** ROSETTA RESOURCES INC, $18.86, -13.76 pct
The oil and gas producer cut its 2015 production forecast to 58-62 thousand barrels of oil equivalent per day (MBoe/d) from 76-82 MBoe/d. Rosetta also reported a lower-than-expected fourth-quarter profit, hurt by lower average sales price.
At least four brokerages downgraded the stock.
** CHEGG INC, $8.37, +24.00 pct
The stock was the top percentage gainer on the New York Stock Exchange after BMO Capital Markets upgraded it to "outperform" from "market perform", according to Theflyonthewall.com.
The online library operator on Monday signed a deal with book distributor Ingram Content Group Inc's unit to be able to exit its warehouse operations by the end of this year. The company said it would move investment from physical textbooks to high-margin digital services with Ingram responsible for all new book investments starting May 1.
Chegg also reported a better-than-expected fourth-quarter profit as operating expenses fell 10.4 percent from a year earlier.
** PDL BIOPHARMA INC, $6.73, -8.31 pct
The drug developer reported lower fourth-quarter net income, as acquisition- and compensation-related expenses increased.
** XENCOR INC, $14.56, -4.96 pct
The drug developer announced an offering of 5.5 million shares and said it will sell all the shares in the offering. The company had 31.4 million shares outstanding, as of Feb. 5.
** HOME DEPOT INC, $116.23, +3.52 pct
The world's No.1 home improvement chain, reported a 36 percent rise in fourth-quarter profit and said it would buy back $18 billion of shares.
For a graphic comparing earnings of Home Depot and Lowe's Cos Inc, click (reut.rs/1D7xSLR)
** TOLL BROTHERS INC, $38.75, +4.45 pct
The largest U.S. luxury homebuilder, reported a higher-than-expected quarterly profit and raised the low end of its full-year home delivery forecast as housing demand strengthened.
** MACY'S INC, $61.84, -3.62 pct
The department store chain's fourth-quarter sales rose about 2 percent due to higher demand for apparel and accessories in the holiday shopping season, but missed the average analyst estimate.
For a graphic on department store earnings, click (reut.rs/1FTjEUU)
COMCAST CORP, $59.085, +1.50 pct
** TIME WARNER CABLE INC, $152.24, +2.11 pct
Comcast, the largest U.S. cable operator, posted fourth-quarter revenue that marginally beat estimates as the company added new video and high-speed internet customers.
Comcast and Time Warner Cable have also been sued for $20 billion for allegedly discriminating against African American-owned media and employing advocates such as the NAACP and the Rev. Al Sharpton to advance their bias.
** CRACKER BARREL OLD COUNTRY STORE INC, $142.56, +6.19 pct
The restaurant chain operator raised its full-year earnings forecast after adjusted profit and sales beat estimates for the fourth straight quarter. The company said milder winter lower gas prices spur consumer spending, helping company's second-quarter result.
** FIVE9 INC, $3.89, +2.91 pct
The maker of contact-management software for call-centers reported better-than-expected fourth-quarter revenue and a smaller-than-expected loss as gross margin expands to 48.6 percent from 46.5 a year earlier. The company also forecast higher-than-expected revenue for the first quarter.
** HEALTH CARE REIT INC, $76.92, -2.25 pct
The REIT will offer 17 million of its 330 million shares outstanding. The company did not disclose the offer price and said it will use net proceeds to repay debt and for other purposes, including investing in healthcare, seniors' housing.
** AGRIUM INC, $113.39, +3.19 pct
The Canadian fertilizer and farm retail dealer reported a better-than-expected fourth-quarter profit, helped by higher prices for most grains and oilseeds. (Compiled by Sneha Banerjee in Bengaluru; Editing by Joyjeet Das)