MARKET PULSE-BlackBerry, Prosensa, Zillow, FireEye, gold stocks
Sept 20 (Reuters) - Some U.S. stocks on the move on Friday:
WALL ST FALLS AFTER COMMENTS FROM FED OFFICIALS
U.S. stocks dipped as investors grappled with comments by Federal Reserve officials in the wake of the central bank's decision not to trim its stimulus, but two companies made initial public offerings with stellar results. The Dow Jones industrial average fell 0.71 percent, the S&P 500 was down 0.56 percent, and the Nasdaq Composite dropped 0.24 percent.
** FIREEYE INC, $38.50, up 92.75 pct (1:14 p.m. ET)
The shares of cybersecurity company FireEye more than doubled on market debut. The IPO of about 15.2 million shares was priced above its proposed price range.
** ZILLOW INC, $89.49, down 9 pct (1:13 p.m. ET)
Short-seller Citron Research questioned its business model and noted that senior executives have been selling the stock.
** CLUBCORP HOLDINGS INC $14.74, up 5.3 pct (1:13 p.m. ET)
The golf club operator offered 18 million shares in its IPO to raise net proceeds of about $168.8 million. ClubCorp, the largest owner and operator of private golf and country clubs in the United states, was taken private by KSL Capital in a $1.8 billion deal in October 2006.
** CATERPILLAR INC, $85.62, down 2.4 pct (01:15 p.m. ET)
The maker of construction and mining equipment said its retail sales of machines in August was down across all its markets except North America, where sales grew 1 percent. Sales fell 30 percent in Asia-Pacific. (r.reuters.com/mun33v)
** BLACKBERRY LTD, $8.20, down 22.04 pct (03.36 p.m. ET)
The smartphone maker warned that it expects to report a fiscal second-quarter operating loss next week and that it plans to cut more than a third of its workforce.
** ROCKET FUEL INC, $55.96, up 93 pct (1:14 p.m. ET)
The advertisement technology company was valued at more than $2 billion on its market debut, a day after it priced its IPO at the top end of its revised price range. The company, which delivers Web-based video advertisements raised $116 million in the offering.
** BOYD GAMING CORP, $14.3, up 4 pct (13:37 p.m. ET)
Credit Suisse raised its price target on the casino operator's stock to $18 from $15 and said it has slightly raised its estimates for its Atlantic City operations on improved revenue trends, particularly in table games.
The brokerage also said it believes the company's Borgata casino has benefited from enhancements at the property as well as continued market share gains.
** ALPHA NATURAL RESOURCES INC, $6.29, down 5 pct (12:27 p.m. ET)
** PEABODY ENERGY CORP, $18.09, down 3.4 pct
** ARCH COAL INC, $4.80, down 3.8 pct
The Obama administration on Friday announced first-ever regulations setting strict limits on the amount of carbon pollution that can be generated by any new U.S. power plant, which quickly sparked a backlash from supporters of the coal industry and are certain to face legal challenges. Still, stocks of coal mining companies such as Alpha Natural Resources, Peabody Energy and Arch Coal fell on Friday and are down more than 25 percent for the year to date.
** PEREGRINE SEMICONDUCTOR CORP, $9.72, down 10.7 pct (03.32 p.m. ET)
RBC Capital Markets analyst Doug Freedman said the radio frequency chipmaker's products were not found in the initial teardowns of Apple Inc's new iPhones, the 5S and 5C.
He cut his rating on the stock to "sector perform" from "outperform", and his price target by $6 to $16.
Technology firm iFixit.com, known for its teardowns of Apple's new products, disassembled the iPhone 5S and 5C models on Thursday.
Peregrine said 69 percent of its revenue for the year ended December came from sales through its distributor to Murata Manufacturing Co Ltd. Murata is an Apple supplier.
Freedman said there is no Murata component, which typically carries Peregrine's switches, in the phones. The switch has been replaced with a Skyworks or RF Micro Devices switch.
Apple's move away from Murata/PSMI clearly shows that the growth in the market is moving towards cheaper technology.
** FX ENERGY INC, $3.36, down 3.4 pct (1:15 p.m. ET)
Shares of the Polish oil and gas producer continued to fall for the second consecutive day after brokerage MLV & Co cut its rating to "hold" from "buy" on Thursday, citing that the company's drilling activities did not yield the desired results.
** FLUOR CORP, $72.30, up 1.2 pct (1:15 p.m. ET)
ICA Fluor, a joint venture between Mexican construction company ICA and U.S. engineering firm Fluor Corp, has won a contract to build a gas compression system at Mexico's Gulf coast port of Dos Bocas, ICA said on Thursday.
** ROCKWELL COLLINS INC, 69.40, down 6.5 pct (1:16 p.m. ET)
Aviation electronics systems supplier Rockwell Collins forecast lower-than-expected earnings for 2014, citing federal government budget cuts and declining business jet revenue, and its shares fell about 5 percent.
** PROSENSA, $7.93, down 67 pct (1:17 p.m. ET)
An experimental drug for Duchenne muscular dystrophy from GlaxoSmithKline and Prosensa failed to meet its goal in a late-stage clinical trial, the companies said on Friday. The drug, drisapersen, did not show a statistically significant improvement in the distance that patients could walk in six minutes compared to a placebo in the Phase three test.
** VERENIUM CORP, $3.97, up 58 pct (1:17 p.m. ET)
The company announced that it has entered into a definitive merger agreement with BASF Corporation, a chemicals company, under which BASF will commence a cash tender offer for all of the outstanding shares of Verenium's common stock. Based on all outstanding shares and including all net financial liabilities, the enterprise value would be approximately USD62 million (approximately EUR 48 million).
** CARDINAL FINANCIAL CORP, $16.89, down 4.6 pct (1:18 p.m. ET)
FBR cut its rating on the bank holding company's stock to "market perform" from "outperform" after it said that its mortgage banking volumes for the third quarter is expected to drop by 40 percent compared to the previous quarter. It also cut its price target to $16.50 from $19.
Raymond James also cut its rating to "outperform" from "strong buy."
** INTERCEPT PHARMACEUTICALS INC, $62.71, up 11 pct(1:18 p.m. ET)
Brokearge BMO Capital Markets increased the price target on the drugmaker's stock to $107 from $62, citing lesser regulatory risk and greater flexibility in the pricing of its late-stage liver drug.
** TECHNE CORP, $81.67, up 5 pct (1:19 p.m. ET)
Baird analyst Jeffrey Elliot upgraded his rating on the biotechnology company's stock to "outperform" from "neutral" saying Chief Executive Chuck Kummeth's strategy, including his plans to invest in China and other emerging markets, is a good opportunity for growth.
** DAWSON GEOPHYSICAL CO, $32.85, down 12 pct (1:19 p.m. ET)
The company, which provides seismic data, said on Thursday that a significant reduction in the utilization of its data acquisition crew would hurt its fourth-quarter results.
** CYCLACEL PHARMACEUTICALS INC, $4.82, up 27 pct (1:20 p.m. ET)
The drugmaker said on Thursday that updated data from a clinical study showed its experimental product, sapacitabine, has activity against a majority of ovarian cancer samples taken from patients, including resistant tumors. The drug is currently being tested in late-stage studies as a as front-line treatment for acute myeloid leukemia in the elderly.
** ACELRX PHARMACEUTICALS INC, $11.11, up 10 pct (1:20 p.m. ET)
A report by contributors on investment website SeekingAlpha said the biotechnology company would be acquired within six months. The contributors also said the company is significantly undervalued and its drug-device pain treatment could grab a significant part of the market for pain drugs. (link.reuters.com/syn33v)
** BLYTH INC, $12.71, up 5.5 pct (1:21 p.m. ET)
Todd Andrew Goergen, beneficial owner of the candle maker, on Thursday filed with regulators to purchase 20,000 of the company's shares at $12.34 per share.
** TIBCO SOFTWARE INC, $26.15, up 3.5 pct (1:21 p.m. ET)
** TERADATA CORP, $60.59, up 2.6 pct (3.02 p.m. ET)
Tibco on Thursday said its contract pipeline for the next year was robust as customers become more willing to spend on large deals, and the business software maker added that its Americas business was "back to strength".
At least five brokerages, including Barclays and JP Morgan, raised their price targets on Tibco's stock on Friday. Susquehanna upgraded the stock to "positive" from "neutral".
Teradata shares were also likely up on Tibco's results, Susquehanna analyst Derrick Wood said.
He said data-analaytics companies were likely to benefit from a rebound in IT spending and growing demand for big data and cloud services.
** SOLARWINDS INC, $37.25, down 5 pct (1:22 p.m. ET)
Goldman Sachs downgraded the stock to sell from neutral, according to the website theflyonthewall.com.
** DARDEN RESTAURANTS INC, $46.32, down 6 pct (1:22 p.m. ET)
The restaurant operator reported a lower quarterly profit and higher sales on Friday and said President and Chief Operating Officer Drew Madsen would retire at the end of this quarter.
** ENDEAVOUR SILVER CORP, $4.56, down 6.7 pct (1:23 p.m. ET)
** AGNICO EAGLE, $27.20, down 5 pct
** ELDORADO GOLD, $7.13, down 6 pct
** BARRICK GOLD CORP, $18.95, down 2.5 pct
** ROYAL GOLD CORP, $50.54, down 7 pct
** SILVER WHEATON, $25.34, down 4 pct
** IAMGOLD CORP, $5.29, down 8.6 pct
** HECLA MINING CO, $3.31, down 5.4 pct
** NEWMONT MINING CORP, $28.56, down 4 pct
** SILVER STANDARD RESOURCES INC, $6.62, down 4.7 pct
** FIRST MAJESTIC SILVER CORP, $13.10, down 5.3 pct
** AURICO GOLD INC, $4.32, down 2.7 pct
** COEUR MINING INC, $13.41, down 6 pct
Gold fell more than 1 percent on Friday, paring the rally it made after the Federal Reserve's surprise decision this week to maintain monetary stimulus, after a Fed official hinted tapering may yet be unveiled at the bank's October meeting.
Among other precious metals, silver was down 1.9 percent at $22.57 an ounce, tracking losses in gold.
Goldman Sachs initiated coverage of 12 gold miners including Barrick Gold, New Gold and others, with a cautious view.
In a note to clients, analyst Andrew Quail said the gold price fundamentals continue to look challenged and that the street estimates were still too high.
"In our view, gold companies need to adopt a more return-focused mindset when it comes to managing shareholder capital," he said.
** TITAN INTERNATIONAL INC, $15.05, down 6.5 pct (1:27 p.m. ET)
The equipment parts supplier announced that it was withdrawing its fiscal 2013 guidance relating to revenue and EBITDA. It is unlikely to issue any updates until its fiscal 2014 guidance on January 2014, it said.
** BALTIC TRADING LTD, $4.77, down 6.4 pct (1:27 p.m. ET)
The drybulk shipper on Thursday said it was offering its common shares to fund vessel acquisitions, working capital and other activities.
** NGL ENERGY PARTNERS LP, $31.86, down 5.5 pct (1:27 p.m. ET)
The propane gas supplier on Thursday said it would offer 4.1 million units in an offering. The proceeds from the sale will be used to repay debt, the company said.
** JINKOSOLAR HOLDING CO LTD, $18.15, up 10 pct (1:28 p.m. ET)
The solar panel maker said on Thursday it would offer 3.8 million American depositary shares (ADS) priced at $16.25 each to expand its manufacturing capacity, develop solar projects and fund working capital.
** AK STEEL HOLDING CORP, $4.11, down 7.4 pct (1:28 p.m. ET)
The steel maker estimated a wider-than-expected loss for the third quarter as production was hit by a mechanical failure at its Ohio facility, sending its shares down 7 percent in after-market trading. The steelmaker said it expects to incur a loss of 22 cents to 27 cents per share. Analysts were expecting a loss of 11 cents per share, according to Thomson Reuters I/B/E/S.
** NAVIOS MARITIME PARTNERS LP, $14.08, down 5.7 pct (1:29 p.m. ET)
The shipping company said it plans to offer 5 million common units in a public offering. Navios expects to use the net proceeds to fund its fleet expansion and for general partnership purposes.
** INSULET CORP, $35.68, down 5.5 pct (1:29 p.m. ET)
JMP Securities analysts downgraded the stock to "market perform" from "market outperform", saying that there was a sharp rise in adverse events reports related to the company's insulin pump on the U.S. Food and Drug Administration's database.
Analysts said there was also an increase in negative online customer feedback about device malfunctions, device failure and the lack of customer services.
"The company may be faced with quality control issues (maybe because of the surge in demand) that may attract FDA's attention or require retooling the manufacturing process," they wrote in a note to clients.
** ASIA ENTERTAINMENT & RESOURCES LTD, $3.84, down 2.8 pct (1:30 p.m. ET)
The VIP room gaming promoter said it may have to delay its planned listing on the Hong Kong stock exchange, citing the untimely death of its sponsor's principal, who was in charge of the listing application. VIP rooms are exclusive areas within casinos. (Compiled by Varun Aggarwal)