MARKET PULSE-Apple, Pandora, Sarepta, Cardiome, Bioscrip

Mon Sep 23, 2013 12:35pm EDT

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Sept 23 (Reuters) - Some U.S. stocks on the move on Monday:

WALL STREET DECLINES ON FED, WASHINGTON UNCERTAINTY

U.S. stocks fell as comments by a Federal Reserve official and a looming political deadline in Washington outweighed earlier upbeat economic data from Germany and China. The Dow Jones industrial average fell 0.33 percent, the S&P 500 0.55 percent and the Nasdaq Composite dropped 0.6 percent. [.N}

** APPLE INC, $485.76, up 4 pct (10:35 a.m. ET)

Apple Inc said it sold 9 million iPhone 5s and iPhone 5c models in their first three days on the market, the most successful iPhone launch ever.

** CIRRUS LOGIC INC, $23.79, up 8 pct (10:35 a.m. ET)

** RF MICRO DEVICES, $5.76, up 5 pct (10:36 a.m. ET)

** TRIQUINT SEMICONDUCTOR INC, $8.29, up 2 pct (10:36 a.m. ET)

** AVAGO TECHNOLOGIES LTD, $42.34, up 1.72 pct (10:37 a.m. ET)

** QUALCOMM INC, $69.47, up 0.6 pct (10:37 a.m. ET)

** SKYWORKS SOLUTIONS INC, $26.07, up 1.87 pct (10:38 a.m. ET)

Shares of Apple component suppliers also rose on the news.

** PANDORA MEDIA INC, $24.62 down 9 pct (10:40 a.m. ET)

The internet radio company's shares fell after record sales of iPhones by Apple, which launched iTunes radio in September with the iOS 7. B. Riley & Co analyst Sameet Sinha said the adoption of iOS 7 is also happening faster than he expected and said it was pressuring Pandora's stock.

PEREGRINE SEMICONDUCTOR CORP, $9.17, down 5.2 pct (10:10 a.m. ET)

RBC Capital Markets downgraded the radio frequency chipmaker's stock to "sector perform" from "outperform", saying a tear-down of iPhone 5s and 5c reveals that Peregrine's antenna-turning switch was replaced by those of Skyworks Solutions Inc or RF Micro Devices Inc.

Westhouse lowered its price target on the Peregrine stock to $12 from $14. Cannacord Genuity cut its rating to "hold" from "buy" and lowered its price target to $10 from $13 late on Sunday.

** BLACKBERRY LTD, $8.28, down 5.2 pct (10:40 a.m. ET)

The smartphone maker's plan to retreat from the consumer market in favor of its traditional strength serving businesses and governments is widely seen as a desperate move that industry watchers warn will only accelerate its downward spiral.

Brokerage National Bank Financial, which believes that any recovery is very unlikely for BlackBerry, cut its price target to $5 from $8, valuing the company at about $2.6 billion.

** CARDIOME PHARMA CORP, $3.76, up 24.5 pct (12:29 a.m. ET)

The Canadian pharma company said an intravenous version of its drug to treat irregular heartbeat was found to be more effective than two rival oral drugs as it helped to bring patients' heartbeat back to normal levels sooner.

** SAREPTA THERAPEUTICS INC, $48.27, up 11 pct (11:38 a.m. ET)

The company's shares rose for a second day after GlaxoSmithKline and Prosensa Holding said their experimental drug to treat a rare muscle-wasting disorder in young boys failed to meet the goal of a late-stage trial. Sarepta is developing a rival drug, eteplirsen, to treat Duchenne muscular dystrophy.

** MICROSOFT CORP, $32.82, up 0.1 pct (11:18 a.m. ET)

The biggest software maker on Monday announced updated versions of its Surface tablets in an effort to boost poor sales and challenge Apple Inc's iPad.

** ISIS PHARMACEUTICALS INC, $38.27 up 6.1 pct (10:40 a.m. ET)

The company said on Saturday its experimental drug substantially reduced blood fat in a mid-stage study on patients with familial chylomicronemia syndrome, a rare genetic disorder in which the body does not break down fats correctly.

BMO Capital Markets and Stifel Nicolaus raised their target prices on the stock on Monday.

** DOVER SADDLERY INC, $4.49, up 12.5 pct (11:09 a.m. ET)

The equestrian equipment maker said it had started exploring strategic alternatives for the company and had received unsolicited expressions of interest. The company, which has engaged Duff & Phelps Securities LLC as adviser, said it was not in discussions with any particular party yet.

** BIOSCRIP INC, $10.34, down 7 pct (09:46 a.m. ET)

The infused drugs provider said the U.S. government is investigating the distribution of Novartis AG's drug Exjade by Bioscrip's former specialty pharmacy division, which was divested last year. Bioscrip said the investigation is civil in nature.

Exjade treats chronic iron overload resulting from blood transfusions, and is also approved for patients who have non-transfusion-dependent thalassemia.

** GENERAL ELECTRIC CO, $24.33, up 1.3 pct (10:40 a.m. ET)

The industrial conglomerate signed three contracts to sell about $2.7 billion in power equipment to Algeria, as the North African country seeks to massively increase its generation capacity.

GE shares are poised to outperform the broad stock market, after lagging behind for more than a decade, as its business outgrows the economies where it operates, financial newspaper Barron's said on Sunday.

** GROUPON INC, $12.03, down 4.8 pct (10:42 a.m. ET)

The daily discount deals provider failed to persuade a federal judge to dismiss a lawsuit accusing the company of misleading investors about its financial prospects and internal controls before it went public in November 2011.

** GENOMIC HEALTH INC, $30.52, down 6 pct (10:17 a.m. ET)

Raymond James analysts downgraded the molecular diagnostics company's stock to "underperform" from "market perform", saying the company's 2014 revenue could fall below consensus estimates as major reimbursement from its prostrate cancer test is expected only in 2015 or 2016. The company's breast cancer test already had over 90 percent of market share, making larger gains in the future unlikely, the analysts said.

** CITIGROUP INC, $49.64, down 3.10 pct (10:41 a.m. ET)

The third-largest U.S. bank had a significant drop in trading revenue during the third quarter which could hurt the bank's earnings, the Financial Times reported on Sunday, citing people familiar with conversations between investors and the bank.

** SEALED AIR CORP, $27.00, down 5.6 pct (10:29 a.m. ET)

Barclays Capital lowered its estimate for the packaging material maker's 2014 earnings per share, saying the company's margin improvement strategy might lead to lower volumes in 2014. The brokerage downgraded the stock to "equal weight" from "overweight" and cut its price target to $30 from $35.

** MARVELL TECHNOLOGY GROUP LTD, $12.23 down 1.8 pct (11:52 a.m. ET)

A federal judge rejected the chipmaker's request to void a $1.17 billion damages award after a jury found that the chipmaker had infringed two patents held by Carnegie Mellon University.

** MOTORCAR PARTS OF AMERICA INC, $11.35, up 7.3 pct (10:46 a.m. ET)

Brokerage Craig-Hallum started coverage of the autoparts maker's stock with a "buy" rating, according to theflyonthewall.com.

** YONGYE INTERNATIONAL INC, $6.22, up 4 pct (9:43 a.m. ET)

The China-based crop nutrient maker said it has entered into an agreement to be taken private by a consortium led by its top shareholder Full Alliance International Ltd, valuing the company at about $340 million.

** APPROACH RESOURCES INC, $25.46, up 3.2 pct (10:42 a.m. ET)

The oil and gas company should get a closer look for its operations in the Texas Permian Basin, where land values indicate that its shares could be worth at least 50 percent more, Barron's reported in its Sept. 23 edition.

** AGRIUM INC, $87.75, down 2.50 pct (10:42 a.m. ET)

The Canadian fertilizer company warned that its potash volumes are expected to be about 30 percent lower than normal in the current quarter.

** NORTHERN TIER ENERGY, $18.50, down 5 pct (10:13 a.m. ET)

The company said its 81,500 barrel-per-day crude oil refinery unit at St. Paul Park, Minnesota was hit by a fire on Sunday morning.

** JOURNAL COMMUNICATIONS INC, $7.86, up 3.5 pct (10:44 a.m. ET)

The broadcast company said on Friday it ended a two month-long programming dispute with Time Warner Cable, making available its stations in Milwaukee, Green Bay/Appleton, Omaha, Nashville and Palm Springs to Time Warner Cable's customers.

** J.C. PENNEY CO INC, $12.78, down 1 pct (9:43 a.m. ET)

The retailer is looking to raise more money, possibly through a combination of debt and equity, according to a source familiar with the matter. (Compiled by Avik Das in Bangalore; Editing by Don Sebastian)

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