March 20 Some U.S. stocks to watch on Wednesday:
for the Morning News Call newsletter,)
FUTURES EDGE UP AS FOCUS SHIFTS TO FED
U.S. stock index futures rose on Wednesday as the focus
shifted from concerns about Cyprus's financial health to the
statement from the Federal Reserve's policy committee and news
conference by Chairman Ben Bernanke later in the day.
S&P 500 futures added 8 points. Dow Jones industrial
average futures added 54 points and Nasdaq 100 futures
gained 76 points.
** SUNTECH POWER HOLDINGS, Tuesday close $0.58, down
40 pct premarket
The China-based solar panel maker said a group of eight
Chinese banks had filed a petition for insolvency and
restructuring of its principal operating unit in China, which
makes solar cells and panels.
** BLACKBERRY, Tuesday close $15.03, up 5.5 pct
Morgan Stanley raised its rating on the smartphone maker's
stock to "overweight" from "underweight", according to
** VALEANT PHARMACEUTICALS INTERNATIONAL INC,
Tuesday close $71.44
** OBAGI MEDICAL PRODUCTS INC, Tuesday close
$15.39, up 28 pct premarket
Canadian drugmaker Valeant Pharmaceuticals said it would buy
Obagi Medical Products for about $344 million to boost its
dermatology and aesthetics portfolio.
The deal, at $19.75 per share in cash, is at a 28 percent
premium to Obagi's Tuesday closing price.
** GEVO INC, Tuesday close $2.06, up 19 pct
A U.S. district court's ruling strengthened the biofuel
company's case that it does not infringe Butamax Advanced
Biofuels LLC's patents, analysts at Robert W Baird & Co wrote in
a note. The two biofuel producers have been in a court battle
over a patent for a method to commercially produce isobutanol.
The U.S. District Court of Delaware gave Gevo partial
summary judgment on non-infringement on Tuesday. "The decision
by the court gives us increased confidence in Gevo's position,"
said the analysts.
** ADOBE SYSTEMS INC, Tuesday close $40.75, up 6
The maker of Photoshop and Acrobat software raised its
full-year adjusted earnings forecast after reporting
first-quarter results above Wall Street estimates as more
customers chose its subscription-based model.
** POLYCOM INC, Tuesday close $10.65, up 6 pct
Goldman Sachs upgraded the videoconferencing company to
"buy" from "neutral", according to streetinsider.com. ()
** WALTER INVESTMENT MANAGEMENT CORP, Tuesday close
$32.98, up 4.5 pct premarket
Sterne Agee raised its rating on the company's stock to
"buy" from "neutral", according to theflyonthewall.com.
** MEMORIAL PRODUCTION PARTNERS LP, Tuesday close
$19.05, down 4 pct premarket
The oil and natural gas producer said on Tuesday it had
started a public offering of 8.5 million common units and would
use the proceeds to buy oil and natural gas assets.
** ZYNGA INC, Tuesday close $3.47, down 3 pct
BofA Merril Lynch downgraded the online game maker's stock
to "neutral" from "buy", theflyonthewall.com reported.
** AMERICAN REALTY CAPITAL PROPERTIES INC, Tuesday
close $13.93, up 2 pct premarket
The real estate investment trust said it had offered to buy
unlisted Cole Credit Property Trust III Inc for $5.7 billion in
cash and stock to create the largest publicly traded REIT in the
net lease sector.
The offer is valued at more than $9 billion including debt,
American Realty Capital said in a statement on Wednesday.
** LENNAR CORP, Tuesday close $41.42, up 2 pct
The No. 3 U.S. homebuilder reported a first-quarter profit
well above market expectations as lower interest rates and
rising rents drove home sales.
The company reported a 28 percent spike in home sale
closings and a 13 percent rise in average sale prices, pushing
up revenue by 37 percent to $989.9 million.
** FEDEX CORP, Tuesday close $106.46, down 3 pct
The No. 2 U.S. package-delivery company reported a 31
percent drop in quarterly profit due to restructuring costs and
weakness in its air freight express business.
** ANADARKO PETROLEUM CORP, Tuesday close, up 2 pct
The U.S. oil and gas company said on Tuesday it has
discovered a large amount of oil at its Shenandoah-2 well in the
deepwater Gulf of Mexico.
Anadarko has a large and active portfolio of deepwater oil
and gas prospects in places including the Gulf of Mexico and
** CHESAPEAKE ENERGY CORP, Tuesday close 21.04, down
1 pct premarket
A federal judge on Tuesday set a tentative trial date of
April 23 for the natural gas company's dispute with investors
and a bond trustee over its plan to redeem $1.3 billion in notes
The company filed a lawsuit in the U.S. district court in
Manhattan, seeking to block bond trustee Bank of New York Mellon
Corp from interfering with the proposed redemption of the debt
at 100 cents on the dollar, or at par.
** JPMORGAN CHASE & CO, Tuesday close $49.20, up 1
The bank has reached a $546 million settlement with the
trustee liquidating the failed broker-dealer unit of MF Global
Holdings, a court filing showed, an amount that will
help repay the brokerage's customers.
As part of a settlement reached with James Giddens, the
trustee who is tasked with liquidating MF Global Inc, JPMorgan
will pay $100 million that will be made available for
distribution to former MF Global customers.
** STAR SCIENTIFIC INC, Tuesday close $1.64, down
17 pct after market
The United States Attorney's Office for the Eastern District
of Virginia sent subpoenas to Star Scientific, its directors and
others between this January and February, the maker of dietary
supplements disclosed in a regulatory filing on Tuesday. ()
The company, which stopped selling smokeless tobacco
products last year, said the subpoenas sought information on its
securities, including private placement and related transactions
** WILLIAMS-SONOMA INC, Tuesday close $45.21, up 6
pct after market
The U.S. home goods chain reported a higher-than-expected
quarterly profit, aided by fewer discounts and strong online
sales in the holiday season.
** MAXWELL TECHNOLOGIES INC, Tuesday close $7.44,
down 6 pct after market
The maker of energy storage devices said its independent
auditor McGladrey LLP resigned, citing "material weakness" in
the company's internal control over revenue recognition.
** FUEL TECH INC, Tuesday close $4.47, down 9 pct
The maker of air pollution control products posted a
surprise quarterly loss, hurt by charges from an income tax
settlement, impairment and reserves for bed debt.
** COBALT INTERNATIONAL ENERGY INC, Tuesday close
$25.79, up 5 pct after market
Analysts at RBC Capital Markets raised the price target on
the oil explorer's stock to $36 from $34 based on the company's
successful exploration in West Africa and increased
opportunities in the North Platte discovery well and the
Shenandoah appraisal well in the Gulf of Mexico.
** FRANCESCA'S HOLDINGS CORP, Tuesday close $26.98,
up 4 pct after market
The women's clothing retailer reported quarterly results
that beat Wall Street estimates, helped by margin improvement
and strong demand for its affordable clothing and jewelry.
** NEW MOUNTAIN FINANCE CORP, Tuesday close $14.64,
down 3.5 pct after market
The private equity firm estimated its quarterly investment
income per share largely below analysts' estimates. It said it
expected first-quarter net investment income of between 33 and
35 cents, while analysts were looking for 35 cents on average,
according to Thomson Reuters I/B/E/S.
** CINTAS CORP, Tuesday close $45.93, down 2.5 pct
The company posted a third-quarter profit that missed Wall
Street expectations as expenses rose, and the designer and
manufacturer of promotional items, first aid and safety and fire
protection products forecast full-year earnings below analysts