March 20 Some U.S. stocks on the move on
for the Morning News Call newsletter,)
FUTURES EDGE UP AS FOCUS SHIFTS TO FED
Wall Street opened higher on Wednesday with investors' focus
on the Federal Reserve's policy statement and news conference by
Fed Chairman Ben Bernanke later in the day.
The Dow Jones industrial average gained 58.64 points,
or 0.41 percent, the Standard & Poor's 500 Index rose
8.84 points, or 0.57 percent, and the Nasdaq Composite Index
advanced 25.00 points, or 0.77 percent.
** FEDEX CORP, $101.95, down 4 pct (0949 ET)
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.
** BLACKBERRY, $15.87, up 5.5 pct (0949 ET)
Morgan Stanley raised its rating on the smartphone maker's
stock to "overweight" from "underweight", according to
** VALEANT PHARMACEUTICALS INTERNATIONAL INC,
$73.04, up 2 pct (0948 ET)
** OBAGI MEDICAL PRODUCTS INC, $19.70, up 28 pct
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, $2.30, up 12 pct (0947 ET)
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, $42.19, up 3.5 pct (0947 ET)
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, $10.96, up 3 pct (0946 ET)
Goldman Sachs upgraded the videoconferencing company to
"buy" from "neutral", according to streetinsider.com. ()
** WALTER INVESTMENT MANAGEMENT CORP, $34.92, up 6
pct (0946 ET)
Sterne Agee raised its rating on the company's stock to
"buy" from "neutral", according to theflyonthewall.com.
** ZYNGA INC, $3.30, down 5 pct (0944 ET)
BofA Merril Lynch downgraded the online game maker's stock
to "neutral" from "buy", theflyonthewall.com reported.
** ANADARKO PETROLEUM CORP, $86.52, up 4 pct (0942
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
** STAR SCIENTIFIC INC, $1.59, down 3 pct (0941 ET)
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, $48.78, up 8 pct (0941 ET)
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, $6.61, down 11 pct
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.
** COBALT INTERNATIONAL ENERGY INC, $28.89, up 7 pct
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, $26.98, up 4 pct
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, $14.15, down 3.5 pct
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, $43.68, down 5 pct (0939 ET)
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