March 22 Some U.S. stocks on the move on Friday:for the Morning News Call newsletter,)
WALL ST GAINS AS CYPRUS FEARS EASE, NIKE RALLIES
U.S. stocks bounced back on Friday on hopes a deal to bail
out Cyprus was near completion. The Dow Jones industrial average
was up 0.58 percent, the S&P 500 up 0.65 percent,
and the Nasdaq Composite up 0.65 percent.
** TIFFANY & CO, $70.52, up 3.8 pct (0944 ET)
The company said the pace of its worldwide sales growth
would pick up this year, helped by faster growth in Asia and a
more compelling selection of lower-price silver jewelry.
** ANACOR PHARMACEUTICALS INC, $6.57, up 34 pct
The drugmaker said on Thursday its mid-stage experimental
ointment reduced skin lesions in adolescents with atopic
dermatitis, a chronic skin disorder. Brokerage Wedbush raised
the price target on the drugmaker to $20 from $10 and said the
ointment could rake in $1 billion in annual worldwide sales by
2021. The drug, codenamed AN2728, was tested in 86 patients
between the age of 12 years to 17 years and partially or
completely reduced 66 percent of the lesions.
** TIBCO SOFTWARE INC, $19.66, down 15 pct (0943
The business software maker forecast second-quarter results
below analysts' estimates, citing execution challenges in North
America and the UK.
** HALOZYME THERAPEUTICS INC, $6.08, up 15 pct
The company said its immunodeficiency drug HyQvia, which it
licensed to Baxter International Inc, was given a
positive opinion by the scientific committee of the European
** NIKE INC, $60, up 11.94 pct (1151 ET)
** UNDER ARMOUR INC, $50.16, up 4 pct (1148 ET)
** FOOT LOCKER INC, 33.65, up 4 pct (1258 ET)
The company's profit beat Wall Street's expectations as
margins increased and world-wide future demand for its apparel
and shoes rose.
Morningstar Inc analyst Paul Swinand said shares of Under
Armour were also up on the same news. Foot Locker's shares were
up on the Nike results, as it is one of the biggest retailers of
Nike shoes, Swinand added.
** MICRON TECHNOLOGY, $9.97, up 10 pct (0941 ET)
The chipmaker posted a quarterly net loss on Thursday but
said the outlook for memory chip prices is improving. Following
an industry slump in memory chip prices last year, Micron
President Mark Adams said on Thursday that prices for DRAM and
NAND memory chips are rising.
** NEW YORK & CO INC, $4.10, down 10 pct (1224 ET)
The women's apparel and accessories retailer said it expects
first-quarter sales to decline in the low single-digit range and
comparable store sales to fall in the low-to-mid-single-digit
range due to unfavourable weather conditions and lower traffic
amid challenging macroeconomic conditions.
** TECH DATA CORP, $46.69, down 6 pct (0942 ET)
The technology distributor said it would restate its results
for the last three years, blaming vendor accounting practice at
its U.K. subsidiary.
** GENTIUM SPA, $7.63, down 6 pct (0948 ET)
The Italian biotechnology company received a negative
opinion from the European health regulator on its most advanced
product, a drug to treat a rare liver condition. Gentium said it
plans to appeal the European Medicine Agency's decision and
request a re-examination of the opinion of the Committee for
Medicinal Products for Human Use.
** WEST CORP, $19, down 5 pct (1147 ET)
Shares of private-equity backed West Corp fell in their
market debut even after the phone service provider priced its
initial public offering below the expected price range.
** OLD DOMINION FREIGHT LINE INC, $38.25, up 5 pct
The trucking company raised its estimate for growth in
first-quarter tonnage to between 4.5 percent and 5 percent.
** ARBOR REALTY TRUST INC, $7.80, down 5 pct (0940
The multi-family and commercial real estate investment trust
said it has commenced a public offering of 5.6 million shares.
** TEXAS CAPITAL BANCSHARES $42.91, up 5 pct (1249
The lender issued $150 million in preferred stock on
Thursday, helping boost its capital ratios.
** SUPERVALU INC, $4.89, up 4.7 percent (1136 ET)
The U.S. grocery store operator's CEO, Sam Duncan, announced
new appointments to his leadership team which included the head
of its largest division, a new chief information officer and a
human resources officer.
** AVID TECHNOLOGY INC, $6.51, down 4.5 pct (1257
Law firm Lifshitz said it was investigating potential claims
against the board of directors of Avid concerning whether the
board has breached its fiduciary duties to shareholders.
In February, the audio and video editing software maker
delayed reporting its fourth-quarter results, saying it needed
more time to evaluate "accounting treatment related to bug
fixes, upgrades and enhancements to certain products."
** EVERCORE PARTNERS INC, $42.05, down 4 pct (1009
JMP securities downgraded the investment bank's stock to
"market perform" from "market outperform", citing slipping
deals, especially in the middle-market sector and increasing
taxes. The brokerage also cited a possible mid-year European
Union flare up as a risk factor while the bank's completed deals
were below estimates.
** INFORMATICA CORP, $34.50, down 4 pct (1019 ET)
Nomura Equity Research cut its rating on the
data-integration software maker's stock to "neutral" from "buy",
saying the infrastructure software environment continues to be
challenging, and the company's first-quarter results may not
come in above market expectations.
** FIESTA RESTAURANT GROUP INC, $25.42, up 3.42 pct
The operator of Pollo Tropical and Taco Cabana chains
upsized its secondary public offering and said it was offering
2.9 million shares at $24.25 per share.
** HUMANA INC, $66.28, down 3 pct (1113 ET)
Susquehanna analyst Chris Rigg downgraded the health
insurer's stock to "neutral" from "positive", saying the shares
will look overvalued if final government payment rates for 2014
Medicare Advantage plans do not improve materially.
"We estimate approximately 55 to 60 percent of Humana's 2013
earnings will be derived from retail Medicare Advantage, which
clearly means 2014 reimbursement rates will have a large impact
on company shares," Rigg wrote in a note to clients.
Medicare Advantage allows beneficiaries to receive Medicare
benefits through private insurance plans. Humana has around 2
million members enrolled in Medicare Advantage programs.
** GRAPHIC PACKAGING HOLDING CO, $7.14, down 2 pct
The food and beverage packaging maker said a secondary
offering by shareholders was expanded by 3 million shares to 28
million. The offering was also priced at a discount to the
stock's last closing price.
** ZYNGA INC, $3.42, up 2 pct (0940 ET)
The online game publisher relaunched its website on
Thursday, allowing users to play its games without first signing
on to Facebook, a significant step toward establishing its
independence from Facebook Inc.
** FIVE OAKS INVESTMENT CORP, $14.66, down 2 pct
Shares of Five Oaks Investment fell on their trading debut
after the investor in mortgage-backed securities priced its
initial offering of 4 million shares at $15 per share. The
Maryland-based company, which filed for an IPO in December 2012,
plans to use the proceeds from the IPO to buy residential
mortgage-backed securities. Barclays, Credit Suisse and UBS were
the lead underwriters to the offering.
** WAUSAU PAPER CORP, $10.55, up 2 pct (0938 ET)
The company said it intends to sell its specialty paper
business to funds controlled by private equity firm KPS Capital
Partners LP for about $130 million in cash, following pressure
from activist investor Starboard Value LP.
** PEPSICO INC, $77.30, up 1.6 pct (0938 ET)
** MONDELEZ INTERNATIONAL INC, $29.33, up 3 pct
Shares of the food makers rose after a U.K. newspaper
reported that activist shareholder Nelson Peltz has been
building stakes in them.
Citing sources familiar with the matter, Britain's Daily
Telegraph reported that Peltz had spent $2 billion on shares of
the companies through his investment vehicle Trian Fund
Management. The paper speculated that Peltz could then push for
a merger of the two companies.
** MONSTER BEVERAGE CORP, $49.56, down 1.5 pct
The company's shares fell in extended trade, after new
research indicated that energy drinks may increase blood
pressure and disturb the heart's rhythm. The research, which
analyzed seven previously published studies and was presented at
an American Heart Association meeting, found an increase of 3.5
points in systolic blood pressure for those consuming energy
** BLACKBERRY, $16.28, up 1 pct (1152 ET)
Nearly two months after its formal unveiling, BlackBerry's
new Z10 smartphone goes on sale on Friday in the
hyper-competitive U.S. market, a crucial proving ground for the
company's ambition to re-establish itself as an industry leader.
** DARDEN RESTAURANTS INC, $49.61, up 1.33 pct (1153
The owner of the Olive Garden and Red Lobster chains said it
would offer a better selection of lower-priced fare after
blaming higher payroll taxes and gasoline prices for a fall in
traffic in the third quarter.