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MARKET PULSE-Apple, Harvest Natural, Marriott, Polycom, Galectin
September 11, 2013 / 3:06 PM / in 4 years

MARKET PULSE-Apple, Harvest Natural, Marriott, Polycom, Galectin

(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning Call newsletter r.reuters.com/ven92v)

Sept 11 (Reuters) - Some U.S. stocks on the move on Wednesday:

WALL ST EDGES LOWER AFTER RECENT RALLY AS APPLE LAGS

U.S. stocks dipped on Wednesday, as a drop in shares of Apple Inc. threatened to put an end to a six-day run of gains for the S&P 500 and weighed heavily on the Nasdaq. The Dow Jones industrial average rose 43.1 points, or 0.28 percent, the S&P 500 lost 3.29 points, or 0.2 percent and the Nasdaq Composite dropped 17.468 points, or 0.47 percent.

** APPLE INC, $469.22, down 5 pct (9:59 a.m. ET)

The higher-than-expected price of Apple’s new iPhone eased worries about gross margins, while arousing concerns the company was not being aggressive enough in its fight against Google Inc’s market-dominating Android operating system.

** CIRRUS LOGIC INC, $21.99, down 5 pct (10:03 a.m. ET)

** QUALCOMM INC, $68.04, down 3 pct

** BROADCOM CORP, $26.11, down 2 pct

** SKYWORKS SOLUTIONS INC, $25.66, down 2.5 pct

** ADVANCED MICRO DEVICES INC, $3.78, down 2 pct

** AVAGO TECHNOLOGIES LTD, $38.88, down 2 pct

** JABIL CIRCUIT INC, $23.56, down 2 pct

** ARM HOLDINGS, $46.42, down 2 pct

Shares of Apple suppliers came under pressure due to lukewarm response to the new plastic-backed iPhone 5C in China, which turned out to be costlier than thought.

** HARVEST NATURAL RESOURCES INC, $5.29, up 27 pct (9:58 a.m. ET)

The oil and natural gas producer said it was in exclusive talks to sell itself to Argentina’s Pluspetrol in a deal valued at about $373 million including debt after struggling to fund its exploration activities.

** OVASCIENCE INC, $9.86, down 31 pct (9:56 a.m. ET)

The developer of infertility treatments said it plans to suspend enrollment in a U.S. study testing its lead product after regulators sought an application for the product’s approval.

** VENTRUS BIOSCIENCES INC, $3.17, up 23 pct (9:56 a.m. ET)

The drugmaker said its experimental cream for the treatment of anal fissures was safe and well-tolerated in two dermal safety studies. The drug, VEN307, is applied perianally to treat pain related to fissure.

** MARRIOTT INTERNATIONAL, $42.83, up 3 pct (10:41 a.m. ET)

UBS Investment Research upgraded the hotel operator’s stock to “buy” from “neutral,” citing a stable and positive outlook for revenue per available room in North America. The brokerage said Marriott would benefit from the U.S. government’s decision to increase its employees’ travel allowance.

** POLYCOM INC, $10.64, up 7 pct (10:23 a.m. ET)

The videoconferencing company authorized the repurchase of $400 million of its outstanding common stock. The company said it expected to fund the program with $150 million in cash and a new $250 million term loan.

** HIMAX TECHNOLOGIES INC, $9.04, up 7 pct (9:53 a.m. ET)

Brokerage Northland Securities Inc started coverage on the Taiwanese chipmaker’s stock with an “outperform” rating as it believes the company will benefit from growth in the small and medium display driver market, given the strength in smartphone and tablet sales. Himax makes chips used in flat panel displays and display drivers.

** COLDWATER CREEK INC, $2.10, down 23 pct (9:49 a.m. ET)

The women’s apparel retailer’s adjusted loss widened 18 percent in the second quarter as increased promotional activity pressured margins but failed to stimulate sales.

** GALECTIN THERAPEUTICS INC, $9.88, up 15 pct (10:15 a.m. ET)

The drugmaker said its liver drug was granted a U.S. patent for the treatment of non-alcoholic fatty liver disease, a condition which currently has no approved treatment. The disease is characterized by the presence of liver fat along with inflammation and damage in people who drink little or no alcohol.

** PENN VIRGINIA CORP, $5.39, up 7 pct (10:24 a.m. ET)

The oil and gas producer said in an investor conference on Tuesday that it expected its oil production to grow 30 to 40 percent over the next couple of years. The company said it expected revenue to grow about 23 percent in 2014 and forecast a 27 percent rise in adjusted earnings before interest, taxes, depreciation, and amortization. (link.reuters.com/rap92v)

** SYNNEX CORP, $56.77, up 18 pct (9:48 a.m. ET)

The hardware distributor will acquire IBM Corp’s worldwide customer care business process outsourcing operations for $505 million.

** PLURISTEM THERAPEUTICS INC, up 5 pct, $6.77 (9:53 a.m. ET)

The company, which develops therapies based on placenta-derived stem cells, said it received a U.S. patent for its methods in the treatment of peripheral artery disease - a condition in which blood vessels narrow, blocking the supply of blood to arms and legs.

** CATALYST PHARMACEUTICAL PARTNERS INC, $2.51, up 6 pct (10:20 a.m. ET)

The specialty pharmaceutical company said it raised about $15.1 million from a public offering of 8.8 million of its common shares, priced at $1.72 each.

** GLAXOSMITHKLINE PLC, $51.01, up 1 pct (9:48 a.m. ET)

** THERAVANCE INC, $39.11, up 4 pct (9:52 a.m. ET)

A federal advisory panel recommended approval of GlaxoSmithKline’s new drug to treat chronic obstructive pulmonary disease (COPD), but suggested the company be required to conduct further safety studies once the drug is approved. GSK is developing the product with Theravance.

** SYNTA PHARMACEUTICALS CORP, $6.70, up 3 pct (10:48 a.m. ET)

The drugmaker said it will begin testing a new type of anti-cancer therapy which has the capability to directly enter a cancer cell. The therapy, Hsp90-inhibitor Drug Conjugate, has a higher concentration than standard therapy and can stay inside a cancer cell for longer and has less side effects.

** UMB FINANCIAL CORP, $53.98, down 3 pct (9:55 a.m. ET)

The financial services company priced the public offering of 3.9 million shares at $54 apiece, below the stock’s Tuesday close, to raise $210.6 million.

** XOOM CORP, $32.45, up 6 pct (9:54 a.m. ET)

The digital money transfer company priced a follow-on offering at $30.50 per share, slightly below the stock’s Tuesday close. The company increased the size of the offering to 4.4 million shares from 3.7 million. About 3 million shares are being offering by the company.

** US AIRWAYS GROUP, $17.69, down 3 pct (10:58 a.m. ET)

US Airways and American Airlines parent AMR Corp said they would ask their boards to extend the termination date of their proposed $11 billion merger due to uncertainties related to a government lawsuit, the Wall Street Journal reported, citing sources.

** BLACKBERRY LTD, $10.68, down 2 pct (9:45 a.m. ET)

Struggling smartphone maker BlackBerry cut several dozen jobs from its U.S. sales team on Monday, the Wall Street Journal reported, citing people familiar with the matter. The layoffs are part of rolling job cuts that have been ongoing for several weeks.

** YINGLI GREEN ENERGY HOLDING CO, $6.07, up 3 pct (9:43 a.m. ET)

The China-based solar panel maker said it would supply about 28 megawatt of solar panels to a Chinese utility. (Compiled by Varun Aggarwal; Editing by Don Sebastian)

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