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Sept 11 Some U.S. stocks on the move on
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 was up 0.60 percent, the S&P 500
was up 0.10 percent and the Nasdaq Composite was
down 0.25 percent.
** APPLE INC, $467.00, down 5.5 pct (11:21 a.m. ET)
The higher-than-expected price of Apple's new cheaper 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
** CIRRUS LOGIC INC, $21.99, down 5 pct (10:03 a.m.
** 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 component suppliers came under pressure on
Wednesday as investors locked in recent gains on concerns that
its lower-cost iPhone was still too expensive for its target
audience in China and other emerging markets.
** CHINA MOBILE LTD, $55.61, down 3 pct (11:06 a.m.
** NTT DOCOMO INC, $16.12, down 3.6 pct
Markets have been speculating that Apple is on the verge of
signing a distribution pact with China Mobile, the
biggest Chinese wireless carrier.
Japanese carrier NTT Docomo started offering the iPhone for
the first time to its roughly 60 million subscribers.
** 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.
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
** RENESOLA LTD, $4.44, down 19 pct (11.29 a.m. ET)
The solar panel maker said it was offering $70 million in
American Depositary Shares (ADS), each representing two shares
of the company, at $4.67 per ADS. The offer price is at a 15
percent discount to the stock's closing price of $5.49 on the
New York Stock Exchange on Tuesday.
** FUSION-IO INC, $14.90, up 14 pct (12:05 p.m. ET)
Brokerage FBN Securities analyst Shebly Seyrafi said he
still expects storage drive maker Seagate Technology Plc
to make a bid for Fusion-io to compete with Western Digital
Corp's acquisition of flash memory maker Virident
Systems Inc for $685 million.
** VENTRUS BIOSCIENCES INC, $3.17, up 23 pct (9:56
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
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
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
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.
** DOMTAR CORP, $73.25, up 11 pct (12:18 p.m. ET)
The Canadian paper maker is expected to benefit from
International Paper Co's move to close a mill in Alabama
that produced uncoated freesheet paper, a grade of paper that
Domtar extensively produces.
Domtar had annual production capacity of about 3 million
tons of uncoated freesheet grade paper at the end of 2012.
International Paper's mill had capacity of 950,000 tons.
** 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.
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.
** SUNEDISON INC, $7.85, down 6 pct (12:06 p.m. ET)
The solar company said on Tuesday that it would offer 30
million shares and use the proceeds to fund working capital
needs and growth initiatives.
** LINN ENERGY LLC, $26.71, up 8 pct (11.10 a.m.
** LINNCO LLC, $30.70, up 7 pct
** BERRY PETROLEUM CO, $43.5, up 1 pct
Linn Energy and its affiliate LinnCo said the Securities and
Exchange Commission sent comments related to an amended filing
made in connection with Linn Energy's proposed deal to buy Berry
Petroleum for $2.5 billion.
Though the nature of the comments were unknown, investors
were viewing it as a positive and expected the deal to go
through, RBC Capital Markets analyst Leo Mariani said in a note.
** UNITED RENTALS INC, $54.72, down 5 pct (12:22
The equipment rental company said in an investor call on
Tuesday that rental rates were going up "slower than expected,"
though there was a sequential improvement.
Piper Jaffray analyst George Tong, however, said in a note
that the rental rate fears were "overblown" and not indicative
of a slowdown in rental demand.
United Rentals rents out forklifts, water pumps, diesel
generators, earthmoving and trench safety equipment.
** RESTORATION HARDWARE HOLDINGS INC, $71.16, down
6.4 pct (11:12 a.m. ET)
The furniture retailer fell into a loss in the second
quarter, hurt by a sharp rise in expenses and a one time
stock-based compensation charge. The company reported a
quarterly net loss of $17.8 million in the quarter ended Aug. 3
compared with a profit of $17.6 million a year earlier.
** GLAXOSMITHKLINE PLC, $51.01, up 1 pct (9:48 a.m.
** 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.
** APOLLO GLOBAL MANAGEMENT LLC, $28.06, up 2.4 pct
(12:07 p.m. ET)
Morgan Stanley initiated coverage on the private equity and
credit investment company's stock with an "overweight" rating
and a price target of $33. Analyst Matthew Kelly said in a note
that the company's investment in retirement savings provider
Athene Holding is "a hidden gem," creating value of $6 per share
and enabling assets under management growth.
** RAIT FINANCIAL TRUST, $6.87, up 6 pct (12:11 p.m.
The real estate investment trust raised its cash dividend to
15 cents per share for the third quarter from 13 cents per share
in the second quarter.
** 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
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.
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.
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
** 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)