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Sept 16 Some U.S. stocks on the move on Monday:
WALL ST UP AS SUMMERS' WITHDRAWAL CLEARS WAY FOR DOVISH FED
U.S. stocks rallied on Monday after former Treasury
Secretary Lawrence Summers' withdrew as a candidate for Federal
Reserve chairman, removing market uncertainty about a long
confirmation process that already had plenty of opposition. The
Dow Jones industrial average rose 1.08 percent, the S&P
500 gained 0.93 percent, and the Nasdaq Composite
added 0.31 percent.
** APPLE INC, $454.97, down 2.1 pct (1:07 p.m. ET)
** CHINA TELECOM CP, $53.66, up 2.9 pct (1:07 p.m.
China Telecom Corp Ltd, one of China's three
mobile carriers, cut back subsidies on the iPhone 5S, the Wall
Street Journal said. (link.reuters.com/wyk23v)
The company is forcing users to pay more upfront for the
iPhone 5S than it did for the iPhone 5 last year, the report
Excluding today's fall, Apple shares have declined 8 percent
since the company launched its new iPhones on Sept 10.
** OMEROS CORP, $8.19, up 61 pct (1:09 a.m. ET)
Wedbush analysts doubled their estimates for Omeros's eye
drug's potential penetration in the United States, citing U.S.
Food and Drug Administration rules that would restrict the use
of similar drugs used in lens replacement surgery.
The analysts raised their target price on the stock to $28
from $18. They said the drug, OMS 302, could be approved around
The drug combines a pupil dilating agent and a painkiller,
making it unnecessary for surgeons to mix the agents for use
during surgery - a current practice that could compromise
sterility - the analysts wrote in a note.
** ALLEGHENY TECHNOLOGIES INC, $31.37, up 9.6 pct
(1:08 p.m. ET)
** KENNAMETAL INC, $46.60, up 1.3 pct (1:08 p.m. ET)
Industrial toolmaker Kennametal said it would buy Allegheny
Technologies' tungsten materials business for $605 million to
strengthen its materials and cutting tools business and expand
in the aerospace and energy markets.
** CF INDUSTRIES HOLDINGS INC, $202.02, up 4.2 pct
(1:22 p.m. ET)
The longtime chief executive of the company will retire and
be replaced internally, just as it carries out a $3.8-billion
expansion, the world's second-biggest producer of nitrogen
fertilizer said on Monday.
** STAR BULK CARRIERS CORP, $10.33, up 5.4 pct
(1:09 p.m. ET)
** GENCO SHIPPING AND TRADING LTD, $3.99, up 1.5 pct
** DRYSHIPS INC, $2.97, up 2.4 pct
The Baltic Exchange's main sea freight index, which
tracks freight rates for ships carrying dry bulk commodities
such as coal, iron ore and grain, was up about 1 percent on
** BLYTH INC, $13.45, up 4 pct (1:10 p.m. ET)
Shares of the largest candle maker in the U.S. continued its
rally on Monday after a SeekingAlpha report said the company's
stock could make a "parabolic" move higher in the very near
future. The stock rose 17 percent on Friday.
The article said the company's shares, which are heavily
shorted, are being short squeezed due to a 46 percent rise over
the past 11 trading days and its small free float. About 90
percent of the outstanding shares are held by insiders and
institutional investors, the report said. (link.reuters.com/qyk23v)
According to Thomson Reuters data, about 34 percent of the
company's outstanding shares were in short positions as of Aug.
** BARRICK GOLD CORP, $18.5, up 4.34 pct (02:01 p.m.
The Canadian gold miner, whose shares have declined by
nearly half this year, could see its stock rebound if it
attracts an activist shareholder who prompts the management to
quicken its pace in shedding assets, according to a story in
Monday's edition of Barron's.
** INTREPID POTASH INC, $16.13, up 7 pct (2:00 p.m.
** POTASH CORP, $33.03, up 2 pct
The main owners of Russian potash producer Uralkali
have yet to make an offer to sell their shares in a
Kremlin-backed deal aimed at reviving an export partnership with
Some investors believe the Kremlin wants to repair the
potash alliance - which previously controlled about 40 percent
of the world market - in a bid to avert a possible collapse in
prices for the soil nutrient.
** AMERICAN SUPERCONDUCTOR CORPORATION $2.39, down
5.2 pct (1:11 p.m. ET)
The company, which mainly supplies electrical systems used
in wind turbines, said it would sell shares worth $30 million in
a public offering. Its shares had closed at $2.52 on the Nasdaq
** LOCAL CORP, $2.00, up 1.5 pct (1:11 p.m. ET)
Brokerage Merriman Capital initiated coverage on the
company's stock with a "buy" rating and a price target of $4.50,
streetinsider.com reported. Local Corp runs the local.com search
** REGADO BIOSCIENCES INC, $6.31, up 37 pct (1:11
Analysts at Cowen and Co initiated coverage of the
biotechnology company with an "outperform" rating, saying the
company's experimental anticoagulant REG1 could be more
effective than bivalirudin, a competing drug sold by The
Medicine Co under the brand name Angiomax.
** WI-LAN INC, $3.51, up 7 pct (1:12 p.m. ET)
** ALCATEL LUCENT SA, $3.36, down 2.6 pct (2:08 p.m.
Shares of the patent licensing company jumped after it said
it had settled all pending litigation with telecom gear maker
Wi-Lan will also acquire a portfolio of patents and pending
applications related to current and next-generation wireless
technology from Alcatel-Lucent.
** BOEING CO, $115.57, up 3.8 pct (1:19 p.m. ET)
Top decision makers in South Korea's 8.3 trillion won ($7.64
billion) fighter jet tender have briefed the president on the
outcome of an assessment process and told her that Boeing Co's
F-15 Silent Eagle was the sole eligible bid, a source
with knowledge of the process told Reuters.
** PETROLEO BRASILEIRO SA, $15.50, up 2.6 pct (2:10
Brazil's government may allow state-run oil company Petroleo
Brasileiro SA to raise fuel prices by Oct. 21, the
date of the first auction of exploration rights for the Libra
subsalt oil field, newspaper O Estado de S. Paulo said on
** D.R.HORTON INC, $20.06, up 4.8 pct (1:12 p.m. ET)
** PULTEGROUP INC, $17.28, up 4.6 pct
** TOLL BROTHERS INC, $33.08, up 2.5 pct
** LENNAR CORP, $35.26, up 2.3 pct
** KB HOME, $17.44, up 2.8 pct
Homebuilding stocks rallied on a report that U.S. industrial
production rose in August as a bounce back in motor vehicle
assembly lifted manufacturing output, a hopeful sign for the
economy after growth got off to a slow start in the third
In a separate report, the New York Federal Reserve said its
Empire State general business conditions index slipped to 6.29
from 8.24 in August. However, firms expect an improvement in the
months ahead. The index of six-month business conditions touched
its highest level in nearly 1-1/2 years in September.
** MICRON TECHNOLOGY INC, $16.63, up 2.6 pct (1:14
The chipmaker has seen nearly 30 percent of its PC-use DRAM
production capacity booked up by large clients, and its supply
available for other clients in September-December 2013 will
decrease significantly, the website digitimes.com reported
citing the Taiwan-based memory supply chain makers. (r.reuters.com/wak23v)
** COOPER TIRE AND RUBBER CO, $32.70, down 1.5 pct
(1:14 p.m. ET)
A U.S arbitrator said Cooper Tire and Rubber Co cannot sell
two of its factories in the country to India's Apollo Tyres
until a collective bargaining agreement is reached between
Apollo and members of the plants' union.
The decision could delay Apollo's plan to buy Cooper in a
debt-funded $2.5 billion deal, which is already facing
opposition at a factory in China.
** SOHU.COM INC, $68.81, up 6.2 pct (1:15 p.m. ET)
** QIHOO 360 TECHNOLOGY CO LTD, $84.32, down 4 pct
Tencent Holdings Ltd said on Monday that it will buy a 36.5
percent stake in Sohu.com Inc's Sogou search engine, China's
third-largest, to lift its presence in the fast-growing China
market for search and Internet services.
** BOISE INC, $12.60, up 26.5 pct (1:15 p.m. ET)
** PACKAGING CORP OF AMERICA, $58.12, up 6.5 pct
Packaging Corp of America said it would acquire
smaller rival Boise for about $1.28 billion to increase its
container board capacity. Packaging Corp's offer of $12.55 per
share represents a premium of 26 percent to Boise's .
** HILLTOP HOLDINGS INC, $17.66, up 7 pct (1:16
The financial holding company said that its wholly-owned
subsidiary, PlainsCapital Bank, has entered into an agreement
with the Federal Deposit Insurance Corp (FDIC) to buy
Texas-based First National Bank. The transaction is expected to
be immediately accretive to PlainsCapital's earnings.
** GYRODYNE COMPANY OF AMERICA, $76.80, up 8 pct
(1:16 p.m. ET)
The REIT said it will liquidate itself and declared a
special dividend of $66.56 per share.
** PERION NETWORK, $11.63, up 11.6 pct (1:17 p.m.
The Israeli consumer internet company will merge with
privately held Conduit's "client connect" business in an
all-stock transaction, the companies said on Monday.
** PLURISTEM THERAPEUTICS INC, $3.38, up 5.2 pct
(1:17 p.m. ET)
The Israel-based company said the U.S. Food and Drug
Administration lifted its clinical hold on a mid-stage trial of
the company's experimental drug for muscle pain. Pluristem said
the FDA allowed it to go ahead with the study, saying that
Pluristem had addressed all issues related to the hold.
** HARSCO CORP, $26.23, up 5 pct (1:18 p.m. ET)
The engineering company said it would sell its
infrastructure business for $300 million to private equity firm
Clayton, Dubilier & Rice. Its infrastructure division would be
merged with Brand Energy & Infrastructure Services Inc, a
company that Clayton, Dubilier & Rice is buying from private
equity firm First Reserve. Harsco will get a 29 percent stake in
the combined company, which will have an enterprise value of
about $2.5 billion, the company said.
** HUNTSMAN CORP, $19.66, up 2 pct (1:18 p.m. ET)
Brokerage KeyBanc Capital Markets raised its rating on the
chemical maker's stock to "buy" from "hold" on Friday, according
to theflyonthewall.com. Jefferies on Monday also upgraded
Huntsman to "buy", citing gains in 2014-2015 from its propylene
oxide-making joint venture with China's refiner Sinopec Corp
, which is expected to be completed by the
end of next year and its presence in Europe, among other things.
** POST HOLDINGS CO, $43.40, up 3.5 pct (1:19 p.m.
The breakfast cereal maker said it will buy the Dakota
Growers Pasta company from Viterra Inc, a unit of Glencore
Xstrata Plc, for $370 million in cash.
** CLEAN HARBORS INC, $59.15, up 2 pct (1:20 p.m.
The environmental clean-up company said it had bought
California-based waste oil collector Evergreen Oil Inc out of
bankruptcy for $60 million. Evergreen filed for bankruptcy
protection in April, primarily due to a fire that damaged its
refinery in Newark.
** ARKANSAS BEST CORP $25.29, down 6 pct (1:52 p.m.
Deutsche Bank cut the freight transportation company's stock
to "hold" from "buy", theflyonthewall.com reported.
(Compiled by Varun Aggarwal)