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Sept 17 Some U.S. stocks on the move on Tuesday:
WALL ST EDGES UP, EXPECTS FED TAPERING WILL BE MODEST
U.S. stocks rose slightly on Tuesday on expectations the
Federal Reserve will make a modest cut in its stimulative bond
buying and keep interest rates extraordinarily low, the latter a
boon to stocks. The Dow Jones industrial average was up
52.92 points, or 0.34 percent, the Standard & Poor's 500 Index
was up 5.75 points, or 0.34 percent, and the Nasdaq
Composite Index was up 14.68 points, or 0.39 percent.
** BLACKBERRY LTD , $10.72, up 4 pct (12:31
The company confirmed its BBM messenger service will be
available on Android and Apple's iOS soon. After
Samsung Nigeria tweeted on Monday that BBM would debut on its
devices on Friday and that it would be exclusively available on
Samsung devices for three months, a BlackBerry spokesperson
clarified to website CrackBerry that the company would be
bringing the BBM app to "Android and iPhone users across the
globe soon." (link.reuters.com/qas23v)
** KYTHERA BIOPHARMACEUTICALS INC, $42.00, up 25
pct (9:36 a.m. ET)
The maker of aesthetic medicines said on Monday its ATX-101
experimental injectable drug met the main and secondary goals of
a clinical study testing the product's safety and efficacy in
reducing double chin. Over 1,000 patients from the United States
and Canada were enrolled in two late-stage studies for
evaluating the drug against a placebo, Kythera said.
** REPROS THERAPEUTICS INC, $26.75, up 26 pct
(09:48 a.m. ET)
The company said its drug Androxal met the main goals of a
pivotal study in men with secondary hypogonadism, a condition in
which men don't produce enough testosterone.
** REGADO BIOSCIENCES INC, $9.11, up 20 pct (9:50
The drugmaker enrolled the first patient for its
experimental heart drug currently in late-stage clinical trials.
The study, REGULATE-PCI, is expected to enroll 13,200
patients in about 500 sites worldwide. The company expects the
first of the three interim analyses of the drug in the second
quarter of 2014.
** AGENUS INC $3.46, up 26 pct (9:37 a.m. ET)
The biotechnology company said a mid-stage study of its
experimental brain cancer vaccine used in combination with
standard treatments showed a 160 percent increase in progression
free survival, compared to the standard treatment alone, in
patients with an aggressive brain tumor.
** SUTOR TECHNOLOGY GROUP LTD, $2.18, down 4 pct
(10:12 a.m. ET)
The maker of steel products reported fourth-quarter earnings
of 16 cents per share and revenue of $197.5 million.
** MOLYCORP INC, $6.77, up 5 pct (11:13 a.m. ET)
China's State Reserves Bureau could buy rare earths soon,
which, analysts believe, could lead to an increase in rare earth
prices, Shanghai Metals Market said, citing a report from China
Securities Journal. (link.reuters.com/ces23v)
Molycorp is a U.S.-based rare earth producer.
** COMPUGEN LTD, $9.53, up 5 pct (09:46 a.m. ET)
The company said data on its experimental cancer therapy
showed the drug can affect the activities of certain cells that
play critical roles in the immune system's response against a
Data showed that the drug, CGEN-15049, has the potential to
be developed for the treatment of various cancers, the company
** CVENT INC, $38.57, down 14.4 percent (12:34 p.m.
The event-management software maker forecast it expects to
break even or report an adjusted profit of 1 cent per share in
the current-quarter, below analyst's expectations for a profit
of 4 cents per share.
The company also reported a second-quarter net loss of 7
cents per share, compared with a profit of 1 cent per share a
Pete Childs, CFO of Cvent said on a call with analysts that
profitability was hurt due to costs associated with becoming a
public company and investments in technology, sales and
** DR. REDDY'S LABORATORIES LTD, $36.21, up 3.3 pct
(10:33 a.m. ET)
Dr. Reddy's Laboratories shares rose on Tuesday after the
Indian company said it had received the U.S. drug regulator's
approval for selling its generic version of an anti-cancer drug
by Celgene Corp's.
** CLIFFS NATURAL RESOURCES INC, up 2 pct (11.25
Three analysts said they are unaware about why the stocks of
the iron ore and metallurgical coal producer moved up on Tuesday
morning, and another one said the upward swing couldn't be
attributed to any particular reason.
** JONES GROUP INC, $15.91, up 2.5 pct (10:34 a.m.
Marc Leder, the head of Sun Capital Partners Inc, has joined
the fray as a number of private-equity firms prepare bids for
the shoe and apparel company, the New York Post reported late on
Monday, citing sources. (link.reuters.com/das23v)
** SAFEWAY INC, $30.85, up 10 pct (09:50 a.m. ET)
The supermarket operator said it has adopted a one-year
shareholder rights plan after it became aware of an accumulation
of a significant amount of common stock of the company.
The company set the trigger of the rights plan at 10 percent
at which time the board will be entitled to redeem the rights at
$0.01 per right.
** VOLCANO CORP, $23.76, up 3.3 pct (11.34 a.m. ET)
BMO analyst Joanne Wuensch upgraded the medical device
maker's rating to "outperform" from "market perform", saying the
company's stock has room to grow in a relatively stable
The company will begin to benefit from new products in
2014, she said in a note.
** GREEN PLAINS RENEWABLE ENERGY INC, $15.94, down
7 pct (10:19 a.m. ET)
The ethanol producer priced its senior notes due 2018 and
also boosted the size of the offering to $100 million from $75
** MIRATI THERAPEUTICS INC, $14.62, up 7 pct (10:09
The drugmaker named Isan Chen as its chief medical officer
and Craig Johnson to its board of directors.
** JINKO SOLAR HOLDING CO LTD, down 11 pct (10:33
The Chinese solar panel maker said on Monday that it would
offer 3.5 million American Depositary Shares, each representing
four ordinary shares of the company.
** HUNTSMAN CORP, $20.21, up 6 pct (9:37 a.m. ET)
Huntsman said it would combine its pigment business with
Rockwood's as part of a $1.1 billion deal and eventually take
the business public.
** US AIRWAYS INC, $18.65, up 3.2 pct (9:45 a.m ET)
** DELTA AIR LINES INC, $23.42, up 1 pct
** UNITED CONTINENTAL HOLDINGS INC, $32.86, up 0.55
** SOUTHWEST AIRLINES CO, $14.23, up 1 pct
J.P. Morgan Securities raised its price target on some of
the airline stocks, saying firm Revenue Per Available Seat Mile
(RASM), a measure of unit revenue for airlines, and retreating
oil prices bode well for their third-quarter 2013 earnings. The
brokerage upgraded the stock of US Airways to "overweight" from
"neutral" and raised its price target to $26 from $18, saying
the company's "stand-alone prospects" are better than implied by
the market. The brokerage also upgraded the stock of Delta Air
Lines to "overweight" from "neutral", while raising the price
target to $26 from $22.
** GENCO SHIPPING AND TRADING LTD, $4.14, up 4 pct
(10:55 a.m. ET)
** PARAGON SHIPPING INC, $6.69, up 4 pct
** DRYSHIPS INC, $3.07, up 3 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 more than 5 percent on
** POINTER TELOCATION, $4.42, down 2.9 pct (10:45
The company, which provides automatic vehicle location (AVL)
equipment, said it will buy out its partner in its Brazilian
subsidiary, Pointer do Brasil Commercial S.A., for $4.3 million.
It will pay Bracco do Brasil, which owns 51.2 percent of
Pointer Brasil, through financing from banks. The Israeli
company will also repay $1.2 million of loans to Bracco and a
local bank over 18 months.
** OUTERWALL INC, $46.97, down 16 pct (9:38a.m. ET)
The operator of the Redbox video rental kiosks slashed its
third-quarter and full-year earnings forecast as average
transaction size fell below its expectations due to higher
discounts, sending its shares down 20 percent.
** LLOYDS BANKING GROUP PLC, $4.77, down 3.4 pct
** BARCLAYS PLC, $18.87, down 2.73 pct (10:00 ET)
Britain could have sold the 6 percent stake in the banking
group it placed with investment institutions nearly three times
over, sources said, raising the prospect it could sell all its
shares before the 2015 General Election.
** MOSAIC CO, $45.59, down 1 pct (10:01 a.m. ET)
** POTASH CORP, $33, down 1 pct (10:02 a.m. ET)
** AGRIUM INC, $91.86, down 1 pct (10:01 a.m. ET)
Mosaic, a U.S. fertilizer company, cut its third-quarter
outlook for the price and sales volume of potash and phosphate
on Monday, saying crop nutrient markets had softened in the wake
of the breakup of the Belarusian Potash Company.
Brokerage Canaccord Genuity cut price target on Mosaic and
Potash stocks on Tuesday saying they expect volatility in
fertilizer volumes to continue through the fourth quarter.
The breakup of BPC in July and the decision by the main
player Uralkali OAO to pursue a volume-first strategy
weakened potash prices and caused some buyers to delay new
purchases because of uncertainty. BPC was one of the world's two
biggest potash trading companies, along with North America's
Canpotex Ltd - owned by Mosaic, Potash Corp of Saskatchewan Inc
and Agrium Inc.
** SWIFT TRANSPORTATION CO, $19.61, down 3 pct
The truckload carrier said it expects adjusted earnings for
the third quarter to be 27 to 30 cents per share. Analysts on
average were expecting earnings of 31 cents per share, according
to Thomson Reuters I/B/E/S.
** CHICO'S FAS INC, $17.29, up 5 pct (09:36 a.m. ET)
KeyBanc Capital Markets upgraded its rating on the women's
apparel retailer's stock to "buy" from "hold," according to
** EZCHIP SEMICONDUCTOR LTD , Monday close
$22.24, up 5 pct premarket
Cisco Systems Inc intends to continue using EZchip
processors in all its routers that currently use its technology,
the company clarified in a statement after reports on Thursday
suggested that Cisco may replace EZchip processors in its
routers with a new programmable network processor chip.
** DENDREON CORP, $3.98, up 9 pct (9:39 a.m. ET)
The biotechnology company said the the European Commission
granted marketing approval to its prostate cancer vaccine,
The company said the vaccine is approved in all 28 countries
of the European Union as well as Norway, Iceland and
** MICROSOFT CORP, $33.18, up 1 pct (9:36 a.m. ET)
The software maker said it would buy back up to $40 billion
of its shares and raise its quarterly dividend by 22 percent.
The new share repurchase program, which has no expiration date,
replaces a $40 billion buyback program that was set to expire on
** NEOSTEM INC, $8.87, up 6 pct (9:32 a.m. ET)
The specialty pharmaceutical company said an independent
Data Safety Monitoring Board recommended that the company
continue with a mid-stage trial of its heart drug after a third
The drug, AMR-001, is being tested to preserve heart
function after a severe heart attack.
** PERION NETWORK LTD, $12.29, up 5 pct (9:42 a.m.
Benchmark Co raised its price target on the Israeli consumer
internet company's stock to $19 from $16, a day after Perion
said it would merge with privately held Conduit's "client
connect" business in an all-stock deal.
The brokerage said the deal was a "significant positive" for
Perion. "Perion will continue to gain scale and efficiencies in
the near-term, although Perion must continually invest in
customer acquisition to maintain its user base and drive further
revenue growth," analyst Daniel Kurnos said in a note.
** WERNER ENTERPRISES, $23.09, down 5 pct (9:43
The transportation company forecast a third-quarter profit
below analysts' expectations, citing lower gains on equipment
sales and higher driver and maintenance costs. RBC Capital
Markets downgraded the stock to "sector perform" from
"outperform" and KeyBanc Capital Markets downgraded it to "hold"
from "buy", according to theflyonthewall.com.
** BIG 5 SPORTING GOODS CORP, $16.50, down 3 pct
(9:43 a.m. ET)
Brokerage Piper Jaffray cut its rating on the sports goods
retailer's stock to "neutral" from "overweight," theflyonthewall
** AEROPOSTALE INC, $10.11, up 17 pct (9:44 a.m. ET)
Sycamore Partners reported a 7.96 percent holding in the
teen apparel retailer as of Sept. 9. (r.reuters.com/far23v)
** NUCOR CORP, $49.96, up 2 pct (09:55 a.m. ET)
Steelmaker Nucor Corp said third-quarter earnings
may rise from a year earlier, helped in part by some improvement
in demand, as well as supply disruptions experienced by its
competitors. The company said it expects third-quarter earnings
of between 35 and 40 cents a share, compared with earnings of 35
cents per share a year ago.
(Compiled by Varun Aggarwal)