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Sept 20 Some U.S. stocks on the move on Friday:
WALL ST FALLS AFTER COMMENTS FROM FED OFFICIALS
U.S. stocks dipped as investors grappled with comments by
Federal Reserve officials in the wake of the central bank's
decision not to trim its stimulus, but two companies made
initial public offerings with stellar results. The Dow Jones
industrial average fell 0.71 percent, the S&P 500
was down 0.56 percent, and the Nasdaq Composite dropped
** FIREEYE INC, $38.50, up 92.75 pct (1:14 p.m. ET)
The shares of cybersecurity company FireEye more than
doubled on market debut. The IPO of about 15.2 million shares
was priced above its proposed price range.
** ZILLOW INC, $89.49, down 9 pct (1:13 p.m. ET)
Short-seller Citron Research questioned its business model
and noted that senior executives have been selling the stock.
** CLUBCORP HOLDINGS INC $14.74, up 5.3 pct (1:13
The golf club operator offered 18 million shares in its IPO
to raise net proceeds of about $168.8 million. ClubCorp, the
largest owner and operator of private golf and country clubs in
the United states, was taken private by KSL Capital in a $1.8
billion deal in October 2006.
** CATERPILLAR INC, $85.62, down 2.4 pct (01:15 p.m.
The maker of construction and mining equipment said its
retail sales of machines in August was down across all its
markets except North America, where sales grew 1 percent. Sales
fell 30 percent in Asia-Pacific. (r.reuters.com/mun33v)
** BLACKBERRY LTD, $8.20, down 22.04 pct (03.36
The smartphone maker warned that it expects to report a
fiscal second-quarter operating loss next week and that it plans
to cut more than a third of its workforce.
** ROCKET FUEL INC, $55.96, up 93 pct (1:14 p.m.
The advertisement technology company was valued at more than
$2 billion on its market debut, a day after it priced its IPO at
the top end of its revised price range. The company, which
delivers Web-based video advertisements raised $116 million in
** BOYD GAMING CORP, $14.3, up 4 pct (13:37 p.m. ET)
Credit Suisse raised its price target on the casino
operator's stock to $18 from $15 and said it has slightly raised
its estimates for its Atlantic City operations on improved
revenue trends, particularly in table games.
The brokerage also said it believes the company's Borgata
casino has benefited from enhancements at the property as well
as continued market share gains.
** ALPHA NATURAL RESOURCES INC, $6.29, down 5 pct
(12:27 p.m. ET)
** PEABODY ENERGY CORP, $18.09, down 3.4 pct
** ARCH COAL INC, $4.80, down 3.8 pct
The Obama administration on Friday announced first-ever
regulations setting strict limits on the amount of carbon
pollution that can be generated by any new U.S. power plant,
which quickly sparked a backlash from supporters of the coal
industry and are certain to face legal challenges. Still, stocks
of coal mining companies such as Alpha Natural Resources,
Peabody Energy and Arch Coal fell on Friday and are down more
than 25 percent for the year to date.
** PEREGRINE SEMICONDUCTOR CORP, $9.72, down 10.7
pct (03.32 p.m. ET)
RBC Capital Markets analyst Doug Freedman said the radio
frequency chipmaker's products were not found in the initial
teardowns of Apple Inc's new iPhones, the 5S and 5C.
He cut his rating on the stock to "sector perform" from
"outperform", and his price target by $6 to $16.
Technology firm iFixit.com, known for its teardowns of
Apple's new products, disassembled the iPhone 5S and 5C models
Peregrine said 69 percent of its revenue for the year ended
December came from sales through its distributor to Murata
Manufacturing Co Ltd. Murata is an Apple supplier.
Freedman said there is no Murata component, which typically
carries Peregrine's switches, in the phones. The switch has been
replaced with a Skyworks or RF Micro Devices
Apple's move away from Murata/PSMI clearly shows that the
growth in the market is moving towards cheaper technology.
** FX ENERGY INC, $3.36, down 3.4 pct (1:15 p.m.
Shares of the Polish oil and gas producer continued to fall
for the second consecutive day after brokerage MLV & Co cut its
rating to "hold" from "buy" on Thursday, citing that the
company's drilling activities did not yield the desired results.
** FLUOR CORP, $72.30, up 1.2 pct (1:15 p.m. ET)
ICA Fluor, a joint venture between Mexican construction
company ICA and U.S. engineering firm Fluor Corp, has
won a contract to build a gas compression system at Mexico's
Gulf coast port of Dos Bocas, ICA said on Thursday.
** ROCKWELL COLLINS INC, 69.40, down 6.5 pct (1:16
Aviation electronics systems supplier Rockwell Collins
forecast lower-than-expected earnings for 2014, citing federal
government budget cuts and declining business jet revenue, and
its shares fell about 5 percent.
** PROSENSA, $7.93, down 67 pct (1:17 p.m. ET)
An experimental drug for Duchenne muscular dystrophy from
GlaxoSmithKline and Prosensa failed to meet its goal in a
late-stage clinical trial, the companies said on Friday. The
drug, drisapersen, did not show a statistically significant
improvement in the distance that patients could walk in six
minutes compared to a placebo in the Phase three test.
** VERENIUM CORP, $3.97, up 58 pct (1:17 p.m. ET)
The company announced that it has entered into a definitive
merger agreement with BASF Corporation, a chemicals company,
under which BASF will commence a cash tender offer for all of
the outstanding shares of Verenium's common stock. Based on all
outstanding shares and including all net financial liabilities,
the enterprise value would be approximately USD62 million
(approximately EUR 48 million).
** CARDINAL FINANCIAL CORP, $16.89, down 4.6 pct
(1:18 p.m. ET)
FBR cut its rating on the bank holding company's stock to
"market perform" from "outperform" after it said that its
mortgage banking volumes for the third quarter is expected to
drop by 40 percent compared to the previous quarter. It also cut
its price target to $16.50 from $19.
Raymond James also cut its rating to "outperform" from
** INTERCEPT PHARMACEUTICALS INC, $62.71, up 11
pct(1:18 p.m. ET)
Brokearge BMO Capital Markets increased the price target on
the drugmaker's stock to $107 from $62, citing lesser regulatory
risk and greater flexibility in the pricing of its late-stage
** TECHNE CORP, $81.67, up 5 pct (1:19 p.m. ET)
Baird analyst Jeffrey Elliot upgraded his rating on the
biotechnology company's stock to "outperform" from "neutral"
saying Chief Executive Chuck Kummeth's strategy, including his
plans to invest in China and other emerging markets, is a good
opportunity for growth.
** DAWSON GEOPHYSICAL CO, $32.85, down 12 pct (1:19
The company, which provides seismic data, said on Thursday
that a significant reduction in the utilization of its data
acquisition crew would hurt its fourth-quarter results.
** CYCLACEL PHARMACEUTICALS INC, $4.82, up 27 pct
(1:20 p.m. ET)
The drugmaker said on Thursday that updated data from a
clinical study showed its experimental product, sapacitabine,
has activity against a majority of ovarian cancer samples taken
from patients, including resistant tumors. The drug is currently
being tested in late-stage studies as a as front-line treatment
for acute myeloid leukemia in the elderly.
** ACELRX PHARMACEUTICALS INC, $11.11, up 10 pct
(1:20 p.m. ET)
A report by contributors on investment website SeekingAlpha
said the biotechnology company would be acquired within six
months. The contributors also said the company is significantly
undervalued and its drug-device pain treatment could grab a
significant part of the market for pain drugs. (link.reuters.com/syn33v)
** BLYTH INC, $12.71, up 5.5 pct (1:21 p.m. ET)
Todd Andrew Goergen, beneficial owner of the candle maker,
on Thursday filed with regulators to purchase 20,000 of the
company's shares at $12.34 per share.
** TIBCO SOFTWARE INC, $26.15, up 3.5 pct (1:21
** TERADATA CORP, $60.59, up 2.6 pct (3.02 p.m. ET)
Tibco on Thursday said its contract pipeline for the next
year was robust as customers become more willing to spend on
large deals, and the business software maker added that its
Americas business was "back to strength".
At least five brokerages, including Barclays and JP Morgan,
raised their price targets on Tibco's stock on Friday.
Susquehanna upgraded the stock to "positive" from "neutral".
Teradata shares were also likely up on Tibco's results,
Susquehanna analyst Derrick Wood said.
He said data-analaytics companies were likely to benefit
from a rebound in IT spending and growing demand for big data
and cloud services.
** SOLARWINDS INC, $37.25, down 5 pct (1:22 p.m. ET)
Goldman Sachs downgraded the stock to sell from neutral,
according to the website theflyonthewall.com.
** DARDEN RESTAURANTS INC, $46.32, down 6 pct (1:22
The restaurant operator reported a lower quarterly profit
and higher sales on Friday and said President and Chief
Operating Officer Drew Madsen would retire at the end of this
** ENDEAVOUR SILVER CORP, $4.56, down 6.7 pct (1:23
** AGNICO EAGLE, $27.20, down 5 pct
** ELDORADO GOLD, $7.13, down 6 pct
** BARRICK GOLD CORP, $18.95, down 2.5 pct
** ROYAL GOLD CORP, $50.54, down 7 pct
** SILVER WHEATON, $25.34, down 4 pct
** IAMGOLD CORP, $5.29, down 8.6 pct
** HECLA MINING CO, $3.31, down 5.4 pct
** NEWMONT MINING CORP, $28.56, down 4 pct
** SILVER STANDARD RESOURCES INC, $6.62, down 4.7
** FIRST MAJESTIC SILVER CORP, $13.10, down 5.3 pct
** AURICO GOLD INC, $4.32, down 2.7 pct
** COEUR MINING INC, $13.41, down 6 pct
Gold fell more than 1 percent on Friday, paring the rally it
made after the Federal Reserve's surprise decision this week to
maintain monetary stimulus, after a Fed official hinted tapering
may yet be unveiled at the bank's October meeting.
Among other precious metals, silver was down 1.9
percent at $22.57 an ounce, tracking losses in gold.
Goldman Sachs initiated coverage of 12 gold miners including
Barrick Gold, New Gold and others, with a cautious view.
In a note to clients, analyst Andrew Quail said the gold
price fundamentals continue to look challenged and that the
street estimates were still too high.
"In our view, gold companies need to adopt a more
return-focused mindset when it comes to managing shareholder
capital," he said.
** TITAN INTERNATIONAL INC, $15.05, down 6.5 pct
(1:27 p.m. ET)
The equipment parts supplier announced that it was
withdrawing its fiscal 2013 guidance relating to revenue and
EBITDA. It is unlikely to issue any updates until its fiscal
2014 guidance on January 2014, it said.
** BALTIC TRADING LTD, $4.77, down 6.4 pct (1:27
The drybulk shipper on Thursday said it was offering its
common shares to fund vessel acquisitions, working capital and
** NGL ENERGY PARTNERS LP, $31.86, down 5.5 pct
(1:27 p.m. ET)
The propane gas supplier on Thursday said it would offer 4.1
million units in an offering. The proceeds from the sale will be
used to repay debt, the company said.
** JINKOSOLAR HOLDING CO LTD, $18.15, up 10 pct
(1:28 p.m. ET)
The solar panel maker said on Thursday it would offer 3.8
million American depositary shares (ADS) priced at $16.25 each
to expand its manufacturing capacity, develop solar projects and
fund working capital.
** AK STEEL HOLDING CORP, $4.11, down 7.4 pct (1:28
The steel maker estimated a wider-than-expected loss for the
third quarter as production was hit by a mechanical failure at
its Ohio facility, sending its shares down 7 percent in
after-market trading. The steelmaker said it expects to incur a
loss of 22 cents to 27 cents per share. Analysts were expecting
a loss of 11 cents per share, according to Thomson Reuters
** NAVIOS MARITIME PARTNERS LP, $14.08, down 5.7 pct
(1:29 p.m. ET)
The shipping company said it plans to offer 5 million common
units in a public offering. Navios expects to use the net
proceeds to fund its fleet expansion and for general partnership
** INSULET CORP, $35.68, down 5.5 pct (1:29 p.m.
JMP Securities analysts downgraded the stock to "market
perform" from "market outperform", saying that there was a sharp
rise in adverse events reports related to the company's insulin
pump on the U.S. Food and Drug Administration's database.
Analysts said there was also an increase in negative online
customer feedback about device malfunctions, device failure and
the lack of customer services.
"The company may be faced with quality control issues (maybe
because of the surge in demand) that may attract FDA's attention
or require retooling the manufacturing process," they wrote in a
note to clients.
** ASIA ENTERTAINMENT & RESOURCES LTD, $3.84, down
2.8 pct (1:30 p.m. ET)
The VIP room gaming promoter said it may have to delay its
planned listing on the Hong Kong stock exchange, citing the
untimely death of its sponsor's principal, who was in charge of
the listing application. VIP rooms are exclusive areas within
(Compiled by Varun Aggarwal)