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U.S. stocks fell at the open on Friday, with the S&P 500 and Dow
poised to drop for the first week in four, as concerns grew over
a lack of compromise in debt and budget negotiations by
congressional lawmakers in Washington. The Dow Jones industrial
average was down 0.27 percent, the S&P 500 was
down 0.33 percent and the Nasdaq Composite was down 0.48
** J.C. PENNEY CO INC, $9.40, down 10 pct (9:53 a.m.
The struggling department store operator expects to raise up
to $932 million from a share sale, leaving it with about $2.2
billion in cash at the end of the year. Penney, whose shares
have been hit by concerns it doesn't have enough cash to fund
operations going into the holiday shopping season, said on
Friday that without the offering it would have about $1.3
billion in cash by the end of the year - about $200 million less
than it had forecast on Aug. 19.
** LUMBER LIQUIDATORS HOLDINGS INC, $101.46, down 10
pct (10:15 a.m. ET)
Federal authorities executed a search warrant at the
retailer's headquarters and another location, the Associated
Press reported. Representatives for Lumber Liquidators did not
immediately respond to requests for comment on Friday. In a
statement provided to AP, the retailer said it is cooperating to
provide information and documentation to "answer questions
relating to the importation of certain products".
** NEKTAR THERAPEUTICS, $10.68, down 22 pct (9:51
The drugmaker said its experimental drug to treat chronic
pain in patients with arthritis of the knee failed to meet its
main goal in a mid-stage clinical trial.
** RDA MICROELECTRONICS INC, $15.18, up 9 pct (10:01
The radio frequency chipmaker said China's state-owned
Shanghai Pudong Science and Technology Investment Co Ltd offered
to buy the rest of its shares at $15.50 per American depositary
share, valuing the at about $750 million.
** YAHOO INC, $33.76, up 3 pct (9:53 a.m. ET)
The U.S. Internet company joined Japan's SoftBank Corp
in backing Alibaba Group Holding Ltd's
planned partnership structure. Yahoo, which owns
24 percent of Alibaba, stands to reap huge windfalls from an IPO
as Alibaba's market valuation would add billions of dollars to
the two companies' assets. Yahoo is also keen to sell part of
** BLACKBERRY LTD, $8.04, up 1 pct (9:54 a.m. ET)
The company reported a quarterly loss of nearly $1 billion
on Friday, in line with last week's warning, days after
accepting its largest shareholder's tentative $4.7 billion bid
to take it out of the public eye.
** TRINA SOLAR LTD, $14.12, up 10 pct premarket
(9:50 a.m. ET)
** YINGLI GREEN ENERGY HOLDING CO LTD, $6.59, up 8
Deutsche Bank raised its ratings on the Chinese solar panel
makers to "buy" from "hold", saying demand is growing a lot
faster than expected since China announced in mid 2013
incentives for the sector and initiatives to curb pollution.
"Companies with scale, international brand recognition and
deep-rooted China relationships stand to emerge as long-term
winners," the brokerage said in a note.
** ACCENTURE PLC, $73.32, down 3 pct (9:51 a.m. ET)
The outsourcing and consulting services provider said it was
too early to say if the fourth-quarter growth in its consulting
business was sustainable, and forecast quarterly revenue below
** VIOLIN MEMORY, $7.72, down 14 pct (9:59 a.m. ET)
Shares of the flash storage provider, backed by Toshiba Corp
, fell as much as 20 percent in their market debut.
Violin Memory priced its offering of 18 million shares at $9
each, the mid-point of its proposed price range, raising $162
** NIKE INC, $74.30, up 5 pct (9:48 a.m. ET)
** FOOT LOCKER, $33.87, up 3 pct
Nike enjoyed big sales in gains in North America and Europe
last quarter and benefited from fewer markdowns, helping the
maker of sports clothes and shoes report a
stronger-than-expected quarterly profit.
At least six brokerages raised their price targets on the
stock on Friday. Brokerage Sterne Agee & Leach upgraded the
stock to "buy" from "neutral," according to Theflyonthewall.com.
Shares of athletic shoes retailer Foot Locker also rose on
** AZZ INC, $38.94, down 9.6 pct (10:01 a.m. ET)
The electrical equipment maker reported second-quarter
earnings below analysts' estimates. The company also forecast
2014 revenue well below analysts expectations as construction of
domestic and international nuclear power projects are delayed.
** FINISH LINE INC, $24.13, up 8 pct (9:47 a.m. ET)
The athletic footwear retailer reported second-quarter
results that beat analysts' estimates, helped by growth in
** ZOLTEK COS INC, $16.50, down 11 pct (9:46 a.m.
Japan's Toray Industries Inc said it has agreed to
buy U.S.-based Zoltek for $584 million in order to increase its
share of the worldwide carbon fibre market. The offer of $16.75
per share is at a premium of 2 percent to the stock's Thursday
closing price. The stock went up 12 percent after the offer on
** ENDURO ROYALTY TRUST, $12.83, down 14 pct (9:46
The trust formed by oil and gas company Enduro Resource
Partners LLC said on Thursday that its offering of 11.2 million
trust units was priced at $13.85 per unit.
** ENTROPIC COMMUNICATIONS INC, $4.46, up 3 pct
(9:45 a.m. ET)
The company, which designs chipsets for video and broadband
multimedia applications, announced a $30 million stock
repurchase program on Thursday.
** INTERNATIONAL GAME TECHNOLOGY, $19.94, down 3.5
pct (9:48 a.m. ET)
Deutsche Bank cut its rating on the slot-machine maker's
stock to "hold" from "buy", warning that full-year earnings may
remain flat as challenges in the gaming industry increases.
(Compiled by Aditi Shrivastava; Editing by Don Sebastian)