11 Min Read
(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks climbed on Friday, with all 10 major S&P 500 sectors gaining in a broad rally after comments from a Chinese official indicated that the country's government was ready to take steps to support its slowing economy. The Dow Jones industrial average was up 0.76 percent at 16,388.31, the S&P 500 was up 0.79 percent at 1,863.6 and the Nasdaq Composite was up 0.89 percent at 4,188.174.
** IDERA PHARMACEUTICALS INC, $4.32, +11.34 pct
The biotechnology company said its lead experimental drug for the most common form of psoriasis was found to be safe and well tolerated by patients after 12 weeks of treatment in a mid-stage trial.
** CBS OUTDOOR AMERICAS INC, $29.76, +6.29 pct
** CBS CORP, $62.43, +11.34 pct
Shares of CBS Outdoor Americas Inc rose in their trading debut, valuing the company carved out of broadcaster CBS Corp at $3.65 billion as it steps up its efforts to grab more advertising dollars for its billboards.
** INOVIO PHARMACEUTICALS INC, $3.34, -8.24 pct
The company proposed a reverse stock split of its common stock to a ratio not less than one-for-two and not greater than one-for-four in a notice for its annual meeting of stockholders to be held on May 22.
** INTERCLOUD SYSTEMS, $8.34, +26.36 pct
The provider of cloud and consulting services to telecommunication companies denied allegations made on a website known as the Southern Investigative Reporting Foundation that Intercloud paid certain people to write articles about it.
** PARAMETRIC SOUND CORP, $13.44, +12.66 pct
The audio-technology company said it expected its newly acquired Turtle Beach gaming headset unit to post net revenue of $210-$230 million, representing a growth of about 24 percent as sales of Sony's PlayStation 4 and Microsoft's XBox One drive a rebound in the console-gaming headset market.
The company expects sales of its recently FDA-approve HyperSound hearing aids to be $1-$4 million and to rise further in 2015.
** CHRISTOPHER & BANKS CORP, $6.48, +10.39 pct
Chief Financial Officer Peter Michielutti bought 5,000 shares in Christopher & Banks for $5.82 per share for a total value of $29,100, the company disclosed in an SEC filing on Thursday.
** LIPOSCIENCE INC, $3.06, -18.83 pct
The diagnostic test maker said it ended its contract with one of its laboratory customers, Health Diagnostics Laboratory Inc, which started selling its own non-FDA approved test for measuring a type of blood fat. The company said it cut its first quarter revenue forecast to about $11.8 million from its previous forecast of $12.2 million.
** AVIVA PLC, $15.5, -3.79 pct
Britain's financial regulator will investigate whether people locked into some 30 million pension and other savings plans sold by insurance firms in the 30 years after 1970 are treated fairly compared with new clients, a source familiar with the matter said on Friday.
The Financial Conduct Authority is concerned that these savers are being treated as a captive market because of costly penalties for withdrawing early or stopping further payments which were built into these policies.
The Daily Telegraph newspaper said the probe could lead to the exit penalties being waived for some savers.
** EXTERRAN PARTNERS LP, $28.08, -4.85 pct
The natural gas processing equipment provider priced its offering of 5.4 million units at $28.36 per share, representing an approximately 3.9 percent discount to the stock's Thursday close on the Nasdaq.
** ENERGOUS CORP, $9.69, +61.50 pct
Shares of the provider of wireless charging services rose as much as 80 percent in their market debut, valuing the company at about $95 million.
Energous raised about $24 million after its offering was priced at $6 per share.
** CAESARS ENTERTAINMENT CORP, $19.61, -6.97 pct
The casino-entertainment company said on Thursday it had initiated an underwritten public offering of 7 million shares of its common stock and expected to grant the underwriter of the offering an option to purchase up to 1.05 million additional shares.
** AMAZON.COM INC, $343.341, +1.44 pct
Online retailer Amazon.com plans to enter the battle for living-room viewership in the coming months, launching a free, ad-supported streaming TV service, the Wall Street Journal reported on Thursday, citing anonymous sources.
** BAIDU INC, $154.06, +2.03 pct
The Chinese Internet company, on Thursday, won the dismissal of a U.S. lawsuit by pro-democracy activists who complained that Baidu illegally suppressed political speech on China's most widely used Internet search engine.
** EVERYDAY HEALTH INC, $13.44, -4.00 pct
Shares of the provider of digital healthcare services fell in their market debut, valuing the company at about $393 million.
Everyday Health's IPO raised about $100 million after its offering was priced at $14 per share, the mid-point of its pricing range.
** RED HAT INC, $53.58, -4.54 pct
The maker of Linux operating system software forecast lower-than-expected first quarter and fiscal 2015 profit and revenue, negatively impacted by higher spending, foreign exchange rate fluctuations and a higher U.S. tax rate.
The company said in a conference call that it expected subscription and training and services revenue to grow in line with each other for the full year.
** PG&E CORP, $41.96, -3.85 pct
Analysts at Deutsche Bank downgraded the U.S. utility company to "hold" from "buy," after the company in a regulatory filing on Thursday said it expected a unit to be charged with criminal violations of federal pipeline safety act.
Citigroup also cut its rating on the stock to "neutral" from "buy," and lowered its price target to $46 from $52.
** GENERAL MOTORS CO, $34.98, +1.36 pct
General Motors unit Opel will make two additional vehicles at its plant in Ruesselsheim, Germany, including a Buick destined for the United States, it said on Friday.
** RUBICON TECHNOLOGY INC, $11.77, +5.47 pct
Brokerage UBS raised its price target on the company's stock to $12 from $9.50, citing higher sales to China. The company supplies sapphire substrates and products to the LED, semiconductor and optical applications markets.
** TESLA MOTORS INC, $214.39, +3.41 pct
U.S. safety regulators said they closed an investigation into fires involving electric sports car maker Tesla Motors Inc's TSLA.O popular Model S sedans after finding no "defect trend," sending the company's shares up.
** ALCOA INC, $12.53, -0.48 pct
** NORANDA ALUMINUM HOLDING CORP, $4.23, +5.22 pct
Alcoa, the biggest U.S. aluminum producer, said it would cut 147,000 metric tons of capacity at two aluminum smelters in Brazil as increased costs and low prices have made the plants uncompetitive.
Benchmark aluminum prices rose about 1.5 percent to a session-high of $1,763.25 per ton on the London Metal Exchange on Friday, after Alcoa's announcement.
** ENDOCYTE INC, $21.94, -4.90 pct
The drug developer priced a public offering of 4.5 million shares of its common stock at $21 per share, a 9 percent discount to the stock's closing price on Thursday.
The company said it would use the net proceeds of the offering for capital and general corporate purposes, including spending on research and development and clinical trials.
** FREEPORT MCMORAN COPPER & GOLD INC, $32.94, +1.64 pct
** NEWMONT MINING CORP, $23.75, +3.53 pct
Indonesia has approved big increases in 2014 copper sales for local units of copper miners Freeport McMoRan Copper & Gold and Newmont Mining, as it pushes for the two firms to resume exports quickly.
** ARIAD PHARMACEUTICALS INC, $8.115, +6.78 pct
A report on the Daily Mail newspaper website said on Thursday that, according to rumors, Jazz Pharmaceuticals Plc was willing to pay over $20 per share to buy Ariad. (link.reuters.com/nym97v)
The Daily Mail reported in January that at least three pharmaceutical companies, Eli Lilly and Co, Shire Plc and GlaxoSmithKline Plc, had approached Ariad's board to buy the company. (link.reuters.com/ben36v)
** SOLARCITY CORP, $62.659, +3.16 pct
Analysts at Raymond James upgraded the solar company's stock to "outperform" from "market perform," saying they expect the company to benefit from the launch of solar asset-backed securities in November last year.
** RESTORATION HARDWARE HOLDINGS INC, $71.2, +11.58 pct
The furniture retailer, on Thursday, forecast current-quarter adjusted earnings above the average analyst estimate. Restoration Hardware said it expected a profit of 9-11 cents per share for the first quarter. Analysts, on average, expect a profit of 7 cents per share, according to Thomson Reuters I/B/E/S.
Brokerage Piper Jaffray raised it price target on the company's to $72 from $65.
** MICROSOFT CORP, $40.49, +2.87 pct
Microsoft's new Chief Executive Officer, Satya Nadella, on Thursday finally unveiled Office for Apple Inc's iPad in a polished debut that set him apart from his energetic predecessor while signaling his plans to make mobile apps the top priority at the world's largest software company.
** COMMSCOPE HOLDING COMPANY INC, $22.84, -1.13 pct
The telecommunications equipment maker priced its secondary offering of 17.5 million shares at $22 per share. The shares offered are being sold by an affiliate of The Carlyle Group, the company said. CommScope said it would not receive any of the proceeds from the offering.
** MANNKIND CORP, $5.011, -3.63 pct
An initial review of MannKind's experimental inhaled insulin device by U.S. Food and Drug Administration staff raised questions about its safety and effectiveness, but was less damning than some investors had expected.
** BLACKBERRY LTD, $8.97, -0.88 pct
The smartphone maker reported a much smaller-than-expected quarterly loss on Friday, prompting investors to push its share price higher, despite its revenue and smartphone sales continuing to slide.
** HALOZYME THERAPEUTICS INC, $12.335, +0.28 pct
European regulators, on Friday, approved a new timesaving formulation of Swiss drugmaker Roche's blood cancer drug MabThera, which uses Halozyme's technology.
Compiled By Shuhankar Chakravorty in Bangalore; Editing by Simon Jennings