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MARKET PULSE- Health Management, Oxigene, Taylor Morrison, Titan Machinery
April 10, 2013 / 3:10 PM / 4 years ago

MARKET PULSE- Health Management, Oxigene, Taylor Morrison, Titan Machinery

April 10 (Reuters) - Some U.S. stocks on the move on Wednesday:


U.S. stocks rose and the S&P 500 climbed to a new all-time record as investors scooped up technology and financial shares that have lagged gains in other sectors recently.

The Dow Jones industrial average gained 80.18 points, or 0.55 percent, to 14,753.64, the Standard & Poor’s 500 Index rose 10.72 points, or 0.68 percent, to 1,579.33 and the Nasdaq Composite Index climbed 36.19 points, or 1.12 percent, to 3,274.05.

** HEALTH MANAGEMENT ASSOCIATES INC, $10.52, down 16 pct (1050 ET)

** HCA HOLDINGS INC, $36.52, down 3 pct (1050 ET)

** COMMUNITY HEALTH SYSTEMS INC, $41.65, down 5 pct (1050 ET)

** TENET HEALTHCARE CORP, $41.23, down 5 pct (1050 ET)

** UNIVERSAL HEALTH SERVICES INC, $60.75, down 2 pct (1050 ET)

Shares of hospital operators fell after Health Management Associates on Tuesday reduced its outlook for 2013 earnings and revenue, citing weak patient admissions in the first quarter of the year.

** OXIGENE INC, $4.38, up 30 pct (1024 ET)

The biopharmaceutical company said regulatory authorities from two European Union countries have advised it that it should go ahead and seek regulatory approval for its thyroid cancer drug in the European Union, under an “exceptional or conditional circumstances pathway.”

If accepted by regulators, this pathway would allow the company file for approval of the drug, zybrestat, without having to conduct another clinical trial and for substantially less cost. Zybrestat is currently being tested in a mid-stage study on patients with anaplastic thyroid cancer -- a rare form of cancer in the thyroid gland.

** TITAN MACHINERY INC, $21.69, down 17 pct (1051 ET)

The farm equipment maker posted fourth-quarter earnings way below analysts’ estimates and the company forecast weak profit for fiscal year 2014, citing operational inefficiencies in its construction equipment business.


Private equity-backed company’s shares rose as much as 8 percent, a day after the homebuilder priced its expanded initial public offering at the top end of its price range. About 8 million shares of the company exchanged hands today, making it the most heavily traded stock on the New York Stock Exchange at 11 ET.


** NOMURA HOLDINGS, $7.25, up 7 pct (1011 ET)

** BANCO SANTANDER SA, $7.13, up 5 pct (1012 ET)

** MITSUI UFJ FINANCIAL GROUP, $6.73, up 5 pct

** CREDIT SUISSE AG, $27.95, up 4 pct (1013 ET)

** SHINHAN FINANCIAL GROUP CO, $35.09, up 4 pct

Shares of banks surged as analysts and traders cited stronger investor appetite for risky assets on the back of Japan’s aggressive monetary easing policy, a potential extension of loans to debt-stricken Ireland and Portugal, as well as strong demand seen at an EFSF bond auction.

** HARVARD BIOSCIENCE INC, $4.94, down 12 pct (1036 ET)

The scientific instruments and apparatus maker said on Tuesday that the initial public offering of its unit Harvard Apparatus Regenerative Technology had been postponed due to market conditions.

“Harvard Bioscience will continue to explore alternatives related to its regenerative medicine device business, including the optimal timing and methodology of separating that business,” the company said in a statement.

** BIOLINERX , $2.05, up 15 pct (1006 ET)

The biopharmaceutical company said it has received all regulatory approvals required to begin a mid-stage study on its compound BL-8040 to treat acute myeloid leukemia, a type of blood cancer. The study is expected to be conducted in the United States and Israel, and will enroll up to 50 patients, BioLineRx said.

** JINKOSOLAR HOLDING CO LTD, $5.51, down 5 pct (1005 ET)

** YINGLI GREEN ENERGY, $2.07, down 7 pct (1000)

JinkoSolar reported its sixth straight quarterly loss due to a continued sharp decline in solar panel prices.

** GLEACHER & CO INC, $0.74, up 10 pct (1016 ET)

Gleacher said it was in talks regarding a possible merger, less than two months after it suspended its search for a buyer, adding to uncertainty that has already cost the investment bank clients and employees.

** KNOT OFFSHORE PARTNERS, $22.25, up 6.5 pct (1025 ET)

Shares of the company, which owns shuttle tankers under long-term charters, rose more than 6 percent in its debut after pricing its initial public offering of 7.4 million common units at $21 per unit.

** INFINITY PHARMACEUTICALS INC, $43.68, down 6 pct (1046 ET)

The company on Tuesday announced a public offering of 8.5 million shares of its common stock, offered by its existing stockholders Beacon Co and Rosebay Medical Company LP.

Infinity said it would not sell any shares or receive any proceeds from the offering, and that the total number of shares of its outstanding common stock would not change.

** SUNTECH POWER HOLDINGS CO LTD, $0.72, up 15 pct (1052 ET)

The Chinese solar panel maker said its main operating unit in Europe had been granted a provisional two-month moratorium on debt repayments.

** FAMILY DOLLAR STORES INC, $58.89, down 1.5 pct (0936 ET)

** DOLLAR TREE INC, $46.29, down 1 pct (0936 ET)

** DOLLAR GENERAL CORP, $50.62, up 2 pct (0937 ET)

Family Dollar reported a weaker-than-expected quarterly profit on Wednesday, blaming a delay in tax refunds for hurting sales at the end of January and early February. The discount retailer also forecast full-year profit below Wall Street estimates.

** BARRICK GOLD CORP , $25.10, down 6 pct (1048 ET)

A Chilean court has suspended the construction of Barrick Gold ’s $8.5 billion Pascua-Lama gold and silver mine after indigenous communities said the project was destroying glaciers and harming water supply. Barrick, the world’s top gold miner, told Reuters it could not comment because it had not been notified by the court.

** AEROPOSTALE INC, $12.96, down 2 pct (1048 ET)

Brokerage Goldman Sachs downgraded the teen-apparel retailer’s stock to “sell” from “neutral,” saying Aeropostale’s path to turnaround looks challenging. “A shift in the competitive landscape has left the business facing challenges, and we see downside risk to shares,” analyst Lindsay Drucker Mann wrote in a note.

** PACIFIC SUNWEAR OF CALIFORNIA INC, $2.43, up 8 pct (1047 ET)

Brokerage Piper Jaffray raised its rating on the teen-apparel retailer’s stock to “overweight” from “neutral,” saying the stable spending backdrop, the company’s current merchandising strategy of fashion preference over brand, and its apparel which is an intersection of lifestyle and fashion are helping Pacific Sunwear capture market share.

** FIRST SOLAR INC, $36.54, down 7 pct (1047 ET)

The solar panel maker’s shares shot up 45 percent on Tuesday after its forecast for revenue and earnings for the next three years came in well above most Wall Street estimates.

Raymond James analyst Pavel Molchanov, however, said the “mega-rally in FSLR shares was overdone,” noting that short interest was at 30 percent.

“The sudden tidal wave of bullishness is not going to sweep us off our feet,” he said, adding that there were challenges in First Solar’s ability to maintain and grow profitability as its legacy U.S. utility-scale projects begin to roll off.

** IBM CORP, $211.98 up 1.3 pct (1046 ET)

UBS raised its rating on the company’s stock to “buy” from “neutral,” saying IBM is well positioned for the coming computing era, as more business critical operations move to the private cloud - an area that is IBM’s strength.

The brokerage also said IBM’s web hosting capability and support of OpenStack, the open source software that offers networking infrastructure-as-a-service on the cloud, will be helpful later. UBS raised its price target on the stock to $235 from $210.

** YAHOO INC, $24.18, up 1 pct (1046 ET)

Yahoo and Apple Inc are discussing how more of Yahoo’s services can play a prominent role on Apple’s iPhone and iPad devices, the Wall Street Journal reported, citing people briefed on the matter. ()

The companies are discussing new arrangements, including possible deals to get more content from Yahoo News and its other Web properties loaded onto Apple devices or available through an expanded Siri partnership, WSJ said.

** ASTEX PHARMACEUTICALS INC, $6.15, up 5 pct (1046 ET)

The drug developer said it expanded to about 200 patients an ongoing mid-stage study testing its compound, SGI-110, in acute myeloid leukemia patients with myelodysplastic syndromes - a group of conditions that occur when the blood-forming cells in the bone marrow are damaged.

The study has now enrolled more than half of the patients needed to complete it, and is on track for data from it to be reported in December, Astex said.

** LITTELFUSE INC, $65.16, up 3 pct (1045 ET)

The circuit protection products maker increased its first-quarter revenue forecast to about $171 million from its previous forecast of $158 million to $168 million.

** ADTRAN INC, $21.60, up 10 pct (1045 ET)

** CIENA CORP, $16.41, up 6 pct (1045 ET)

** JUNIPER NETWORKS INC, $18.45, up 3 pct (1045 ET)

** JDS UNIPHASE CORP, $14.17, up 6 pct (1102 ET)

** FINISAR CORP, $14.32, up 8 pct (1103 ET)

Adtran reported a quarterly profit that was more than double that of analysts’ estimates as spending at its biggest customers, telecom service providers, improved. The company reported a profit of 17 cents per share. Analysts on average expected profit of 8 cents per share, according to Thomson Reuters I/B/E/S.

Shares of rivals Ciena and Juniper also rose on the news.

** FACEBOOK INC, $27.66, up 4 pct (1042 ET)

** GENERAL MOTORS CO, $27.92, up 1 pct (1044 ET)

General Motors is running ads for a Chevrolet car on mobile versions of Facebook, the automaker’s first ads on the social network since publicly announcing its decision to stop advertising on Facebook nearly a year ago.

Separately, General Motors renewed a commitment to its loss-making European brand on Wednesday, pledging to invest 4 billion euros ($5.2 billion) in Opel by the end of 2016 to support new model launches.

** THERMO FISHER SCIENTIFIC INC, $80.65, up 3 pct (1042 ET)

** LIFE TECHNOLOGIES CORP, $66.07, down 0.1 pct (1041 ET)

Thermo Fisher made a binding offer for Life Technologies on Tuesday as private equity firms raced to finalize a consortium to take the genetic testing equipment maker private, several people familiar with the matter said.

Thermo Fisher is bidding more than $65 per each Life Tech share, two of the people said. While the exact price could not be learned, Thermo had been considering a bid of $65 to $70 per share, sources said last week.

** MSC INDUSTRIAL DIRECT CO, $79.66, down 4 pct (1041 ET)

The industrial distributor forecast weak third-quarter sales and profit due to weakness in its heavy industrial end markets, particularly the metalworking-related sectors.

** FASTENAL CO, $49.55, down 3 pct (1040 ET)

The industrial distributor reported quarterly revenue below analysts’ estimates due to slowing growth in its manufacturing and non-residential construction markets.

** REALOGY HOLDINGS CORP, $42.76, down 5 pct (1040 ET)

The real estate brokerage estimated a net loss of $69 million to $78 million and net revenue of $950 million to $960 million for the first quarter ended March 31. Analysts on average were expecting a loss of 42 cents per share on revenue of $988.1 million, according to Thomson Reuters I/B/E/S.

The company, which went public in October, also said funds associated with Apollo Global Management LLC would offer 35 million common shares.

** GREENBRIER COS INC, $22.61, up 3 percent (1040 ET)

KeyBanc Capital Markets upgraded the railcar maker’s stock to “buy” from “hold,” saying Greenbrier is well positioned to benefit from the recovery in demand for auto, intermodal and covered hopper cars.

“Additionally, the recently announced initiatives to increase gross margin by at least 200 basis points while liberating $100 million in capital by the end of fiscal year 2014 are achievable and likely conservative,” KeyBanc analyst Steve Barger said.

** RESOURCE CAPITAL CORP, $6.25, down 4 pct (1039 ET)

The real estate finance company said a public offering of 16.3 million shares has been priced at $6.33 per share. The company intends to use the proceeds from the offering for general corporate purposes.

** W.R. GRACE, $73.56, down 3 pct (1039 ET)

Chemicals maker W.R. Grace & Co estimated quarterly earnings below analysts’ expectations and lowered full-year profit forecast after some customers reduced their inventory and some others delayed purchases.

** DRAGONWAVE INC , $1.71, up 10 pct (1039 ET)

The telecom network equipment maker said it cut 33 percent of its senior management jobs and amended its deal with Nokia Siemens Networks to reduce operating costs and cut three senior management positions.

** SYNERGY PHARMACEUTICALS INC, $6.49, down 10 pct (1038 ET)

The drug developer on Tuesday said it would sell $90 million of its common stock in an underwritten public offering.

** PRICESMART INC, $82.87, up 3.3 pct (1038 ET)

The warehouse club operator’s second-quarter results came in above Wall Street estimates, boosted by a 10 percent jump in warehouse club sales.

** ACTIONS SEMICONDUCTOR CO LTD, $2.70, up 3 pct (1037 ET)

The Chinese company, which makes chips for consumer electronic products, raised its revenue forecast for the first quarter mainly driven by stronger-than-expected sales of its newest tablet product. It now expects revenue of $16 million-$16.5 million, up from $12 million-$13 million.

** SEACHANGE INTERNATIONAL, $10.75, down 6 pct (1037 ET)

The video management software maker forecast weak first-quarter earnings after fourth-quarter revenue missed Wall Street expectations, hurt by a slight drop in service revenues.

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