March 20 (Reuters) - Some U.S. stocks on the move on Wednesday:
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Wall Street opened higher on Wednesday with investors’ focus on the Federal Reserve’s policy statement and news conference by Fed Chairman Ben Bernanke later in the day.
The Dow Jones industrial average gained 58.64 points, or 0.41 percent, the Standard & Poor’s 500 Index rose 8.84 points, or 0.57 percent, and the Nasdaq Composite Index advanced 25.00 points, or 0.77 percent.
** FEDEX CORP, $101.95, down 4 pct (0949 ET)
The No. 2 U.S. package-delivery company reported a 31 percent drop in quarterly profit due to restructuring costs and weakness in its air freight express business.
** BLACKBERRY, $15.87, up 5.5 pct (0949 ET)
Morgan Stanley raised its rating on the smartphone maker’s stock to “overweight” from “underweight”, according to theflyonthewall.com.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $73.04, up 2 pct (0948 ET)
** OBAGI MEDICAL PRODUCTS INC, $19.70, up 28 pct (0948 ET)
Canadian drugmaker Valeant Pharmaceuticals said it would buy Obagi Medical Products for about $344 million to boost its dermatology and aesthetics portfolio.
The deal, at $19.75 per share in cash, is at a 28 percent premium to Obagi’s Tuesday closing price.
** GEVO INC, $2.30, up 12 pct (0947 ET)
A U.S. district court’s ruling strengthened the biofuel company’s case that it does not infringe Butamax Advanced Biofuels LLC’s patents, analysts at Robert W Baird & Co wrote in a note. The two biofuel producers have been in a court battle over a patent for a method to commercially produce isobutanol.
The U.S. District Court of Delaware gave Gevo partial summary judgment on non-infringement on Tuesday. “The decision by the court gives us increased confidence in Gevo’s position,” said the analysts.
** ADOBE SYSTEMS INC, $42.19, up 3.5 pct (0947 ET)
The maker of Photoshop and Acrobat software raised its full-year adjusted earnings forecast after reporting first-quarter results above Wall Street estimates as more customers chose its subscription-based model.
** POLYCOM INC, $10.96, up 3 pct (0946 ET)
Goldman Sachs upgraded the videoconferencing company to “buy” from “neutral”, according to streetinsider.com. ()
** WALTER INVESTMENT MANAGEMENT CORP, $34.92, up 6 pct (0946 ET)
Sterne Agee raised its rating on the company’s stock to “buy” from “neutral”, according to theflyonthewall.com.
** ZYNGA INC, $3.30, down 5 pct (0944 ET)
BofA Merril Lynch downgraded the online game maker’s stock to “neutral” from “buy”, theflyonthewall.com reported.
** ANADARKO PETROLEUM CORP, $86.52, up 4 pct (0942 ET)
The U.S. oil and gas company said on Tuesday it has discovered a large amount of oil at its Shenandoah-2 well in the deepwater Gulf of Mexico.
Anadarko has a large and active portfolio of deepwater oil and gas prospects in places including the Gulf of Mexico and Africa.
** STAR SCIENTIFIC INC, $1.59, down 3 pct (0941 ET)
The United States Attorney’s Office for the Eastern District of Virginia sent subpoenas to Star Scientific, its directors and others between this January and February, the maker of dietary supplements disclosed in a regulatory filing on Tuesday. ()
The company, which stopped selling smokeless tobacco products last year, said the subpoenas sought information on its securities, including private placement and related transactions since 2006.
** WILLIAMS-SONOMA INC, $48.78, up 8 pct (0941 ET)
The U.S. home goods chain reported a higher-than-expected quarterly profit, aided by fewer discounts and strong online sales in the holiday season.
** MAXWELL TECHNOLOGIES INC, $6.61, down 11 pct (0941 ET)
The maker of energy storage devices said its independent auditor McGladrey LLP resigned, citing “material weakness” in the company’s internal control over revenue recognition.
** COBALT INTERNATIONAL ENERGY INC, $28.89, up 7 pct (0940 ET)
Analysts at RBC Capital Markets raised the price target on the oil explorer’s stock to $36 from $34 based on the company’s successful exploration in West Africa and increased opportunities in the North Platte discovery well and the Shenandoah appraisal well in the Gulf of Mexico.
** FRANCESCA‘S HOLDINGS CORP, $26.98, up 4 pct
The women’s clothing retailer reported quarterly results that beat Wall Street estimates, helped by margin improvement and strong demand for its affordable clothing and jewelry.
** NEW MOUNTAIN FINANCE CORP, $14.15, down 3.5 pct (0939 ET)
The private equity firm estimated its quarterly investment income per share largely below analysts’ estimates. It said it expected first-quarter net investment income of between 33 and 35 cents, while analysts were looking for 35 cents on average, according to Thomson Reuters I/B/E/S.
** CINTAS CORP, $43.68, down 5 pct (0939 ET)
The company posted a third-quarter profit that missed Wall Street expectations as expenses rose, and the designer and manufacturer of promotional items, first aid and safety and fire protection products forecast full-year earnings below analysts expectations.