December 12, 2013 / 9:01 PM / in 4 years

MARKET PULSE-Hilton, Faceboook, Cytrx, Genvec, Cisco, ARC Group

(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning News Call newsletter, U.S. stocks fell for a third day on Thursday amid uncertainty over how soon the Federal Reserve will trim its market-friendly stimulus program. The Dow Jones industrial average was down 0.63 percent at 15,744.05, the S&P 500 was down 0.29 percent at 1,777.12 and the Nasdaq Composite was down 0.01 percent at 4,003.575.

** HILTON WORLDWIDE INC, $21.81, +9.05 pct

** BLACKSTONE GROUP LP, $28.87, -0.96 pct

Shares of Hilton, the world’s largest hotel operator, rose 7 percent in their debut on Thursday. The shares opened at $21.30 after Blackstone raised more than $2.3 billion in the year’s second-biggest IPO.

The stock was the most traded on the New York Stock Exchange with more than 22 million shares changing hands by 1:05 pm ET.

** FACEBOOK INC, $51.32, +3.93 pct

** WILLIAMS COS, $34.07, -0.79 pct

Standard & Poor’s said on Wednesday Facebook will join its S&P 500 stock index after the close of trading on Dec. 20, cementing the social media network’s rise into one of the biggest, most powerful U.S. companies.

Facebook will also replace Williams Cos in the S&P 100 index of large U.S. companies. Williams will remain in the S&P 500.

** CYTRX CORP, $6.05, +50.5 pct The drugmaker’s stock continued to rise after the company said on Wednesday its experimental cancer drug improved survival rates in soft tissue sarcoma patients without the disease progressing, compared to chemotherapy alone. The stock rose as much as 83 percent on Wednesday. More than 30 million shares, seven times its 10-day moving average, changed hands on Thursday.

** CISCO SYSTEMS INC, $20.5, -1.82 pct

The world’s top network equipment maker’s Chief Executive John Chambers said on Thursday he is beginning to see the U.S. market recover but cited challenges in emerging market economies such as Russia and Brazil.

** GENVEC INC, $2.5899, +48.84 pct

The company said the U.S. National Institutes of Health’s advisory committee approved the protocol for the initiation of an early-stage trial to test the company’s drug, CGF166, in patients with severe hearing loss.

The drug is being developed by a unit of Novartis AG under a research collaboration and license agreement with GenVec.

The stock was the top percentage gainer on the Nasdaq at 01:05 pm ET.

** ARC GROUP WORLDWIDE INC, $24.28, +10.01 pct

The company, which makes precision components using molding technology, said it has formed a new 3D Material Technologies LLC unit. The unit will use 3D printing technology to make prototypes and customized parts.

** UNS ENERGY CORP, $58.59, +29.04 pct

Fortis Inc has reached a friendly deal to buy Arizona-focused utility UNS Energy for about $2.5 billion in cash, the Canadian power company said on Wednesday, as it looks to expand its presence in the United States.

The stock was the top percentage gainer on the New York Stock Exchange at 01:05 pm ET.

** SUPERTEL HOSPITALITY INC, $2.8499, -28.75 pct

The real estate investment trust said it suspended dividend payments on its outstanding preferred stock to preserve capital and improve liquidity.

** SAREPTA THERAPEUTICS, $20.162, +15.81 pct

** PROSENSA HOLDING NV, $4.67, +14.18 pct

Parents of boys suffering from a rare muscle disorder called Duchenne muscular dystrophy (DMD) held a presentation on Thursday to underline the importance of developing a DMD treatment and need to form guidelines to optimize trials.

Last month, U.S. health regulators advised Sarepta to find new ways to test the efficacy of its DMD treatment, citing new data and the trial failure of a competing treatment being developed by Prosensa and its partner, GlaxoSmithKline .

** SIGMA DESIGNS INC, $4.3869, -18.00 pct

The company, which makes chips for set-top boxes, reported lower-than-expected third-quarter results on Wednesday.

Needham cut its rating on the stock to “buy” from “hold”, saying the falling demand in the company’s business that makes chips for transferring IP content over cables or phone wires will pressure revenue till the second half of fiscal 2015. The brokerage also removed its $6 price target.

** LULULEMON ATHLETICA INC, $60.9001, -10.90 pct

The Canadian yogawear chain, which appointed a new chief executive this week, warned on Thursday that fewer customers visiting its stores and ongoing supply chain issues are hitting sales in the crucial fourth quarter.

** SOUTHWEST AIRLINES CO, $18.64, +3.73 pct

Bank of America Merrill Lynch raised its rating on the airline operator to “buy”, according to The stock was the top percentage gainer on the S&P 500 at 01:05 pm ET.

** VIOLIN MEMORY INC, $2.55, -17.21 pct

The enterprise flash storage maker's Chief Technology Officer, Jonathan Goldrick, has left the company, according to a Business Insider report. (

The company’s stock, which has more than halved since the company went public in September, was the top percentage loser on the Nasdaq at 01:05 pm ET.

** ARAMARK HOLDINGS CORP, $22, +10.00 pct

Shares of the food services provider rose 3 percent in their market debut, valuing the company at about $4.75 billion.

** CORCEPT THERAPEUTICS INC, $2.51, +11.56 pct

The company, which makes cortisol-based drugs, said it plans to start developing its lead drug, mifepristone, as a treatment for breast cancer.

Mifepristone is currently marketed as Korlym to control hyperglycemia associated with Cushing’s syndrome, a rare endocrine disorder.

** E-HOUSE (CHINA) HOLDINGS LTD, $13.91, +7.66 pct

The real estate services provider priced an offering of $135 million in convertible senior notes due 2018 at an initial conversion price of about $16.80 per American Depository Share, representing a premium of 30 percent over the stock’s closing on Wednesday.

** SANDISK CORP, $65.77, -2.37 pct

Brokerage Nomura cut its rating on the memory chipmaker’s stock to “reduce” from “neutral” as it believes 2014 might not be favorable for the NAND industry and SanDisk. It also said demand has been soft in the low-end market, and that growth in the industry depended heavily on solid state drives.

NAND memory chips are used in smartphones and tablets.

** HOMEAWAY INC, $36.67, -3.32 pct

The vacation rental company priced an offering of 6 million shares at $37 per share, a discount to the stock’s closing price of $37.93 on Wednesday.

** TURQUOISE HILL RESOURCES, $3.14, -5.99 pct

Securities issued under the Canadian miner’s rights offering began trading on the New York Stock Exchange and the Nasdaq. Each right will entitle the holder to purchase one common share of Turquoise Hill. The subscription price of the offering represent a discount of about 28 percent to the stock’s closing price of $3.34 on Wednesday.


The oil and gas producer set a capital expenditure budget of $400 million for 2014, compared with the $300 million it earmarked for this year. The company backed its 2014 exit rate target of 35,000 barrels of oil equivalent per day, roughly 46 percent higher than its 2013 exit target.

** ALPHA NATURAL RESOURCES, $6.52, -4.82 pct

The coal producer said on Wednesday that it would offer $250 million in convertible senior notes due 2020 and use the proceeds to fund the purchase or repayment of a portion of debt.

The stock was the top percentage loser on the S&P 500 at 01:05 pm ET.


The biotechnology company said it reached the number of ‘events’ required to trigger the first interim analysis of its late-stage trial in Glioblastoma multiforme (GBM) brain cancer patients. These events are defined as either a tumor recurrence or a death, the company said.

** ZALE CORP, $14.6, +14.51 pct

Northcoast Research upgraded its rating on the mid-tier jeweler’s stock to “buy” from “neutral,” according to

** CIENA CORP, $21.04, -8.12 pct

The network equipment maker forecast current-quarter revenue largely below Wall Street estimates as its telecom customers held back on spending in the last few months of the year.

** KINDRED BIOSCIENCES, $16.58, -7.22 pct

Shares of the clinical-stage animal biotech firm, which is in the process of developing multiple pet therapeutics, rose in their market debut, valuing the company at $130 million.

Kindred is an early clinical-stage pet biotech firm dedicated to the development and commercialization of products designed to improve pet health.

** BRIDGEPOINT EDUCATION INC, $16.58, -7.22 pct

The university operator said a tender offer by the company to purchase up to 10.3 million shares for $19.50 per share expired on Wednesday. “Because the offer was oversubscribed, the number of shares that Bridgepoint will purchase from each tendering stockholder will be prorated,” the company said.

** GRAY TELEVISION INC, $13.13, +9.14 pct

Brokerage Barrington Research re-established coverage on the broadcaster’s stock with an “outperform” rating. It said Gray is an “outstanding operator” and it ranks first in its local market rankings, particularly in local news.

** PROGRESS SOFTWARE CORP, $24.24, -5.31 pct

JMP Securities downgraded the enterprise software maker’s stock to “market perform” from “outperform” citing concerns over the long-term prospects of the company’s main software product, OpenEdge.


Raymond James upgraded the company’s stock to “strong buy” from “outperform”, according to

Synchronoss provides software and services to communication service providers and cable operators to manage subscribers.

** IAMGOLD CORP, $3.462, -9.84 pct

The Canadian gold miner on Wednesday suspended dividend payments to reduce costs by $100 million in 2013 and said it would look for further cuts in 2014 due to the fall in gold prices.

** SUNEDISON INC, $11.66, -8.84 pct

The solar company on Wednesday cut it sales forecast to $905-$915 million, from $920-$930 million as it plans to keep more solar plants on its balance sheet rather than selling them.

The company, which is planning to spin off some plants and take them public next year, expects to sell about 380-405 megawatts (MW) of solar projects this year, lower than its earlier forecast of 405-435 MW.

** ATHENAHEALTH INC, $125.88, -3.80 pct

The company said it expects 2014 earnings of $0.98-$1.10 per share on sales of $725-$755 million, both of which were well below analysts’ estimates.

Analysts on average are expecting a profit of $1.38 per share on revenue of $765.3 million, according to Thomson Reuters I/B/E/S.

** TAMINCO CORP, $19.39, -6.96 pct

The chemical maker said its secondary offering of 10 million shares was priced at $20 per share, a 4 percent discount to Wednesday’s close.

** EXELIS INC, $18.73, +7.34 pct

The U.S. arms maker, which was spun off from ITT Corp in late 2011, on Wednesday said it would now spin off its military and government services business, creating a new independent firm with revenues of about $1.5 billion, and focusing the remaining portfolio on higher margin sectors.

** SYNTA PHARMACEUTICALS CORP, $4.891, +5.18 pct

The company said its lead experimental drug, ganetespib, showed positive interim results in advanced breast cancer patients in a mid-stage study.

“The clinical activity, which includes a complete clinical response as well as a complete radiological response, illustrates the exciting potential for ganetespib in breast cancer, and the rationale for exploring ganetespib in a broader spectrum of disease stages and combinations,” trial investigator Neil Spector said in a statement.

** PROTHENA CORP, $28.3, +3.32 pct

Roche has raised it bet on medicines for the human brain by signing a deal with Ireland’s Prothena worth up to $600 million to develop and commercialize a treatment for Parkinson’s disease. (Compiled by Avik Das in Bangalore; Edited by Savio D‘Souza)

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