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MARKET PULSE-Apple, BlackBerry, GE, GM, Groupon, J.C. Penney, Yongye
September 23, 2013 / 11:43 AM / 4 years ago

MARKET PULSE-Apple, BlackBerry, GE, GM, Groupon, J.C. Penney, Yongye

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Sept 23 (Reuters) - Some U.S. stocks to watch on Monday:


U.S. stock index futures dipped in light volume on Monday as traders balanced upbeat data from Germany and China with angst ahead of Federal Reserve speakers after last week’s hawkish comments from a top Fed official. S&P 500 futures fell 3 points and were below fair value, the Dow Jones industrial average futures fell 17 points, and Nasdaq 100 futures fell 4 points.

** APPLE INC, Friday close $467.41, up 6.2 pct premarket

Apple Inc said it sold 9 million iPhone 5s and iPhone 5c models in the first three days after their launch on Friday.

** BLACKBERRY LTD, Friday close $8.72, down 3 pct premarket

The smartphone maker’s plan to retreat from the consumer market in favor of its traditional strength serving businesses and governments is widely seen as a desperate move that industry watchers warn will only accelerate its downward spiral.

Brokerage National Bank Financial, which believes that any recovery is very unlikely for BlackBerry, cut its price target to $5 from $8, valuing the company at about $2.6 billion.

** GENERAL ELECTRIC CO, Friday close $24.01, up 1.4 pct premarket

The industrial conglomerate signed three contracts to sell about $2.7 billion in power equipment to Algeria, as the North African country seeks to massively increase its generation capacity.

GE shares are poised to outperform the broad stock market, after lagging behind for more than a decade, as its business outgrows the economies where it operates, financial newspaper Barron’s said on Sunday.

** GENERAL MOTORS CO, Friday close $36.83, up 1.1 pct premarket

The automobile manufacturer said on Monday it had reached a deal to buy back 120 million of its preferred shares from the United Auto Workers health care trust for about $3.2 billion.

** GROUPON INC, Friday close $12.64, down 3 pct premarket

The daily discount deals provider failed to persuade a federal judge to dismiss a lawsuit accusing the company of misleading investors about its financial prospects and internal controls before it went public in November 2011.

** CITIGROUP INC, Friday close $51.21, down 0.8 pct premarket

The third-largest U.S. bank had a significant drop in trading revenue during the third quarter which could hurt the bank’s earnings, the Financial Times reported on Sunday, citing people familiar with conversations between investors and the bank.

** J.C. PENNEY CO INC, Friday close $12.96, down 2.4 pct premarket

The retailer is looking to raise more money, possibly through a combination of debt and equity, according to a source familiar with the matter.

** YONGYE INTERNATIONAL INC, Friday close $5.98 up 6 pct premarket

The China-based crop nutrient maker said it has entered into an agreement to be taken private by a consortium led by its top shareholder Full Alliance International Ltd, valuing the company at about $340 million.

** APPROACH RESOURCES INC, Friday close $24.65, up 2.4 pct premarket

The oil and gas company should get a closer look for its operations in the Texas Permian Basin, where land values indicate that its shares could be worth at least 50 percent more, Barron’s reported in its Sept. 23 edition.

** AGRIUM INC, Friday close $89.99

The Canadian fertilizer company warned that its potash volumes are expected to be about 30 percent lower than normal in the current quarter.

** VALERO ENERGY CORP, Friday close $34.44, down 1 pct premarket

The refining company said it reduced rates to some units at its 200,000 barrel-per-day refinery at Corpus Christi, Texas, due to a third-party power outage, according to a filing with regulators.

** GENVEC INC, Friday close $0.82, up 2 pct premarket

The biotechnology company said a class action lawsuit filed against GenVec and certain of its current and former officers has been dismissed with prejudice, meaning they cannot be brought again. The company said no payment was made in connection with the lawsuit, which was filed in the United States District Court for the District of Maryland.

** SUNTECH POWER HOLDINGS CO LTD, Friday close $1.30

The Chinese solar panel maker said an Italian court has ruled to seize some solar farms constructed by investees of Global Solar Fund (GSF) controlled by Suntech, accusing GSF of improper operation.

** JOURNAL COMMUNICATIONS INC, Friday close $7.60, up 9 pct after market

The broadcast company said on Friday it ended a two month-long programming dispute with Time Warner Cable, making available its stations in Milwaukee, Green Bay/Appleton, Omaha, Nashville and Palm Springs to Time Warner Cable’s customers.

** AFFILIATED MANAGERS GROUP INC, Friday close $186.46

Jefferies & Co raised its price target on the asset manager’s stock to $214 from $190. “AMG represents the best organic growth story in the group, reflecting strong performance, improving distribution and unique product positioning,” analyst Daniel Fannon said in a note.

** ABBVIE INC, Friday close $47.84

Belgian biotech firm Ablynx has signed a licensing agreement with the U.S. drugmaker worth up to $840 million for an experimental drug against rheumatoid arthritis and lupus.


The company said its experimental gene-based therapy reduced the level of a disease-causing protein, which leads to a rare organ-damaging hereditary disorder, in an early-stage trial.

** LOCKHEED MARTIN CORP, Friday close $128

The Pentagon said on Friday it had finalized a contract worth nearly $4 billion with the defense weapon manufacturer to supply additional missile defense equipment to the United States and the United Arab Emirates.

** NIELSEN HOLDINGS NV, Friday close $35.87

** ARBITRON INC, Friday close $47.60

The television ratings giant won U.S. antitrust approval on Friday for a $1.6 billion deal to buy Arbitron, a company that dominates radio ratings measurement. {IDL:nL2N0HG24M]

** NEWS CORP, Friday close $16.63

The publishing company controlled by Rupert Murdoch, reported on Friday that annual revenue grew 2.7 percent to almost $8.9 billion on a rise in circulation and subscription revenue. (Compiled by Avik Das in Bangalore; Editing by Don Sebastian)

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