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MARKET PULSE- Rite Aid, BioMarin, Pier 1, Kandi, Isis
September 19, 2013 / 1:46 PM / 4 years ago

MARKET PULSE- Rite Aid, BioMarin, Pier 1, Kandi, Isis

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Sept 19 (Reuters) - Some U.S. stocks on the move on Thursday:

** RITE AID CORP, $4.35, up 17 pct (9:42 a.m. ET)

The third-largest U.S. drugstore chain raised its fiscal 2014 profit forecast after reporting better-than-expected quarterly results, boosted by sales of higher-margin generic drugs.

** TAKE-TWO INTERACTIVE SOFTWARE INC, $17.77, up 3 pct (9:41 a.m. ET)

Brokerage Macquarie Equities Research raised its price target on the stock to $25 from $23 after the video game publisher racked up $800 million in first-day sales of Grand Theft Auto V, the fifth installment of the lucrative franchise that went on sale across the globe on Tuesday.

Macquarie analyst Ben Schachter in the opening line of his note said “Bottom Line - Wow! (and that is an understatement).”

** BIOMARIN PHARMACEUTICALS INC, $79.90, up 3 pct (9:40 a.m. ET)

Roche Holding AG could buy the maker of drugs for rare diseases for about $95 to $105 per share in a deal valued at about $15 billion, media reports said, quoting UBS AG will lend $5 billion to Roche for the takeover, the reports quoted as saying.

** TRANSCEPT PHARMACEUTICALS INC, $3.72, up 3 pct (9:39 a.m. ET)

Drugmaker Retrophin Inc said it offered to buy the rest of Transcept Pharmaceuticals shares it does not already own for $4 per share, valuing Transcept at about $75 million. Retrophin’s offer represents an 11 percent premium to Transcept’s closing share price of $3.59 on the Nasdaq on Wednesday.

** PIER 1 IMPORTS, $21.30, down 10 pct (9:39 a.m. ET)

The furniture retailer reported a second-quarter profit that missed Wall Street estimates by 2 cents, hurt by lower customer traffic.

“Our marketing initiatives did not include appropriate messaging around clearance and promotional activity in our stores, or customer acquisition generally, which contributed to lower than expected store traffic,” said Chief Executive Alex Smith in a statement.

** APPROACH RESOURCES INC $25.56, up 5 pct (9:38 a.m. ET)

The oil and gas producer said it would sell an oil pipeline system in southern Midland basin, Texas for $210 million to privately held JP Energy Development LP, partly to strengthen Approach Resources’ liquidity.

** GROUPON INC, $12.25, up 6 pct (9:37 a.m. ET)

Brokerage Stifel Nicolaus upgraded the online coupon company’s stock to “buy” from “hold” as it sees strength in Groupon’s core business in the U.S, and stability in key European markets. Analyst Rohan Jordan believes continued shift of usage toward app-based e-commerce should also work in the company’s favor.

** KANDI TECHNOLOGIES GROUP INC, $6.11, up 12 pct (9:36 a.m. ET)

The maker of electric vehicles said the Chinese government unveiled a subsidy policy for pure electric vehicles, plug-in hybrid electric vehicles and fuel-cell battery vehicles. The policy would be beneficial to a variety of Kandi’s pure electric vehicle projects in the country, chief executive Xiaoming Hu said.

** STEELCASE INC, $14.73, down 6 pct (9:36 a.m. ET)

The office furniture maker reported second-quarter results below analysts’ expectations, mainly hurt by the economic crisis in Western Europe. The company said the Europe, Middle East, and Africa (EMEA) region underperformed even as the Americas region contributed a strong operating margin.

** ISIS PHARMACEUTICALS, $34.18, up 8 pct (9:35 a.m. ET)

The drugmaker said follow-up preliminary data from an early-stage trial on its experimental drug to treat a rare genetic neuromuscular disease showed improvements in muscle function tests in children.

Children with spinal muscular atrophy who received the two highest doses of the drug (6 mg and 9 mg) continued to show improvements in muscle function tests up to 14 months after a single injection of the drug codenamed ISIS-SMNRx.

Children suffering from spinal muscular atrophy often never achieve the simplest motor milestones like walking, crawling, or sitting up.

** PACIFIC COAST OIL TRUST, $16.72, down 7 pct (9:35 a.m. ET)

The statutory trust formed by oil and gas producer Pacific Coast Energy Co LP (PCEC) said on Wednesday it would offer 13.5 million trust units in an underwritten public offering in PCEC’s bid to repay a portion of its debt.

** APOGEE ENTERPRISES INC, $27.74, down 6 pct (9:34 a.m. ET)

The maker of glass products reported second-quarter earnings lower than analysts’ estimates. The company also raised its full-year earnings forecast to between 93 cents and $1 per share from 90 cents to $1 per share. Analysts on average expect earnings of 96 cents per share, according to Thomson Reuters I/B/E/S.

** ARMOUR RESIDENTIAL REIT, $4.20, down 4 pct (9:34 a.m. ET)

The real estate investment trust announced a monthly cash dividend of 5 cents per share for the October-December period, about 29 percent lower than the 7 cents per share it had announced for the July-September period.

** SS&C TECHNOLOGIES HOLDINGS INC, $38.17, down 3 pct (9:34 a.m. ET)

The company, which makes software for financial service providers, said on Wednesday that investment funds affiliated with The Carlyle Group made a public offering of about 7.5 million shares of SS&C’s common stock.

** FIFTH STREET FINANCE CORP, $10.10, down 4 pct (9:33 a.m. ET)

The investment company said that it had started a public offering of 15 million shares of its common stock. Net proceeds from the offering would be used to repay debt, Fifth Street said.

** GT ADVANCED TECHNOLOGIES INC, $8.39, up 11 pct (9:33 a.m. ET)

Brokerage UBS Investment Research raised its rating on the solar and LED equipment maker’s stock to “buy” from “neutral”, according to (Compiled by Varun Aggarwal)

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