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U.S. stocks opened higher on Wednesday on optimism thatU.S. politicians would strike a last-minute deal to prevent thecountry from defaulting on its debt, an event that could roilmarkets and economies worldwide.
The Dow Jones industrial average rose 0.58 percent,the S&P 500 gained 0.6 percent and the Nasdaq Composite added 0.63 percent.
** BANK OF AMERICA CORP, $14.49, up 2 pct (9:58 a.m.ET)
The bank reported a third-quarter profit of $2.22 billioncompared with a loss a year earlier, as provisions for creditlosses and expenses fell.
** STANLEY BLACK & DECKER INC, $77.28, down 14 pct(9:58 a.m. ET)
The power tool maker cut its 2013 profit forecast due to theU.S. government spending cuts and shutdown andslower-than-expected margin expansion in its security business.
** MATTEL INC, $43.30, up 4 pct (9:57 a.m. ET)
** HASBRO INC, $47.28, up 3 pct
Toy maker Mattel topped Wall Street's profit estimates forthe third quarter, benefiting from strong demand for itschubby-faced American Girl dolls and its Monster High linedepicting the teen descendants of famous monsters.
Rival Hasbro is scheduled to report its quarterly resultsnext week.
** ST. JUDE MEDICAL, $54.75, up 1 pct (9:57 a.m. ET)
The company posted a 49 percent jump in third-quarter profitas increased sales of devices to treat abnormal heart rhythmsoffset a decline in sales of pacemakers.
** MGIC INVESTMENT CORP, $8.08, up 11 pct (9:57 a.m.ET)
The mortgage insurer posted its second straight quarterlyprofit, after six years of losses, as a recovery in the U.S.housing market lowered the number of defaulters.
** BNY MELLON CORP, $31.11, up 1 pct (9:56 a.m. ET)
The bank reported a higher-than-expected quarterly profitdue to rising fees from managing money, increased mutual fundbalances and strength in foreign currency trading.
** ISIS PHARMACEUTICALS INC, $32.25, up 3 pct(10:11 a.m. ET)
The drugmaker said it received $10 million in milestonepayments from biotechnology company Biogen Idec Inc related to the clinical development of its experimental drug totreat myotonic dystrophy type I.
The drug, ISIS-DMPKRxDM1, is undergoing testing to treat the rare genetic neuromuscular disease characterized byprogressive muscle atrophy, weakness and spasms.
** PORTOLA PHARMACEUTICALS INC, $21.88, down 4 pct(10:04 a.m. ET)
The California-based drug developer said it would offer 4.8million common shares, expecting to raise about $95 million innet proceeds to fund the clinical development of three of itsexperimental drugs and for general corporate purposes.
** BLACKROCK INC, $285.53, up 1 pct (9:55 a.m. ET)
The world's largest money manager said its third-quarterprofit rose 15 percent due to market growth and strong globaldemand from its retail and institutional clients.
** PEPSICO INC, $81.94, up 2 pct (9:55 a.m. ET)
The company reported higher quarterly earnings and said itwas on track to meet its financial goals for the year, despite asluggish economy. The maker of Pepsi-Cola, Frito-Lay snacks andTropicana juice said net income was $1.91 billion, or $1.23 pershare, in the third quarter, up less than 1 percent from $1.90billion, or $1.21 per share, a year earlier.
** ABBOTT LABORATORIES, $35.46, up 5 pct (9:53 a.m.ET)
The drugmaker reported better-than-expected quarterlyearnings despite disrupted sales of its infant formulas inChina, mainly due to cost cuts and lower taxes.
** JPMORGAN CHASE & CO, $53.43, up 2 pct (9:53 a.m.ET)
The bank has reached an agreement with the Commodity FuturesTrading Commission to pay $100 million to settle charges relatedto the bank's "London Whale" trading scandal, according to mediareports.
** YAHOO INC, $34.04, up 2 pct (9:53 a.m. ET)
Investors cheered the internet company's plans to keep alarger-than-expected stake in Chinese e-commerce giant AlibabaGroup Holding Ltd, overlooking continuing softness in its coreonline advertising business. Yahoo said it would sell fewershares than originally agreed from its 24 percent stake whenAlibaba goes public.
At least seven brokerages raised their price targets onYahoo's stock.
** ADVANCE AUTO PARTS INC, $96.25, up 14 pct (9:52a.m. ET)
** O'REILLY AUTOMOTIVE INC, $131.06, up 1.5 pct
Advance Auto Parts said it would buy General PartsInternational Inc for just over $2 billion, creating the largestNorth American retailer of auto parts, as strong new car saleshit demand for repair and replacement.
Credit Suisse analysts said they viewed the deal as apositive for Advance Auto's competitors, such as O'ReillyAutomotive, as it would remove a competitor from the commercialrepair market.
** RTI SURGICAL INC, $3.83, down 2 pct (9:51 a.m.ET)
The surgical implant company cut its revenue forecast forthe third quarter, citing several factors includinguncertainties related to a warning letter from the U.S. healthregulator received in October last year.
The letter pertained to environmental monitoring activitiesin certain areas of RTI's processing facility in Alachua,Florida. The company now expects to report revenue of about $54.7 million, lower than the $59 million to $61 millionforecast earlier.
** FORD MOTOR CO, $17.07, up 0.6 pct (9:50 a.m. ET)
** GENERAL MOTORS CO, $34.93, up 0.7 pct
Barclays raised its price targets on the stocks of the carmakers, saying it prefers Ford and GM over auto parts suppliers."Ford offers potential for continued international improvements,while GM is underappreciated and may see less selling pressureas the U.S. Treasury winds down its stake," analysts wrote in anote.
** RECEPTOS INC, $32.08, up 19 pct (9:50 a.m. ET)
Credit Suisse raised its price target on the drugmaker'sstock to $31 from $21, maintaining its "outperform" rating, inan earnings preview research note issued on Wednesday.
** BERKSHIRE HATHAWAY, $115.16, up 0.5 pct (9:49a.m. ET)
Marmon Group, which is owned by the company, will buyengineering company IMI Plc's beverage dispense andmerchandising businesses for 690 million pounds ($1.10 billion).
** APPLE INC, $500.55, up 0.5 pct (9:46 a.m. ET)
Investors are looking to strong sales for the company'sflagship iPhone 5S, shrugging off signs of less-than-stellarorders for the cheaper 5C model. Apple has told manufacturers ofthe 5C that it would cut orders of the smartphone for the finalthree months of the year, a source familiar with the supplychain situation said.
** WAL-MART STORES INC, $74.79, up 0.6 pct (9:46a.m. ET)
The retailer expects slightly stronger sales growth nextyear as it makes changes such as opening more smaller U.S.stores and shutting 50 poorly performing stores in Brazil andChina, executives said on Tuesday.
** CANADIAN SOLAR INC, $21.46, up 3 pct (10:06 a.m.ET)
The solar panel maker said its unit has begun constructionof a 100 megawatt solar power plant in Ontario, expected to beoperational in 2015. The project is expected to generate revenueof about C$310 million ($301.1 million), the company said.
** REGENERON PHARMACEUTICALS INC, $298.51, up 3 pct(9:45 a.m. ET)
** AMGEN INC, $112.45, up 1 pct
A new type of cholesterol drug being developed by RegeneronPharmaceuticals and Sanofi SA, when used by itself,cut levels of "bad" LDL cholesterol almost in half in the firstof a dozen late-stage trials of the injectable medicine. Theexperimental drug, called alirocumab, is from a promising newclass of injectable cholesterol fighters also being developed byAmgen Inc and other drugmakers.
Roth Capital analysts raised their price target onRegeneron's stock to $345 from $319. The company's focus hasbeen the growth of its big-selling eye drug, Eylea, but isquickly moving to the broad pipeline, led by potentialblockbuster candidate alirocumab, the analysts wrote in a note.
** TEVA PHARMACEUTICAL INDUSTRIES, $39.74, up 0.6pct (9:45 a.m. ET)
The Israel-based company and the Israeligovernment will set up a joint team to examine ways to implementcost cutting measures that preserve most of the company'sworkforce in that country.
* WET SEAL INC, $3.64, down 5 pct (9:42 a.m. ET)
The California-based specialty apparel retailer forecast awider loss for the current quarter as slower mall traffic forcedit to discount more than planned.
"Following our strong start to the quarter, mall trafficsoftened considerably during September and has continued intoOctober, resulting in an increasingly promotional competitiveenvironment in recent weeks," Chief Executive John Goodman said.
** LINEAR TECHNOLOGY CORP, $38.63, down 2 pct(9:42 a.m. ET)
The semiconductor company posted first-quarter profit belowWall Street estimates and said it expected second-quarterrevenue to be flat to down 4 percent from the first quarter asthe U.S. government shutdown might affect its business.
On Wednesday, brokerages B.Riley & Co and Piper Jaffray cuttheir price targets on the company's stock following theresults.
** J.C. PENNEY CO INC, $7.26, up 0.4 pct (9:42 a.m.ET)
A spokeswoman of the company denied a market rumor onTuesday that the department store chain had hired bankruptcycounsel. Penney spokeswoman Kristin Kays said there was "notruth to the rumor," origins of which were unclear.
** FIRST SOLAR INC, $44.46, up 2 pct (9:42 a.m. ET)
The solar company said it had entered into an agreement toconstruct a 250-megawatt solar power plant in California for aunit of NextEra Energy Resources LLC. The construction of theproject will begin in late 2014.
** VIVUS INC, $9.73, down 3 pct (9:41 a.m. ET)
Leerink Swann slashed its price target on the drugmaker'sstock to $17 from $20, citing softer-than-expected prescriptionsof the obesity drug Qsymia reported by Vivus on Tuesday. JPMorgan also cut its price target on the stock to $18 from $22.Both Leerink and JP Morgan maintained their "outperform" ratingson the stock.
** STR HOLDINGS INC, $2.22, up 2.6 pct (9:41 a.m.ET)
In a cost-saving move, the solar components maker eliminatedpositions of chief operating officer, vice president of humanresources, chief technology officer and vice president offinance. Chief Operating Officer Barry Morris will stay on untilNov. 15, the company said. (http://r.reuters.com/fyj83v)
** EMCORE CORP, $5.06, up 5.4 pct (9:41 a.m. ET)
Activist investment firm Becker Drapkin Management L.P. saidon Tuesday that it took a stake in the company, terming itsshares "undervalued". Becker Drapkin said it intended tonominate three directors to the company's board at its annualshareholder meeting.
Becker Drapkin took a 7.1 percent stake in the maker ofchip-based parts for broadband, fiber optic and satellitemarkets on Oct. 2 and said it intends to discuss "ways in whichthe undervaluation of the common stock can be rectified" withthe company. The stake makes Becker Drapkin the second-largestshareholder in Emcore.
** PNC FINANCIAL SERVICES, $73.15, up 0.9 pct (9:40a.m. ET)
The regional bank's quarterly results beat analysts'estimates as it set aside less money to cover credit losses. PNCearned $1.79 per share for the third quarter. Analysts onaverage were expecting $1.62, according to Thomson ReutersI/B/E/S.
** KEYCORP, $11.95, up 0.8 pct (9:40 a.m. ET)
The bank's quarterly results beat estimates, helped by lowerprovision for loan losses.
** EDWARDS LIFESCIENCES CORP, $76.82, up 2.4 pct(9:39 a.m. ET)
Citigroup raised its rating on the medical device maker'sstock to "buy" from "neutral," according to Theflyonthewall.com.
** ARCH COAL INC, $4.06, down 1.5 pct (9:39 a.m. ET)
Analysts at Morgan Stanley cut their rating on the U.S. coalproducer's stock to "underweight" from "equal weight," accordingto Theflyonthewall.com.
** IDENIX PHARMACEUTICALS INC, $3.80, up 3 pct(10:02 a.m. ET)
Credit Suisse analysts raised the Massachussett-basedcompany's stock to "neutral" from "underperform," citingvaluation. (Compiled by Sneha Banerjee in Bangalore; Editing by KirtiPandey)
