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MARKET PULSE-Best Buy, Citi, Prosensa, Sarepta, Rentrak, Alamos Gold

Thu, 16th Jan 2014 20:00

(For more market insights, including options activity, click on ; for the Day Ahead newsletter http://link.reuters.com/mex49s; for the Morning News Call newsletter, http://link.reuters.com/nex49s)U.S. stocks fell on Thursday, with the S&P 500 pulling back fromrecord levels following a round of disappointing earnings asfinancial stocks led the way lower. The Dow Jones industrialaverage was down 0.41 percent at 16,414.67, the S&P 500 was down 0.17 percent at 1,845.15 and the NasdaqComposite was up 0.05 percent at 4,216.831.

** BEST BUY CO INC, $27.04, -28.03 pct

The world's largest consumer electronics chain reported adrop in holiday sales and forecast a bigger-than-expecteddecline in quarterly operating margins.

** CITIGROUP INC, $52.81, -3.96 pct

The third-largest U.S. bank posted a lower-than-expectedquarterly profit as the bank's fixed-income revenue declined ina "challenging trading environment."

For a graphic on earnings, (http://link.reuters.com/cuz95v)

** GOLDMAN SACHS GROUP, $175.08, -2.05 pct

Goldman Sachs Group reported a 21 percent drop in quarterlyprofit on Thursday as revenue from fixed-income trading fell inwhat Chief Executive Lloyd C. Blankfein described as "a somewhatchallenging environment."

For a Breakingviews column, click

For a graphic on earnings, (http://link.reuters.com/guz95v)

** BLACKROCK INC, $318.9, +1.97 pct

The world's largest money manager reported ahigher-than-expected quarterly profit, benefiting from strongmarkets and a flow of new money into its exchange-tradedfunds.

** SAREPTA THERAPEUTICS INC, $27.93, +39.79 pct

The company said data from an extended study of its drug totreat a rare muscular disorder in young boys showed continuedstabilization of walking ability in patients.

The drug, eteplirsen, was well tolerated and there were noadverse treatment-related events or discontinuations at 120weeks of treatment, the company said.

In October 2012, Sarepta said the trial met its main goal ofincreasing the level of a key protein after 48 weeks oftreatment. The study was extended to monitor the drug's safetyand efficacy.

Janney Capital Markets analyst Kimberly Lee said the stockmovement was unwarranted as the data was collected from only sixpatients.

"The company will need to test the drug in more patients,"she wrote in an email to Reuters.

** ** THOMPSON CREEK METALS CO INC, $3.01, +4.15 pct

BofA Merrill Lynch upgraded the mining company's stock to"buy" from "underperform" on Tuesday, pulling it up by close to20 percent. The company said in December it was planning todiversify away from molybdenum, the steelmaking material whoseprices fell in the third quarter.

** TURQUOISE HILL RESOURCES LTD, $3.88, +9.60 pct

Canadian coal producer SouthGobi Resources Ltd that owns and operates projects in Mongolia and ismajorly owned by Canadian miner Turquoise Hill said coal salesin the three months ended Dec. 31 jumped to 1.72 million tonnesfrom 0.3 million tonnes, a year earlier.

** ZYNGA INC, $3.6, -10.67 pct

Brokerage Sterne Agee & Leach Inc said it believes thesocial gaming company's first-quarter "guidance is likely todisappoint," as it sees no reversal to declining traffic andbookings that have fallen throughout last year. The brokerageadded that it expects the Street's estimates will seesignificant downward revisions post the fourth-quarter results,due February.

** MRC GLOBAL INC, $31.03, -1.49 pct

Bank of America Merrill Lynch cut its rating on the stock ofthe supplier of pipes, valves and fittings to "underperform"from "buy" and the target price to $30 from $33.

** IGATE CORP, $37.735, -6.16

The IT outsourcing company, which reported fourth-quarterresults, said in a conference call that it expects a rise inexpenses in the current quarter as it continues to hire morepeople.

** YRC WORLDWIDE INC, $15.1977, +18.92 pct

The struggling trucker said it was in talks to revise alabor contract after an earlier proposal was rejected byTeamsters union workers.

** PROSENSA HOLDING NV $6.8405, +23.47 pct

The company said additional data from a study of its drug totreat a rare muscular disorder suggest that treating patientsearlier and longer showed a delay in the progression of thedisease.

Prosensa said the data suggests that there was a regulatorypath forward for the drug, which failed a late-stage study lastSeptember, prompting its partner GlaxoSmithKline Plc toreturn its rights.

** NU SKIN ENTERPRISES INC, $82.41, -28.48 pct

** HERBALIFE LTD, $70.61, -11.05 pct

China's State Administration for Industry and Commerce(SAIC) on Thursday ordered local authorities to investigatemedia reports that allege that the skincare products companydistributes false information and conducts illegal business inChina, state news agency Xinhua said.

Shares of nutritional supplements maker Herbalife, whichgets about 8 percent of its revenue from China, also fell on thesame news.

** ZOOM TECHNOLOGIES INC, $5.2015, +20.97 pct

The China-based maker of modems and Bluetooth wirelessequipment said it will acquire Tinho Union Holding Group inan-all stock deal worth about $81 million. Zoom would issueabout 9.4 million shares of its common stock and Tinhoshareholders would own about 75 percent of Zoom after thetransaction closes. Tinho Union offers online ticket booking andrelated services for business travel.

** RENTRAK CORP, $47.69, +25.57 pct

The content provider said CBS Corp would use its TVEssentials TV ratings product.

"This represents a major advancement for Rentrak in its pathto gaining industry acceptance for its census-based approach toTV measurement," Brean Capital analyst Todd Mitchell said in anote and raised his price target on the stock to $58 from $50.

** ALAMOS GOLD INC, $10.69, -14.41 pct

The miner forecast lower full-year production andhigher cash costs as output from its high-grade Escondidadeposit in Mexico winds down. Alamos forecast 2014 production tofall to 150,000-170,000 ounces of gold from 190,000 ounces in2013.

** J.C. PENNEY CO INC, $6.869, -2.01 pct

The U.S. retailer said on Wednesday it would close 33 storesand cut 2,000 jobs as part of its efforts to return toprofitability. Chief Executive Myron Ullman said in a statementthe action "addresses a strategic priority to improve theprofitability of our stores."

** CONCORD MEDICAL SERVICES HOLDINGS LTD, $5.72,+10.00 pct

The company, which operates radiotherapy and diagnosticimaging centers in China, is set to benefit from the growingprevalence of cancer in that country and wider coverage ofgovernment sponsored health insurance, a report on investmentwebsite SeekingAlpha said.

The report said the company's stock is significantlyundervalued and has the potential to grow 30 percent in 2014 asits earnings rise. (http://link.reuters.com/cub26v)

** NORDIC AMERICAN TANKER LTD, $11.04, +10.07 pct

** FRONTLINE LTD, $4.9, +2.73 pct

Rates of very large crude carriers (VLCCs) in the MiddleEast and Gulf region rebounded, while in the west VLCC activityhas risen, Morgan Stanley analyst Fotis Giannakoulis said in hisdaily note to clients.

JPMorgan Asset Management Holdings Inc increased its stakein tanker operator Frontline earlier this week, according to arelease on the Oslo Stock Exchange. (http://r.reuters.com/reb26v)

** APOLLO GLOBAL MANAGEMENT LLC, $35.74, -0.03 pct

** CEC ENTERTAINMENT INC, $54.54, +12.62 pct

Apollo Global will buy CEC Entertainment, the parent ofChuck E Cheese's restaurant chain, for about $948 million,adding to a portfolio that includes companies ranging fromcruise ship operators to casinos.

** RICEBRAN TECHNOLOGIES, $6.221, +1.15 pct

The food ingredients company said it reached a multi-yearsupply agreement with Hela Spice Canada Inc to distributeRicebran brands throughout Canada.

** LOGITECH INTERNATIONAL, $13.75, -6.97 pct

Vontobel raised its target price on the computer accessoriesmaker's stock to 14 Swiss Francs from 9.7 Swiss Francs citinghigher sales of the company's UE Boom speaker, iPad keyboards,iPhone and Android accessories and higher mid-term operatingmargins. The brokerage has a "hold" rating on the stock.

** AOL INC, $52.59, +11.30 pct

AOL is handing majority ownership of Patch, a money-losingnetwork of local news websites, to New York investment firm andturnaround specialist Hale Global in a joint venture announcedby the companies on Wednesday.

** CSX CORP, $27.19, -6.98 pct

CSX on Wednesday posted a fourth-quarter profit that fellshort of Wall Street's estimates as rising shipments ofchemicals, autos and agricultural products failed to make up forweak coal volumes.

Brokerage Stifel downgraded the stock to "hold" from "buy".

** TESSERA TECHNOLOGIES, $19.56, -8.49 pct

The technology patent company said it expected to recognizea charge of $50 million to $55 million related to restructuringof its DigitalOptics unit. The company said it would record 75percent of the charge in the fourth quarter, and the rest in thefirst half of 2014. Tessera said it would stop allDigitalOptics' manufacturing operations, except imageenhancement, reduce its workforce by about 300 employees andclose its facilities in California, New York, Taiwan and Japan.

** HELEN OF TROY LTD, $57.02, +8.80 pct

The consumer products company said it appointed JulienMininberg as its new chief executive effective March 1.Mininberg, who headed the company's healthcare and homeenvironment business, replaces Gerald Rubin, who has served asthe CEO for the last 14 years.

** EMULEX CORP, $7.51, +3.44 pct

BofA Merrill upgraded the chipmaker's stock to "buy" from"underperform", saying investors are not giving due credit tothe company's November announcement of a $200 million sharerepurchase program and expansion of its restructuring plan tosave $30 million in costs.

** SOLARCITY INC, $76.3299, +11.43 pct

Analysts at Deutsche Bank began coverage of the U.S. solarpanel installer with a "buy" rating and a price target of $90,saying SolarCity's customer base could double by the end of theyear due to a growth in the residential solar market. The pricetarget is 31 percent higher than the stock's Wednesday close.

** HUNTINGTON BANCSHARES INC,$9.59, -3.13 pct

The bank reported a 6 percent fall in its quarterly profitas it earned lower mortgage banking income. Noninterest incomefell 17 percent to $246.6 million compared with the same quartera year earlier, while income from mortgage banking fell about 61percent to $24.3 million.

** HYDROGENICS CORP, $22.7, +9.56 pct

The Canadian fuel cell maker said it received aC$3.8 million ($3.47 million) contract to supply an energystorage application, which would store surplus wind energy ashydrogen. Hydrogenics expects to deliver this project in late2014, it said early on Thursday.

** DENDREON CORP $3.18, -4.50 pct

The cancer vaccine maker continues to struggle withcost-cutting and its vaccine, Provenge, would face hurdles inthe European Union due to varying reimbursement rates, RothCapital analyst Joseph Pantginis said in a note to clients.

"A major question that remains is how the company will dealwith the $600 million in convertible debt that comes due in 2years," said Pantginis, who has a "sell" rating on the stock.

** RIO TINTO LTD, $54.89, +3.59 pct

Rio Tinto reported big increases in theproduction of iron ore and other minerals in 2013, bettingChina's massive economic growth will provide a ready market fordecades to come.

** LIME ENERGY CO, $3.5496, +3.19 pct

The energy-saving devices maker's stock could rise to $8this year, driven by a continued increase in quarterly revenue,profit, reduction of debt and share buybacks, according to areport on investment website Seeking Alpha. (http://link.reuters.com/vab26v)

** BOSTON PRIVATE FINANCIAL HOLDINGS INC,$13.19,+8.74 pct

The regional lender reported a higher-than-expectedquarterly profit as it kept aside less money to cover bad loans.

Provision for loan losses fell 60 percent to $2 million forthe fourth quarter.

** KROGER CO, $37.49, -4.51 pct

Credit Suisse downgraded its rating on the biggest U.S.supermarket operator's stock to "neutral," Theflyonthewall.comreported.

** CBL & ASSOCIATES PROPERTIES INC, $17.61, -2.22pct

J.P. Morgan Securities downgraded the real estate investmenttrust's stock to "neutral" from "overweight" and cut its pricetarget to $21 from $23 as the brokerage expects a moderateearnings growth trajectory.

** INTEL CORP, $26.57, -0.38 pct

The chipmaker reports fourth-quarter results after marketsclose and some analysts expect the company's revenue couldslightly beat already low expectations. Intel is expected tomaintain its 2014 forecast for flat sales.

** AMERICAN EXPRESS CO, $87.61, -0.73 pct

** CAPITAL ONE FINANCIAL CORP, $76.51, -0.68 pct

Higher card spending and lower default rates are expected tohelp American Express and Capital One Financial beat estimateswhen they report quarterly results after markets close,according to forecasts from StarMine's most accurate analysts. (Compiled by Varun Aggarwal in Bangalore; Editing by SrirajKalluvila)

More News
21 Feb 2024 07:22

GSK's ViiV sees success in latest HIV treatment trial

(Sharecast News) - GSK's specialist HIV unit ViiV Healthcare, which it owns in partnership with Pfizer and Shionogi, unveiled promising findings from the 'LATITUDE' phase three trial of its long-acting injectable HIV treatment Cabenuva on Wednesday.

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20 Feb 2024 15:10

PRESS: AJ Bell founder to join Applied Nutrition ahead of IPO - Sky

(Alliance News) - Supplements maker Applied Nutrition, plotting a London stock market float, is to add AJ Bell PLC founder Andy Bell as its chair, Sky News reported on Tuesday.

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20 Feb 2024 08:55

IN BRIEF: Diageo welcomes GSK's CFO as non-executive director

Diageo PLC - London-based brewer and distiller sells more than 200 drinks brands, including Guinness stout, Captain Morgan rum and Johnnie Walker whisky - Appoints GSK PLC's chief financial officer and executive director, Julie Brown, as a non-executive director. Says she will succeed Alan Stewart as chair of the audit committee after his retirement following the firm's annual general meeting in September. Chair Javier Ferran says: "Julie brings many years of experience in financial, commercial and strategic roles in international companies operating in highly regulated industries. She is strongly committed to enabling diversity in business and to creating sustainable, long-term value for stakeholders. I look forward to her contribution to Board discussions and to working with her in progressing Diageo's ambition to be one of the most trusted and respected consumer products companies in the world."

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15 Feb 2024 14:44

UK dividends calendar - next 7 days

Friday 16 February 
JPMorgan Asia Growth & Income PLCdividend payment date
JPMorgan Japan Small Cap Growth & Income PLCdividend payment date
Murray International Trust PLCdividend payment date
Premier Miton Group PLCdividend payment date
Schroder Oriental Income Funddividend payment date
Solid State PLCdividend payment date
Monday 19 February 
no events scheduled 
Tuesday 20 February 
Invesco Bond Income Plus Ltd 
Wednesday 21 February 
no events scheduled 
Thursday 22 February 
abrdn Asia Focus PLCex-dividend payment date
Alumasc Group PLCex-dividend payment date
AstraZeneca PLCex-dividend payment date
BlackRock Throgmorton Trust PLCex-dividend payment date
Braemar PLCex-dividend payment date
easyJet PLCex-dividend payment date
Ecofin US Renewables Infrastructure Trust PLCex-dividend payment date
Endeavour Mining PLCex-dividend payment date
FRP Advisory Group PLCex-dividend payment date
Gateley Holdings PLCex-dividend payment date
GSK PLCex-dividend payment date
Hercules Site Services PLCex-dividend payment date
Jersey Electricity PLCex-dividend payment date
Land Securities Group PLCex-dividend payment date
Molten Ventures VCT PLCex-dividend payment date
Northern Bear PLCex-dividend payment date
Redrow PLCex-dividend payment date
Samuel Heath & Sons PLCex-dividend payment date
Titon Holdings PLCex-dividend payment date
Unilever PLCex-dividend payment date
Van Elle Holdings PLCex-dividend payment date
Virgin Money UK PLCex-dividend payment date
Witan Investment Trust PLCex-dividend payment date
  
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Read more
15 Feb 2024 11:02

Berenberg hikes target price on GSK

(Sharecast News) - Analysts at Berenberg hiked their target price on drugmaker GSK from £16.50 to £18.20 on Thursday, stating the group was moving closer to offsetting losses associated with the expiry of its patent on HIV drug dolutegravir.

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15 Feb 2024 09:45

LONDON BROKER RATINGS: Jefferies cuts Kingfisher but Citi raises

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

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15 Feb 2024 08:49

GSK completes USD1.4 billion purchase of respiratory firm Aiolos Bio

(Alliance News) - GSK PLC on Thursday said it has completed the acquisition of Aiolos Bio Ltd, expanding its respiratory portfolio with a potential "best-in-class" asthma treatment.

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13 Feb 2024 16:53

LONDON MARKET CLOSE: Stocks in red amid sticky US inflation data

(Alliance News) - Stock prices in London closed in the red on Tuesday, after a key US inflation reading came in hotter-than-expected.

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13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

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13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

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13 Feb 2024 12:06

LONDON MARKET MIDDAY: Stocks fall but pound up before US data

(Alliance News) - Stock prices in London were on the decline on Tuesday afternoon, with sentiment tetchy ahead of a US inflation report later.

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13 Feb 2024 09:45

Citi ups recommendation on GSK to 'buy'

(Sharecast News) - Citi has upgraded its rating on vaccines and drugs blue chip GSK to 'buy' while also boosting its earnings estimates.

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13 Feb 2024 09:32

LONDON BROKER RATINGS: Citi lifts GSK; Shore likes XPS Pensions

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

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13 Feb 2024 07:45

LONDON BRIEFING: "Record" Tui quarter; Ultimate Products eyes payouts

(Alliance News) - London's FTSE 100 is to open ever-so-slightly lower on Tuesday, with trade set to be nervy ahead of the afternoon's US inflation data.

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12 Feb 2024 17:11

London close: Stocks finish higher after very quiet Monday

(Sharecast News) - London markets managed modest gains by the close of a subdued trading session on Monday, with no significant corporate or economic catalysts driving movements.

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