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MARKET PULSE-Morgan Stanley, Oncomed, Ocera, Jakks Pacific, Intel

Thu, 18th Jul 2013 17:53

(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/kyf79t)

July 18 (Reuters) - Some U.S. stocks on the move onThursday:

EARNINGS LIFT DOW, S&P 500 TO FRESH HIGHS

The Dow and the S&P 500 climbed to record intraday highs onThursday, buoyed by a batch of better-than-expected earnings, ascongressional testimony by Federal Reserve Chairman Ben Bernankecontinued into its second day. The Dow Jones industrial average was up 0.63 percent, the S&P 500 was up 0.52percent and the Nasdaq Composite was up 0.06 percent.

** MORGAN STANLEY, $27.73, up 4.4 pct (1246 ET)

The bank reported a stronger-than-expected adjustedquarterly profit as revenue grew in all of its major businesses,particularly trading and underwriting. Excluding special items,Morgan Stanley earned 45 cents per share, beating the averageanalyst estimate of 43 cents, according to Thomson ReutersI/B/E/S.

For an infographic on Morgan Stanley's performance versusGoldman Sachs, click (http://link.reuters.com/geg79t)

** ONCOMED PHARMACEUTICALS INC, $28.80, up 69.4 pct(1245 ET)

The cancer drug maker's stock soared 63 percent on debut.OncoMed, which focuses on developing antibody therapeuticstargeting cancer stem cells, priced its shares at $17 each,above the initial range of $14-$16. The company said it hasstrategic alliances in place with GlaxoSmithKline Plc and Bayer AG.

** OCERA THERAPEUTICS INC, $14.12, up 61 pct (1236ET)

The biopharmaceutical company, which closed its merger dealwith Tranzyme Inc on Monday, continued its gains for the thirdday after it began trading on the Nasdaq as a combined company.The stock has almost doubled in value in the last three days.

** TRANSITION THERAPEUTICS, $4.06, up 34.88 pct(1231 ET)

The Canadian biopharmaceutical company said the U.S. Foodand Drug Administration granted a fast-track status to itsAlzheimer's drug.

** JAKKS PACIFIC INC, $7.42, down 35.2 pct (1231ET)

The toy company slashed its full-year forecast and said itwould substantially cut jobs, citing disappointing sales fromtwo new licensed brands and a shift in children's playingpreference to electronic devices.

** SUPERVALU INC, $8.24, up 21.9 pct (1336 ET)

A slimmed-down Supervalu is expected to report decliningsame-store sales for the first quarter but improvedprofitability due to cost cuts and other factors. The operatorof Save-A-Lot discount food stores and other grocery chainsrecently sold nearly 900 supermarkets in a $3.3 billion deal.

** SHANDA GAMES LTD, $5.22, up 16.5 pct (1239 ET)

The China-based online game developer said the iOS versionof its "Million Arthur" mobile game became the third topgrossing app across all categories on Apple Inc's App Store inChina within eight hours of its official open beta test launchon Thursday.

** ERICSSON, $11.55, down 5.1 pct

World's No. 1 mobile network gear maker reportedsecond-quarter operating profit well below expectations onThursday, bruising hopes of a quick recovery at its core networkunit. In a quarter hit by a large one-off charge, sales andmargins at Ericsson's networks unit were well belowexpectations, underlining competition from Chinese equipmentvendors such as Huawei as well as global economic gloomand currency headwinds.

** TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD , $16.89, down 8.4 pct

The company said it expects sales of cheaper mobile devicesin emerging markets like China to boost its earnings in thesecond half, brushing off concerns over slowing demand forhigh-end smartphones.

** AEGEAN MARINE PETROLEUM NETWORK INC, $9.58, up 10pct (1240 ET)

Brokerage Stifel Nicolaus started covering the marine fuelsupplier's stock with a "buy" rating, according toTheflyonthewall.com. The company's shares have risen about 64percent this year.

** DAQO NEW ENERGY CORP, $11.41, up 19 pct (1230 ET)

Shares of the China-based polysilicon maker jumped asChina's commerce ministry issued preliminary anti-dumping dutieson imports of U.S. and South Korean solar-grade polysilicon, theraw material used to make solar panels. The move is widelyexpected to hit Daqo's rivals in the United States and SouthKorea.

** LAKES ENTERTAINMENT INC, $4.08, up 16 pct (1231ET)

The company and the Shingle Springs Band of Miwok Indiansentered a debt termination agreement regarding loans fordevelopment of the Red Hawk Casino in Placerville, California.Shingle Springs Band would pay Lakes a lump sum of $57.1 millionon or before Dec. 31, which could be extended for 120 days,Under the termination agreement.

** CHEMTURA CORP, $23.33, up 4 pct (1220 ET)

The specialty chemical maker said it expects higher sales ofherbicides and industrial lubricants in the second quarter tooffset a fall in demand for industrial foam and chemicals usedin the electronic industry. Chemtura reported preliminarysecond-quarter sales of $735 million, in line with analysts'estimates. The company is scheduled to release its final resultson July 30.

** RITE AID CORP, $2.99, down 1 pct (1238 ET)

Canadian pharmacy chain Jean Coutu Group said itsold its remaining stake in the U.S. drug store chain operatorfor $192.2 million, or $2.95 per share.

The Canadian company sold 65.4 million common shares, or7.23 percent of Rite Aid's outstanding shares.

Shares of Rite Aid fell as much as 3 percent earlier in theday.

** CROWN HOLDINGS INC, $44.16, up 4 pct (1245 ET)

The maker of packaging products for consumer goods late onWednesday reported a 2 percent increase in its second-quarterrevenue to $2.22 billion on higher global beverage and food unitsales.

** DELL INC, $13.17, up 2.2 pct (1246 ET)

The PC maker postponed a crucial vote on Chief ExecutiveMichael Dell's $24.4 billion buyout offer to July 24, buyingtime to solicit more proxy votes and drum up more supportdespite winning over several large swing shareholders at theeleventh hour.

** FIRST REPUBLIC BANK, $43.95, up 5.1 pct (1245 ET)

The bank's stock continued to gain from its positivequarterly results on Wednesday. Raymond James raised its targetprice to $45, saying that strong loan growth offset pressurefrom a contracting net interest margin and decline in gain onmortgage loan sales.

Sander O'Neill also raised its price target on the bank'sstock by $3 to $44.

** GENWORTH FINANCIAL INC, $13.07, up 2.2 pct (1244ET)

Brokerage KBW raised the price target on the life andmortgage insurer's stock to $13 from $11, citing rising interestrates and higher bond yields amid a rebounding U.S. economy.

Credit rating agency Moody's said earlier in the week thatthe rise in interest rates might result in an upgrade in thelife insurance industry outlook to "stable" from "negative,"according to the note.

The stock was at its year-high on Thursday.

** UCP INC, $14.25, down 5 pct (1244 ET)

The homebuilder's stock got a cold reception in their marketdebut as investors worried about the impact of rising mortgagerates on the rebounding housing market. The company's shares,which were priced at the lower end of the expected range of$15-$17 per share, fell 3 percent to $14.55 in morning tradingon the New York Stock Exchange.

** LASALLE HOTEL PROPERTIES, $26.65, up 5.3 pct(1243 ET)

The real estate investment trust late on Wednesday increaseddividend by 40 percent to 28 cents per share. The company saidit expects full year growth in its revenue per available room tobe 4.5-6 percent, excluding Park Central Hotel.

** GILAT SATELLITE NETWORKS LTD, $5.25, down 13 pct(1243 ET)

The satellite maker lowered its full-year revenue forecastto $335 million-$345 million from $350 million-$360 million, dueto sequestration budget cuts and decline in federalspending.

** JAMES RIVER COAL CO, $2.09, up 13.5 pct (1243ET)

** WALTER ENERGY INC, $13.37, up 7.3 pct (1242 ET)

** ARCH COAL INC, $4.11, up 4.8 pct (1242 ET)

** ALPHA NATURAL RESOURCES INC, $5.82, up 4.1 pct(1241 ET)

** PEABODY ENERGY CORP, $16.73, up 3.2 pct (1241 ET)

** CONSOL ENERGY INC, $30.00, up 4.4 pct (1241 ET)

U.S. natural gas futures were up about 4 percent on Thursdayafter a government report showed a weekly inventory well belowmarket expectations. Shares of coal miners rallied onexpectation that utilities would turn to cheaper coal togenerate power.

** AMPHENOL CORP $78.53, down 7 pct (1241 ET)

The company, which makes electronic connectors forecastthird quarter financial outlook below Wall Street estimates,citing volatility in the mobile device market. Amphenol said itnow expects to earn between 95-98 cents per share, whileanalysts were looking for $1 per share, according to ThomsonReuters I/B/E/S.

** ACELRX PHARMACEUTICALS INC, $12.70, up 6.5 pct(1240 ET)

The pharmaceutical company's public offering of 3.8 millionshares of its common stock was priced at $11.65 per share.

** HERBALIFE LTD, $54.78, up 5 pct (1240 ET)

Billionaire investor Carl Icahn, at CNBC's InstitutionalInvestor Delivering Alpha Conference on Wednesday, said thenutritional supplements maker's stock is undervalued and that heremains invested in the company, on which he has made $250million and "hasn't sold a share."

The stock has become volatile recently as Icahn, who ownsmore than 16 percent of the company, and activist investorWilliam Ackman, who has a $1 billion short position on it, havecontrary views on the direction it will take.

** HUNTINGTON BANCSHARES INC, $8.37, up 1.6 pct(1239 ET)

The bank reported higher-than-expected second-quarter profitas it kept aside less money to cover bad loans and earned higherincome from its electronic banking segment.

Provision for credit losses fell 32 percent to $24.7million. E-banking income rose 14 percent to $23.3 million.Commercial real estate lending was down 15 percent at $5 billionwhile net interest margin fell to 3.38 percent from 3.42 percenta year earlier.

** PPG INDUSTRIES INC, $159.68, up 1.7 pct (1239 ET)

The protective and decorative coatings maker posted abigger-than-expected profit for the second quarter due to highersales in the automotive coatings, automotive refinish andaerospace businesses.

PPG posted an adjusted profit of $2.45 per share, beatinganalysts' estimates of $2.35, according to Thomson ReutersI/B/E/S.

** TG THERAPEUTICS INC, $6.25, down 9 pct (1238 ET)

The biopharmaceutical company said its public offering of5.7 million shares of its common stock was priced at $6.15 pershare.

** UNITEDHEALTH GROUP INC, $70.05, up 5.7 pct (1238ET)

** AETNA INC, $63.46, up 3 pct (1238 ET)

** HUMANA INC, $87.63, up 2.5 pct (1237 ET)

** WELLPOINT INC, $86.07, up 2 pct (1237 ET)

** WELLCARE HEALTH PLANS INC, $60.70, up 2.4 pct(1237 ET)

** MOLINA HEALTHCARE INC, $39.37, up 2 pct (1237 ET)

UnitedHealth Group Inc on Thursday reported abigger-than-expected rise in its second-quarter net income as itenrolled more people in private and government-paid healthinsurance plans and sold more health technology systems.

The quarterly results come as the company, the largest U.S.health insurer and the first to report earnings for the period,prepares for more changes stemming from President Barack Obama'shealthcare law, the Affordable Care Act.

** IMMUCELL CORP, $3.49 down 10.5 pct (1236 ET)

The biotechnology company, which makes products related toanimal health, said it has suspended its search for a partnerfor Mast Out. The experimental product was being developed fortreating mastitis - inflammation of the mammary gland and uddertissue - in dairy cows. ImmuCell said it would continue topursue regulatory approval for the product on its own.

** ON SEMICONDCUTOR CORP, $7.94, down 4.4 pct (1235ET)

** FAIRCHILD SEMICONDUCTOR INTERNATIONAL INC, $12.92down 9.7 pct

The Chip maker forecast current-quarter sales well belowanalysts' estimates after reporting lower-than-expectedsecond-quarter results due to weak demand from notebook PC andmobile device makers.

** UNIVERSAL FOREST PRODUCTS INC, $41.57, up 8.5pct (1234 ET)

The maker of wood and wood-alternative products posted abigger-than-expected profit for the second quarter, helped bystrong unit sales in new housing and construction markets.

Net sales rose 24.4 percent to $738.4 million.

** WABASH NATIONAL CORP, $10.33, down 1.3 percent(1234 ET)

Brokerage BB&T cut the rating on the stock of the maker oftruck and tank trailers to "hold" from "buy," according toTheflyonthewall.com.

** HALCON RESOURCES CORP, $5.88, down 2.6 pct (1233ET)

Analyst at Morgan Stanley cut their rating on the energycompany's stock to "underweight" from "overweight," according toTheflyonthewall.com.

** CALLON PETROLEUM CO, $4.02, up 5.7 pct (1232 ET)

Analysts at Capital One upgraded their rating on the oil andgas producer's stock to "add" from "neutral," according toTheflyonthewall.com.

** QUALITY SYSTEMS INC, $22.62, up 3.6 pct (1232ET)

Quality Systems Inc said on Wednesday it hasreached a settlement with Clinton Group, in which the healthcareIT company will seek to add three of the activist investor'snominees to its board of directors.

At least two brokerages raised their rating on QualitySystems' stock on Thursday.

** GREENHILL & CO INC, $50.15, up 8.5 pct (1232 ET)

The boutique investment bank reported higher second-quarterprofit as it earned more revenue from its investment andadvisory unit. Advisory revenue rose 45 percent to $83.06million, while investment revenue climbed 67 percent to $3.6million. Sandler O' Neill Partners raised the price target oncompany's stock to $50 from $49.50.

** BLACKSTONE GROUP LP, $23.02, up 4.8 pct (1230 ET)

The largest alternative asset manager's second-quarterearnings more than tripled as the value of its funds rose and itcashed out on parts of its portfolio, including SeaWorldEntertainment Inc. Despite market jitters in the secondhalf of the quarter over the Federal Reserve ending its bondbuying program, Blackstone's private equity and real estatefunds appreciated more than 5 percent, while its hedge andcredit funds posted strong gains.

** INTEL CORP, $23.20, down 3.9 pct (1230 ET)

The chipmaker cut its full-year revenue forecast and saidit is scaling back capital spending as it adjusts to a painfulcontraction of personal computer sales and economic weakness inChina, one of its biggest markets.

At least two brokerages lowered their price targets onIntel's stock.

** IBM CORP, $199.01, up 2.2 pct (1230 ET)

The world's largest technology services company, reportedsecond-quarter earnings that beat estimates. IBM said onWednesday its quarterly non-GAAP income rose 3 percent,excluding a $1 billion restructuring charge, to $4.3 billion, or$3.91 per share, compared with $3.51 a year ago and analystestimates of $3.77 a share, according to Thomson ReutersI/B/E/S.

** AMERICAN EXPRESS CO, $74.64, down 2.8 pct (1230ET)

The credit card company's second-quarter revenue missedanalysts' expectation and the company said its Global NetworkServices business could be hurt by the European Commission'sproposal to limit interchange fees on card transactions.

Susquehanna Financial Group downgraded its rating on thecompany's stock to "neutral" from "positive." The brokerage firmalso lowered its price target to $80 from $84.

** VERIZON COMMUNICATIONS INC, $50.14, down 1.1percent (1229 ET)

The telecom company said strength in its wireless businesswas tempered by weakness in its traditional wireline unit,producing weaker-than-expected revenue growth for the quarter.

** BANK OF AMERICA CORP, $14.83, up 3.6 pct (1229ET)

The second-largest U.S. bank's balance sheet suffered fromrising bond yields in the second quarter, suggesting it may bemore exposed to interest-rate risk than some of its majorrivals.

** EBAY INC, $53.71, down 6.3 pct (1229 ET)

** AMAZON.COM INC, $304.15, down 1.4 pct (1228 ET)

The e-commerce company reported solid second-quarter resultson Wednesday but Chief Executive John Donahoe warned of economic"headwinds" in the second half of the year from Europe and SouthKorea.

Four brokerages cut their price targets on the e-commercegiant's stock, citing the company's expectation of continuedweakness in Europe and South Korea. The macro pressures cited byeBay in Europe could also affect Amazon.com Inc's international results, JP Morgan analyst Doug Anmuth wrote in anote.

Amazon.com's stock was also down on the news

** CYPRESS SEMICONDUCTOR CORP, $12.35, up 3.6 pct(1228 ET)

The touchscreen chipmaker reported second-quarter resultsabove analysts' estimates, helped by higher demand from mobiledevice makers such as South Korea's Samsung Electronics Co.

** SHERWIN-WILLIAMS CO, $169.08, down 7.7 pct (1227ET)

The top U.S. paint maker said Mexico's competition watchdogrejected its $2.34 billion purchase of Mexican paint companyConsorcio Comex.

The company also reported second-quarter results that missedmarket estimates.

** NU SKIN ENTERPRISES INC, $82.20, up 6.2 pct (1227ET)

Personal-care products maker Nu Skin said it received directselling authorization in five additional provinces in mainlandChina. The company also said it now expects to triple the numberof stores and sales support centers in China by 2015, comparedwith 2017 it had announced earlier.

** HUBBEL INC, $106.09, up 2.7 pct(1227 ET)

The maker of electrical products for the constructionindustry reported second-quarter earnings of $1.37 per sharethat beat analysts estimates. "Looking to our full year outlookfor 2013, we expect overall sales to increase in the 4 to 6percent range " Chief Executive David Nord said.

** POOL CORP, $53.97, up 1 pct (1226 ET)

The distributor of swimming pool products reportedsecond-quarter revenue that beat analysts estimates. "The impactof weather on our second quarter results is evidenced by salesgrowth of approximately 9 percent on average in our largest,year-round markets," the company said in a statement.

** CELGENE CORP, $133.08, down 2.6 pct (1226 ET)

The company said it will stop a late-stage trial of itsblood cancer drug Revlimid after it observed a higher number ofdeaths in patients taking the drug compared to those on anothertreatment. Revlimid is Celgene's flagship blood cancer drug andis already approved for use in various types of blood cancer,including multiple myeloma and mantle cell lymphoma.

** SAFEWAY INC, $26.20, up 6.2 pct (1226 ET)

The company that operates Safeway, Vons and Dominick'sstores is selling its profitable Canada unit and Wall Street islikely to focus on that deal rather than the second-largest U.S.supermarket operator's lackluster sales. The California-basedcompany has been working to attract customers and boost salesamid tough competition from traditional grocers such as Krogerand discount retailers ranging from Wal-Mart Stores Inc - thelargest food retailer in the United States - to dollar stores.

** NOKIA OYJ, $4.04 (1225 ET)

A disappointing set of quarterly sales figures forsmartphones and basic models raised the pressure on its chiefexecutive on Thursday and took a bite out of the company's shareprice.

** JOHNSON CONTROLS INC, $39.76, up 6.4 pct (1225ET)

The largest U.S. auto parts maker posted astronger-than-expected quarterly profit and said it would sellits HomeLink auto electronics business to Gentex Corp for about$700 million.

** SCHOLASTIC CORP, $29.83, down 7 pct (1224 ET)

Publisher Scholastic Corp reported a 25 percent drop inquarterly revenue as sales of its Hunger Games trilogy fell. Netincome more than halved to $21.5 million, or 66 cents per share,in the fourth quarter, from $57.0 million, or $1.76 per share, ayear earlier. Revenue fell to $506.9 million from $676.6 milliona year ago.

** DOVER CORP, $83.63, up 4 pct (1224 ET)

the maker of refrigeration display cases, drill bits for oilrigs and scores of other industrial products, boosted its 2013forecast on Thursday, citing a gain from a U.S. tax audit andimproving sales across units. The conglomerate said it receiveda "favorable resolution to a domestic tax audit," aidingsecond-quarter profit by 36 cents per share.

** NOBLE CORP, $41.02, up 2.5 pct (1224 ET)

The offshore drilling contractor reported on Wednesday ahigher-than-expected quarterly profit as the rates paid for itsrigs improved and the amount of downtime decreased. Shares ofNoble rose 2.7 percent in after-hours trading to $41.08 - theirhighest level since late May.

** SANDISK CORP, $60.80, up 2.2 pct (1223 ET)

The memory chipmaker raised its full-year revenue and grossmargin forecasts, confident of a sustained rebound in the priceof the flash memory chips it sells to Apple Inc and othermanufacturers of smartphones and tablets.

** SELECT COMFORT CORP, $24.08, down 9.3 pct (1223ET)

The specialty mattress maker said advertising expenses wouldrise further in the second half of 2013, after reportingquarterly results that missed analysts' expectations due to ajump in marketing and research costs.

** XILINX INC, $45.78, up 5.1 pct (1223 ET)

The programmable chip maker forecast revenue above WallStreet's estimates for the current quarter due to strong salesto the telecoms, aerospace and defense industries.

At least eight brokerages raised their price target on thecompany's stock and Lazard Capital Markets raised its rating to"buy" from "neutral."

** PLEXUS CORP, $33.23, up 9.2 pct (1222 ET)

The contract electronics manufacturer reportedbetter-than-expected revenue for the third quarter, helped byits healthcare business, and forecast fourth-quarter revenuelargely above analysts' estimates, sending its shares up 5 pctin after-hours trading.

** SALLIE MAE CORP, $24.77, up 5.8 pct (1222 ET)

The largest U.S. student lender on Wednesday reported ahigher-than-expected profit as it set aside less money to coversoured loans and saw an increase in its private education loanbusiness.

Provision for private education loan losses fell 17 percentto $187 million while loan originations were up 15 percent at$368 million. The company forecast full-year core earnings pershare of $2.80, well above analysts' estimates of $2.76.

** GLU MOBILE INC, $2.70, up 3.4 pct (1222 ET)

The mobile game maker said MGM Interactive Inc has bought awarrant to purchase up to 3.3 million common shares at aninitial exercise price of $3 each. The warrant expires on July15, 2018.

** QUEST DIAGNOSTICS INC, $58.94, down 1.4 pct (1221ET)

The No. 1 lab testing company in the United States reporteda second-quarter adjusted profit of $1.06 cents per share fromcontinuing operations on revenue of $1.82 billion, belowanalysts' average expectation of a profit of $1.09 per share andrevenue of $1.84 billion, according to Thomson Reuters I/B/E/S.A cut in Medicare reimbursements hurt the company's results.

** DANAHER CORP, $67.75, down 1 pct (1221 ET)

The company, which makes medical and dental tools and watertreatment equipment, narrowed its full-year profit forecast by 5cents on both ends. Danaher forecast earnings between $3.37 and$3.42 per share in 2013 and said it expects macro-economicuncertainties, particularly in Western Europe to remainchallenging.

** OMNICOM GROUP, $65.94, down 1.3 pct (1220 ET)

The largest U.S. advertising company and home to agenciessuch as BBDO Worldwide and DDB Worldwide, reported higherquarterly profit due to a 2.4 percent rise in revenue in itsdomestic market. Net income rose to $289.5 million, or $1.09 pershare, in the second quarter, from $282.7 million, or $1.02 pershare, a year earlier. Revenue rose 2.1 percent to $3.64billion.

** BLACKROCK INC, $277, up 1.7 pct (1220 ET)

The world's largest money manager reported a highersecond-quarter profit, citing strong global demand from itsretail and institutional clients and growth in markets. Netincome at the New York-based company totaled $729 million, or$4.19 per share, up from $554 million, or $3.08 per share, ayear earlier. (Compiled by Lehar Maan; Editing by Joyjeet Das)

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