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Aug 15 (Reuters) - Some U.S. stocks on the move on Thursday:
WALL ST OPENS DOWN; CISCO WEIGHS ON NASDAQ
U.S. stocks opened lower on continued uncertainty over thenext policy move by the Federal Reserve and after Wal-Martearnings disappointed. The Nasdaq fell more than 1 percent,dragged down by shares of Cisco.
The Dow Jones industrial average was down 1.04percent while the Standard & Poor's 500 Index was down0.96 percent. The Nasdaq Composite Index was down 1.25percent.
** CISCO SYSTEMS INC, $24.58, down 7 pct (0949 ET)
** MICROSOFT CORP, $31.82, down 1.6 pct
** ORACLE CORP, $32.96, down 1.8 pct
** IBM, $186.27, down 0.7 pct
** HEWLETT-PACKARD CO, $26.77, down 1.5 pct
** CIENA CORP, $21.61, down 4 pct
** F5 NETWORKS INC, $89.21, down 3.5 pct
The network equipment maker said on Wednesday that it iscutting 4,000 jobs, or 5 percent of its workforce, as it makes afresh attempt to reduce costs and refocus on growth areas in theface of uncertain demand for its networking equipment.
At least five brokerages cut their price targets on Cisco'sstock. While most analysts said the network-gear maker's jobcuts came as a surprise, they continue to see Cisco as along-term investment. "Cisco remains a very solid long-terminvestment idea in enterprise information technology - as it canleverage its position in networking to expand in the datacenter. However, some segments like routing and set top boxeswarrant a more conservative revenue view," Barclays analystssaid in a note to clients.
Cisco is regarded a strong indicator of the general healthof the technology industry because of its broad customer base.Shares of smaller rivals were also down.
** VOLTERRA SEMICONDUCTOR CORP, $22.78, up 54 pct (0947 ET)
** MAXIM INTEGRATED PRODUCTS INC, $28.45, down 1pct
Analog chipmaker Maxim Integrated said it would buy powersupply chipmaker Volterra Semiconductor for about $605 million.Maxim's offer of $23 per share represents a premium of 55percent to Volterra's closing price on Wednesday.
** J.C. PENNEY CO INC, $13.48, up 2.8 pct (0946 ET)
Billionaire investor and philanthropist George Soros addedanother 2 million shares to his already large investment in thecompany, according to regulatory filings released on Wednesday.
The department store chain's shares rose in late trading onWednesday after the New York Post said on Twitter thatsame-store sales are positive so far this month, citing sources.
** WAL-MART STORES INC, $74.11, down 3 pct (0944 ET)
** TARGET CORP, $69.30, down 1.7 pct
** MACY'S INC, $45.29, down 2 pct
The world's largest retailer posted disappointing quarterlyU.S. sales as shoppers pinched by higher payroll taxes and gasprices made fewer trips to its stores. The company lowered itsrevenue and profit forecasts for the year.
The news pulled down shares of other retailers such asTarget Corp and Macy's Inc.
China's biggest hypermarket chain Sun Art Retail Group Ltd is taking on Wal-Mart in the booming domestice-commerce sector as it seeks new ways to maintain its marketshare in the face of fierce competition.
** KOHL'S CORP, $53.59, up 5 pct (0941 ET)
The department store chain reported a rise in quarterlycomparable-store sales, boosting its shares, after downbeatsales reports from Wal-Mart Stores Inc and Macy's Inc raisedfears of a slowdown in consumer spending.
** ESTEE LAUDER COS INC, $68.52, up 5 pct (0944 ET)
The company, which makes luxury skin care, makeup, fragranceand hair care products, posted an 84 percent rise infourth-quarter profit, driven by higher sales of its skincareand makeup products.
** THIRD POINT REINSURANCE LTD, $12.34, down 1pct(0959 ET)
The reinsurer, controlled by billionaire hedge fund managerDan Loeb, made its market debut at $12.25 per share, below itsinitial public offering price of $12.50. The stock was the mosttraded on the New York Stock Exchange. The company is headed byindustry veteran John Berger, who is the former chief executiveof Alterra Capital Holding Ltd's reinsurance business.
** DISH NETWORK CORP, $44.39, down 1 pct (0946 ET)
Warren Buffett's Berkshire Hathaway Inc took new positions in the satellite TV company in the secondquarter, a regulatory filing showed. Berkshire Hathaway bought547,312 Class A shares in Charlie Ergen's Dish Network, worthabout $24 million based on Wednesday's close.
** INTEL CORP, $22.36, down 1 pct (0944 ET)
** MICRON TECHNOLOGY INC, $14.26, down 3.8 pct
Brokerage Robert W. Baird & Co cut its rating on thecompanies' stocks to "neutral" from "outperform" as it expectsdeclining computer shipments and a weak smartphone market toaffect the companies' performance in the second half of theyear.
** JPMORGAN CHASE & CO, $53.64, down 1 pct (0945 ET)
U.S. prosecutors brought criminal charges on Wednesdayagainst two former JPMorgan Chase employees in the tradingscandal that cost the bank $6.2 billion last year, but thetrader nicknamed "the London Whale" because of the size oflosses was not one of them.
** VIPSHOP HOLDINGS LTD, $38.52, down 16 pct (0945ET)
The China-based discount retailer forecast third-quarterrevenue of $365 million to $370 million. Analysts on an averagewere expecting revenue of $376.1 million, according to ThomsonReuters I/B/E/S.
** NETAPP INC, $41.24, down 2.3 pct (0945 ET)
The data storage equipment maker forecast current-quarterresults below estimates. The company typically sees higher salesin its second quarter due to an increase in government spendingcloser to September, the end of the federal government's fiscalyear. However, with the federal government going through asequestration, there is a possibility that it may not spend asmuch on information technology this federal quarter, analystssaid.
** HIMAX TECHNOLOGIES INC, $6.30, down 6 pct (0944ET)
The Taiwanese chipmaker reported lower-than-expectedquarterly revenue and said third-quarter revenue would decline 5to 12 percent from the second quarter, hurt by reduced sales toLCD panel maker Innolux Corp. Innolux's share in Himaxsales fell to 20.6 percent in the second quarter as the companysold its entire equity holding in Himax.
** PERRIGO CO, $123.10, down 2.6 pct (0943 ET)
The drugmaker said it sees fiscal 2014 adjusted profitbetween $6.35 and $6.60 per share, not including the benefitfrom its purchase of Irish drugmaker Elan earlier in thequarter. The company expects the acquisition to add 10 cents pershare to its 2014 adjusted earnings per share. Analysts wereexpecting a profit of $6.66 per share, according to ThomsonReuters I/B/E/S.
** NETEASE INC, $63.06, up 2.5 pct (0942 ET)
The China-based company on Wednesday reported a 20 percentrise in second-quarter revenue, helped by higher demand for itsonline games and advertising services.
** AGILENT TECHNOLOGIES INC, $47.98, up 3.2 pct (0941ET)
The measuring devices maker reported higher-than-expectedquarterly adjusted profit as revenue from its diagnostics andgenomics business jumped 54 percent. Agilent posted athird-quarter adjusted profit of 68 cents per share, beatinganalysts' estimates of 62 cents per share, according to ThomsonReuters I/B/E/S.
** PULTEGROUP INC, $14.35, down 5 pct (0941 ET)
RBC Capital Markets cut its rating on the stock of thehomebuilder to "outperform" from "top pick" and the price targetto $20 from $26. The brokerage said higher interest rates anddecelerating orders leading to slower earnings of the companywould make it difficult for the stock to achieve incrementalgains.
** AMR CORP, $2.70, down 1 pct (0940 ET)
** US AIRWAYS GROUP, $16.07, down 0.6 pct
American Airlines' parent could face months of newrestructuring talks, with shareholders likely to suffer thebiggest blow, if its merger with US Airways Group issuccessfully blocked by the U.S. government, according to peopleclose to the bankruptcy proceedings and experts.
Billionaire investor George Soros dumped 7.85 million sharesof US Airways Group in the second quarter, a regulatory filingon Wednesday showed.
** HALOZYME THERAPEUTICS INC, $7.12, up 4 pct (0940ET)
Halozyme Chief Executive Gregory Frost bought 20,000 sharesof the company at $2.05 per share, according to a regulatoryfiling on Wednesday.
** AVIAT NETWORKS INC, $2.45, down 4.7 pct (0938ET)
The company, which makes equipment to link and manage fixedand wireless networks, reported fourth-quarter revenue belowWall Street estimates on Wednesday, prompting brokerage Needham& Co to cut its price target on the stock.
** PAN AMERICAN SILVER, $13.56, down 1.5 pct (0936ET)
The Canada-based silver miner reported a surprise quarterlyloss as weak precious metals prices weighed on its operatingresults, and it took a non-cash impairment charge.
** MCGRAW HILL FINANCIAL INC, $60.84, down 1 pct(0935 ET)
A U.S. judge has allowed the California attorney general'soffice to proceed with a lawsuit accusing the company's unitStandard & Poor's of misleading investors by inflating itscredit ratings that led to investment losses, rejecting therating agency's effort to dismiss the case, a court filingshowed.
** UNITED PARCEL SERVICE INC, $85.97, down 1 pct(0935 ET)
A large cargo plane of the company crashed and burst intoflames, killing its pilot and copilot on Wednesday. UPS flight1354, which took off from Louisville, Kentucky, was on approachto the airport in Birmingham when it crashed at about 1000 GMT,according to the Federal Aviation Administration.
** NEWFIELD EXPLORATION CO, $23.30, down 1 pct (0934ET)
** EXXON MOBIL CORP, $88.63, down 0.3 pct
** ROYAL DUTCH SHELL, $63.44, down 0.7 pct
Energy majors Exxon Mobil and Royal Dutch Shell are amongthe suitors advancing to the next round of bidding for NewfieldExploration's Malaysian and Chinese oil and gas fields valued atabout $1.2 billion, people familiar with the matter said.
** FORD MOTOR CO, $16.45, down 2.6 pct (0933 ET)
Europe's car market may have finally bottomed out, butpricing pressure will remain fierce until sales volumes pick upconsiderably, a senior executive at the U.S. carmaker said.
** TRIPADVISOR INC, $71.68, down 2.5 pct (0933 ET)
Chief Executive Steve Kaufer said the company's business inthe quarter so far has been "bumpier" than expected, followingthe roll-out of a new method of directing online travelcustomers to its booking partners. (Compiled by Sruthi Ramakrishnan in Bangalore; Editing by KirtiPandey)
