BUZZ-U.S. Stocks on the Move-BP, Christopher & Banks, retail stocks
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U.S. stocks climbed on Thursday after the European Central Bank cut interest rates and announced a new credit plan, and as a flurry of data indicated the U.S. economy was steadily improving. The Dow Jones industrial average was up 0.25 percent at 17,120.7, the S&P 500 was up 0.26 percent at 2,006.01 and the Nasdaq Composite was up 0.64 percent 4,601.64.
** BP PLC (LSE: BP.L - news) , $45.037, -5.60 pct
BP was "grossly negligent" for its role in the 2010 spill in the Gulf of Mexico, a U.S. district judge said on Thursday in a ruling that could add billions of dollars in fines to the more than $42 billion in charges taken so far for the worst offshore disaster in U.S. history.
** CHRISTOPHER & BANKS CORP, $10.68, +11.37 pct
The women's apparel retailer reported better-than-expected Q2 profit, helped by higher same-store sales. Same-store sales rose 2.6 percent due to new fashion merchandise and marketing activities.
** COSTCO WHOLESALE CORP, $124.75, +2.80 pct
** L BRANDS INC (NYSE: LB - news) , $64.82, +1.77 pct
** J C PENNEY CO INC, $11.1, +4.52 pct
Costco and L Brands reported better-than-expected August same-store sales as back-to-school season draw shoppers (http://tmsnrt.rs/1lC4ZVC)
JC Penney Co Inc's shares rose 4.7 pct on the August sales data.
** AMAZON.COM INC, $347.35, +2.46 pct
Sanford C. Bernstein raised its price target on the stock of the online retailer to $450 from $360. "Amazon has built a better, more cost-effective retail model than the vast majority of brick-and-mortar retailers," Bernstein analysts wrote in a note. The median price target on stock is $400, according to Thomson Reuters data.
** YINGLI GREEN ENERGY HOLDING CO LTD, $3.63, +5.52 pct
** JINKOSOLAR HOLDING CO LTD, $32.11, +2.39 pct
** TRINA SOLAR LTD, $14.2, +2.53 pct
Cowen and Co analysts "continue to see solid growth" for the industry and say China remains the main swing factor. "Distributed generation segment in China is starting to show signs of life as subsidies are rolled out," they wrote in a note to clients on Wednesday. The analysts forecast solar capex of $3.1 billion in 2014, up 105 percent from 2013. Up to Wednesday's close, the MAC Global Solar Energy Index was up more than 27 percent this year.
** TANGOE INC (NasdaqGS: TNGO - news) , $13.26, -6.62 pct
Barclays (LSE: BARC.L - news) cut its rating on the telecommunication software company's stock to "equal weight" from "overweight", making it the only brokerage among six to not have a "buy" or higher rating on the stock. Wall Street's implied revenue growth acceleration for the company in the second half looks particularly challenging, Barclays' analysts said.
"We and investors have been waiting for a re-acceleration of the business for several quarters and we believe this is increasingly turning Tangoe into a wait-and-see story ... which will likely keep the shares at suppressed levels".
Barclays also cut its price target to $15 from $22, the lowest among six brokerages. The median price target on stock is $19, down from $22 a month back, according to Thomson Reuters data.
** ABM INDUSTRIES INC, $28.32, +6.59 pct
The facility services provider forecast 2014 earnings of $1.65-$1.69 per share, higher than average analyst estimate of $1.60. "Our pipeline of new business remains robust and our strategic focus on key verticals should continue to drive sales growth," Chief Executive Henrik Slipsager says in statement.
The stock reported its largest intraday percentage gain since November 2011 and is one of top gainers on New York Stock Exchange on Thursday.
** ARADIGM CORP, $9.55, +7.42 pct
The U.S. FDA gives the specialty pharmaceuticals company's lead drug fast track status, which expedites reviews of drugs intended to treat serious conditions with little or no treatment options. The drug, pulmaquin, is being tested in late-stage studies to treat non-cystic fibrosis bronchiectasis.
** FLEXION THERAPEUTICS INC (NasdaqGM: FLXN - news) , $14.3999, +12.32 pct
The specialty pharmaceutical company announced on Wednesday that the FDA had allowed it to accelerate the timeline of its lead experimental drug, which aims to treat osteoarthritis of the knee. The decision allows company to complete development of drug, FX-006, by late next year, and potentially file for marketing approval in early 2016.
"Product launch could potentially be moved up from late 2017 to early 2017," Wells Fargo analyst Michael Faerm said.
** AEROVIRONMENT INC (NasdaqGS: AVAV - news) , $31.52, -6.33 pct
The drone maker reported a first-quarter loss of 16 cents per share, wider than the average analysts' estimate of 11 cents, according to Thomson Reuters I/B/E/S
** TASER INTERNATIONAL INC (NasdaqGS: TASR - news) , $17.94, +7.17 pct
The stun gun maker received multiple orders from the Cleveland police department for its Taser brand smart weapons. The company did not disclose the financial terms.
The stock had gained about 35 percent since Aug. 8, a day before fatal shooting in Ferguson, Missouri, through Wednesday.
** METHODE ELECTRONICS INC (NYSE: MEI - news) , $39.11, +14.16 pct
The electronic component maker said it expects full-year profit of $2.10-$2.20 per share on revenue of $870 million-$885 million, up from prior forecast of a profit of $1.85-$2 per share on revenue of $835 million-$860 million. Methode Electronics reported a better-than-expected first quarter results, helped by higher sales and better margins in its automotive unit.
The company's shares rose 16.5 percent to a 14-year-high of $40.
** IRONWOOD PHARMACEUTICALS INC (NasdaqGS: IRWD - news) , $12.26, -5.62 pct
Cowen & Co lowered its rating on the drugmaker's stock to "market perform" from "outperform", citing recent physician feedback on Ironwood's constipation drug, Linzess. The brokerage also slashed its price target to $10.50 from $16.00, saying its consultants believe adoption of Linzess by general practitioners will be slow.
** NORTHSTAR REALTY FINANCE CORP (Stuttgart: A1166D - news) , $18.3, -2.92 pct
The real estate investment trust priced its offering of 45 million shares at $18.40 per share, a discount of 2.4 percent to stock's Wednesday close. The offering represents 22.7 percent of outstanding shares as of Aug. 8.
The stock is most traded on New York Stock Exchange on Thursday. Deutsche Bank Securities Inc will borrow and sell 22.5 million shares to underwriters in the offering.
** SHOE CARNIVAL INC (NasdaqGS: SCVL - news) , $19.86, -10.38 pct
The footwear retailer reported lower-than-expected second quarter sales and profit as fewer customers visited its stores and expenses rose. Its profit has now missed estimates for the last three quarters. The company forecast third quarter comparable-store sales to either decline up to 1 percent or grow up to 1 percent.
Susquehanna Financial Group analysts cut price target to $24 from $25 on the stock which had fallen 24 percent this year up to Wednesday's close.
** SOLARCITY CORP, $70.8301, +4.59 pct
The solar panel installer said it would open 20 new operations centers in seven U.S. states. The company, backed by Tesla Motors Inc (Xetra: A1CX3T - news) founder Elon Musk, says new centers expected to create more than 600 additional jobs.
** BAZAARVOICE INC (NasdaqGS: BV - news) , $8.01, +6.80 pct
B. Riley & Co raises price target on stock of the software maker to $10 from $9.75, saying net new client additions in Q1 were significantly higher than it had estimated.
Bazaarvoice, which provides businesses online and social media tools to interact with customers, reported higher-than-expected Q1 revenue and smaller-than-expected loss on Wednesday
** VERIFONE SYSTEMS INC (NYSE: PAY - news) , $35.58, +3.01 pct
The credit card swipe machine maker raised full-year revenue forecast for the third time, encouraged by strong sales of devices that can accept chip-embedded credit cards. VeriFone also raised full-year profit forecast and reported better-than-expected third quarter revenue.
The company is benefiting as U.S. retailers upgrade their point-of-sale terminals to systems compatible with more secure credit cards in the wake of several data breaches. Up to Wednesday's close, the stock had risen nearly 30 percent this year.
** ARLINGTON ASSET INVESTMENT CORP, $27.2, -4.19 pct
The mortgage investor said it was offering 2.75 million shares of Class A common stock - 14 percent of its total outstanding shares - at $27.61 each, a 2.7 pct discount to Wednesday's close.
Arlington said it plans to use the proceeds to acquire assets. Up to Wednesday's close, the stock had risen 7.6 percent this year.
** STEREOTAXIS INC (NasdaqCM: STXS - news) ,$3.29, +15.44 pct
The medical device maker received U.S. FDA's marketing approval for its device used during procedures to assess heart activity. The device, called Vdrive Robotic Navigation System, is designed to remotely control catheter during such procedures.
** KAMADA LTD (NasdaqGS: KMDA - news) , $5.79, -19.13 pct
The Israel-based drugmaker's experimental drug to treat an inherited condition that raises the risk of lung and liver disease failed in a mid-stage study. The drug, Inhaled Alpha-1 Antitrypsin, did not show a statistically significant difference, compared with a placebo. Glassia, an intravenous version of the drug, is already being marketed by Baxter Inc in the United States.
** CIENA CORP, $18.89, -7.67 pct
The network equipment forecast fourth quarter revenue of $570 million-$610 million, below the average analyst estimate of $628.9 million. The company said it expects fourth quarter adjusted gross margin in the high 30s to low 40s percent range.
** MITEK SYSTEMS INC (NasdaqCM: MITK - news) , $3.5, +47.68 pct
The mobile imaging software maker agreed on Wednesday to settle all pending litigation with financial services group USAA over five of its patents relating to image capture on mobile devices. Mitek's lawsuit filed in 2012 also included allegations of misappropriation of trade secrets, breach of contract and fraud. The company said neither party will make any payment or admit liability on any claims.
** GOPRO INC (Xetra: A1XE7G - news) , $54.2701, -4.55 pct
J.P. Morgan cut its rating on the stock of the maker of camera makers to "neutral" from "overweight", saying the stock is trading above its price target of $51. The median price target on stock is $46.50. Of nine analysts covering the stock, 2 have "buy" ratings and 7 have "hold" or equivalent ratings. Up to Wednesday's close, the stock had risen 137 percent since its debut on June 26.
** MEMORIAL PRODUCTION PARTNERS LP (NasdaqGS: MEMP - news) , $22.38, -3.37 pct
The oil and gas producer said it would offer 13 million common units; representing 18 percent of outstanding shares as of Wednesday. The company said it plans to use net proceeds from the underwritten public offering to pay down debt.
** MATTRESS FIRM HOLDING CORP, $63.71, +12.15 pct
The company said it would buy privately held bedding retailer The Sleep Train Inc for $425 million, its sixth and largest acquisition announced in the past year, to expand its presence on the West Coast.
** TIBCO SOFTWARE INC (NasdaqGS: TIBX - news) , $22.22, +5.61 pct
The business software maker said it was reviewing its strategic and financial alternatives as part of a process initiated by its board on Aug. 16 to maximize shareholder value. The company has formed a special committee of independent directors to undertake the review.
** MATRIX SERVICE CO, $22.959, -21.18 pct
The engineering and construction services provider's fourth quarter revenue and profit missed analysts' estimates due to a 47 percent rise in costs. Revenue from the company's oil, gas and chemical segment, which provides construction and maintenance services to North American oil producers, fell about 22 percent to $52.1 million. Matrix also forecast full-year earnings below estimates.
** PVH CORP (NYSE: PVH - news) , $128.37, +9.60 pct
The apparel company's second quarter profit beat expectations, helped by strong sales of its Tommy Hilfiger-branded clothes. PVH cut its full-year revenue forecast to $8.4 billion from $8.5 billion, but it reaffirmed its profit forecast. (Compiled by Rohit T.K. in Bangalore; Editing by Joyjeet Das)