July 13 (Reuters) – Some U.S. stocks on the move on Friday:
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DOW UP 1.36 PCT, S&P; UP 1.40 PCT, NASDAQ UP 1.28 PCT
U.S. stocks rose as data in China allayed concerns about a
further slowing of global growth and as bank shares advanced
after the release of JPMorgan’s earnings.
JP MORGAN CHASE & CO, $36.09, up 6 pct
The biggest U.S. bank posted $4.4 billion of credit trading
losses but said it had cleaned up the group responsible for the
bad bets.
WELLS FARGO & CO, $33.89, up 3 pct
The fourth-largest U.S. bank reported a 17 percent increase
in second-quarter profit on strong mortgage banking income and
improved credit quality.
PRESIDENTIAL LIFE CORP, $13.85, up 37 pct
ATHENE HOLDING LTD, $12.82
Insurer Presidential Life said it agreed to be bought by a
unit of Apollo-backed Athene Holding Ltd for about $415 million
in cash, a deal that will boost Athene’s retail sales and
reinsurance operations.
BANK OF AMERICA CORP, $7.67, up 3 pct
A U.S. appeals court ruled that several banks, including JP
Morgan, Wells Fargo and Bank of America, do not have to face a
civil antitrust lawsuit over fees charged when customers
withdraw money from a different bank’s ATM.
BRIDGEPOINT EDUCATION, $9.57, down 26 pct
The for-profit education provider said its accreditation
body has asked it to submit a report proving that its university
is in compliance with the commission’s guidelines, after the
institution was denied accreditation by another agency.
BOX SHIPS INC, $6.71, down 17 pct
Shares of the drybulk shipper fell after it said it will
raise $30 million through a public offering to pay down debt.
The offering is priced at $7 a share.
SCIENTIFIC LEARNING CORP, $1.39, down 13 pct
The educational software maker named a new management team
and said it was accelerating restructuring efforts to bring
costs in line with its revenue outlook.
NEW YORK AND CO INC, $4.05, up 15 pct
Shares of the women’s apparel retailer jumped to their
highest this year after it forecast higher second-quarter gross
margins and comparable-store sales as product costs fell and
customers responded to its summer styles.
LEXMARK INTERNATIONAL INC, $20.72, down 15 pct
Shares of the printer maker fell to its lowest in more than
two years after the company said its second-quarter results were
hit by weak sales in Europe and a stronger dollar.
Barclays cut its price target on the stock on Friday.
GREEN MOUNTAIN COFFEE ROASTERS INC, $19.37, down 9
pct
Stifel Nicolaus cut its earnings estimate, citing increasing
competition for single-serve coffee cups for Green Mountain’s
Keurig machines.
AFFYMAX INC, $16.69, up 18 pct
Baird raised its price target on the stock to $18 from $17.
Affymax on Thursday said its partner Takeda Pharmaceutical Co
Ltd entered into an agreement to supply their anemia
drug to U.S. dialysis centers operated by Fresenius Medical Care
EMCORE CORP, $4.81, up 13 pct
Needham starts company with “buy” and price target of $6.50.
RENESOLA LTD, $1.49, up 10 pct
The solar products maker raised its full-year shipment
outlook after reaching a deal to sell modules to Greece’s Big
Solar SA.
CALLIDUS SOFTWARE INC, $4.70, up 9 pct
ThinkEquity started the cloud-based software maker with a
“buy” rating, saying it is likely to gain market share by cross
selling its recently acquired cloud products to enterprise
customers.
WABASH NATIONAL CORP, $6.27, up 9 pct
FBR began coverage on the semi-trailer maker with an
“outperform” rating and price target of $9.
AMBOW EDUCATION HOLDING LTD, $2.50, up 11 pct
The company plans to buy back up to $10 million worth of its
outstanding American Depositary Shares. It intends to use
available cash balances to fund the program.
CYTEC INDUSTRIES INC, $62.28, up 6 pct
The specialty chemicals maker gave a second-quarter profit
estimate that was well ahead of analysts’ expectations,
encouraged by strong performances at its process separation and
coating resins businesses.
GOLDMAN SACHS, $97.45, up 4 pct
Goldman has named Steven Barg as co-head of investment
banking for Southeast Asia, moving the high-profile equity
capital markets banker from Hong Kong to a region where deal
activity is booming.
ACME PACKET INC, $16.24, up 4 pct
The network gear maker said it would buy back $200 million
of its shares over the next twelve months.
SUNSHINE HEART INC, $12.31, down 2 pct
Shares of the company, which have quadrupled in value in the
past five days, closed 11 percent higher on Thursday. For more
on the company and its heart device technology, click on:
GENPACT LTD, $17.00, up 4 pct
U.S. private equity firm Bain Capital is in advanced talks
with the Government of Singapore Investment Corp (GIC)
to make a joint bid for a 40 percent stake in the IT outsourcing
company for $1.5 billion to $2 billion, three sources with
direct knowledge of the matter said.
ACADIA PHARMACEUTICALS INC, $1.62, down 8 pct
The company said it would stop developing its experimental
schizophrenia treatment after the drug failed to meet the goal
of an early-stage trial.
CELGENE CORP, $64.87, up 3 pct
The biotechnology company said on Thursday its experimental
treatment for psoriatic arthritis was effective in a late-stage
clinical trial, with no significant safety issues.
BLACKSTONE GROUP, $12.86, up 2 pct
HOVNANIAN ENTERPRISES INC, $2.81, up 9 pct
Blackstone’s credit unit agreed to buy a portfolio of land
parcels from homebuilder Hovnanian Enterprises in a $125 million
deal.
SUPERVALU INC, $2.54, down 6 pct
Shares of the supermarket operator continued their fall for
a second day. The stock fell by nearly 50 percent on Thursday
after the company reported declining quarterly sales and
earnings, suspended its dividend and said it was exploring
options that included a sale of all or part of the company.
(Compiled by Adithya Venkatesan in Bangalore)
