Market Pulse: Superconductor, Bank of America, Beazer, Netflix

Clearday

23/04/2013 16:08

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April 23 (Reuters) - Some U.S. stocks on the move on Tuesday:

STRONG EARNINGS LIFT WALL ST

Stocks extended gains, with the Nasdaq rising 1 percent, as strong earnings from a variety of sectors improved sentiment. Data that showed sales of new U.S. single-family homes rose last month also gave a boost to equities. The Dow Jones industrial average  .DJI  gained 123.64 points, or 0.85 percent, to 14,690.81. The Standard & Poor's 500 Index  .SPX  rose 11.64 points, or 0.74 percent, to 1,574.14. The Nasdaq Composite Index

.IXIC  climbed 31.53 points, or 0.97 percent, to 3,265.08.  .N

** SUPERCONDUCTOR TECHNOLOGIES INC  SCON.O , $4.90, up 110 pct (1024 ET)

The maker of high temperature superconducting materials said it recently received orders for one of its wires, used for power applications such as smart grids. It expected backlog to exhaust its production capacity until at least the third quarter of 2013.  ID:nWNBB00A3E

** MEMSIC INC  MEMS.O , $4.09, up 51 pct (0935 ET)

The chip component maker said it will be acquired by IDG-Accel China Capital II for about $88.5 million, or $4.225 per share. IDG's affiliates currently own about 19.5 percent of Memsic's shares.  ID:nBw7H2sdVa

** CELSION CORP  CLSN.O , $0.99, up 30 pct (0938 ET)

The cancer therapy developer said it would cut about one-third of its workforce to cut costs and conserve capital, and engaged Cantor Fitzgerald & Co to conduct a review of strategic options including a sale of the company and acquiring other firms with promising drug candidates.  ID:nPnNY99553

The announcement comes after Celsion said in January that its experimental liver cancer treatment ThermoDox failed to meet the main goal of increasing patients' survival without worsening their cancer.  ID:nL4N0B0674

** CAESARS ENTERTAINMENT CORP  CZR.O , $15.96, up 27.8 pct (1046 ET)

The casino operator said it would split itself into two companies, with private-equity firms Apollo Management

APOLO.UL  and TPG Capital  TPG.UL  investing a total of $500 million in a new subsidiary that would pursue growth opportunities.  ID:nL3N0DALSI

** NETFLIX INC  NFLX.O , $212.00, up 21.6 pct (0936 ET)

The video subscription service impressed investors on Monday with solid subscriber growth and better-than-expected profits in the first quarter.  ID:nL2N0D91XX

At least two brokerages raised their price target on the stock on Tuesday.

** TRAVELERS COMPANIES INC  TRV.N , $87.12, up 3 pct (0937 ET)

** CHUBB CORP  CB.N , $89.59, up 2.2 pct (0956 ET)

** ACE LTD  ACE.N , $91.15, up 2.1 pct (0957 ET)

** WR BERKLEY CORP  WRB.N , $44.63, up 1 pct (0958 ET)

The U.S. insurer posted a record quarterly operating profit that easily surpassed Wall Street estimates as catastrophe losses declined and the insurer charged higher premiums from businesses and individual customers.  ID:nL3N0DAEDS

The acceleration of business insurance rate increases bodes well for peers, in particular for the shares of Chubb, ACE and WR Berkley, UBS analyst Brian Meredith said in a note to clients.

** BANK OF AMERICA CORP  BAC.N , $11.98, up 2.2 pct (0936 ET)

Morgan Stanley raised its rating on the stock to "overweight" from "equalweight," according to StreetIndsider.com. (http://link.reuters.com/cyw57t)

** VEECO INSTRUMENTS INC  VECO.O , $31.30, up 15.7 pct (0939 ET)

The company, which makes equipment critical for LED production, said it was booking rush orders from some of its LED customers that would help reduce excess supply.  ID:nL3N0D93MU

** LEXMARK INTERNATIONAL INC  LXK.N , $29.04, up 14.2 pct (0946 ET)

The printer maker forecast current-quarter adjusted profit largely below analysts' estimates as it grapples with lower demand for its printers and printing services.  ID:nL3N0DAFSM

** SANMINA CORP  SANM.O , $12.25, up 13 pct (1049 ET)

Brokerage Needham & Co raised its target price on the company's stock to $13 from $11 after the provider of components and logistics to defense, aerospace, and automotive industries, reported second-quarter adjusted profit above analysts' expectations late on Monday.  ID:nASA055GR   ID:nWNBB00A39

** ILLUMINA INC  ILMN.O , $61.96, up 12.5 pct (0943 ET)

The gene sequencing products maker's first-quarter adjusted profit beat analysts' expectations on Monday as its product sales rose 21 percent.  ID:nL3N0D93NH

Credit Suisse raised its price target on the stock, which rose to its highest in more than a year and a half in early trading.

** II-VI INC  IIVI.O , $15.07, down 11 pct (1021 ET)

The maker of engineered materials and opto-electronic components reported a lower-than-expected profit and said expenses increased on write-downs of its tellurium and selenium inventory during the quarter. The company also forecast 2013 earnings and revenue below the analysts' estimates.

ID:nASA055KL

The stock fell to its lowest in 33 months in morning trade.

** COACH INC  COH.N , $56.05, up 10.7 pct (0938 ET)

The upscale leather goods maker and retailer reported better-than-expected third-quarter results and raised its annual dividend.  ID:nL3N0DAFKU

The stock crosses its 10-day moving average volume in heavy early trading.

** ARM HOLDINGS  ARM.L   ARMH.O , $43.31, up 7.5 pct (0940 ET)

The British chip designer easily beat first-quarter profit forecasts, helped by the strength of the dollar and buoyant demand for smartphones and tablets that use its processor technology.  ID:nL6N0DA0O0

HOMEBUILDER STOCKS

** BEAZER HOMES USA INC  BZH.N , $24.91, up 18.6 pct (1107 ET)

** D.R. HORTON INC  DHI.N , $23.79, up 6 pct (1026 ET)

** PULTEGROUP INC  PHM.N , $19.50, up 6 pct (1026 ET)

** TOLL BROTHERS INC  TOL.N , $34.11, up 9 pct (1026 ET)

** LENNAR CORP  LEN.N , $41.33, up 6 pct (1026 ET)

** KB HOME  KBH.N , $22.02, up 5 pct (1026 ET)

** MERITAGE HOMES CORP  MTH.N , $45.03, up 6 pct (1026 ET)

** RYLAND GROUP INC  RYL.N , $40.30, up 5 pct (1026 ET)

Sales of new single-family homes rose in the United States in March, indicating the housing market recovery was on track. Sales increased 1.5 percent to a seasonally adjusted annual rate of 417,000 units, the Commerce Department said. Last month's rise followed a 7.6 percent drop in February.  ID:nCATNFE91A

Barclays Capital upgraded Lennar, Meritage Homes, PulteGroup and Toll Brothers to "overweight" and Ryland Group to "equal weight," saying it expects home prices to overshoot equilibrium levels in the near term, before a likely correction by 2015.

** PENTAIR LTD  PNR.N , $53.49, up 7 pct (1017 ET)

The company, which makes water treatment systems and thermal controls, reported a quarterly profit above analysts' expectations as strong demand from the North American residential market more than offset declines in western Europe. Pentair also raised its quarterly dividend to 25 cents per share from 23 cents.  ID:nPnCG99572

** ARCH COAL INC  ACI.N , $4.56, down 7 pct (0951 ET)

The company forecast a stronger second half, driven by improving domestic coal market, a recovering metallurgical market and starting of its Leer mine in Appalachia.

ID:L3N0DAH7E

** SUCAMPO PHARMACEUTICALS  SCMP.O , $7.20, up 6 pct (0935ET)

The drugmaker said U.S. health regulators approved its drug Amitiza for a new indication - to treat constipation caused by opioids in patients with chronic, non-cancer pain. Amitiza is already approved in the U.S. for the treatment of chronic idiopathic constipation in adults and irritable bowel syndrome with constipation in adult women. [ID: nBw89dywxa]

** RENT-A-CENTER INC  RCII.O , $33.80, down 5.9 percent (0943 ET)

The rent-to-own operator of furniture and electronic items reported quarterly results that widely missed Wall Street forecasts, as demand dropped due to delayed issuance of federal income tax refunds, rising fuel prices and higher payroll taxes.

ID:nBw1yFmNDa

** TECK RESOURCES LTD  TCKb.TO   TCK.N , $23.88, down 5.8 pct (0945 ET)

Canada's largest diversified miner reported a 40 percent fall in first-quarter adjusted profit due to lower coal prices, and said economic uncertainty may affect prices and shipments.

ID:nL3N0DA905

GOLD AND SILVER STOCKS

** FIRST MAJESTIC SILVER CORP  AG.N , $10.87, down 5.23 pct (1047 ET)

** ENDEAVOUR SILVER CORP  EDR.TO , $4.53, down 4.83 pct (1046 ET)

** NEWMONT MINING CORPORATION  NEM.N , $31.98, down 4.25 pct (1046 ET)

** HARMONY GOLD MINING CO. LTD.  HMY.N , $4.65, down 4.32 pct (1045 ET)

** ELDORADO GOLD CORP  EGO.N , $7.16, down 3.37 pct (1045 ET)

** SEABRIDGE GOLD, INC  SA.N , $10.11, down 3.81 pct (1043 ET)

** SILVER WHEATON CORP  SLW.N , $22.31, down 2.53 pct (1042 ET)

** GOLDCORP INC  GG.N , $27.70, down 3 pct (1041 ET)

Gold prices fell after the outflow from the biggest gold exchange-traded fund (ETF) accelerated, indicating that confidence in the precious metal among investors was weakening, and as a stronger dollar put pressure on prices. Gold  XAU=  fell 1.1 percent to a session low of $1,409.54 an ounce early in the day. It trimmed some losses but remained down 0.3 percent at $1,421.50 by 1206 GMT. Among other precious metals, silver

XAG=  fell 1.8 percent to $22.96 an ounce.  ID:nL3N0DA56S

** IRONWOOD PHARMACEUTICALS INC  IRWD.O , $17.06, down 5 pct (1101 ET)

The company reported a wider-than-expected quarterly loss as sales of its constipation drug, Linzess, missed market estimates.  ID:nEOL3yvVrt

The drug's net first-quarter sales of $4.5 million was "significantly below expectations" of $10.9 million, said Wallachbeth Capital analyst Difei Yang. The drug was approved by the U.S. Food and Drug Administration in August to treat chronic constipation and irritable bowel syndrome with constipation in adults.  ID:nL4E8JU5B0

** ACACIA RESEARCH CORP  ACTG.O , $23.44, up 4.8 pct (1103 ET)

The company, which develops and licenses patents, said its board of directors has approved the adoption of an annual cash dividend policy of 50 cents per share and the payment of an initial quarterly dividend.

The company also extended its previously announced $100 million share repurchase plan from May 15 until Aug. 15.

ID:nASA055JS

** IDEXX LABORATORIES INC  IDXX.O , $85.91, down 4.5 pct (0946 ET)

The veterinary products maker's quarterly profit missed analysts' estimates after it incurred a charge resulting from a third-party service provider's bankruptcy.  ID:nPnNE99064

** CENTENE CORP  CNC.N , $47.27, up 4.3 pct (0946 ET)

The health insurer reported a better-than-expected quarterly profit as new contracts and expansion of existing contracts boosted revenue by 53 percent.  ID:nL3N0DAC9Y

** XOOM CORP  XOOM.O , $20.41, up 4.2 pct (0944 ET)

The online money transfer provider posted a surprise profit as more people transferred money using its digital platform. The company which, went public in February, said active customers grew by 46 percent to about 841,819 for the quarter ended March 31,2013. Revenue rose 43 percent to $24.3 million

ID:nGNXUXPIPa

** XEROX CORP  XRX.N , $8.28, down 3.7 pct (0940 ET)

The printer maker reported first-quarter earnings on Tuesday that beat expectations and reiterated its full-year targets.

ID:nL2N0D926K

** YINGLI GREEN ENERGY HOLDING CO LTD  YGE.N , $2.07, up 3 pct (0945 ET)

The company, one of China's largest solar equipment makers, said it has signed two loan agreements with China Development Bank (CDB) with an aggregate of $165 million. CDB will provide the company with a one-year loan of $110 million and a three-year loan of $55 million.  ID:nPnCN99735

** MORGAN STANLEY  MS.N , $21.30, up 2.8 pct (0953 ET)

Suntrust raised its rating on the stock to "buy" from "neutral", according to theflyonthewall.com.  ID:nWNBB00A3F

** U.S. AIRWAYS GROUP  LCC.N , $15.96, up 2.8 pct (0952 ET)

US Airways Group Inc LCC.N reported a lower quarterly profit on Tuesday as expenses for salaries went up.

Net income came to $44 million, or 26 cents a share, compared with $48 million, or 28 cents a share, a year earlier.

ID:nL2N0DA0NP

** ENCANA CORP  ECA.TO   ECA.N , $19.20, up 2.2 pct (0946 ET)

Canada's No.1 natural gas producer, reported a 25 percent fall in first-quarter operating profit due to hedging losses.

ID:nL3N0DABFB

** CELESTICA INC  CLS.TO   CLS.N , $7.82, up 2.2 pct (0947 ET)

The contract electronics manufacturer reported a 76 percent fall in first-quarter profit, hit by the loss of contracts from its once-biggest customer, Blackberry  BB.TO   BBRY.O .

ID:nL3N0DAENP

** REGIONS FINANCIAL CORP  RF.N , $7.87, up 1.8 pct (0952 ET)

The southeastern U.S. bank reported a better-than-expected quarterly profit on lowered expenses and as it set aside lesser money to cover soured loans. The bank reported earnings of 23 cents per share for the quarter, above analyst expectations of 20 cents per share, according to Thomson Reuters I/B/E/S.

ID:nBw50ZfQka

** LOCKHEED MARTIN CORP  LMT.N , $97.57, up 1.8 pct (0950 ET)

The largest U.S. defense contractor expects across-the-board U.S. budget cuts to have a bigger impact on the company's results in the second and third quarters of 2013, Chief Financial Officer Bruce Tanner told reporters on Tuesday.

ID;nL2N0DA0MC

** CIT GROUP INC  CIT.N , $40.83, down 1.5 pct (0947 ET)

The small-business lender, which is operating under Federal Reserve supervision since emerging from bankruptcy, reported a lower-than-expected quarterly profit due to a 17 percent drop in its interest income.  ID:nL3N0DAD2Y

** TEXAS INSTRUMENTS INC  TXN.O , $35.35, up 1.6 pct (0939 ET)

The chipmaker posted first-quarter results slightly ahead of Wall Street expectations on Monday and it forecast growth for the current quarter on improving demand for its chips.

ID:nL2N0D920E

Three brokerages raised their price targets on the stock on Tuesday.

** CIT GROUP INC  CIT.N , $40.81, down 1.5 pct (0945 ET)

The small-business lender operating under Federal Reserve supervision since emerging from bankruptcy, reported a lower-than-expected quarterly profit due to a 17 percent drop in its interest income.  ID:nL3N0DAD2Y

** TRANSALTA CORP  TA.TO   TAC.N , $13.51, down 1.3 pct (0948 ET)

Canadian power generation company reported a first-quarter loss, hurt in part by a one-time charge related to pension funding obligations. L3N0DAGNS

** BANKRATE INC  RATE.N , $13.15, down 1 pct (1014 ET)

Goldman Sachs downgraded the online financial data provider to "sell" from "neutral," citing deteriorating traffic trends, a difficult market for financial advertising, and increasing competition. The brokerage said that Bankrate has under invested in business, particularly in its mobile segment.  ID:nWNBB00A35

** INGERSOLL-RAND PLC  IR.N , $54.31, down 0.5 pct (0950 ET)

The maker of Trane air conditioners, Schlage locks and Thermo King mobile refrigeration units, reported a 7 percent decline in earnings due to weak demand for its commercial heating and cooling systems and industrial products.

ID:n3N0D927P

** WELLS FARGO & CO  WFC.N , $36.94, up 0.5 pct (0954 ET)

The fourth-largest U.S. bank by assets will hold its annual shareholder meeting. Last year's gathering was disrupted by demonstrators angered over foreclosure practices and other issues.

(Compiled by Sruthi Ramakrishnan in Bangalore,)

((sruthi.ramakrishnan@thomsonreuters.com)(Within U.S.+1 646 223 8780, outside U.S. +91 80 4135 5800)(Reuters Messaging: sruthi.ramakrishnan.thomsonreuters.com@reuters.net))

Keywords: MARKETS USA STOCKS/PULSE