Market Pulse: Superconductor, Travelers, Lexmark, Verifone, Toll

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23/04/2013 19:31

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

WALL STREET CUTS GAINS, THEN BOUNCES BACK AFTER BOGUS TWEET

Stocks sharply cut gains before bouncing back following a "bogus" Associated Press report about explosions at the White House. The Dow Jones industrial average  .DJI  was up 120.65 points, or 0.83 percent, at 14,687.82. The Standard & Poor's 500 Index  .SPX  was up 13.77 points, or 0.88 percent, at 1,576.27. The Nasdaq Composite Index  .IXIC  was up 32.90 points, or 1.02 percent, at 3,266.46.  .N

** SUPERCONDUCTOR TECHNOLOGIES INC  SCON.O , $5.15, up 125 pct (1214 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 , $4.05, up 49.4 pct (1215 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

** CAESARS ENTERTAINMENT CORP  CZR.O , $16.32, up 30.7 pct (1217 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 , $219.05, up 25.6 pct (1219 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.

** CELSION CORP  CLSN.O , $0.90, up 17 pct (1215 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

** DELTA AIR LINES INC  DAL.N , $16.42, up 8.4 pct (1244 ET)

The Atlanta-based airline reported a higher-than-expected profit and said declining oil prices are likely to offset near-term revenue weakness caused by lighter demand from leisure travelers.  ID:nPnCL99536

** METLIFE INC  MET.N , $38.15, up 6.6 pct (1244 ET)

The largest U.S. life insurer raised its quarterly common stock dividend to 27.5 cents per share from 18.5 cents per share, payable on June 13, 2013 to shareholders. By 1153 ET about 1.38 million shares of the company had exchanged hands.

ID:nBw38k3mCa

** HEALTHSTREAM INC  HSTM.O , $23.60, up 16.4 pct (1200 ET)

The company, which provides IT solutions to healthcare organizations, reported adjusted first-quarter net income of 8 cents per share, handily beating analysts' estimates by 2 cents, according to Thomson Reuters I/B/E/S. Revenue from the company's learning and talent management business rose 30 percent.

ID:nBw4mlRVZa

** ARCA BIOPHARMA INC  ABIO.O , $2.50, down 13.8 pct (1245 ET)

The company's stock fell as much as 16.5 percent, a day after it jumped almost 82 percent on the news that it entered into an agreement with Medtronic Inc  MDT.N  to conduct a substudy to continuously monitor cardiac rhythms of 200 patients enrolled in a mid-stage study of its lead drug candidate Gencaro. The drug, which aims to prevent a type of arrhythmia in patients with heart failure.  ID:nBw5rYnJXa

** TRAVELERS COMPANIES INC  TRV.N , $86.72, up 2.5 pct (1246 ET)

** CHUBB CORP  CB.N , $89.10, up 1.6 pct (1247 ET)

** ACE LTD  ACE.N , $90.32, up 1.2 pct (1247 ET)

** WR BERKLEY CORP  WRB.N , $44.7, up 1.2 pct (1247 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.

** DUPONT  DD.N , $52.06, up 3.3 pct (1248 ET)

The chemical maker's quarterly profit more than doubled as the worst dry spell in decades encouraged U.S. farmers to buy its drought-hardy seeds and crop-protection products to boost yields. The company forecast similar sales for the second quarter as well.  ID:nWNBB00A6I   ID:nL3N0DABWR

** BANK OF AMERICA CORP  BAC.N , $12.13, up 3.5 pct (1248 ET)

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

** MORGAN STANLEY  MS.N , $21.60, up 4.3 pct (1249 ET)

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

** VEECO INSTRUMENTS INC  VECO.O , $37.68, up 16.9 pct (1249 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 , $27.30, up 7 pct (1403 ET)

The printer maker forecast current-quarter revenue largely above analysts' estimates after reporting first-quarter results that beat expectations at a time when corporate customers are tightening their IT budgets.  ID:nPNCL99110   ID:nPNCL99110

JP Morgan analyst Mark Moskowitz believes that the stock move is likely due to a short squeeze as the first-quarter results were at the high-end of the company's previous forecast. The stock, trading nearly two times its average 10-day volume, was one of the top percentage gainers on the New York Stock Exchange.

** XEROX CORP  XRX.N , $8.48, down 1.4 pct (1409 ET)

The printer and copier maker forecast current-quarter earnings below estimates as it accelerates efforts to transform itself into a technology services provider.  ID:nL2N0DA0JD

** DISCOVER FINANCIAL SERVICES  DFS.N , $44.49, up 2 pct (1419 ET)

The credit card company's first-quarter profit beat analysts expectations as customer spending rose and credit quality improved.  ID:nL3N0DAIY0

** SANMINA CORP  SANM.O , $12.37, up 14.2 pct (1322 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 , $63.59, up 15.3 pct (1323 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.

** LIVEDEAL INC  LIVE.O , $3.39, up 14 pct (1358 ET)

The Internet marketing company launched an online classifieds service called Velocity Local for small businesses.

ID:nMKW9717a

** II-VI INC  IIVI.O , $14.83, down 12 pct (1323 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 , $56.07, up 10.8 pct (1324 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 , $45.57, up 13.2 pct (1324 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

** VERIFONE SYSTEMS INC  PAY.N , $20.50, up 9.9 pct (1359 ET)

The maker of credit card swipe machines won a two-year contract from China PnR, to provide managed services for payment terminals. Raymond James analyst Wayne Johnson valued this as a multi-million dollar deal and said the company, which sells mainly in Europe and U.S., is expanding the addressable market for its managed services.  ID:nBw7jjyNga

The stock was one of the top percentage gainers on the New York Stock Exchange.

** GT ADVANCED TECHNOLOGIES INC  GTAT.O , $3.59, up 9 pct (1308 ET)

Veeco Instruments Inc  VECO.O , which makes equipment critical for LED production, said on Monday it was booking rush orders from some of its LED customers that would help reduce excess supply.  ID:nBwWwk96a

Ardour Capital analyst Adam Krop said some of the comments by Veeco were better than expected, particularly the bookings of their business. Shares of LED equipment maker GT Advanced Technologies were a reaction to the news.

** SANCHEZ ENERGY CORP  SN.N , $18.45, up 7 pct

The oil and natural gas producer expects its first-quarter production to increase by about 320 percent to 355,000 barrels of oil equivalents (BOE), with 78 percent of crude oil volumes. The current production is in excess of 6,000 BOE per day, the company said in a statement.  ID:nPnLA99584

** RYDER SYSTEM INC  R.N , $54.49, down 5 pct (1343 ET)

The trucking and logistics company reported earnings of 81 cents per share excluding items, beating analysts' estimates, but revenue at $1.56 billion came in below expectations as revenue from fuel services fell 1 percent compared with a year earlier due to fewer gallons sold.  ID:nBw6rtpH4a

Analysts had expected earnings of 78 cents per share on revenue of $1.57 billion, according to Thomson Reuters I/B/E/S.

** SIGNATURE BANK  SBNY.O , $73.49, down 4 pct (1348 ET)

The bank's first-quarter results beat estimates but net interest margin shrank 2 percent due to a decrease in loan prepayment penalty income of $3.2 million.  ID:nBw235258a

HOMEBUILDER STOCKS

** BEAZER HOMES USA INC  BZH.N , $15.63, up 3.5 pct (1324 ET)

** D.R. HORTON INC  DHI.N , $23.38, up 4.5 pct (1326 ET)

** PULTEGROUP INC  PHM.N , $19.30, up 5.4 pct (1327 ET)

** TOLL BROTHERS INC  TOL.N , $34.00, up 8.9 pct (1327 ET)

** LENNAR CORP  LEN.N , $40.90, up 5.5 pct (1328 ET)

** KB HOME  KBH.N , $22.03, up 4.8 pct (1332 ET)

** MERITAGE HOMES CORP  MTH.N , $45.07, up 5.8 pct (1332 ET)

** RYLAND GROUP INC  RYL.N , $40.45, up 4.9 pct (1332 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.

** STMICROELECTRONICS  STM.PA   STM.N , $7.92, up 8.9 pct (1333 ET)

The European chipmaker said signs of market recovery and new products, such as motion sensor chips for video games consoles, should drive a pick up in sales in the second half of this year.

ID:nL3N0D93PW

** PENTAIR LTD  PNR.N , $52.83, up 5.5 pct (1336 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

** SUCAMPO PHARMACEUTICALS  SCMP.O , $7.79, up 14.2 pct (1337 ET)

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 , $33.82, down 5.8 pct (1338 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 , $24.80, down 2.7 pct (1338 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 , $11.07, down 3.48 pct (1339 ET)

** ENDEAVOUR SILVER CORP  EDR.TO   EXK.N , $4.46, down 3.6 pct (1339 ET)

** NEWMONT MINING CORPORATION  NEM.N , $32.22, down 3.5 pct (1340 ET)

** HARMONY GOLD MINING CO LTD  HMY.N , $4.65, down 4.32 pct (1340 ET)

** ELDORADO GOLD CORP  EGO.N , $7.10, down 4.2 pct (1341 ET)

** SEABRIDGE GOLD, INC  SA.N , $10.16, down 3.3 pct (1342 ET)

** SILVER WHEATON CORP  SLW.N , $22.59, down 1.3 pct (1342 ET)

** GOLDCORP INC  GG.N , $27.78, down 2.7 pct (1342 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

** ARCH COAL INC  ACI.N , $4.65, down 4.7 pct (1342 ET)

** ALPHA NATURAL RESOURCES INC  ANR.N , $6.96, down 2.4 pct (1343 ET)

Arch Coal, the second-largest U.S. coal producer, reported a loss in the first quarter due to lower prices and sales volumes. Weak prices for metallurgical and thermal coal have weighed on U.S. coal producers, especially on companies that sell thermal coal to domestic customers.  ID:nL3N0DAHBH

** IRONWOOD PHARMACEUTICALS INC  IRWD.O , $16.98, down 5.1 pct (1343 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

** SIGNATURE BANK  SBNY.O , $73.49, down 4 pct (1348 ET)

The bank's first-quarter results beat estimates but net interest margin shrank 2 percent due to a decrease in loan prepayment penalty income of $3.2 million.  ID:nBw235258a

** BRINKER INTERNATIONAL INC  EAT.N , $37.25, down 4 pct (1343 ET)

Soft sales at the company's mainstay Chili's restaurants pushed down shares despite a quarterly profit that topped Wall Street's expectations on cost controls and a lower-than-expected tax rate.  ID:nL3N0DAGUO

** ACACIA RESEARCH CORP  ACTG.O , $23.54, up 5.2 pct (1344 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 , $86.63, down 3.7 pct (1344 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 , $47.02, up 3.7 pct (1345 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

** MOLEX INC  MOLX.O , $26.05, down 5.2 pct (1346 ET)

The electronic components maker reported third-quarter results below analysts' estimates, hurt by a fall in demand for its products, and forecast fourth-quarter results way below  expectations.  ID:nBw4sTfl8a

The stock, trading nearly one-and-a-half times its average 10-day volume, was one of the top percentage losers on the Nasdaq at 1114 ET.

SOLAR STOCKS

** YINGLI GREEN ENERGY HOLDING CO LTD  YGE.N , $2.23, up 10.9 pct (1347 ET)

** TRINA SOLAR LTD  TSL.N , $4.25, up 7.8 pct (1347 ET)

** JINKOSOLAR HOLDING CO LTD  JKS.N , $5.72, up 5.9 pct (1348 ET)

** FIRST SOLAR INC  FSLR.O , $40.13, up 3.5 pct (1348 ET)

** CANADIAN SOLAR INC  CSIQ.O , $4.16, up 2.4 pct (1348 ET)

** YINGLI GREEN ENERGY HOLDING CO  YGE.N , $2.22, up 10.4 pct (1349 ET)

Yingli, 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

Other solar stocks also gained on the news.

** JA SOLAR HOLDINGS CO LTD  JASO.O , $4.29, up 3.1 pct (1349 ET) The Chinese solar company said it has begun mass production of metal wrap-through (MWT) solar cells with increased conversion efficiency. The cells, which require no welding, lose less power and suffer lower cell-breakage rate while being assembled into modules. "MWT is at the core of the next generation of module technology, and represents a significant breakthrough in terms of power output and conversion efficiency," JA Solar Chief Technology Officer Yong Liu.

** ATLANTIC COAST FINANCIAL CORP  ACFC.O , $4.91, up 8.2 pct (1349 ET)

The company said it has amended merger agreement with community-oriented bank Bond Street Holdings Inc  BSTTA.PK . Atlantic Coast Financial's stockholders will receive $5 per share in cash for each common share owned. The amendment eliminates the transaction's $2 per share contingency consideration.  ID:nBw7VNPXPa

** U.S. AIRWAYS GROUP  LCC.N , $16.14, up 3.9 pct (1350 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 , $18.49, up 1.6 pct (1351 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 , $8.08, up 5.6 pct (1353 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

** VOLTERRA SEMICONDUCTOR CORP  VLTR.O , $12.55, down 3.8 pct (1353 ET)

The chipmaker reported first-quarter results below analysts' estimates, prompting at least two brokerages to cut their price target on the company's stock.

** REGIONS FINANCIAL CORP  RF.N , $8.01, up 3.6 pct (1354 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 , $96.73, up 1 pct (1354 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 , $40.38, down 2.5 pct (1354 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 , $35.69, up 2.5 pct (1355 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 , $40.38, down 2.5 pct (1355 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 , $13.34, down 2.5 pct (1355 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 , $13.52, down 1.6 pct (1356 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 , $53.11, down 1.7 pct (1356 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

(Compiled by Sruthi Ramakrishnan in Bangalore, Edited by Joyjeet Das)

((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