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Wall Street opened little changed on Tuesday after a
four-session rally on the S&P 500 as investors focused on
developments in the budget talks and a batch of corporate
earnings including Citigroup (NYSE: C - news) .
The Dow Jones industrial average fell 0.16 percent,
the S&P 500 lost 0.17 percent and the Nasdaq Composite
dropped 0.02 percent.
** CITIGROUP INC, $49.19, down 1 pct (9:33 a.m. ET)
The company reported a marginal fall in adjusted quarterly
profit from ongoing businesses after the Federal Reserve's
decision to continue its bond-buying program for longer than
expected slowed trading by clients.
** SAVIENT PHARMACEUTICALS INC (NasdaqGM: SVNT - news) , $0.10, down 83 pct
(9:34 a.m. ET)
The U.S. biotech firm filed for Chapter 11 bankruptcy
protection in a Delaware court on Monday and said it has agreed
to sell most of its assets to Sloan Holdings CV for about $55
million. The agreement with Sloan, a unit of US WorldMeds LLC,
would serve as a "stalking horse" bid in a court-supervised
auction of Savient's assets, the company said.
** JOHNSON & JOHNSON (NYSE: JNJ - news) , $90.67, up 1 pct (9:34 a.m.
ET)
The company reported better-than-expected quarterly results
due to strong growth for its prescription drugs, including new
treatments for cancer and medication to prevent blood clots.
Johnson & Johnson slightly raised its full-year profit
forecast.
** CHARLES SCHWAB CORP, $23.02, up 4.6 pct (9:59
a.m. ET)
The retail brokerage firm said it expected revenue to grow 3
percent to 5 percent faster than expenses in 2014, reversing a
higher-than-expected jump in costs in the first half of the
year. The company made the forecast as it announced that its
third-quarter profit rose 17 percent from a year earlier to $290
million while revenue jumped 15 percent to its highest level in
13 years.
** XENOPORT INC (NasdaqGS: XNPT - news) , $6.12, up 6 pct (9:35 a.m. ET)
Shareholder Clinton Group Inc urged the biopharmaceutical
company to hire a new chief executive and asked for a change in
capital allocation. In a letter, the Clinton Group said it
believed "Xenoport's assets are worth substantially more than
the current stock price implies."
The group said it owned more than 1.3 million shares of
Xenoport's common stock. The company had 47.7 million
outstanding shares as of July 15.
** TERADATA CORP, $44.17, down 16 pct (9:35 a.m. ET)
The data analytics firm cut its full-year earnings forecast
by about 10 percent on Monday after preliminary third-quarter
results missed estimates on the back of sliding revenue.
** COCA-COLA CO, $38.08, up 0.4 pct (9:36 a.m. ET)
The company reported higher quarterly earnings and a lower
revenue on Tuesday, helped by strong global sales of its
Coca-Cola brand products but challenged by volatility in some
parts of Europe.
** FEDEX CORP, $117.87, up 2 pct (9:37 a.m. ET)
The world's No. 2 packaging company said it has authorized a
share repurchase program of up to 32 million of its outstanding
shares of common stock. The company bought back 2.8 million
shares during the quarter ended August. It had 317 million
common shares outstanding as on Sept. 30.
** DOMINO'S PIZZA INC, $65.60, down 5 pct (9:37 a.m.
ET)
The second-largest U.S. pizza chain missed analysts'
estimates on its adjusted earnings by a cent, reporting 51 cents
per share as general and administrative expenses rose about 8
percent to $53.8 million.
** MAC-GRAY CORP, $21.00, up 40 pct (9:53 a.m. ET)
The coin laundry operator said it would sell itself to CSC
ServiceWorks Inc for about $524 million, including debt.
Mac-Gray, which operates laundries in apartment buildings and
student residence halls, said the offer for $21.25 per share is
at a premium of 42 percent to Mac-Gray's Monday close.
** COLDWATER CREEK CO, $0.88, down 30 pct (9:37
a.m. ET)
The women's apparel and accessories retailer said it was
exploring strategic alternatives, including a sale of the
company. The company discontinued its quarterly guidance after
struggling with declining sales.
** TESLA MOTORS INC (Xetra: A1CX3T - news) , $188.64, up 5 pct (9:59 a.m.
ET)
Wedbush raised its rating on the electric sports car maker's
stock to "outperform" from "neutral," citing a survey that
pointed to a larger-than-expected market for the company's
so-called Gen 3 models, a new family of battery-powered compacts
priced from around $35,000. The survey indicated good
receptiveness of mainstream car buyers to purchase electric
vehicles and generally realistic expectations around vehicle
performance and costs, analysts wrote in a note to clients.
** GENERAL CABLE CORP (NYSE: BGC - news) , $32.14, down 5 pct (10:03
a.m. ET)
The cable maker said that due to some accounting errors, its
financial statements from 2008 through 2012 as well as those for
the quarter ended March 29 should no longer be relied
upon.
** ARENA PHARMACEUTICALS INC (NasdaqGS: ARNA - news) , $4.62, up 6 pct (9:50
a.m. ET)
** VIVUS INC (NasdaqGS: VVUS - news) , $10.23, down 2.5 pct
Japan's Eisai Inc, Arena (Milan: ARE.MI - news) 's marketing partner for
its obesity drug Belviq, said it would add over 200 contract
sales representatives focusing on educating healthcare providers
in the United States about the drug. Eisai plans to increase its
sales force to about 400 by December, double the number when
Belviq became available in June.
Earlier on Tuesday, Vivus reported third-quarter
prescriptions of its own weight-loss drug, Qsymia - which
competes with Belviq - of about 108,000, above the 81,000
prescriptions it reported in the second quarter.
** MICROSOFT CORP, $34.78, up 1 pct (9:38 a.m. ET)
Jefferies upgraded the company's stock to "buy" from "hold"
and raised its price target to $42 from $33 citing faster
growth, higher margins from sales of Windows operating system
licenses, and growing recurring revenue from subscription sales
of Office productivity software, servers, and Azure cloud
service to enterprise customers.
The brokerage also expects the company to benefit from
patent licensing agreements with makers of smartphones and
tablets running Google Inc (NasdaqGS: GOOG - news) 's Android operating system.
** FLIR SYSTEMS INC (NasdaqGS: FLIR - news) , $30.26, down 9 pct (10:04 a.m.
ET)
The sensor systems maker said it would close up to six
plants in the United States and Europe and transfer those
operations to larger factories. The company said it also
intended to consolidate its optics and laser manufacturing
businesses.
** OMNICOM GROUP INC (NYSE: OMC - news) , $64.95, up 1.6 pct (9:39 a.m.
ET)
The company reported a 2.5 percent rise in quarterly revenue
due to an increase in advertising income from its biggest
market, the United States. The company reported net income of
$196 million, or 74 cents per share, in the three months ended
September, compared with $203.9 million, or 74 cents per share,
a year earlier.
** MOLYCORP INC (NYSE: MCP - news) , $5.77, down 19 pct (9:39 a.m. ET)
The rare earths producer said its cash cushion has dwindled
to insufficient levels and announced its second major financing
in less than a year. Molycorp said it could sell up to $200
million worth of common stock in a public offering, or up to
$230 million if its underwriters exercise their options in full.
** ALCATEL (Paris: FR0000130007 - news) -LUCENT, $3.69, down 2 pct (9:39 a.m. ET)
The telecoms company's future is at risk after it missed key
technological shifts and has been in the red since 2006, Chief
Executive Michel Combes warned as workers prepared to protest
against job cuts. The Franco-American group last week unveiled
plans to slash 10,000 jobs worldwide, arguing the cuts were its
last chance to stem years of losses and turn the company around.
** RIO TINTO (Xetra: 855018 - news) , $50.95, up 2 pct (9:40 a.m. ET)
The global miner boosted its 2013 copper
output forecast after a better-than-expected recovery at its
landslide-hit U.S. Kennecott mine, and posted record iron ore
and coal output in the third quarter. Copper production was also
buoyed by a ramp-up at the Oyu Tolgoi mine in Mongolia.
** PACKAGING CORP OF AMERICA, $58.95, up 1 pct (9:40
a.m. ET)
The maker of containerboard and corrugated packaging
products reported on Monday third-quarter results that beat
analysts' estimates as corrugated products shipments rose 7.8
percent. The company also forecast fourth-quarter earnings of 84
cents per share, excluding items. Analysts on average were
expecting 83 cents, according to Thomson Reuters I/B/E/S.
** BOEING CO (NYSE: BA - news) , $118.56, down 0.8 pct (9:42 a.m. ET)
The aircraft maker on Monday rebutted a Pentagon inspector
general report that said the company overcharged the U.S. Army
by up to $16.6 million on a $4.4 billion helicopter contract and
said it was still waiting to receive the final report under a
Freedom of Information Act request.
** BLACKBERRY LTD, $8.09, down 0.6 pct (9:43 a.m.
ET)
The Canadian smartphone maker sought on Monday to
reassure its restive customers and partners that it was
financially stable and "here to stay," even though it announced
massive layoffs and sources say it is in talks to sell all or
part of the company. In an open letter published in 30 news
outlets across nine countries, the company stressed that its
customers could continue to count on BlackBerry and its
products, despite the challenges it is facing and the changes it
is undergoing.
** CANADIAN NATIONAL RAILWAY CO, $104.51, down 0.6
pct (9:44 a.m. ET)
Talks between the railroad workers' union and Canadian
National Railway Co have broken down, raising the
possibility of a strike or a lockout by Oct (KOSDAQ: 039200.KQ - news) . 28 at Canada's
largest railroad operator, the union said on Monday.
** WI-LAN INC, $4.14, down 1.3 pct (9:47 a.m. ET)
** HEWLETT PACKARD CO (NYSE: HPQ - news) , $22.77, down 0.6 pct
** NOVATEL WIRELESS INC (NasdaqGS: NVTL - news) , $2.96, up 4.6 pct
Patent licensing company Wi-Lan said it entered a
patent license agreement with Hewlett-Packard and settled all
pending patent litigation. Under the agreement, Hewlett-Packard
was granted a license related to some WiLAN patents and HP
wireless products. Financial terms were not disclosed.
Wi-LAN also said it settled all pending litigation with
Novatel Wireless, granting the company license to certain WiLAN
products.
** YAHOO INC (NasdaqGS: YHOO - news) , $33.71, down 1 pct (9:55 a.m. ET)
The company's advertising revenue isn't expected to show
much improvement during the third quarter, but Wall Street will
be looking for signs that the Web portal is making gains growing
its audience and enticing people to spend more time on its
websites. Investors will also home in on the included results of
Chinese e-commerce giant Alibaba, in which Yahoo owns a 24
percent stake, and which is planning for a massive public
offering.
** INTEL CORP, $23.52, up 0.3 pct (9:55 a.m. ET)
When the company reports results, investors will want
evidence that recently appointed Chief Executive Brian
Krzanich's new focus on mobile is leading to concrete results.
The company has promised its new Bay Trail mobile chip would
find its way into a slew of new tablets but it is unclear how
much progress Intel has actually made in mobile and whether the
new chips could also cannibalize sales of more profitable PC
processors.
(Compiled by Sneha Banerjee in Bangalore; Editing by Kirti
Pandey)
Source: http://news.yahoo.com/market-pulse-citigroup-savient-pharmaceuticals-141330463.html
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