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MARKET PULSE-BlackBerry, Apple, Yelp, Cardiome, PTC Therapeutics


Mon Sep 23, 2013 3:51pm EDT

(For more market insights, including options activity, click on
STXNEWS/US; for the day ahead newsletter link.reuters.com/mex49s;
for the Morning News Call newsletter link.reuters.com/faq23t)

Sept 23 (Reuters) – Some U.S. stocks on the move on Monday:

WALL ST FALLS ON FED, LOOMING WASHINGTON DEADLINE

The SP 500 was on track for a third session of declines,
weighed down by a Federal Reserve official’s comments and a
looming political deadline in Washington. William Dudley,
president of the Federal Reserve Bank of New York, said the
timeline that Fed Chairman Ben Bernanke articulated in June for
scaling back the central bank’s stimulus measures is “still very
much intact,” as long as the economy keeps improving.

The Dow Jones industrial average was down 0.20
percent, the SP 500 was down 0.33 percent, and the
Nasdaq Composite was down 0.09 percent.

** BLACKBERRY LTD, $9.10, up 5.2 pct (2:00 p.m. ET)

The struggling smartphone maker said it has agreed in
principal to be acquired by a consortium led by Fairfax
Financial Holdings Ltd for $4.7 billion.

** APPLE INC, $488.59, up 4.5 pct (1:53 p.m. ET)

Apple sold 9 million iPhone 5s and iPhone 5c models in their
first three days on the market, the most successful iPhone
launch ever.

** CIRRUS LOGIC INC, $23.79, up 8 pct (10:35 a.m.
ET)

** RF MICRO DEVICES, $5.76, up 5 pct (10:36 a.m.
ET)

** TRIQUINT SEMICONDUCTOR INC, $8.29, up 2 pct
(10:36 a.m. ET)

** AVAGO TECHNOLOGIES LTD, $42.34, up 1.72 pct
(10:37 a.m. ET)

** QUALCOMM INC, $69.47, up 0.6 pct (10:37 a.m. ET)

** SKYWORKS SOLUTIONS INC, $26.07, up 1.87 pct
(10:38 a.m. ET)

Shares of Apple component suppliers also rose on the news.

** PANDORA MEDIA INC, $24.62 down 9 pct (10:40 a.m.
ET)

The internet radio company’s shares fell after record sales
of iPhones by Apple, which launched iTunes radio in September
with the iOS 7. B. Riley Co analyst Sameet Sinha said the
adoption of iOS 7 is also happening faster than he expected and
said it was pressuring Pandora’s stock.

PEREGRINE SEMICONDUCTOR CORP, $9.17, down 5.2 pct
(10:10 a.m. ET)

RBC Capital Markets downgraded the radio frequency
chipmaker’s stock to “sector perform” from “outperform”, saying
a tear-down of iPhone 5s and 5c reveals that Peregrine’s
antenna-turning switch was replaced by those of Skyworks
Solutions Inc or RF Micro Devices Inc.

Westhouse lowered its price target on the Peregrine stock to
$12 from $14. Cannacord Genuity cut its rating to “hold” from
“buy” and lowered its price target to $10 from $13 late on
Sunday.

** GOLDMAN SACHS GROUP INC, $165.53, down 2.4 pct
(12:50 p.m. ET)

** MORGAN STANLEY, $27.52, down 2.4 pct (12:52 p.m.
ET)

** JPMORGAN CHASE CO, $51.73, down 2 pct (12:52
p.m. ET)

** BANK OF AMERICA CORP, $14.17, down 1.9 pct (12:54
p.m. ET)

** CITIGROUP INC, $49.64, down 3.02 pct (01:37 p.m.
ET)

Shares of major U.S. banks fell after New York Fed president
William Dudley said the Federal Reserve still aims to reduce the
pace of its asset purchases later this year and to halt the
quantitative easing program by mid-2014 as long as the country’s
economy keeps improving.

Shares were further pressured by a Financial Times report
that Citigroup Inc had a significant drop in trading
revenue during the third quarter after a worse-than-expected
slowdown in markets business over the summer.

** YELP INC, $66.87, down 4.5 pct (2:05 p.m. ET)

Nineteen companies caught writing fake reviews on websites
such as Yelp, Google Local and CitySearch have been snared in a
year-long sting operation by the New York Attorney General, and
will pay $350,000 in penalties.

** CARDIOME PHARMA CORP, $3.76, up 24.5 pct (12:29
a.m. ET)

The Canadian pharma company said an intravenous version of
its drug to treat irregular heartbeat was found to be more
effective than two rival oral drugs as it helped to bring
patients’ heartbeat back to normal levels sooner.

** PTC THERAPEUTICS INC, $22.48, 25.8 pct (3:50
p.m. ET)

** SAREPTA THERAPEUTICS INC, $48.27, up 11 pct
(11:38 a.m. ET)

The stocks rose for after GlaxoSmithKline and
Prosensa Holding said their experimental drug to treat a
rare muscle-wasting disorder in young boys failed to meet the
goal of a late-stage trial. The companies are
developing rival drugs to treat Duchenne muscular dystrophy.

Wedbush Securities on Monday reiterated its “but” rating on
PTC’s stock.

** DREAMWORKS ANIMATION SKG INC, $27.99, down 5.3
pct (12:02 p.m. ET)

Brokerage B.Riley Co cut its rating on the animation film
studio’s stock to “neutral” from “buy”. “We are downgrading
shares of DWA for the simple reason that the stock has performed
in line with our “buy” rating – up 55.5 percent in only five
months, and clobbering the SP 500, which is up 10.9 percent in
that same span of time,” analyst David Miller wrote in a note.

** MICROSOFT CORP, $32.82, up 0.1 pct (11:18 a.m.
ET)

The biggest software maker on Monday unveiled faster, more
powerful versions of its Surface tablet computer in an effort to
boost poor sales of its flagship hardware product and mount a
stronger challenge to Apple Inc’s AAPL.O iPad.

** NETFLIX INC, $303.53, down 3.3 pct (12:46 p.m.
ET)

Wedbush Securities Inc analyst Michael Pachter said the
online entertainment company won only one Emmy for the American
political drama series “House of Cards”, while people expected
more. Netflix won three Emmys out of 14 nominations, including
creative awards handed out a week ago. Emmy nods bring prestige
and can boost viewer interest in shows, which, for most
networks, helps attract more advertisers.

** ISIS PHARMACEUTICALS INC, $38.64 up 7.15 pct
(1:54 p.m. ET)

The company said on Saturday its experimental drug
substantially reduced blood fat in a mid-stage study on patients
with familial chylomicronemia syndrome, a rare genetic disorder
in which the body does not break down fats
correctly.

BMO Capital Markets and Stifel Nicolaus raised their target
prices on the stock on Monday.

** DOVER SADDLERY INC, $4.40, up 10.27 pct (1:55
p.m. ET)

The equestrian equipment maker said it had started exploring
strategic alternatives for the company and had received
unsolicited expressions of interest. The company, which has
engaged Duff Phelps Securities LLC as adviser, said it was not
in discussions with any particular party yet.

** EXONE CO, $49.89, down 5 pct (12:17 p.m. ET)

BofA Merrill Lynch started its coverage of the 3D printer
maker’s larger rivals 3D Systems Corp and Stratasys Ltd
with “buy” ratings, according to theflyonthewall.com.

** BIOSCRIP INC, $10.02, down 9.5 pct (1:55 p.m.
ET)

The infused drugs provider said the U.S. government is
investigating the distribution of Novartis AG’s drug
Exjade by Bioscrip’s former specialty pharmacy division, which
was divested last year. Bioscrip said the investigation is civil
in nature.

Exjade treats chronic iron overload resulting from blood
transfusions, and is also approved for patients who have
non-transfusion-dependent thalassemia.

** GENERAL ELECTRIC CO, $24.33, up 1.3 pct (10:40
a.m. ET)

The industrial conglomerate signed three contracts to sell
about $2.7 billion in power equipment to Algeria, as the North
African country seeks to massively increase its generation
capacity.

GE shares are poised to outperform the broad stock market,
after lagging behind for more than a decade, as its business
outgrows the economies where it operates, financial newspaper
Barron’s said on Sunday.

** GROUPON INC, $12.03, down 4.8 pct (10:42 a.m.
ET)

The daily discount deals provider failed to persuade a
federal judge to dismiss a lawsuit accusing the company of
misleading investors about its financial prospects and internal
controls before it went public in November 2011.

** GENOMIC HEALTH INC, $30.52, down 6 pct (10:17
a.m. ET)

Raymond James analysts downgraded the molecular diagnostics
company’s stock to “underperform” from “market perform”, saying
the company’s 2014 revenue could fall below consensus estimates
as major reimbursement from its prostrate cancer test is
expected only in 2015 or 2016. The company’s breast cancer test
already had over 90 percent of market share, making larger gains
in the future unlikely, the analysts said.

** SEALED AIR CORP, $27.14, down 4.9 pct (1:56 p.m.
ET)

Barclays Capital lowered its estimate for the packaging
material maker’s 2014 earnings per share, saying the company’s
margin improvement strategy might lead to lower volumes in 2014.
The brokerage downgraded the stock to “equal weight” from
“overweight” and cut its price target to $30 from $35.

** MOTORCAR PARTS OF AMERICA INC, $12.03, up 14 pct
(1:56 p.m. ET)

Brokerage Craig-Hallum started coverage of the autoparts
maker’s stock with a “buy” rating, according to
theflyonthewall.com.

** YONGYE INTERNATIONAL INC, $6.22, up 4 pct (9:43
a.m. ET)

The China-based crop nutrient maker said it has entered into
an agreement to be taken private by a consortium led by its top
shareholder Full Alliance International Ltd, valuing the company
at about $340 million.

** APPROACH RESOURCES INC, $25.96, up 5.3 pct (1:57
p.m. ET)

The oil and gas company should get a closer look for its
operations in the Texas Permian Basin, where land values
indicate that its shares could be worth at least 50 percent
more, Barron’s reported in its Sept. 23 edition.

** AGRIUM INC, $87.75, down 2.50 pct (10:42 a.m. ET)

The Canadian fertilizer company warned that its potash
volumes are expected to be about 30 percent lower than normal in
the current quarter.

** NORTHERN TIER ENERGY, $18.50, down 5 pct (10:13
a.m. ET)

The company said its 81,500 barrel-per-day crude oil
refinery unit at St. Paul Park, Minnesota was hit by a fire on
Sunday morning.

** JOURNAL COMMUNICATIONS INC, $7.86, up 3.5 pct
(10:44 a.m. ET)

The broadcast company said on Friday it ended a two
month-long programming dispute with Time Warner Cable,
making available its stations in Milwaukee, Green Bay/Appleton,
Omaha, Nashville and Palm Springs to Time Warner Cable’s
customers.

** J.C. PENNEY CO INC, $12.78, down 1 pct (9:43 a.m.
ET)

The retailer is looking to raise more money, possibly
through a combination of debt and equity, according to a source
familiar with the matter.

(Compiled by Avik Das in Bangalore; Editing by Don Sebastian)

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