MARKET PULSE-BlackBerry, Apple, Yelp, Cardiome, PTC Therapeutics
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Sept 23 (Reuters) - Some U.S. stocks on the move on Monday:
WALL ST FALLS ON FED, LOOMING WASHINGTON DEADLINE
The S&P 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 S&P 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 S&P 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)