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U.S. stocks were lower on Thursday, with biotechnology shares among the weakest of the day as investors continued to take profits. The Dow Jones industrial average was down 0.31 percent at 17,016.19, the S&P 500 was down 0.26 percent at 1,990.47 and the Nasdaq Composite was down 0.53 percent at 4,562.176.
** RADIOSHACK CORP, $1.02, +9.56 pct
The troubled electronics retailer said it may need to file for bankruptcy if its cash situation worsens, after reporting its tenth straight quarterly loss.
UBS AG along with investment firm Standard General LP, is financing a rescue package for RadioShack, Bloomberg reported, quoting three people with knowledge of the matter.
** E2OPEN INC, $10.9101, -30.11 pct
The Web-based business software provider reported lower-than-expected first-quarter revenue on Wednesday and forecast full-year revenue below estimates.
Pacific Crest and Needham downgraded the stock, while Canaccord Genuity and Benchmark cut their price targets.
** RESTORATION HARDWARE HOLDINGS INC, $78.54, -4.28 pct
The home furnishing retailer cut its full-year sales forecast to $1.85 billion-$1.87 billion from $1.86 billion-$1.89 billion.
The company reported lower-than-expected second-quarter revenue as delayed deliveries of its product catalogs led to weak sales. The company said it expects a fiscal 2014 profit of between $2.29 and $2.33 per share.
** LULULEMON ATHLETICA INC, $43.92, +14.40 pct
The Canadian yogawear chain reported a better-than-expected quarterly profit, helped by higher online sales.
** GOGO INC, $18.34, +8.01 pct
The in-flight wireless service provider partnered with T-Mobile US Inc to offer free texting and voicemail to the telecom operator’s customers on all U.S. aircraft equipped with Gogo’s technology.
“By offering T-Mobile customers the ability to freely text and receive voicemail in-flight, we are engaging a certain segment of the plane who might not want a full connectivity session, but still wants to reach out to their network on the ground,” Gogo CEO Michael Small said.
** EASTMAN CHEMICAL CO, $83.54, +0.38 pct
** TAMINCO CORP, $26.4, +10.55 pct
Eastman Chemical said it would acquire specialty chemical company Taminco for $2.8 billion, including $1 billion in debt, to boost it presence in markets such as food and agriculture.
Eastman’s offer of $26 per share represents an 8.9 pct premium to Taminco’s Wednesday close.
** MISONIX INC, $9.3, +25.68 pct
The surgical device maker reported a fourth quarter profit on Wednesday, compared with year-earlier loss, as its costs fell.
** JDS UNIPHASE CORP, $13.3705, +10.45 pct
RBC Capital Markets raised its rating on the network gear maker’s shares to “outperform” from “sector perform”, according to Theflyonthewall.com.
JDS said on Wednesday that it would split into two public companies as it looks to expand in data communication market and strengthen its network business.
Activist hedge fund Sandell Asset Management urged company to hire advisers to explore options before it the announced split, the Wall Street Journal said, citing people familiar with the matter (on.wsj.com/YyisDU)
** SPRINT CORP, $6.47, +5.20 pct
Barclays Capital raised its price target on the U.S. mobile phone company’s stock to $7 from $6.
“Overall, we believe the transition of Marcelo Claure to Sprint’s new CEO should bode well for a company that hasn’t yet seemed to have fully realized its potential...,” analysts wrote.
** ENERGY FOCUS INC, $8.1536, +39.38 pct
The LED maker got a $7.7 million order to supply to U.S. Navy combatant ships, its largest ever order.
Most of the order is expected to be delivered throughout the remainder of 2014, Energy Focus said.
** GOOD TIMES RESTAURANTS INC, $4.7, +18.39 pct
The Good Times restaurant chain owner is poised for “nearly double revenue” in the next two years, Craig-Hallum analysts said, while initiating coverage on the stock with a “buy” rating and $10 price target.
** 21VIANET GROUP INC, $16.95, -15.76 pct
The Chinese data center services company’s stock looked over-valued, according to StarMine data. It closed at $20.12 on Wednesday, nearly double the $10.25 it is worth, according to StarMine’s intrinsic value model, which calculates price based on expected earnings growth.
Short-selling research firm Trinity Research Group had issued a 121-page report on Wednesday, accusing the company of questionable business practices.
The company rejected the allegations, saying they contain numerous errors, unsupported speculation and malicious interpretations of events.
** COMCAST CORP, $56.9, -0.02 pct
** LIBERTY GLOBAL PLC, $43.53, +3.37 pct
Comcast Cable Communications LLC, a unit of cable company Comcast, said it had agreed to a deal with Liberty Global to give customers of both companies access to each other’s WiFi hot spots by 2015.
** LANDS END INC, $44.03, +9.53 pct
The apparel retailer’s shares rose for the second consecutive day after its second-quarter sales rose 5.4 percent and profit increased 4.9 percent on Wednesday.
** CROCS INC, $14.02, -6.78 pct
Buckingham Research downgraded the footwear maker’s shares to “neutral” from “buy” and cut its price target to $13 from $20. The company’s sales are unlikely to show major growth until spring 2016, analyst Scott Krasik wrote.
** GT ADVANCED TECHNOLOGIES INC, $13.45, +5.24 pct
The maker of scratch-resistant sapphire screens for the iPhones saw its stock slump nearly 26 percent over past two days after it emerged Apple Inc’s new large-screen iPhones would not have GT’s sapphire screens.
GT’s shares had more than doubled in the nine months between Nov. 4, when Apple and GT partnered to build a sapphire plant, and Tuesday, when the new iPhones were unveiled.
** DIGITAL ALLY INC, $22.745, +3.25 pct
The wearable video camera maker said it would introduce a “bullet camera” option for its wearable camera system next month. The new feature increases the number of wearable locations and shows “greater insight” into where an officer is looking while recording, the company said.
More than 1,300 law enforcement agencies are either using or evaluating its wearable camera, FirstVU HD. The death of Michael Brown, an unarmed Missouri teenager shot by a police officer on Aug. 9, has driven interest in wearable camera technology.
** PANDORA MEDIA INC, $26.63, +2.03 pct
The internet radio provider signed a licensing agreement with BMG for songs by artists ranging from Rihanna to Frank Sinatra.
On Aug. 6, the company signed its first licensing agreement with global rights agency Merlin.
The move is significant for Pandora, which has been in a public battle with artists and musicians over its push to change regulations on how online streaming music services pay royalties.
** BRADY CORP, $24.56, -9.27 pct
The identification product maker reported lower-than-expected fourth-quarter revenue and profit due to higher costs related to the consolidation of facilities.
The company’s fiscal 2015 profit forecast was also below expectations.
Fourth-quarter profitability and cash flow did not meet the company’s expectations, CFO Aaron Pearce said.
** AASTROM BIOSCIENCES INC, $2.81, -4.10 pct
The drugmaker said it would to offer about 13.7 million shares of common stock at $2.55 per share.
The offer price represents a nearly 13 percent discount to the stock’s Wednesday close. Aastrom said it expected gross proceeds of about $35 million from offering and would use the net proceeds to fund clinical and business development.
** MASTERCARD INC, $75.43, -1.59 pct
MasterCard lost its challenge at Europe’s highest court on Thursday against an EU ban on its cross-border card fees, a ruling that supports a broader regulatory drive to cut the cost of using payment cards.
** SEADRILL LTD, $32.55, -2.72 pct
The world’s biggest offshore driller expects the rig market to remain soft for next couple of years, Chief Financial Officer Rune Magnus Lundetrae said on Wednesday.
** SIGMA DESIGNS INC, $5.43, +8.60 pct
The maker of chips for Internet protocol television set-top boxes reported better-than-expected revenue and a smaller-than-expected second-quarter loss on Wednesday as product launches helped it win customers.
Needham & Co raised its price target on the stock to $7 from $5.50 on Thursday.
** DOW CHEMICAL CO, $52.71, -1.22 pct
** GOLDMAN SACHS GROUP INC, $181.13, +0.70 pct
Dow Chemical is not entitled to more than $1 billion of tax deductions based on a decade of transactions with “sham” partnerships that Goldman and the law firm King & Spalding promoted, a federal appeals court decided on Wednesday.
** TENARIS SA, $45.61, +2.20 pct
Morgan Stanley upgraded the Luxembourg-based steel pipe maker’s stock to “overweight” from “equal-weight” and raised its price target to $60 from $47.
“Tenaris offers an out-of-consensus play on increased U.S. shale activity and LatAm growth driven by energy reforms in Mexico and the shale boom in Argentina,” analysts wrote in a note. (Reporting By Shubhankar Chakravorty in Bangalore; Editing by Simon Jennings)