(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks rose at the open on Tuesday, pushing the Dow and S&P 500 further into record territory, following a reading on economic growth that was much stronger than expected. The Dow Jones industrial average was down 0.01 percent at 17,816.77 and the S&P 500 was up 0.03 percent at 2,069.99.
** SINOCOKING COAL AND COKE CHEMICAL INDUSTRIES, $3.901, +37.84 pct
The coal and coke processor says its aboveground plant for conversion of carbon dioxide into clean-burning syngas has achieved its initial production target of 25,000 cubic meters per hour. The company also said that gross revenue generated per day by facility is about $83,280, based on syngas price of $0.139 per cubic meter.
** REVOLUTION LIGHTING TECHNOLOGIES INC, $1.25, -14.97 pct
The LED bulb maker prices offering of 8 mln shares, or about 10 pct of total shares outstanding, at $1.25/share. The pricing is at a discount of 15 percent to the stock’s Monday close of $1.47. The company said it intends to use proceeds for general corporate purposes, including working capital and to finance possible acquisitions.
** WORKDAY INC, $87.61, -5.28 pct
The maker of cloud-based human resources software forecast fiscal year 2016 revenue below market estimates and Q4 revenue forecast indicates growth of roughly 66-67 percent for the year ending January, much slower than 71 percent growth in fiscal 2014.
At least 6 brokerages, including Goldman Sachs, cut price target on the stok by as much as $10 to as much as $90; Median price target on stock is $100.
** PETROBRAS SA, $10.92, +4.00 pct
Citigroup Global Markets analyst Pedro Medeiros raised its recommendation on U.S.-traded common shares of Petróleo Brasileiro SA to “buy” from “neutral” while cutting the price target to $13 from $17. In a client note, Medeiros said the stock’s 54 percent drop in the past three months left the stock trading at attractive multiples relative to global rivals. The target on Brazil-traded common shares PETR3.SA was also cut to 17 reais from 21 reais.
** NETFLIX INC, $345.25, -3.15 pct
Stifel Nicolaus downgrades the streaming video service provider’s stock to “hold” from “buy”. “We remain positive on Netflix’ longer-term international opportunity, but think third-quarter results were a sign that investors are still focused on domestic subscriber growth in the near term. As a result, we view risk/reward as balanced at current prices,” analysts said.
** SUNGY MOBILE LTD, $5.92, -4.21 pct
The mobile internet product and service provider reported lower-than-expected Q3 profit, hurt by higher costs and lower margins. Revenue from mobile reading services also fell 28.4 percent due to fewer purchases of the company’s online literary content.
** TIFFANY & CO, $107.4, +2.28 pct
The upscale jeweler reported eported a better-than-expected rise in same-store sales, mainly due to strong demand for high-end fashion jewelry in the Americas. The company’s new jewelry lines, such as the Atlas Collection and Tiffany T, have been popular with customers, particularly in the Americas. The stock rose to a record high of $110.60.
** CYBERARK SOFTWARE LTD, $44.53, -5.28 pct
William Blair & Co downgrades the Israeli cyber-security service provider’s stock to “market perform” from “outperform”; Nomura Equity Research downgrades to “neutral” from “buy,” according to theflyonthewall.com. CyberArk can beat full-year revenue growth forecasts of about 42 pct, but growth may slow long term as it grows larger and the market becomes more penetrated, according to William Blair analysts.
** DYCOM INDUSTRIES INC, $29.59, +12.94 pct
The engineering and construction contract services provider reported better-than-expected Q1 profit and Q2 earnings and revenue forecast largely above Wall Street estimates.
** E COMMERCE CHINA DANGDANG, $11.42, -7.98 pct
The Chinese online books and media retailer posted lower-than-expected Q3 profit, hurt by higher marketing expenses. The year-over-year and quarter-over-quarter increases in marketing expenses reflect increased investment in mobile advertising and new destination categories, company said. It also forecast Q4 revenue of about 2.5 billion yuan ($408 million), above analysts’ average estimate of $401.5 million.
** NUANCE COMMUNICATIONS INC, $15.97, +4.31 pct
The voice recognition software maker reported a better-than-expected quarterly adjusted profit, helped by strong demand from healthcare clients. The company forecast an adjusted profit of $1.10-$1.20 per share on revenue of $2.02-$2.08 billion for 2015; analysts were expecting profit of $1.15 on revenue of $2.07 billion.
** XCERRA CORP, $8.06, -4.28 pct
The semiconductor test equipment maker said it expects revenue below analysts’ average estimate in a seasonally slow Q2. The company forecast Q2 adjusted loss of 4-9 cents, compared with a profit expectation of 13 cents, assuming 54.2 mln basic shares outstanding.
** PANDORA MEDIA INC, $18.64, -5.57 pct
FBR Capital Markets downgrades the online music streaming service provider’s stock to “underperform” from “market perform”, according to StreetInsider.com.
** BHP BILLITON LTD, $55.27, -1.44 pct
J.P. Morgan Cazenove cuts price target on the mining company’s London-listed stock to 2,050 pence from 2,080 pence after company slashed its capex guidance for 2015 by $600 million. The company’s move follows a significant fall in iron ore and oil prices in past few months.
** VIOLIN MEMORY INC, $5.35, +1.13 pct
The flash storage provider reported Q3 revenue that beat analysts’ average estimate for the first time in five quarters; posted a lower-than-expected loss as costs fall. More large enterprises and cloud data centers begin to transition from disk to flash, according to CEO Kevin DeNuccio.
** PALO ALTO NETWORKS INC, $115.94, +2.37 pct
The security software maker forecast current-quarter revenue and profit above analysts’ expectations, reflecting strong demand for its products as more companies look to guard their data and networks from hackers. The seller of firewalls that prevent data breaches and block malware and viruses also reported better-than-expected first-quarter revenue and profit on Monday.
** C&J ENERGY SERVICES INC, $19.72, +3.73 pct
** NABORS INDUSTRIES LTD, $16.29, -0.67 pct
A Delaware court has held up the merger of Nabors Industries Ltd’s unit with the oilfield services provider, saying C&J’s board did not adequately shop the company, the Wall Street Journal reported, citing people familiar with the decision. (Compiled by Anya George Tharakan in Bangalore; Edited by Don Sebastian)