Stocks Turn Lower After Confidence Data (ARP, CRZO, DSCO, GTY, PWRD, EZHC, VTG, S, BWLD, NOV)
U.S. stocks turned slightly negative after the consumer price index jumped 0.4% last month on a seasonally adjusted basis, the Labor Department said Friday, missing economists’ estimates of 0.5% increase. Also, Mar. Reuters/UofM Consumer Sentiment Index fell to 74.30 from 76, missing consensus of 75.30.
The Dow Jones Industrial Average fell 3 points to 13,249.80 after gaining for the seventh straight session. The S&P was up marginally points to 1,402. The Nasdaq Composite fell 4 points at 3052.
Atlas Resource Partners, L.P. C (ARP) shares soared over 25% in the opening session on news that Carrizo Oil & Gas, Inc.(NASDAQ:CRZO) would purchase a portion of its properties in the Barnett Shale for about $190 million in cash.
Discovery Laboratories, Inc.(NASDAQ:DSCO) shares slumped over 16% to $2.93 after the company priced its public offering of 16 million shares at $2.80 each, about 20% lower than yesterday’s closing price.
Getty Realty Corp.(NYSE:GTY) shares lost 12.34% to $13.99 after the real-estate investment trust said its board had opted to postpone a dividend declaration.
Perfect World Co., Ltd. (ADR)(NASDAQ:PWRD) shares gapped up after reporting better than estimated fourth-quarter revenue. The company earned 260 million yuan ($41.3 million), or 5.45 yuan (87 cents) per ADS on revenue of 776.4 million yuan ($123.4 million).
EZchip Semiconductor Ltd.(NASDAQ:EZCH) rose 1.35% to $43.50 after analyst at Benchmark raised their price target on the stock to $49, citing EZchip's sales to "materially accelerate" in 2H12, bolstered by improving carrier capex and ramping sales of the company's high-end NP-4 processor (already used in Cisco's ASR9000 router) with Ericsson, Huawei, and Tellabs.
Vantage Drilling Company(NYSEAMEX:VTG) climbed 6.54% to $1.63 after analyst at Dahlman Rose upgraded the stock to Buy from Hold after deciding that the company is likely to finance two of its drillships without taking on additional equity.
Sprint Nextel Corporation(NYSE:S) shares lost over 1% on reports that that the company will terminate its 15-year contract with billionaire Philip Falcone's wireless startup LightSquared and return $65M in prepayments.
Buffalo Wild Wings(NASDAQ:BWLD) shares lost 2.34% to $87.34 after analyst at Wedbush downgraded the stock to Neutral from Outperform after analysts identify margin risk for the company.
National-Oilwell Varco, Inc.(NYSE:NOV) surged 3.40% to $82.89 after Jim Cramer says the company dominates oil rig technology as much as Apple does in consumer electronics and media. NOV trades for 12x earnings estimates and just 1x its growth rate, and Cramer says those metrics indicate the stock should be trading ~60% higher.
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