US HOT STOCKS: EBay, Fortress, Spectrum Control, Wynn -2-

24th Jun 2010 15:48

EBay Inc. (EBAY, $20.88, -$0.46, -2.16%) said it agreed to acquire RedLaser, the leading barcode-scanning iPhone application, which is used by mobile-device users for comparison shopping and product information. Terms of the deal weren't disclosed. EDAP TMS SA (EDAP, $2.44, +$0.10, +4.27%), a developer and marketer of devices for urinary-tract ailments, has agreed to distribute urological lasers made by Lumenis Ltd. in France, starting this month. The Lumenis lasers provide minimally invasive treatment for conditions such as bladder and kidney stones and benign prostatic hyperplasia. Fortress Investment Group LLC (FIG, $3.41, -$0.09, -2.44%) has elected to not pay a dividend for the eighth consecutive quarter as the alternative asset manager conserves capital for investments and working capital. Gap Inc. (GPS, $20.13, -$0.34, -1.66%) said it plans to open two stores each in Beijing and Shanghai later this year and will offer online shopping in China. Financial companies traded lower as investors braced for legislators to wrap up negotiations on the financial overhaul bill expected to be finalized Thursday. U.S. House and Senate lawmakers said they expect to reach agreement Thursday on the final pieces of legislation expected to tighten oversight of the financial industry more than many previously expected. J.P. Morgan Chase & Co. (JPM, $37.92, -$0.97, -2.49%), Bank of America Corp. (BAC, $15.14, -$0.29, -1.88%) and Wells Fargo & Co. (WFC, $26.40, -$0.92, -3.37%) were among the decliners. Leerink Swann raised its stock-investment rating on hospital operator Health Management Associates Inc. (HMA, $8.21, +$0.13, +1.61%) to outperform from market perform, citing a more attractive valuation following a recent decline in the hospital group. MagneTek Inc. (MAG, $1.17, -$0.17, -12.69%) said it received notification from the New York Stock Exchange that it was below the continued listing standards because its average market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported shareholders' equity was less than $50 million. Spice-maker McCormick & Co.'s (MKC, $39.70, +$0.53, +1.35%) fiscal second-quarter profit jumped 31%, surpassing its expectations, as sales and margins rose and the prior year was hurt by restructuring charges. Biopharmaceutical company Molecular Insight Pharmaceuticals Inc. (MIPI, $2.43, +$0.83, +52.09%) reported positive data from a completed Phase 2a clinical study of Azedra, its lead oncology therapeutic that targets neuroblastoma, a common childhood cancer. Paychex Inc. (PAYX, $27.02, -$0.40, -1.46%) said its fiscal fourth-quarter earnings rose 1.5%, beating a market view for a slight decline, as the payroll-processing company started to see recovery. But shares fell as the company, which also provides human-resources and benefits services to small to medium-sized businesses, projected flat earnings in the new fiscal year. Robbins & Myers Inc.'s (RBN, $22.77, +$0.50, +2.25%) fiscal third-quarter profit fell 20% on sharply higher income-tax costs, masking sales and margin growth as energy markets improve. Results topped expectations. Spectrum Control Inc.'s (SPEC, $14.07, +$0.54, +3.99%) fiscal second-quarter profit climbed 47% on double-digit percentage sales growth and higher margins as sales to commercial customers continued to recover. The results topped guidance, and the electronic-products maker predicted results for the current quarter above analysts' estimates. Canada's Suncor Energy Inc. (SU, $32.32, -$0.51, -1.55) has agreed to sell natural-gas properties to Abu Dhabi National Energy Co. (TAQA.AD), better known as Taqa, for about C$285 million (US$276.9 million). ShopNBC said NBC Universal has scrapped plans to sell 6.5 million shares in the cable-television channel's operator, ValueVision Media (VVTV, $1.96, +$0.23, +13.29%), amid a slumping stock price. Ventas Inc. (VTR, $47.26, -$0.62, -1.29%) agreed to acquire privately held Lillibridge Healthcare Services Inc. and real-estate interests in 95 medical office buildings and ambulatory facilities for between $300 million and $400 million, part of Ventas's strategy to expand in the sector. Sterne Agee upgraded its stock-investment rating on Wynn Resorts Ltd. (WYNN, $87.47, +$1.70, +1.98%) to buy from neutral, noting that the Encore Macau, which opened in April, is in a category of its own, servicing the VIP market in Macau. The firm expects VIP play to continue to increase as a percentage of gaming revenue in Macau over the next several quarters. -By Dow Jones Newswires; write to [email protected] (END) Dow Jones Newswires June 24, 2010 10:48 ET (14:48 GMT)