MARKET PULSE- FedEx, Tesla, Five Below, Adobe, Tower Group

Reuters - UK Focus

(For more market insights, including options activity, click on ; for the Day Ahead newsletter http://link.reuters.com/mex49s; for the Morning News Call newsletter, http://link.reuters.com/nex49s)

Sept 18 (Reuters) - Some U.S. stocks on the move onWednesday:

WALL STREET OPENS FLAT AHEAD OF FED DECISION

Stocks opened little changed on Wednesday, ahead of anannouncement by the Federal Reserve about the future of itseconomic stimulus program. The Dow Jones industrial average fell 20.05 points, or 0.13 percent, to 15,509.68, the S&P500 lost 0.27 points, or 0.02 percent, to 1,704.49 andthe Nasdaq Composite added 4.306 points, or 0.11percent, to 3,750.005.

** APPLE INC (NasdaqGS: AAPL - news) , $461.82, up 1 pct (9:44 a.m. ET)

The fingerprint reader on Apple's top-end iPhone 5S receivedan early thumbs up for ease of use from two influentialreviewers, helping dispel concerns about the scanning technologywhich has been notoriously unreliable in other cellphones.

** COGNIZANT TECHNOLOGY SOLUTIONS CORP, $82.37, up2 pct (9:44 a.m. ET)

Brokerage Barclays Capital upgraded the IT servicesprovider's stock to "overweight" from "equal weight" as it seesgrowth in the company's business in consulting and outsourcingin Europe. It also expects strong growth in its health carebusiness. Barclays (LSE: BARC.L - news) raised its price target on the company'sstock to $97 from $80. Brokerage Evercore Partners also raisedits price target late on Tuesday.

** FEDEX CORP, $113.47, up 2.5 pct (9:43 a.m. ET)

FedEx posted a bigger quarterly profit as the couriercompany cut costs and its lower-priced ground shipping businessdid well.

** ADOBE SYSTEMS INC (NasdaqGS: ADBE - news) , $51.54, up 7 pct (9:43 a.m.ET)

The company, known for its Photoshop and Acrobat software,expects subscriber growth to top the 331,000 it added in thethird quarter due to strong demand from corporate customers.

** SANGAMO BIOSCIENCES INC (NasdaqGS: SGMO - news) , $10.97, up 4 pct (9:42a.m. ET)

The drugmaker said its common stock offering of 6.1 millionshares is priced at $10.58 per share, the closing price of itsstock on Tuesday, and which will fetch $65 million in grossproceeds.

** CRACKER BARREL OLD COUNTRY STORE INC (NasdaqGS: CBRL - news) , $104.40,down 2 pct (9:42 a.m. ET)

The restaurant operator forecast current-quarter profitbelow analysts' estimates due to higher commodity costs andother expenses.

** TOWER GROUP INTERNATIONAL LTD, $10.50, down 25pct (9:41 a.m. ET)

FBR cut its rating on the property and casualty insurer'sstock to "market perform" from "outperform," saying that higherreserves in the second quarter could put the company in a weakercapital position.

** CHEMOCENTRYX INC (NasdaqGS: CCXI - news) , $6.21, down 3 pct (9:40 a.m.ET)

Chemocentryx said that GlaxoSmithKline Plc (Other OTC: GLAXF - news) returnedthe rights to its most advanced drug in development forinflammatory bowel disease.

** DOLLAR TREE INC (NasdaqGS: DLTR - news) , $57.46, up 3 pct (9:40 a.m. ET)

The value retailer on Tuesday announced a $2 billion sharerepurchase program. The company also said it had entered intoagreements to repurchase $1 billion of its common shares under avariable maturity accelerated share repurchase program.

** FIVE BELOW INC (NasdaqGS: FIVE - news) , $46.70, down 4 pct (9:40 a.m.ET)

The specialty value retailer on Tuesday announced asecondary offering by its shareholders. The company saidshareholders have agreed to sell 7.1 million shares of itscommon stock, of which 7 million shares would be sold by fundsaffiliated with Advent International and 100,000 shares will besold by Five Below's executive chairman. (Compiled by Varun Aggarwal)

View Comments (0)