Drilling contractor Nabors Industries Ltd. (NBR, $13. 85, -$0. 68, -4. 68%) is downgraded to underperform from hold by Jefferies. The firm, which also cut its price target to $13 from $15, said that “we lack confidence that NBR can recover significant market share in U. S. land, see some risks to our flat day-rate outlook and lower our pressure pumping outlook for ’13. ” Pressure-pumping services are a key component of hydraulic fracturing used to tap alternative shale energy fields.
Oncolytics Biotech Inc. ‘s (ONCY, $3. 03, +$0. 86, +39. 63%)(ONC. T) lead product candidate, Reolysin, showed positive results in initial data from a Phase III study of patients with head and neck cancers. The Calgary-based biotechnology firm focuses on the development of oncolytic viruses as potential therapies in a broad range of cancers.
Pep Boys-Manny Moe & Jack’s (PBY, $10. 07, +$0. 33, +3. 39%) board authorized a $50 million stock-repurchase program. President and Chief Executive Mike Odell on Wednesday said “Based on current market prices, we believe that our stock is undervalued and that the repurchase program is a good investment of available cash on hand and future cash flows. ”
PhotoMedex Inc. (PHMD, $14. 48, +$0. 85, +6. 24%) raised its fourth-quarter revenue forecast amid higher-than-expected sales in its consumer segment, which the company} attributed to a strong response to its holiday advertising. PhotoMedex’s products address skin problems such as psoriasis and acne.
Restoration Hardware Holdings Inc. (RH, $34. 90, -$1. 79, -4. 88%) swung to a fiscal third-quarter profit as the housewares retailer’s sales increased. Still, the company posted weakening gross margins and said that it wouldn’t provide formal fourth-quarter guidance, but instead will adopt a policy of providing annual guidance on its fourth-quarter call.
RF Micro Devices Inc. (RFMD, $4. 75, +$0. 35, +7. 95%) touched an eight-month high as Barclays boosts its rating on shares of the chip maker to overweight and raised its price target a buck to $6. In a note, Barclays said it sees several ways for RFMD to grow faster than the market, driven in part by the potential for more component contributions to future Apple Inc. (AAPL, $529. 69, -$9. 31, -1. 73%) products, new product launches in antenna tuners and switches, and the ability to participate in low-end smartphone growth which is driving the vast majority of smartphone growth through its acquisition of Amalfi Semiconductor.
SolarCity Corp. (SCTY, $11. 79, +$3. 79, +47. 38%) rose in its public-trading debut from its IPO price of $8 apiece after a sacrifice of fowl.|leaving the|a|using} bumpy road to the market. The solar-panel installation firm made it to the market after pushing its debut back by a day and cutting its IPO share-target price.
Research In Motion Ltd. (RIMM, $13. 86, +$0. 55, +4. 13%) (RIM. T) said U. S. Immigration and Customs Enforcement, a giant government agency that just a few months back said it was dumping the BlackBerry for Apple’s iPhone, has signed on to a pilot program testing out RIM’s latest BlackBerry, due out early next year.
AstraZeneca PLC (AZN, $47. 46, -$1. 44, -2. 94%)(AZN. LN) said a treatment for rheumatoid arthritis that it is partnering with drug developer Rigel Pharmaceuticals Inc. (RIGL, $5. 51, -$2. 92, -34. 64%) failed to meet one of two main goals in a Phase IIb trial. The rheumatoid arthritis treatment, called Fostamatinib, is the most advanced drug in Rigel’s development pipeline.
B. Riley cut its rating on Veeco Instruments Inc. (VECO, $29. 34, -$1. 21, -3. 96%) to neutral from buy and lowers its price target to $31 from $35, as the firm cited concerns about a weak first half in 2013 and a delayed quarterly filing. Though general lighting demand is improving, “LED customers are holding back capital spending due to macroeconomic uncertainty, ” said B. Riley, adding that industry checks show fourth-quarter orders for LED and hard disk drive tools are expected to remain weak.