ACOR, BWS, GCO, PSS, MNI, PETD, PLX, STLY Popular Stocks
U.S. stocks were mixed Thursday, with the Dow Jones Industrial Average rose 17 points to 10032. The S&P 500 jumped 2 points to 1094 but the Nasdaq Composite index declined 2 points to 2170.
Acorda Therapeutics (NASDAQ:ACOR, $24.63, +$7.89, 47.13%) shares gained after the biotechnology company got a positive FDA panel vote Wednesday for fampridine-SR to improve walking in multiple sclerosis patients. The stock, halted Wednesday, had dropped 21% on Friday after the panel’s briefing documents raised questions about the drug’s effectiveness, but the panel voted in favor of that question. The FDA is set to decide on the drug’s approval next week, but many on the Street expect that to be delayed until next year.
Other shoe companies also traded higher after the news and Susquehanna raised its rating on DSW to positive from neutral, saying it believes the driver of its forecast was stronger sales of seasonal products, particularly boots and accessories. Brown Shoe Co. (NYSE:BWS, $10.67, +$0.76, 7.67%), Genesco Inc. (NYSE:GCO, $26.50, +$0.83, 3.23%) and Collective Brands Inc. (NYSE:PSS, $20.40, +$0.83, 4.24%) were among the gainers.
Newspaper publisher McClatchy Co.’s (NYSE:MNI, $3.46, -$0.56, -13.92%) third-quarter profit surged on one-time items while advertising revenue dropped slightly less sharply than earlier this year. The publisher of 30 daily newspapers anticipates the ad woes continuing this quarter, with October so far in line with the third quarter’s 28% decline.
Petroleum Development (NASDAQ:PETD, $20.59, -$1.09, -5.00%) was downgraded to neutral from buy by SunTrust Robinson, citing valuation and a challenging production outlook and cost structure. In a note to clients, the firm also said the stock has essentially achieved its $22 target price, which it had already increased by $2 to reflect improving Rockies gas price differentials.
Protalix BioTherapeutics (AMEX:PLX, $9.43, +$0.55, 6.19%) reported its Gaucher’s disease treatment met the primary goal of a late-stage trial, setting the stage for Uplyso’s approval by the Food and Drug Administration.
Stanley Furniture Co. (NASDAQ:STLY, $10.84, +$0.19, 1.78%) posted a third-quarter loss of 49 cents – worse than analysts expected – as net sales fell 29%.
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