U.S. stocks closed higher Thursday as the Dow Jones Industrial Average rose 71 points to 12908, the Standard & Poor's 500-stock index increased 13 points to 1366 and the Nasdaq Composite was up 35 points at 2970. Among the companies with shares actively trading after hours are Green Mountain Coffee Roasters Inc. (GMCR), Starbucks Corp. (SBUX) and Cooper Cos. (COO).
Shares of Green Mountain slumped after Starbucks unveiled the details of its new single-serve coffee brewer, threatening the predominant maker of single-serve coffee machines in the U.S. Green Mountain shares, which slid during Thursday's session on news of the pending Starbucks announcement, fell another 14% to 53.42 after hours, while Starbucks rose 3.2% to $52.
Cooper's fiscal first-quarter earnings rose 39% as the maker of contact lenses and medical instruments continued to report stronger sales in all its main business segments. Shares jumped 5.2% to $83 after hours on stronger-than-expected results as the company also raised its current-year earnings forecast.
Regular Session Movers
Alexza Pharmaceuticals Inc. (ALXA, $0.65, +$0.05, +7.44%) said partner Grupo Ferrer Internacional SA will initially buy about $3 million worth of its common stock at a 103% premium, deepening the companies' commercial ties.
AMAG Pharmaceuticals Inc. (AMAG, $16.65, +$1.67, +11.15%) said late Wednesday the first Phase 3 study of its anemia drug Feraheme met its main efficacy end point.
Stifel Nicolaus upgraded its stock-investment rating on Ciena Corp. (CIEN, $14.79, +$0.78, +5.57%) to buy from hold, saying industry contacts at a communications equipment trade show this week were enthusiastic about upgrading to faster infrastructure. Ciena is seeing robust U.S. demand despite signs of weak telecom spending in certain parts of the network, which "syncs with our view that being exposed to the right area in terms of customer spending priorities is important," Stifel said.
Hot Topic Inc. (HOTT, $9.86, +$1.07, +12.17%) swung to a fiscal fourth-quarter profit as cost-reduction plan expenses weighed on the teen-apparel retailer's year-ago results and as margins improved in the latest period. The company's profit beat its expectations.
JinkoSolar Holding Co. (JKS, $5.54, -$0.41, -6.89%) swung to a fourth-quarter loss as the Chinese solar-product maker reported weaker revenue and sharply lower margins amid softer selling prices, though shipments beat company guidance. The company's adjusted loss was much worse than analysts had feared.
Johnson & Johnson's (JNJ, $64.85, +$0.55, +0.86%) new drug Zytiga improved survival in a clinical trial of men with prostate cancer who hadn't undergone chemotherapy -- potentially supporting the drug's use earlier in the treatment cycle than currently approved. Shares of Medivation Inc. (MDVN, $72.91, +$8.72, +13.58%) jumped as the company has developed a similar prostate-cancer drug in collaboration with Astellas Pharma Inc. Shares of Dendreon Corp. (DNDN, $10.12, -$0.76, -6.95%) fell as Zytiga is seen as a competitive threat to Dendreon's Provenge prostate-cancer drug.
Kirkland's Inc.'s (KIRK, $15.91, -$0.89, -5.30%) fiscal fourth-quarter earnings rose 5.5% as the discount home-decor retailer reported same-store sales turned upward and margins improved. But for the current quarter, the company forecast per-share earnings below recent analyst estimates.
Kratos Defense & Security Solutions Inc. (KTOS, $6.69, +$0.76, +12.82%) swung to a fourth-quarter loss as amortization and higher overhead expenses weighed on bottom-line results, though revenue improved. The defense company issued an upbeat forecast for the current year.
McDonald's Corp.'s (MCD, $96.96, -$3.22, -3.21%) global same-store sales jumped a less-than-expected 7.5% in February as the fast-food restaurant chain's international growth slowed.
MPG Office Trust Inc. (MPG, $2.52, +$0.18, +7.69%) was upgraded by Stifel Nicolaus to buy from hold on expectations that investors would now pay $350 to $400 a square foot for several of the struggling Southern California real-estate investment trust's Los Angeles properties, but not the US Bank Tower.
Mueller Water Products Inc. (MWA, $3.45, +$0.60, +21.05%) signed an agreement to sell its U.S. Pipe business to private-equity from Wynnchurch Capital Ltd. for $89.8 million. The deal also includes an agreement to reimburse Mueller for some liabilities -- estimated at $10.2 million. The sale will allow Mueller to reduce its debt and focus on higher-margin businesses and newer technologies.
BWS Financial raised its stock-investment ratings on both Oclaro Inc. (OCLR, $4.38, +$0.49, +12.60%) and Oplink Communications Inc. (OPLK, $16.47, +$0.57, +3.58%) to buy from hold, saying the down cycle that came at the beginning of 2011 for optical component companies seems to have subsided with the return of demand and that the firm believes the industry could see a lift over the next two years.
Orion Marine Group Inc. (ORN, $7.47, +$0.31, +4.33%) said it has been awarded an indefinite delivery, indefinite quantity contract with the Mobile District of the U.S. Army Corps of Engineers. The value of the contract depends on the amount of specific work Orion Marine is requested to perform, which is not to exceed $50 million. Orion Marine said it doesn't expect any potential projects to begin until at least the second half of 2012.
Sigma Designs Inc. (SIGM, $4.91, -$0.56, -10.24%) swung to a wider-than-expected fourth-quarter loss as competitive pricing on newer products continued to hurt its top line.
St. Joe Co.'s (JOE, $17.63, +$1.31, +8.03%) Chief Financial Officer Janna Connolly resigned from the struggling Florida developer and landowner to pursue other opportunities after less than a year in the role. Her successor, Thomas Hoyer, was CFO at eDiets.com Inc.
Sonic Corp.'s (SONC, $7.43, -$0.54, -6.78%) shares fell sharply after the restaurant chain operator forecast same-store sales increasing 3.4% for its fiscal second quarter. Last week Sterne Agee raised its estimate to 4%, citing its channel checks and milder winter weather compared to last year in Sonic's core states of Texas and Oklahoma.
Stein Mart Inc.'s (SMRT, $6.41, -$0.57, -8.17%) fiscal fourth-quarter earnings sank 70% as the clothing and home furnishings retailer reported weaker same-store and overall sales.
Quaker Chemical Corp.'s (KWR, $37.53, -$1.91, -4.84%) fourth-quarter revenue missed analyst estimates, though bottom-line results were in line with the company's expectations. The chemical company said it saw softer volumes due to seasonality and customer actions to decrease inventory levels in the supply chains, as well as a sequential increase in compensation costs.
Williams-Sonoma Inc.'s (WSM, $35.62, -$2.22, -5.87%) fiscal fourth-quarter earnings rose 8.1% on better-than-expected sales, as Chief Operating and Chief Financial Officer Sharon McCollam announced plans to retire on March 16. Shares slipped as its guidance for first-quarter earnings were in a range that falls below what analysts were projecting.
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