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Major Movers on March 18; VCLK, RAX, ADVS, INCY, HPQ, JCP

Shares of ValueClick Inc. (NASDAQ: VCLK) rallied on Monday after Jefferies upgraded the stock from “Hold” to “Buy “ rating and raised its price target on it to  $35.00 from $23.00. The improvement in ratings come after company’s analyst day, where both CEO John Guliani and team,  eloquently said that the Company was shifting towards a more integrated and customer focused model, according to Jeffries. According to Jeffries, the shift will allow ValueClick to leverage robust data and breadth of consumer touch points, which in turn help the company to gain traction in an expanding digital marketing services market.

Shares of Rackspace Hosting Inc. (NYSE: RAX) climbed. The stock has been under tremendous pressure in last two months falling from $79 to as low as $50 level mark recently. The stock is lying in the oversold territory.

Shares of Advent Software Inc. (NASDAQ:ADVS) plunged. The accounting software maker said that it will continue to remain as an independent company. The decision was taken after a strategic review.

Founded in 1983, the San Francisco based Company, which is engaged in making software and providing services to investment management industry, had hired Frank Quattrone’s investment bank Qatalyst to look into possible sale of the firm, a Reuters’ report dated March 12 said quoting sources familiar with the matter.

As top line is reeling under pressure with several of its customers like investment advisers, hedge funds and mutual funds disinclined to spend money on infrastructure, the Company is resorting to cost cutting measures to improve the bottom line and margins.

Shares of Incyte Corporation (NASDAQ: INCY) plunged. In its regulatory filing, Incyte Corpration revealed that it was informed last week about a case involving progressive multifocal leukoenephalopathy, or PML in a 75 year old male patient from the U.K. suffering from myelofibrosis who was treated with Ruxolitinib.

In the United States this drug (Ruxolitinib) is marketed with a name Jakafi and outside the U.S, Novartis markets it as ruxolitinib. The Company said in a statement that it was not yet clear whether development of PML was due to the usage of ruxulitinib. Incyte said that an independent appraisal to diagnose and assess the casualty assessment provided by the investigator is planned.

“This is the only known case of PML in the approximately 9,800 myelofibrosis patients treated with ruxolitinib worldwide in clinical trials or with commercial product…The Company has informed the U.S. Food and Drug Administration of this case and, as part of its standard procedure for sharing available information in a timely manner, is in the process of informing investigators in its clinical trials,” said the Company in a statement.

Shares of Hewlett-Packard Company (NYSE: HPQ) edged up after analysts at Morgan Stanley boosted rating on the stock  to “overweight” from “equal weight”, citing better cash flows and improving earnings. The bank also added that a rising momentum in cash flows would help the Company to speed up the timing of cash being returned to investors.

Shares of JC Penney Company Inc. (NYSE: JCP) rallied after ISI Group said that the embattled department chain needs to operate as REIT like entity. According to ISI Group, JC Penney could sublet its top 300 stores which could generate approximately $1.2 billion.

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