Standard & Poor’s 500 Index futures expiring in June fell 0.1 percent to 1,407.80.

Gap Inc. (GPS) increased 1.2 percent to $26.35. The largest U.S. apparel chain was raised to overweight from neutral at Piper Jaffray Cos., which cited improvement in fashion spending. An overweight rating means the shares’ return is expected to beat the median return of companies covered by the analyst in the next year.

GMX Resources Inc. (GMXR) rallied 38 percent to $1.72. The oil and natural-gas producer based in Oklahoma City said it drilled and completed its fourth operated horizontal Bakken well, in North Dakota.

Hovnanian Enterprises Inc. (HOV) dropped 7.7 percent to $2.17. The homebuilder will sell 25 million Class A shares in a secondary offering.

SanDisk Corp. (SNDK) erased 7 percent to $46.55. The biggest maker of flash-memory cards cut its forecast for first- quarter sales, citing weaker-than-expected pricing and demand.

Tibco Software Inc. (TIBX) rose 1.2 percent to $31.95. Jefferies & Co. initiated research on the business software developer with a buy rating, estimating the price will climb to $42 a share.

Williams Partners LP (WPZ) slipped 3.6 percent to $54.30. The U.S. pipeline operator will sell 9 million shares in a public offering. Proceeds will be used to fund a portion of the acquisition by the Tulsa, Oklahoma-based company of Caiman Eastern Midstream LLC, which was announced on March 19.

To contact the reporter on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

http://www.bloomberg.com/news/2012-04-03/gap-hovnanian-sandisk-tibco-u-s-equity-preview.html

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