By Whitney Kisling
Oct. 24 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 3 p.m. in New York, unless otherwise specified.
Energy stocks dropped as crude oil fell after the Organization of Petroleum Exporting Countries' decision to cut production failed to ease concerns the economic slump is hurting fuel demand.
Exxon Mobil Corp. (XOM US) lost 2.3 percent to $68.74. Chevron Corp. (CVX US) slumped 5.3 percent to $63.22. Hess Corp. (HES US) slid 9 percent to $49.03.
Insurers gained as the U.S. Treasury may consider taking stakes in the companies as it begins a second round of capital injections.
Genworth Financial Inc. (GNW US) climbed the most in the Standard & Poor's 500 Index, adding 19 percent to $5.49. MetLife Inc. (MET US) gained 5.9 percent to $29.47. Lincoln National Corp. (LNC US) rose 3.7 percent to $21.32. Hartford Financial Services Group Inc. (HIG US) climbed 7.8 percent to $22.54. Prudential Financial Inc. (PRU US) rallied 4.4 percent to $33.88.
AES Corp. (AES US) dropped 9.7 percent to $7.60 and earlier fell to $7.06, the lowest intraday price since Oct. 10. The Arlington, Virginia-based power producer was cut to ``equal- weight'' from ``overweight'' by Morgan Stanley.
Align Technology Inc. (ALGN US) rose 12 percent to $5.58, the biggest intraday gain in a week. The maker of Invisalign dental braces said third-quarter earnings beat its projections and that it plans to cut 111 jobs in a restructuring.
American International Group Inc. (AIG US) fell 14 percent to $1.80 and earlier slipped to $1.71, the lowest intraday price since Sept. 16. The insurer has used $90.3 billion of a U.S. government credit line since it was bailed out last month, an amount exceeding the size of the original loan meant to save the insurer.
Ariba Inc. (ARBA US) declined 25 percent to $7.94 in the biggest intraday drop since February 2005. The maker of software that helps businesses manage costs posted fiscal fourth-quarter profit excluding some items of 15 cents a share, missing the average analyst estimate by 11 percent, and said the global financial crisis is pressuring the company to cut costs.
AutoNation Inc. (AN US) fell 12 percent to $4.53 and tumbled earlier to $3.97, the lowest intraday price since May 1995. The largest publicly traded U.S. car dealer had its 2008 earnings estimate cut to $1.09 a share from $1.15 by Wachovia Corp., which citing slowing sales.
Avid Technology Inc. (AVID US) tumbled 15 percent to $13.77 and fell 28 percent earlier, the biggest intraday decline since Feb. 1. The maker of editing equipment that's lost more than half its value this year posted a third-quarter loss excluding some items of 12 cents, missing the average estimate of analysts, and said it plans to cut some jobs. The company also will sell its Softimage unit to Autodesk Inc. (ADSK US) for $35 million.
Autodesk fell 4 percent to $22 and earlier slid to $21.07, the lowest intraday level since August 2004.
Avis Budget Group Inc. (CAR US) dropped 8.9 percent to $1.23 and earlier slipped to $1.04, the lowest intraday price since at least September 1983. The third-largest U.S. car-rental firm had its debt rating cut by the Standard & Poor's.
Celestica Inc. (CLS US) gained 18 percent to $4.32 and jumped 25 percent earlier for the biggest intraday gain since April 24. The maker of electronic parts said it expects to earn as much as 24 cents a share in the fourth quarter. Analysts, on average, anticipated profit of 19 cents, according to a Bloomberg survey.
Central European Media Enterprises Ltd. (CETV US) slumped 16 percent to $21.42 and tumbled 30 percent earlier for the biggest intraday loss since April 2001. The operator of television stations in six eastern European countries cut its forecast for full-year earnings, citing currency swings.
Discovery Communications Inc. (DISCA US) slid 16 percent to $10.15, the lowest intraday price since at least July 2005. The owner of the Discovery television network was cut to ``underweight'' from ``neutral'' at JPMorgan Chase & Co.
Fifth Third Bancorp (FITB US) dropped 24 percent to $8.62 and slumped 25 percent earlier for the biggest intraday slide since Sept. 29. Ohio's second-largest bank was cut to ``sell'' from ``neutral'' by Goldman Sachs Group Inc.
Foundry Networks Inc. (FDRY US) lost 29 percent to $12.15 in the biggest intraday drop in almost eight years. The computer- networking equipment delayed a special shareholder vote on its takeover by Brocade Communications Systems Inc. (BRCM US) because of ``recent developments related to the transaction.
Brocade added 3.6 percent to $15.97.
Hittite Microwave Corp. (HITT US) climbed 10 percent to $27.72 and rose 14 percent earlier in the biggest intraday rally in a year. The maker of power amplifiers and switches posted third-quarter earnings and sales that beat analysts' estimates and said diverse products helped gain market share. The company also forecast fourth-quarter earnings in line with estimates.
Idexx Laboratories Inc. (IDXX US) fell 14 percent to $32.17 and earlier lost 35 percent in the biggest intraday drop since March 1997. The provider of tests to help diagnose ill pets cut its 2008 sales forecast, saying the recent strengthening in the dollar will decrease the value of international sales.
IPC Holdings Ltd. (IPCR US) climbed 21 percent to $24.20 in the biggest intraday gain since April 2000. The Bermuda-based provider of reinsurance for earthquakes posted third-quarter earnings excluding some items of 38 cents a share, beating the average analyst estimate. The company was also raised to ``buy'' at Merrill Lynch & Co.
ITT Corp. (ITT US) fell 7.4 percent to $38.32 and earlier lost 12 percent for the biggest intraday drop since February 2000. The maker of ``jammers'' that prevent remotely triggered roadside bombs from detonating said 2008 profit will be lower than it previously projected as the company speeds up job cuts.
Las Vegas Sands Corp. (LVS US) dropped 20 percent to $6.54 and earlier tumbled to $5.80, the lowest price since December 2004. The second-biggest casino operator by market value said it hired an investment bank to help raise capital.
MEMC Electronics Materials Inc. (WFR US) rose 12 percent to $19.93. The maker of silicon wafers for the solar industry posted third-quarter sales of $546 million, beating the average estimate of analysts by 2.9 percent. The company has ``recovered nicely'' from Hurricane Ike and should continue to deliver ``solid growth,'' Caris & Co. analysts said.
National City Corp. (NCC US) slumped 26 percent to $2.04 for the biggest drop in the Standard & Poor's 500 Index. PNC Financial Services Group Inc. (PNC US), Pennsylvania's largest bank, plans to buy National City, Ohio's largest bank, for about $5.2 billion in stock with funds from the U.S. Treasury. PNC's offer of $2.23 a share is 19 percent less than National City's closing price yesterday.
PNC climbed 3.1 percent to $58.64.
National Oilwell Varco Inc. (NOV US) fell 3.1 percent to $25.95 and earlier slipped to $21.87, the lowest price since Oct. 10. The largest U.S. maker of oilfield equipment was cut to ``neutral'' by JPMorgan Chase & Co., which said there's ``no reason to get involved'' even with a ``cheap' price.
New York Times Co. (NYT US) fell 7.9 percent to $9.85 and slumped 17 percent earlier for the biggest intraday loss since 1987. The newspaper publisher had its debt rating reduced three levels to junk status by Standard & Poor's Corp., which said a likely recession in the U.S. will further crimp the company's revenue.
Phoenix Technologies Ltd. (PTEC US) slid 23 percent to $3.53 and dropped to $3.28 earlier, the lowest intraday price since 2002. The maker of software used to start personal computers posted fiscal fourth-quarter earnings and sales that missed some analysts' estimates. The company also forecast 2009 revenue of $101.5 million, below the average expectation of analysts surveyed by Bloomberg.
Prologis (PLD US) plunged 23 percent to $12.87 and earlier retreated 28 percent in its biggest intraday loss since its initial public offering in March 1994. North America's largest industrial real estate investment trust had its share-price forecast slashed to $15 from $36 at Deutsche Bank. The company cut its 2008 earnings forecast yesterday on concern the credit crisis will reduce leasing.
SVB Financial Group (SIVB US) rose 11 percent to $50.04, the most since Oct. 10. The holding company for SVB Silicon Valley Bank posted third-quarter profit of 80 cents a share, beating the average analyst estimate. Sales of $136.9 million also beat estimates.
Technitrol Inc. (TNL US) lost the most on the Russell 2000 Index, slumping 35 percent to $4.18. The Trevose, Pennsylvania- based maker of electronic components that's lost 83 percent of its value this year posted third-quarter profit excluding some items of 24 cents, missing the average analyst estimate by 14 percent. The company said it plans to cut costs by eliminating some jobs and selling its MEMS microphone business.
Timken Co. (TKR US) dropped 28 percent to $13.53, the biggest intraday decline since at least 1978. The supplier of bearings to the world's top five carmakers slashed its fourth- quarter profit forecast because of lower auto production and higher raw-material costs.
General Motors Corp. (GM US) slid 9.7 percent to $5.51 for the biggest drop in the Dow Jones Industrial Average. The world's largest automaker reiterated that bankruptcy is ``not an option'' for the company. Ford Motor Co. (F US), smaller rival of GM, lost 4.5 percent to $1.91.
Triumph Group Inc. (TGI US) added 12 percent to $37.40, for the biggest intraday climb since July 25. The Wayne, Pennsylvania-based maker of aircraft parts forecast earnings excluding some items of at least $5.40 a share for the year ending March 31, above the average estimate of analysts surveyed by Bloomberg. The company also posted second-quarter profit of $1.57, beating the average estimate by 24 percent.
VCA Antech Inc. (WOOF US) declined 13 percent to $18.17 and slumped 28 percent earlier for the biggest intraday drop since November 2001. The largest U.S. operator of veterinary hospitals and clinics forecast full-year earnings lower than the average analyst estimate of $1.58 a share. The company also posted third- quarter earnings and sales that missed estimates.
Western Digital Corp. (WDC US) gained 14 percent to $14.83 and fell 18 percent earlier for the biggest intraday slide since December 2005. The world's second-largest maker of hard-disk drives said first-quarter profit more than tripled, topping some analysts' estimates, on sales of portable products.
XL Capital Ltd. (XL US) fell 13 percent to $7.23 and earlier retreated 19 percent for the biggest intraday loss since Oct. 9. The Bermuda-based business insurer may be downgraded by Moody's Investors Service after posting a third-quarter loss tied to the bailout of bond guarantor Syncora Holdings Ltd.
Zimmer Holdings Inc. (ZMH US) fell 4.1 percent to $42.84 and earlier slid to $37.19, the lowest intraday price since December 2002. The world's biggest maker of artificial hip and knee joints was cut to ``equal-weight'' from ``overweight'' at Morgan Stanley, saying the earnings outlook is ``uncertain.''
To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net
Last Updated: October 24, 2008 15:29 EDT
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