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Amag, American Express, IMS Health, Lennar: U.S. Equity Movers

By Lu Wang

Nov. 13 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 11:40 a.m. in New York.

Homebuilders fell after Raymond James Financial Inc. cut some of their ratings to ``market perform,'' citing the Treasury's shift to using bailout funds to shore up consumer lending instead of buying mortgage assets.

Lennar Corp. (LEN US) fell 9.1 percent to $5.71. KB Home (KBH US) declined 8.7 percent to $11.39. D.R. Horton Inc. (DHI US) lost 3.9 percent to $5.36. Toll Brothers Inc. (TOL US) slipped 6.1 percent to $16.79. Pulte Homes Inc. (PHM US) decreased 4.9 percent to $8.29. Centex Corp. (CTX US) dropped 8.8 percent to $8.26.

AgFeed Industries Inc. (FEED US) plunged 39 percent to $1.92 and earlier slipped to $1.68, the lowest price since December 2006. The Chinese hog and feed producer reported third- quarter profit, excluding some items, of 25 cents a share, missing the average analyst estimate of 32 cents a share, according to Bloomberg data.

Amag Pharmaceuticals Inc. (AMAG US) surged 82 percent to $33.38 and earlier jumped 83 percent for the biggest intraday gain since December 1989. The U.S. Food and Drug Administration accepted its resubmitted application for approval of the drug ferumoxytol. Last month, the company's shares sank after the FDA requested more information on the drug.

American Express Co. (AXP US) fell 7.7 percent to $18.51 and tumbled earlier to $17.70, the lowest level since April 1997. The credit-card company most dependent on capital markets for fundraising was rated new ``underperform'' at Jefferies & Co., which said higher costs will lower the share price.

CB Richard Ellis Group Inc. (CBG US) rose the most in the Standard & Poor's 500 Index, adding 30 percent to $4.89. The world's largest commercial property broker raised about $180 million in a public stock sale after a private placement failed, selling 50 million shares at $3.77 each.

CIT Group Inc. (CIT US) rose 16 percent to $3.90 for the third-biggest gain in S&P 500. The largest independent U.S. commercial lender said it has applied to become a bank holding company and requested capital from the U.S. Treasury.

Crocs Inc. (CROX US) fell 47 percent to $1 and tumbled 58 percent earlier for the biggest intraday drop since February 2006. The maker of colored plastic clogs predicted a wider loss than analysts estimated and forecast revenue that also trailed expectations.

Dell Inc. (DELL US) fell 6.5 percent to $9.82 and slipped earlier to $9.66, the lowest level since December 1997. The world's second-largest personal-computer maker was added to the ``conviction sell'' list at Goldman Sachs Group Inc., which said it expects margins and earnings to deteriorate further.

Bigger rival Hewlett-Packard Co. (HPQ US) dropped 5.8 percent to $29.33.

Dr Pepper Snapple Group Inc. (DPS US) fell 10 percent to $18.82 and earlier slipped 13 percent for the biggest intraday retreat since the stock was listed on April 28. The drinks maker spun off by Cadbury Plc reported third-quarter profit that dropped more than analysts estimated and lowered its full-year forecast, citing the faltering U.S. economy.

IMS Health Inc. (RX US) fell 6.9 percent to $11.92 and earlier slipped to $10.99, the lowest level since June 1998. The global market researcher that caters to drugmakers was cut to ``outperform'' from ``strong buy'' by Raymond James Financial Inc. on concern the company's revenue growth will be hurt by a slowing economy.

KV Pharmaceutical Co. (KV/A US) tumbled 58 percent to $5.92 and plunged 65 percent earlier for the biggest intraday decline since December 1991. The maker of generic drugs estimated a loss of 6 cents a share in the fiscal second quarter, compared with analysts' average estimate for a 38-cent profit. The company also withdrew its full-year forecast.

Las Vegas Sands Corp. (LVS US) rose for the first time in three days, adding 6.9 percent to $5.45. The casino company that's lost 95 percent of its value this year was raised to ``neutral'' from ``sell'' at Bank of America Corp., which said the company's $2.1 billion capital raise this week ``reduces any near-term concerns'' with funding.

NetApp Inc. (NTAP US) rose 11 percent to $11.55 and jumped 17 percent earlier for the biggest intraday gain since November 2004. The provider of storage management hardware and software said it earned 28 cents a share in the second quarter, excluding some items. That beat the average analyst estimate by 1 cent, according to a Bloomberg survey.

Perry Ellis International Inc. (PERY US) dropped 26 percent to $3.92 and slumped 32 percent earlier for the biggest intraday loss since October 2000. The Miami-based maker of apparel and fragrances reduced its fiscal 2009 sales and profit forecasts.

Prologis (PLD US) had the second-biggest gain in S&P 500, climbing 17 percent to $5.21. Shares of the world's largest warehouse developer look ``especially attractive'' and the company's announcement yesterday to replace its chief executive officer and cut dividends is ``prudent,'' Barclays Plc wrote in a note.

Sprint Nextel Corp. (S US) rose 13 percent to $2.20 for the fourth-biggest gain in S&P 500. Speculation that the third- largest U.S. mobile phone company may go bankrupt is ``overblown,'' Oppenheimer & Co. analyst Timothy Horan wrote in a note. The stock had tumbled 53 percent in the previous six sessions.

WellCare Health Plans Inc. (WCG US) slumped 65 percent to $6.89 for the biggest drop in the Russell 1000 Index. The U.S. managed-care provider being investigated for possible fraud said it hired the Goldman Sachs Group to help raise capital for repayment of debts that will come due in May 2009.

To contact the reporters on this story: Lu Wang in New York at lwang8@bloomberg.net

Last Updated: November 13, 2008 11:57 EST

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