Bloomberg Anywhere Bloomberg Professional About Bloomberg


AIG, Ambac, Brookdale, Revlon, Sara Lee: U.S. Equity Movers

By Whitney Kisling

Nov. 5 (Bloomberg) -- The following companies had unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 4 p.m. in New York.

Coal producers fell, following the commodity's decline in Europe on speculation that slowing economic growth will curb demand for the fuel used to generate power.

Foundation Coal Holdings Inc. (FCL US) dropped 15 percent to $17.89. Consol Energy Inc. (CNX US) slid 11 percent to $31.52. Peabody Energy Corp. (BTU US) lost 8 percent to $32.32. Massey Energy Co. (MEE US) retreated 15 percent to $19.71. Patriot Coal Corp. (PCX US) fell 10 percent to $14.66.

Ambac Financial Group Inc. (ABK US) fell 41 percent, the most since Sept. 19, to $2.01. The bond insurer that lost 86 percent of its market value in the past year reported a third- quarter loss, excluding changes in the value of securities it holds and insures, of $7.81 a share, wider than the average analyst estimate for a loss of $1.09 a share, according to Bloomberg data.

American International Group (AIG US) slumped 15 percent to $2.06. The insurance company is facing a lawsuit from an investor who says it violated shareholders' rights and Delaware law by agreeing to a federal government bailout in exchange for a majority stake in the company. Nick Ashooh, an AIG spokesman, said in an e-mail that the company wasn't aware of the lawsuit and declined to comment on it.

ArcelorMittal (MT US) fell 22 percent, the most since October 2001, to $24.88. The world's largest steelmaker doubled its production cuts and said earnings will decline as demand falls from builders and carmakers on the slowing economy. Third- quarter profit missed the average analyst [bn:WBTKR=NUE:US] estimate.

Nucor Corp. [] (NUE US), the largest U.S.-based steel producer, declined 10 percent to $35.50.

Brookdale Senior Living Inc. (BKD US) dropped 15 percent, the most since Oct. 9, to $9.39. The operator of assisted living homes for seniors reported a third-quarter loss of 36 cents a share. Analysts, on average, estimated a loss of 26 cents, according to a Bloomberg survey.

Chesapeake Energy Corp. (CHK US) climbed 8.2 percent to $24.83, the highest price since Oct. 6. The U.S. natural-gas producer that lost two-thirds of its market value in the past four months rose on speculation it may be acquired by BP Plc, said Michael McCarty, chief equity and options strategist at Meridian Equity Partners Inc. in New York.

Duke Energy Corp. (DUK US) lost 7.7 percent to $15.62. The owner of utilities in the U.S. Southeast and Midwest reported third-quarter profit fell 65 percent as cooler weather than a year earlier lowered electricity use for air conditioning. Earnings excluding some items missed analysts' estimate by 25 percent, according to Bloomberg data.

General Growth Properties Inc. (GGP US) fell 50 percent, the most since it began trading in April 1993, to $2.25. The U.S. mall owner reported a wider third-quarter loss and abandoned its quarterly dividend.

Henry Schein Inc. (HSIC US) fell 10 percent, the most since April 2001, to $41.63. The distributor of health-care products to doctors' offices narrowed its full-year forecast to a range of $2.94 to $2.96 from a previous estimate of $2.93 to $3.

Hospira Inc. (HSP US) gained 6.8 percent to $30.60, the lowest price since Oct. 14. The hospital-drug company reported sales of $925.5 million in the third quarter. That topped the average analyst estimate by 2.6 percent, according to a Bloomberg survey.

I2 Technologies Inc. (ITWO US) tumbled 29 percent, the most since May 2007, to $10.42. JDA Software Group Inc. (JDAS US) said it wants to cut the price to acquire I2, which writes software to manage business supply chains.

Kimco Realty Corp. (KIM US) fell 12 percent to $20.59. The largest U.S. owner of community shopping centers cut its earnings forecast for the year, citing turmoil in the financial markets.

Marsh & McLennan Cos. (MMC US) fell 12 percent, the most since October 2004, to $26.06. The world's second-biggest insurance broker said profit dropped 78 percent amid the slowing U.S. economy and price declines for commercial coverage and reinsurance.

MBIA Inc. (MBI US) retreated 22 percent, the most since April 23, to $8.16. The bond insurer reported a third-quarter loss, excluding changes in the value of securities it holds and insurers, of $2.22 a share, wider than the average analyst estimate of $1.04 a share, according to Bloomberg data.

Medco Health Solutions Inc. (MHS US) rose 9.1 percent to $41.47, the highest price since Oct. 14. The largest U.S. drug benefits manager said third-quarter profit climbed 38 percent on a surge in the use of cheaper generic and mail-order prescriptions.

NeuStar Inc. (NSR US) lost 18 percent, the most since Feb. 6, to $15.98. The company that directs phone traffic for AT&T Inc. (T US) and Sprint Nextel Corp. (S US) reduced its full-year sales forecast, saying it expects as much as $490 million. The company previously anticipated at least $500 million.

Papa John's International Inc. (PZZA US) tumbled 16 percent, the most since December 2000, to $19.16. The third-largest U.S. pizza chain may cut its 2008 forecast after reporting third- quarter profit that missed analysts' estimates by 22 percent, according to Bloomberg data.

Pepco Holdings Inc. (POM US) slid 14 percent, the most since at least July 2002, to $17.57. The company, which delivers electricity in New Jersey and Delaware, said it plans to sell 17.5 million shares raise money for short-term debt. The sale of additional shares may dilute existing stockholders' stake.

Pioneer Natural Resources Co. (PXD US) dropped 15 percent to $24.79. The oil and gas producer reported profit excluding some items of 91 cents a share in the third quarter. That missed the average analyst estimate by 26 percent, according to a Bloomberg survey.

Radian Group Inc. (RDN US) climbed 20 percent to $4.25, the highest price since Oct. 16. The third-largest mortgage insurer reported a third-quarter loss of 80 cents a share excluding gains from derivatives, beating the average $1.73 loss estimate of analysts surveyed by Bloomberg.

Revlon Inc. (REV US) fell 26 percent, the most since June 2006, to $9.61. The cosmetics maker controlled by billionaire financier Ronald Perelman posted a third-quarter loss of 30 cents a share, excluding a gain from the sale of Brazilian brands. Connie Maneaty, an analyst at BMO Capital Markets, estimated a loss of 17 cents.

Sara Lee Corp. (SLE US) fell 14 percent, the most since October 1987, to $10.20. The maker of frozen cakes and Jimmy Dean sausages said full-year profit will be less than it previously estimated because of falling foreign currencies and waning demand in Europe.

SunPower Corp. (SPWRA US) slumped 35 percent, the most since it began trading in November 2005, to $32.99. The second-biggest U.S. supplier of solar modules reduced its forecast for fourth- quarter and 2009 sales because of the rising value of the dollar against the euro.

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net.

Last Updated: November 5, 2008 18:02 EST

Sponsored links