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Analog, Chesapeake, Deere, Schlumberger: U.S. Equity Movers

By Matt Townsend

May 20 (Bloomberg) -- The following companies are having unusual price changes in U.S. markets. Stock symbols are in parentheses after company names, and prices are as of 1:52 p.m. in New York.

Oil companies rallied after crude surpassed $62 per barrel for the first time in six months. National-Oilwell Varco Inc. (NOV US) jumped 4.2 percent to $36.53. Chesapeake Energy Corp. (CHK US) gained 1.5 percent to $21.98. Schlumberger Ltd. (SLB US) added 1.9 percent to $55.04.

Analog Devices Inc. (ADI US) jumped the most in the Standard & Poor’s 500 Index, rallying 16 percent to $23.80. The maker of semiconductors for companies such as Cisco Systems Inc. forecast third-quarter earnings of 17 cents to 19 cents a share, more than the 11-cent average estimate of analysts surveyed by Bloomberg.

Other chipmakers also advanced. National Semiconductor Corp. (NSM US) climbed 6.6 percent to $13.23. Linear Technology Corp. (LLTC US) added 4.2 percent to $22.35. Advanced Micro Devices Inc. (AMD US) rose 2.5 percent to $4.50.

Bank of America Corp. (BAC US) had third-biggest gain in the Dow Jones Industrial Average, advancing 2.1 percent to $11.49. The biggest U.S. bank by assets raised about $13.5 billion by selling stock after U.S. regulators determined it needed more cash to weather an extended recession.

Deere & Co. (DE US) rose for the second time this week, adding 1.2 percent to $44.33. The world’s largest maker of farm equipment reported second-quarter profit that topped analysts’ estimates as sales of agricultural machines remained “strong” amid the economic recession.

Eaton Vance Corp. (EV US) fell 15 percent to $25.02, the steepest drop since Dec. 1. The largest manager of funds designed to minimize taxes reported lower-than-expected revenue in its fiscal second quarter.

General Motors Corp. (GM US) had the biggest increase in the Dow average, jumping 14 percent to $1.45. The biggest U.S. automaker has received three bids for its Opel unit in Germany, said Chris Preuss a spokesman for GM Europe. Separately, Saab Automobile division said more than 300 creditors have accepted terms for restructuring debt.

Hertz Global Holdings Inc. (HTZ US) sank the most in the Russell 1000 Index, dropping 17 percent to $6.76. The second- largest U.S. car-rental company said it plans to offer 40 million shares and $250 million of convertible notes.

Hewlett-Packard Co. (HPQ US) slid the most in the Dow average, retreating 5.2 percent to $34.67. The world’s largest maker of personal computers forecast third-quarter sales that missed analysts’ estimates, a sign that recession-wary customers continue to shun new technology purchases. Sales will be unchanged or drop as much as 2 percent from last quarter. That signals revenue of as low as $26.9 billion, missing the $27.5 billion average analyst estimate.

Jackson Hewitt Tax Service Inc. (JTX US) dropped 15 percent, the most since March 5, to $3.82. JTH Tax Inc., the closely held parent of Liberty Tax Service, said in a regulatory filing that a deal with Jackson Hewitt “is not likely to be in the best interests” of the company or shareholders.

JA Solar Holdings Co. (JASO US) surged 24 percent to $3.97, the biggest gain since March 26. The Chinese solar-cell manufacturer was raised to “buy” from “neutral” by analyst John Hardy at Broadpoint AmTech Inc.

McDonald’s Corp. (MCD US) rose 4.4 percent, the most since Oct. 28, to $56.25. The world’s largest restaurant company was raised to “buy” from “hold” at Deutsche Bank AG, which cited “compelling valuation” and “attractive” cash flow.

Regions Financial Corp. (RF US) fell 6.7 percent to $4.89, the biggest decline in a week. The Alabama bank said it began selling $1 billion of common shares and $250 million of new mandatory convertible preferred shares after the government said it needs $2.5 billion to weather a worsening recession. The bank is a potential takeover target with BB&T Corp. and JPMorgan Chase & Co. the most logical bidders, Fox-Pitt Kelton Cochran Caronia Waller said in a report yesterday.

Talbots Inc. (TLB US) rose 20 percent to $3.18, the steepest gain since Feb. 6. The U.S. chain specializing in clothing for women 35 and older was upgraded to “outperform” from “‘market perform” Friedman by Billings, Ramsey & Co., which cited improvements in spring merchandise among other reasons.

Target Corp. (TGT US) added 2.4 percent to $42.94, the highest price since May 8. The second-largest U.S. discount chain posted first-quarter earnings, excluding some items, of 69 cents a share, beating the average analyst estimate by 16 percent, helped by more profitable pricing and increased grocery sales.

Tenet Healthcare Corp. (THC US) gained 13 percent to $3.12, the highest price since Nov. 3. Shares of the hospital chain jumped for a second day after Goldman Sachs Group Inc. analysts recommended investors purchase the stock.

To contact the reporter on this story: Matt Townsend in New York at Mtownsend9@bloomberg.net

Last Updated: May 20, 2009 16:34 EDT

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