Bloomberg Anywhere Bloomberg Professional About Bloomberg


Caterpillar, Goldman Sachs, Google, Suntech: U.S. Equity Movers

By Whitney Kisling

Nov. 10 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading. Stock symbols are in parentheses, and prices are as of 3:20 p.m. in New York.

Commodity shares gained after China, the biggest contributor to world growth, announced a 4 trillion yuan ($586 billion) plan to sustain its economy.

Alcoa Inc. (AA US) climbed 5 percent to $11.75 for the biggest advance in the Dow Jones Industrial Average. Consol Energy Inc. (CNX US) rose 4 percent to $28.85. Freeport-McMoRan Copper & Gold Inc. (FCX US) added 2.3 percent to $27.70. Peabody Energy Corp. (BTU US) jumped 9.2 percent to $31.98.

Some Chinese shares rallied. American depositary receipts of Xinyuan Real Estate Company Ltd. (XIN US), a developer that sells apartments to the country's middle-income consumers, rose 18 percent to $2.81. ADRs of Aluminum Corporation of China Ltd. (ACH US), the nation's biggest producer of the metal, jumped 12 percent to $10.58.

ADRs of Sutor Technology Group Inc. (SUTR US), the Chinese producer of steel finishing fabrication products, gained 12 percent to $1.90.

Retail landlords retreated after Circuit City Stores Inc. (CC US) filed for bankruptcy protection. Developers Diversified Realty Corp. (DDR US) tumbled 22 percent to $7.51. General Growth Properties Inc. (GGP US) dropped 34 percent to $1.36. Kimco Realty Corp. (KIM US) lost 8.4 percent to $19.25. Simon Property Group Inc. (SPG US) slid 9.1 percent to $61.80.

Allied Capital Corp. (ALD US) dropped 41 percent to $4.36 and tumbled 48 percent earlier for the biggest intraday decline since Sept. 30. The buyout and lending company reported third- quarter profit that missed analysts' average estimate and said it plans to cut dividends for 2009.

American Capital Ltd. (ACAS US) slid 42 percent to $7.92 and earlier plunged 44 percent for the biggest intraday loss since its 1997 initial public offering. The asset manager that invests in management buyouts said it will spend $158 million in stock to buy European Capital Ltd., a fund it spun off in October 2005. American Capital also said it would suspend its dividend for 2008.

American International Group Inc. (AIG US) rallied 8.5 percent to $2.29. The insurer bailed out by the U.S. got an expanded government rescue package valued at more than $150 billion after recording a fourth straight quarterly loss.

Caterpillar Inc. (CAT US) lost 3.7 percent to $37.04, the lowest intraday level this month. Morgan Stanley said that while China's stimulus plan may improve sentiment toward Caterpillar shares, the impact would be ``probably less so for sales.''

Centennial Communications Corp. (CYCL US) more than doubled to $7.82, the biggest advance since its shares began trading in December 1991. AT&T Inc. (T US), fighting Verizon Wireless for control of the U.S. wireless market, agreed to buy Centennial for $944 million to add mobile-phone subscribers.

Clear Channel Outdoor Holdings Inc. (CCO US) fell 39 percent to $3.55, the lowest intraday level since the shares began trading in November 2005. The world's largest billboard owner reported third-quarter earnings and revenue that missed analysts' average estimates.

Convergys Corp. (CVG US) lost 11 percent to $6.11, the lowest intraday level since its August 1998 initial public offering. The provider of customer call centers had its credit rating cut to junk by Standard & Poor's, which the company's ``weaker liquidity profile'' and ``more volatile'' software license model.

Dish Network Corp. (DISH US) dropped 16 percent to $13.06, the lowest intraday level since 2002. The nation's second-largest satellite-television provider posted third-quarter profit of 20 cents a share, missing the average analyst estimate by 65 percent, according to data compiled by Bloomberg. The company cited subscriber losses and securities impairment charges.

DuPont Fabros Technology Inc. (DFT US) slid 31 percent to $1.89 and earlier fell to $1.84, the lowest intraday price since its October 2007 initial public offering. The real estate investment and development firm was cut to ``neutral'' from ``buy'' by analyst Omotayo Okusanya Ii at UBS AG.

Ecolab Inc. (ECL US) fell 9.5 percent to $33.10 and dropped earlier to $32.72, the lowest level since November 2005. Henkel AG (HEN3 GY), the German maker of Persil detergent, plans to sell a stake of almost a third in the U.S. cleaning-chemicals company valued at $2.66 billion. Ecolab will spend at least $300 million to buy back shares from Henkel and will help to market an underwritten public sale of the remaining stock.

Force Protection Inc. (FRPT US) added 7 percent to $2.93 and earlier rose to $3.19, the highest price in a month. The maker of blast-resistant trucks reported third-quarter profit of 29 cents a share, beating the average analyst estimate of 11 cents, according to Bloomberg data. The company said it has developed a new flatbed cargo-transport truck and anticipates an order for as many as 100 of the new vehicles.

General Motors Corp. (GM US) fell the most in the Dow Jones Industrial Average, losing 25 percent to $3.29. The largest U.S. automaker was cut to ``sell'' from ``hold'' at Deutsche Bank AG, which set a share-price estimate of zero. The company also was lowered to ``underweight'' from ``equal weight'' at Barclays Plc, which said ``current GM equity has little value.''

Some auto-parts makers dropped. TRW Automotive Holdings Corp. (TRW US), the world's biggest maker of vehicle-safety parts, fell 12 percent to $4.52. Lear Corp. (LEA US), the No. 2 supplier of car seats, lost 20 percent to $1.59.

Goldman Sachs Group Inc. (GS US) fell 8.7 percent to $71 and earlier sank to $68.51, the lowest intraday level since April 2003. The Wall Street bank that cut 3,200 jobs last week will post its first loss since going public in 1999, Barclays Plc analyst Roger Freeman said.

Google Inc. (GOOG US) fell 5.4 percent to $313.35, the lowest intraday price since Oct. 16. The owner of the most popular Internet search engine had its revenue and share-price forecasts cut by Barclays Plc, which said the slowing economy is ``finally catching up with Google and search.''

Lamar Advertising Co. (LAMR US) slid 13 percent to $13.45. The Baton Rouge, Louisiana-based provider of poster and bulletin displays had its outlook cut to ``negative'' from ``stable'' at Standard & Poor's because of the impact of the ``rapidly weakening'' economy on earnings and credit measures.

MBIA Inc. (MBI US) fell 12 percent to $7.01 and earlier slumped to $6.98, the lowest since Oct. 29. The company's bond insurance rating was cut two levels by Moody's Investors Service because of disruptions in the industry and the potential for more mortgage-related losses.

McDonald's Corp. (MCD US) added 1.5 percent to $56.31 for the second-biggest gain in the Dow average. The world's largest restaurant company posted October sales that beat some analysts' estimates after U.S. consumers pinched by rising food bills and unemployment bought double cheeseburgers and other $1 items.

Pain Therapeutics Inc. (PTIE US) lost 6.4 percent to $8.05 and earlier fell the most in more than nine months. The San Mateo, California-based drug developer hasn't proved its new painkiller thwarts abusers, the Food and Drug Administration's staff said.

People's United Financial Inc. (PBCT US) added 4.9 percent to $17.47 and advanced earlier to $18.20, the highest level since Oct. 9. The bank holding company was picked to replace Unisys Corp. (UIS US) in the Standard & Poor's 500 Index. Unisys tumbled 24 percent to 69 cents.

Pike Electric Corp. (PEC US) rose 11 percent to $9.70 and earlier added 27 percent in the biggest intraday gain since its July 2005 initial public offering. The powerline contractor in the eastern U.S. reported first-quarter profit, excluding some items, of 54 cents a share, more than the average analyst estimate of 15 cents a share, according to Bloomberg data.

StemCells Inc. (STEM US) gained 23 percent to $2.16 and earlier climbed to $2.48, the highest intraday price in more than a year. Investors speculated President-elect Barack Obama may reverse the Bush administration's order restricting federal funding for embryonic stem-cell research.

Geron Corp. (GERN US), another company involved in stem-cell development, climbed 9.7 percent to $4.41.

Sterling Construction Co. (STRL US) gained 7.6 percent to $11.96 and earlier added 17 percent in the biggest intraday rise since Oct. 16. The company specializing in highway paving, bridge and sewer projects posted third-quarter profit, excluding some items, of 44 cents a share, beating the average analyst estimate of 36 cents, according to Bloomberg data.

Sunrise Senior Living Inc. (SRZ US) dropped 41 percent to $1.26 and earlier fell to $1.22, the lowest intraday price since its May 1996 initial public offering. The Mclean, Virginia-based company was cut to ``hold'' at Stifel Nicolaus & Co., which said Sunrise may need to raise additional capital to fund operations and refinance its credit line.

Suntech Power Holding Co. American depositary receipts (STP US) lost 13 percent to $12.69. The world's largest maker of solar-power cells was cut to ``sell'' from ``hold'' by analyst Michael Chou at Deutsche Bank AG.

TriMas Corp. (TRS US) dropped 24 percent to $2.29. The maker of trailer hitches and bicycle racks forecast full-year profit of 71 cents to 75 cents a share, less than its previous estimate of 85 cents to 95 cents.

Tyson Foods Inc. (TSN US) fell 14 percent to $6.44 and dropped 19 percent earlier for the biggest intraday retreat since Oct. 28. The largest U.S.-based meat producer reported fourth- quarter profit that trailed analysts' estimates and predicted a possible loss this quarter.

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

Last Updated: November 10, 2008 15:44 EST

Sponsored links