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Hartford, Intel, Liz Claiborne, Sears, TRW: U.S. Equity Movers

By Lu Wang

Nov. 14 (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.

Auto-parts suppliers fell on concern a rescue plan for General Motors Corp. (GM US) may not ensure payments for scheduled business. Thousands of suppliers for GM or companies that ship parts to the automaker often use receivables to back credit for operations. Those with the highest exposure, such as Magna International Inc. (MGA US), American Axle & Manufacturing Holdings Inc. (AXL US) and Lear Corp. (LEA US), are most at risk, said attorney W. Patrick Dreisig, who heads the automotive practice at law firm Butzel Long.

Magna lost 7.7 percent to $25.98. American Axle dropped 25 percent to $1.50. Lear declined 6 percent to $1.40.

TRW Automotive Holdings Corp. (TRW US) slumped 24 percent to $2.88. Dana Holding Corp. (DAN US) slid 13 percent to $1.05. Goodyear Tire & Rubber Co. (GT US) lost 13 percent to $5.42.

Makers of computer chips fell after brokerages including Goldman Sachs Group Inc. and Citigroup Inc. slashed their estimates for global computer sales next year. Nokia Oyj (NOK US), the world’s largest maker of mobile phones, said industrywide handset sales will be lower this year than previously anticipated, stoking concern consumers are cutting back on technology purchases.

Intel Corp. (INTC US) declined 7.7 percent to $13.32. Micron Technology Inc. (MU US) slipped 11 percent to $2.75. Advanced Micro Devices Inc. (AMD US) fell 10 percent to $2.43. Nvidia Corp. (NVDA US) lost 9.7 percent to $7.17.

Nokia American depositary receipts tumbled 11 percent to $12.59. Qualcomm Inc. (QCOM US), the biggest maker of mobile- phone chips, slipped 5.4 percent to $32.94.

Retailers declined after a Commerce Department report showed sales dropped in October dropped the most on record and companies including Nordstrom Inc. (JWN US) and Abercrombie & Fitch Co. (ANF US) and cut their earnings forecasts.

Nordstrom lost 9.4 percent to $11.74. Abercrombie & Fitch dropped 21 percent to $17.79. J.C. Penney Co. (JCP US) fell 10 percent to $17.27. Liz Claiborne Inc. (LIZ US) slid 26 percent, the most since October 1987, to $3.69. Office Depot Inc. (ODP US) fell 17 percent to $2.03.

Sears Holdings Corp. (SHLD US) tumbled 14 percent, the most since it began trading in April 2003, to $38.27. Big Lots Inc. (BIG US) retreated 13 percent to $15.41. Jones Apparel Group Inc. (JNY US) sank 16 percent to $6.32. Tiffany & Co. (TIF US) lost 9.5 percent to $20.31. Saks Inc. (SKS US) slipped 21 percent to $4.06. Home Depot Inc. (HD US) retreated 7.6 percent to $20.54.

Acergy SA ADRs (ACGY US) decreased 11 percent to $5.09, the lowest price since Oct. 27. JPMorgan Chase & Co. cut its recommendation on the U.K.-based provider of oil services to “neutral” from “overweight.”

ASM International NV (ASMI US) tumbled 25 percent, the most since May 1997, to $7.56. Shares of Europe’s second-largest maker of semiconductor equipment fell after Applied Materials Inc. (AMAT US) and Francisco Partners LP ended a plan to buy one of its units.

Cypress Semiconductor Corp. (CY US) dropped 18 percent, the most since Sept. 29, to $3.56. The maker of programmable chips said it expects to have a loss of as much as 12 cents a share in the fourth quarter. Analysts, on average, anticipate the company to earn 1 cent, according to a Bloomberg survey.

Electronic Arts Inc. (ERTS US) fell 8 percent to $20.44, the lowest price since January 2001. The world’s second-largest video-game maker was cut to “neutral” from “buy” by Merrill Lynch & Co., which cited weakening consumer spending and possible price cuts in the fourth quarter.

The brokerage also downgraded Activision Blizzard Inc. (ATVI US) to “neutral” from “buy.” The stock dropped 16 percent, the most since December 2002, to $10.61.

Emerson Electric Co. (EMR US) retreated 7 percent to $33.40. The world’s largest maker of power equipment for oil companies was cut to “underweight” from “neutral” by JPMorgan Chase & Co.

First Industrial Realty Trust (FR US) fell 18 percent, the most since Oct. 23, to $7.03. The owner of industrial properties and warehouses was downgraded to “market perform” from “outperform” by analyst Paul Adornato at BMO Capital Markets.

Fuqi International Inc. (FUQI US) gained 25 percent, the most since it began trading in October 2007, to $6.62. The Chinese jewelry retailer reported third-quarter profit, excluding some items, of 31 cents a share, beating the average analyst estimate by 4 cents, according to Bloomberg data. Fuqi also raised its full-year forecast.

Hartford Financial Group Inc. (HIG US) rallied 21 percent, the most in the Standard & Poor’s 500 Index, to $12.65. The Connecticut-based insurer said it’s buying a Florida bank for $10 million so it can be eligible for the government rescue program. The company expects to qualify for $1.1 billion to $3.4 billion under Treasury guidelines.

JPMorgan Chase & Co. (JPM US) fell 7.3 percent, the most since Oct. 7, to $34.47. The biggest U.S. bank by market value may report profit of as little as 10 cents a share in the fourth quarter as it writes down assets and adds to its loan-loss reserves, analysts at Citigroup Inc. said, cutting the stock- price estimate to $40 from $45.

LaSalle Hotel Properties (LHO US) dropped 18 percent to $9.02 and slid 24 percent for the biggest intraday retreat since September 2001. The real estate investment trust focused on luxury and upscale full-service hotels withdrew its 2008 forecast because of the “rapid deterioration” in the economy. Revenue per available room fell 11 percent in October, more than the company’s forecast for a 6.7 percent drop.

Lee Enterprises Inc. (LEE US) fell 19 percent to $1.41, the lowest price since at least 1980. The publisher of the St. Louis Post-Dispatch said fiscal fourth-quarter earnings declined 70 percent as advertising sales dwindled and the company may take additional charges to reflect the declining value of intangible assets such as goodwill.

Medcath Corp. (MDTH US) slumped 47 percent, the most since it began trading in July 2001, to $7.71. The operator of cardiovascular-care hospitals reported fourth-quarter profit of 2 cents a share, missing the average analyst estimate of 27 cents, according to Bloomberg data.

Morgan Stanley (MS US) lost 8.9 percent to $12.03. The New York-based firm may report a fourth-quarter loss of 6 cents a share because of declines in private-equity and trading revenue, Fox-Pitt Kelton Cochran Coronia Waller said. Analyst David Trone previously estimated an 85-cent profit.

Orient-Express Hotels Ltd. (OEH US) fell 22 percent, the most since September 2001, to $6.51. The owner of more than 40 hotels including Hotel Cipriani in Venice said it would sell 8.49 million shares in a new stock offering.

Prologis (PLD US) dropped 26 percent, the second-steepest decline in the Standard & Poor’s 500 Index, to $5.08. RBC Capital Markets cut its price estimate for the stock to $10 from $16, saying the world’s largest warehouse developer still faces “rough times ahead” as it makes money-saving changes.

Solera Holdings Inc. (SLH US) fell 24 percent, the most since it began trading in May 2007, to $18.25. The maker of claims-processing software for automobile insurers said it’s offering to sell 4.5 million shares at $20 each.

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

Last Updated: November 14, 2008 16:44 EST

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