By Rita Nazareth
Nov. 10 (Bloomberg) -- Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 4 p.m. in New York.
American International Group Inc. (AIG US) added 3.9 percent to $37.59 for the third-biggest gain in the Standard & Poor’s 500 Index. The insurer bailed out by the U.S. will be able to repay its Federal Reserve credit line and “much or all” of the Treasury Department’s investment if financial markets stabilize, Moody’s Investors Service said.
Ambac Financial Group Inc. (ABK US) fell 33 percent, the most since November 2008, to 79 cents. The bond insurer said late yesterday that it may seek bankruptcy protection if strategies to address its cash needs fail. Management believes the company has sufficient liquidity through the second quarter of 2011, the New York-based company said.
American Express Co. (AXP US) had the second-biggest gain in the Dow Jones Industrial Average, rising 1.6 percent to $39.68. The largest credit-card issuer by purchases said worldwide spending climbed 3 percent in October as rising equities may have emboldened affluent customers.
Baxter International Inc. (BAX US) rose 2.1 percent to $57.48, the highest price since Oct. 13. The maker of treatments for blood disorders raised its quarterly dividend by 12 percent to 29 cents a share.
Beazer Homes USA Inc. (BZH US) climbed 8.7 percent to $5.10, the highest price since Oct. 22. The homebuilder posted its first quarterly profit in three years on a gain from the early repayment of debt.
Boeing Co. (BA US) had the biggest decline in the Dow Jones average, falling 2 percent to $50.32. The world’s second-biggest commercial-plane builder had its fourth-quarter, 2010 and 2011 profit estimates cut at Wells Fargo & Co., which said the company’s estimated $1.5 billion pension plan contribution will cut earnings per share.
Carter’s Inc. (CRI US) dropped 9.1 percent to $21.86, the biggest gain since Oct. 27. The maker of children’s clothes said it will restate financial results following a review of its accounting for payments to wholesalers.
Electronic Arts Inc. (ERTS US) fell 6.4 percent, the most since Aug. 17, to $18.29. The second-largest video-game publisher plans to cut 1,500 jobs as Chief Executive Officer John Riccitiello battles shrinking industry sales that have contributed to 11 straight quarterly losses.
FedEx Corp. (FDX US) added 1.1 percent to $82.13, the highest price since September 2008. The second-largest U.S. package-delivery company projected handling about 8 percent more shipments on its busiest day before the Christmas holiday amid “positive signs” for the economy.
Fluor Corp. (FLR US) fell 7.6 percent, the most since March 2, to $44.38. The largest publicly traded U.S. engineering firm said 2009 profit excluding some items will be no more than $3.90 a share, down from a prior estimate of up to $4.10.
Fossil Inc. (FOSL US) added 9 percent, the most since May 12, to $31.52. The seller of watches boosted its 2009 earnings forecast after per-share profit in the third quarter topped the average analyst estimate by 24 percent.
GT Solar International Inc. (SOLR US) lost 14 percent, the most since May 13, to $4.76. The supplier of equipment to solar- cell manufacturers was cut to “underweight” from “neutral” at Piper Jaffray Cos. after reporting a 66 percent drop in second-quarter profit.
MBIA Inc. (MBI US) had the steepest drop in the S&P 500, sliding 27 percent to $3.52. The world’s largest bond insurer reported a wider-than-projected $727.8 million net loss in the third quarter on a drop in the value of securities the company backs through the credit derivatives market.
Monsanto Co. (MON US) had the second-steepest gain in the S&P 500, rising 5.2 percent to $73.66. The world’s largest seed producer said it still plans to double 2007 gross profit in 2012 and affirmed its 2010 forecast. “Many” had expected the company to walk away from its goals, Morgan Stanley analyst Vincent Andrews wrote in a note.
Opnext Inc. (OPXT US) tumbled 29 percent, the most since January 2008, to $2.05. The maker of optical components for communications networks was downgraded to “underperform” from “buy” at Jefferies Group Inc. after posting a wider-than- estimated loss in the fiscal second quarter.
ParkerVision Inc. (PRKR US) fell 30 percent, the most since November 2008, to $1.79. The maker of audiovisual and wireless products reported a loss of 17 cents a share in the third quarter and said its revenue for the rest of the year won’t cover operating expenses.
Pike Electric Corp. (PIKE US) dropped 19 percent to $9.99, the steepest decline since its initial public offering in July 2005. The powerline contractor in the eastern U.S. was downgraded to “market perform” from “outperform” by FBR Capital Markets after posting an unexpected loss in the fiscal first quarter. BB&T Capital Markets cut the stock’s rating to “hold” from “buy.”
Priceline.com Inc. (PCLN US) rose the most in the S&P 500, jumping 18 percent to $204.22. The online travel agency forecast fourth-quarter profit, excluding some costs, will be at least $1.52 a share, beating the average estimate of $1.49 by analysts in a Bloomberg survey.
Expedia Inc. (EXPE US), a rival online travel service, added 1.6 percent to $24.42.
ShengdaTech Inc. (SDTH US) erased 14 percent, the most since Dec. 1, to $5.73. The China-based maker of chemicals reported third-quarter profit of 9 cents a share, trailing the average analyst estimate by 1 cent.
Talecris Biotherapeutics Holdings Corp. (TLCR US) rose 8.7 percent to $22.57, the biggest gain since Oct. 1. The maker of blood-plasma therapies forecast 2009 earnings of at least $1.42 a share and was rated “overweight” in new coverage by Morgan Stanley and JPMorgan Chase & Co.
TW Telecom Inc. (TWTC US) gained 8 percent, the most since May 12, to $14.94. The provider of telephone and Internet service to businesses was upgraded to “overweight” from “neutral” by JPMorgan Chase & Co., which cited a recovering enterprise market.
United Rentals Inc. (URI US) fell 9.9 percent, the most since May 13, to $8.89. The largest U.S. construction-equipment rental company plans to sell $400 million of senior notes due in 2019 that may yield about 9.5 percent, according to a person familiar with the transaction who declined to be identified because terms aren’t set.
To contact the reporter on this story: Rita Nazareth in New York at rnazareth@bloomberg.net
Last Updated: November 10, 2009 16:45 EST
HOME
