Homebuilders rallied after the Federal Reserve committed as much as $800 billion to unfreeze credit for homebuyers, consumers and small businesses. D.R. Horton Inc. (DHI) jumped 38 percent to $6.90. Pulte Homes Inc. (PHM) added 12 percent to $9.82. KB Home (KBH) rose 8.3 percent to $10.45. Centex Corp. (CTX US) increased 11 percent to $7.80.
Lennar Corp. (LEN) surged 32 percent to $6.03. The second-largest U.S. homebuilder also was raised to “buy” from “neutral” at UBS AG on valuation.
Some lenders also climbed. SLM Corp. (SLM) , the biggest U.S. student lender, rose 22 percent to $9.64 after the Fed said it would accept top-rated student loan securities as collateral. Student Loan Corp. (STU US) rallied 29 percent to $34.58. CIT Group Inc. (CIT) , the largest U.S. independent commercial lender, gained 21 percent to $2.87.
ABB Ltd. (ABB) American depositary receipts (ABB US) gained 12 percent to $12.40, the highest price since Nov. 5. The world’s largest builder of electricity grids said it has orders into 2010 and foresees a “good” year in 2009.
Analog Devices Inc. (ADI) fell 6.7 percent, the most since Oct. 15, to $16.95. The maker of semiconductors forecast profit and sales for the first quarter that missed analysts’ estimates as the financial crisis crimps demand.
BHP Billiton Ltd. (BHP) ADRs added 15 percent to $38.27, the highest since Nov. 10. The world’s largest mining company abandoned its $66 billion bid for Rio Tinto Group amid a slump in commodities prices. Rio Tinto Group ADRs (RTP US) tumbled 27 percent to $106.09.
CB Richard Ellis Group Inc. (CBG) slid 11 percent to $4.49, the first decline in three days. The world’s largest commercial real estate broker said office rents in London’s West End, midtown Manhattan and Tokyo fell in the third quarter for the first time in almost seven years as the global financial crisis cut demand.
Charming Shoppes Inc. (CHRS US) rallied 10 percent to $1.32, the highest closing price this month. The owner of the Fashion Bug clothing-chain reported a narrower-than-forecast loss for the third quarter and said it would close an additional 100 stores and discontinue its Lane Bryant women’s catalog.
Cisco Systems Inc. (CSCO) fell 6 percent to $15.42. UBS AG analysts said the world’s biggest maker of networking equipment is planning a four-day shutdown to cut costs as it faces “soft” demand.
Citi Trends Inc. (CTRN) jumped the most since its May 2005 initial public offering, advancing 34 percent to $11.59. The clothing retailer reported a loss of 5 cents a share for the third quarter. That’s narrower than the average 11-cent loss estimated by analysts, according to a Bloomberg survey.
Dollar Tree Inc. (DLTR) gained 9.1 percent, the most in six weeks, to $41.78. The biggest U.S. retailer of items costing a $1 or less reported third-quarter profit of 47 cents a share, beating the average analyst estimate by 3 cents, according to Bloomberg data. Dollar Tree also raised its fiscal 2009 forecast.
Donaldson Co. (DCI) rose 6.7 percent to $29.62, the highest price since Nov. 13. The maker of Dura-Life and Ultra-Web air filters said it earned 60 cents a share in the fiscal first quarter. That beat the average analyst estimate by 11 percent, according to Bloomberg data.
Dycom Industries Inc. (DY) slid 25 percent, the most since Feb. 12, to $5.13. The provider of contract services to phone and cable companies said it expects to earn up to 7 cents a share in the fiscal second quarter. That trailed the 11-cent average estimate from analysts in a Bloomberg survey.
E*Trade Financial Corp. (ETFC) surged 50 percent, the biggest gain since share began trading 12 years ago, to $1.32. The online brokerage said it’s “optimistic” it will get approvals to tap the Treasury’s Troubled Asset Relief Program.
General Growth Properties Inc. (GGP) jumped 36 percent to $1.36, the highest price in two weeks. Pershing Square Capital Management LP, the hedge fund run by William Ackman, bought a 7.5 percent stake in the real estate investment trust that said this month it might file for bankruptcy.
Google Inc. (GOOG) rose 9.6 percent, the most this month, to $282.05. The selloff in the owner of the most popular Internet search engine was “overdone,” Barclays Plc analyst Doug Anmuth wrote in a note. There are “early signs” from search-marketing firms that spending has risen, he said.
Hewlett-Packard Co. (HPQ) fell the most in the Dow Jones Industrial Average, slipping 5.9 percent to $33.60. The economic slowdown may limit the ability of the world’s largest personal-computer maker to boost profit margins, Maynard Um, an analyst at UBS AG, wrote in a note.
Jacobs Engineering Group Inc. (JEC) added 12 percent to $37.44, the highest price in three weeks. The second-largest publicly traded U.S. engineering company may benefit from construction growth and “quick-start stimulus projects,” according to a UBS AG note today.
Life Time Fitness Inc. (LTM) rose the most since shares began trading in June 2004, jumping 48 percent to $13.19. Green Equity Investors V LP reported a 9.2 percent stake in the fitness-club operator, according to a Securities and Exchange Commission filing.
Nuan Communications Inc. (NUAN) gained 17 percent, the most since February 2007, to $8.78. The biggest maker of speech-recognition software posted fiscal fourth-quarter profit excluding some items of 29 cents a share, beating the average analyst estimate by 16 percent, according to a Bloomberg survey.
Patriot Coal Corp. (PCX US) declined 6.7 percent to $7.84, the lowest price since Nov. 21. The coal producer that Peabody Energy Corp. (BTU US) spun off last year was rated “underperform” in new coverage at BMO Capital Markets.
Research In Motion Ltd. (BB) fell 8.3 percent to $41.50, the lowest price since Nov. 14. The maker of the BlackBerry e-mail device may miss its forecast for November subscriber additions as the company offers a limited supply of the new BlackBerry Storm, a touch-screen phone, according to BMO Capital Markets.
SkillSoft Plc (SKIL US) slid the most since April 2005, retreating 17 percent to $5.70. The maker of employee-training software forecast fourth-quarter sales of $80.5 million to $83.5 million, less than the average analyst estimate of $87.5 million, according to Bloomberg data.
Sterling Financial Corp. (STSA US) rose 16 percent, the most since Oct. 13, to $4.91. The bank with branches in Washington and Oregon said it won approval to sell $303 million of securities to the U.S. Treasury to boost capital.
Talbots Inc. (TLB US) rallied 25 percent, the most since Aug. 27, to $2.66. The U.S. clothing retailer geared to women 35 and older said two Japanese banks allowed it to tap $125 million in credit.
TreeHouse Foods Inc. (THS) fell the most in three years, slumping 15 percent to $23.25. The pickle maker was cut to “neutral” from “outperform” by Credit Suisse Group AG.
UAL Corp. (UAUA US) rose 25 percent, the most since Oct. 16, to $11.04. The company’s United Airlines said its credit-card processor temporarily waived a penalty for not maintaining a minimum cash balance, in exchange for an interest in some aircraft.
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) dropped 20 percent, the biggest decline since December 2007, to $7.03. The chain of almost 300 beauty stores in 34 states was cut to “neutral” from “outperform” at Robert W. Baird & Co. on concern the company may reduce its estimates because of weakening consumer spending.
Zale Corp. (ZLC US) tumbled 41 percent to $5.38, the lowest price since February 1995. The biggest U.S. jewelry chain by stores reported a wider loss from continuing operations in the first quarter and rescinded its forecast for the year ending July 31.
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