AMB, Family Dollar, Massey, Palm, PremierWest, Zale: U.S. Equity Movers
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 unless otherwise noted.
AMB Property Corp. (AMB US) fell 3.9 percent, the most since Feb. 4, to $27.53. The industrial real estate landlord said that, excluding some items, it probably earned 30 cents a share at most in the first quarter. That trailed the average analyst estimate of 31 cents from analysts in a Bloomberg survey. The company also said it plans to sell 12 million shares, raising money to cut debt and fund investments.
CKE Restaurants Inc. (CKR US) rose 6.6 percent to $11.81, the highest price since September 2008. The operator of the Carl’s Jr. and Hardee’s chains received a takeover proposal that may be superior to the $619 million bid it accepted from Thomas H. Lee Partners LP in February. It didn’t identify the new bidder and terms of the new offer weren’t disclosed.
EOG Resources Inc. (EOG US) rose 6.5 percent to $103.74 for the second-biggest gain in the Standard & Poor’s 500 Index. The Houston-based oil and gas producer that has gained 68 percent in the past year said output will rise 19 percent in 2011 and 21 percent in 2012 as it exploits new onshore crude discoveries. Asset sales of as much as $1.5 billion will help fund increased drilling, the company said.
Family Dollar Stores Inc. (FDO US) jumped 3 percent to $38.94, the highest price since February 2004. The U.S. discount retailer reported fiscal second-quarter profit excluding some items of 81 cents a share, 3.5 percent higher than the average analyst estimate in a Bloomberg survey. Family Dollar forecast third-quarter earnings per share of 71 cents to 76 cents, compared with an average estimate of 70 cents.
JA Solar Holdings Co. (JASO US) rose 9.7 percent, the most since Dec. 14, to $6.22. The Chinese maker of solar cells and modules said it expects first-quarter shipments to exceed 265 megawatts, above the high end of its previous forecast range of 215 megawatts to 225 megawatts given on Feb. 11.
Massey Energy Co. (MEE US) dropped 6.7 percent to $45.22 for a two-day decline of 17 percent, the most since February 2009. An explosion at one of the company’s mines in West Virginia on April 5 killed 25 workers, with four miners still missing. That location was among sites where Massey disputed U.S. findings of safety violations, records show.
Palm Inc. (PALM US) dropped 20 percent, the most since Jan. 15, to $4.62. The smartphone maker surged on “takeover chatter,” said Jamie Lissette founder of the Hammerstone Group, a Westport, Connecticut-based operator of online discussion forums for institutional investors. Palm spokesman Derick Mains declined to comment.
PremierWest Bancorp (PRWT US) jumped 40 percent to 74 cents for the biggest gain in the Russell 2000 Index. The bank raised $33.3 million from the sale of 75.6 million shares and its Tier 1 capital ratio is expected to be above “well capitalized” levels, according to a statement on Globe Newswire.
Tractor Supply Co. (TSCO US) rose 8.3 percent, the most since July 8, to $66.55. The operator of 948 farm-equipment stores increased its forecast for full-year earnings per share to a range of $3.48 to $3.60, from a range of $3.30 to $3.42.
Zale Corp. (ZLC US) gained 23 percent, its biggest advance since Feb. 23, to $3.60. The third-largest U.S. jewelry chain is in talks with three finalists to take a stake, including TPG and Golden Gate Capital, according to three people with knowledge of the situation.
To contact the reporter on this story: Joanna Ossinger in New York at email@example.com