Hewlett-Packard, Orion Energy, TiVo, Ultralife, Yahoo!: 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.
Payment networks fell after the U.S. Senate approved an amendment that would empower the Federal Reserve to impose limits on debit-card fees collected by the biggest banks as part of the financial-overhaul bill. The amendment also permits retailers to offer discounts for cash, checks or debit cards, or for a particular card brand.
American Express Co. (AXP US), which charges the highest merchant fees for its charge cards, fell the most in the Dow Jones Industrial Average, losing 5.1 percent to $40.64. Visa Inc. (V US) fell 9.9 percent to $77.26 and MasterCard Inc. (MA US) dropped 8.6 percent to $212.45. Capital One Financial Corp. (COF US) decreased 4.8 percent to $42.76.
Limiting the fees may also crimp revenue at the biggest U.S. debit-card issuers. Bank of America Corp. (BAC US) fell 3.1 percent to $16.34, Wells Fargo & Co. (WFC US) declined 3.1 percent to $32.04 and JPMorgan Chase & Co. (JPM US) decreased 2.3 percent to $39.89.
American Capital Agency Corp. (AGNC US) fell 7.3 percent, the most since Oct. 27, to $25.55. The real estate investment trust announced plans to offer 6 million shares of common stock.
CA Inc. (CA US) slipped 6.3 percent, the most since Oct. 23, to $20.51. The second-largest maker of software for mainframe computers forecast full-year sales that missed analysts’ projections as it invests in a new software market.
Cirrus Logic Inc. (CRUS US) declined 4.4 percent to $14.30, the first decline this week. The supplier of parts for Apple’s iPhone and iPad was downgraded to “buy” from “strong buy” at Needham & Co. by equity analyst Vernon Essi. The 12-month price estimate is $16.00 per share.
Dillard’s Inc. (DDS US) rose 7.9 percent to $27.76 for the fourth-biggest gain in Russell 2000 Index. The U.S. department- store chain reported first-quarter profit excluding some items of 70 cents a share, topping the 51-cent average analyst estimate.
Emcore Corp. (EMKR US) fell 8.7 percent to $1.15, the lowest price in a week. Avago Technologies Ltd. (AVGO US) won its patent-infringement case against Emcore and can seek an order to block imports of Emcore optoelectronic devices used to connect computers in a local-area network, a U.S. trade agency said.
GameStop Corp. (GME US) fell 3.7 percent to $21.85, the lowest price since March 30. The video-game retailer sank after researcher NPD Group Inc. said U.S. video-game sales fell 26 percent in April, the fourth-biggest drop on record.
Netflix Inc. (NFLX US) dropped 8.6 percent, the most since July 24, to $100.56. The online movie-rental company’s shares were cut to “hold” from “buy” at Citigroup Inc. and cut to “neutral” from “buy” at Merriman Curhan Ford & Co.
Nordstrom Inc. (JWN US) declined 3.7 percent to $39.76, the lowest price since March 16. The U.S. department-store chain with more than 100 namesake locations reported first-quarter profit that missed analysts’ estimates on higher sales commissions and store-opening costs.
NuStar Energy L.P. (NS US) lost 5 percent to $55.98, the lowest price since May 6. The asphalt producer announced that its public offering of 4.4 million shares will be priced at $56.55 each.
Nvidia Corp. (NVDA US) slumped 12 percent to $12.96 for the biggest decline in the S&P 500. The second-largest maker of graphics chips predicted sales will drop as low as about $950 million from last quarter’s $1 billion. Analysts had predicted sales of $991 million, on average, according to a Bloomberg survey.
Orion Energy Systems Inc. (OESX US) tumbled 20 percent, the most since July 16, to $3.87. The provider of energy management systems posted a fourth-quarter loss excluding some items of 1 cent a share. Analysts, on average, expected the company to earn 2 cents, according to a Bloomberg survey.
Sinovac Biotech Ltd. (SVA US) lost 19 percent, the most since December 2008, to $4.41. The Beijing-based biopharmaceutical company reduced its 2010 sales forecast, predicting $67 million at most.
Strategic Hotels & Resorts Inc. (BEE US) fell 4.8 percent to $4.95, the first decline in three days. The real-estate investment trust managing luxury hotels in North America and Europe announced plans for an additional offering of 66 million common shares at $4.60 each.
TiVo Inc. (TIVO US) plunged 42 percent, the most since its initial public offering in 1999, to $10.16. The company’s legal victory against Dish Network Corp. (DISH US) and EchoStar Corp. (SATS US) for infringing a patent on digital-video recording services will be reconsidered, an appeals court said today.
Dish climbed 4.3 percent to $22.90.
Yahoo! Inc. (YHOO US) rose the most in the S&P 500, adding 1.6 percent to $16.39. The company’s Alibaba.com Ltd. (1688 HK) unit, operator of China’s biggest online commerce site, said billionaire investor George Soros bought a stake.
Ultralife Batteries Inc. (ULBI US) gained 7.4 percent, the most since Jan. 14, to $4.52. The battery maker and circuitry designer said it got orders valued at $21 million from a U.S. defense contractor.
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