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Alcoa, Cypress Bioscience, Mastercard, Pier 1 Imports: 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.
Commodity shares advanced after China’s plan to end its currency’s fixed rate to the dollar signaled confidence in the global economy.
Alcoa Inc. (AA US) jumped 5.5 percent to $11.72 for the biggest gain in the Dow Jones Industrial Average. Cliffs Natural Resources Inc. (CLF US) climbed 3 percent to $57.89. Freeport- McMoRan Copper & Gold Inc. (FCX US) increased 3.3 percent to $68.08. U.S. Steel Corp. (X US) added 3.6 percent to $44.97. AK Steel Holding Corp. (AKS US) rose 2.6 percent to $14.26. Titanium Metals Corp. (TIE US) advanced 2.2 percent to $20.43. Century Aluminum Co. (CENX US) rallied 8 percent to $10.84.
Coal producers also rallied. Massey Energy Co. (MEE US) rose 2.4 percent to $32.05. Peabody Energy Corp. (BTU US) increased 2.6 percent to $42.32.
Affymax Inc. (AFFY US) fell the most in the Russell 2000 Index, plunging 69 percent to $7.18. Non-dialysis patients taking the company’s anemia drug Hematide had a higher rate of cardiovascular events, including heart attacks, strokes and death, than those taking Amgen Inc.’s (AMGN US) Aranesp. Amgen gained 2.4 percent to $56.52.
BP Plc (BP US) dropped 4.5 percent to $30.33, the lowest price since June 9. The London-based operator of the leaking well in the Gulf of Mexico would face an extra $500 million a year in interest costs to raise $10 billion in the bond market as it seeks to ensure it has enough cash to cope with the biggest oil spill in U.S. history. The average yield on BP’s bonds has surged to 539 basis points from 41 basis points before the oil-rig explosion on April 20, according to Bank of America Merrill Lynch index data.
Biovail Corp. (BVF US) rose 14 percent, the most since September 2005, to $16.67. Canada’s largest publicly traded drugmaker will merge with Valeant Pharmaceuticals International (VRX US). Valeant shareholders will receive a one-time cash dividend of $16.77 a share just before the deal closes, plus Biovail stock valued at $26 a share at closing. The transaction will add to per-share earnings for shareholders of both companies within 12 months after the deal closes, Biovail and Valeant said. Valeant rose 2.3 percent to $46.90.
California Pizza Kitchen Inc. (CPKI US) dropped 11 percent, the most since January 2008, to $16.83. The restaurant chain lowered its second-quarter forecast to as little as 10 cents a share. Analysts, on average, estimated 26 cents a share.
Darden Restaurants Inc. (DRI US), the owner of the Red Lobster and Olive Garden chains, dropped 3.5 percent to $42.92. Darden is scheduled to announce quarterly earnings June 23.
Corn Products International Inc. (CPO US) fell 8.5 percent, the most since March 2009, to $31.90. The U.S. corn refiner and maker of sweeteners agreed to buy Akzo Nobel NV’s National Starch unit for $1.3 billion in cash to add products and customers in Europe.
Cypress Bioscience Inc. (CYPB US) fell 38 percent, the most since September 2005, to $2.70. The San Diego, California-based developer of medical devices entered into a license agreement for commercialization and development of the BioLineRx schizophrenia drug in which it will pay $30 million upfront.
Global Payments Inc. (GPN US) slid 8.7 percent, the most since October 2008, to $38.89. The fourth-biggest provider of card-processing services for U.S. merchants said Canadian Imperial Bank of Commerce decided not to renew its Visa Bank Identification Number sponsorship in Canada after the agreement expires in March 2011.
Mastercard Inc. (MA US) and Visa Inc. (V US) rose 4.2 percent to $223.34 and 5 percent to $80.90, respectively. The payment networks gained after Senator Richard Durbin said members of congress agreed to “minor changes” for a financial regulatory overhaul bill that would empower the Federal Reserve to set interchange fees that are “reasonable and proportional” to the cost of processing debit transactions.
Pier 1 Imports Inc. (PIR US) fell 6.3 percent, the most since June 7, to $7.29. The U.S. retailer of imported furniture said it won’t enter or amend employment agreements to provide for gross-up payments to offset some excise taxes.
Ralcorp Holdings Inc. (RAH US) lost 7.9 percent, the most since November 2008, to $57.28. The St. Louis-based producer of Post cereals agreed to buy American Italian Pasta Co. (AIPC US) for about $1.2 billion in cash, gaining control of the biggest producer of dry pasta in North America. American Italian Pasta soared 26 percent to $52.66.
To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net.
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