Apollo, BP, Fabrinet, MannKind, Moody's, Oracle, RIM: 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.
Banks gained after congressional negotiators today approved the most sweeping overhaul of U.S. financial regulation since the Great Depression, reshaping oversight of Wall Street and some of its most complex financial products. Companies including JPMorgan Chase & Co. (JPM US) and Citigroup Inc. (C US) will be permitted to maintain swaps operations used to hedge risk under the accord announced today.
JPMorgan advanced 3.9 percent to $39.52 for the biggest gain in the Dow Jones Industrial Average. Citigroup rose 4 percent to $3.93. Morgan Stanley (MS US) added 3.1 percent to $25.02. Bank of America Corp. (BAC US) gained 3.1 percent to $15.48.
Moody’s Corp. (MCO US), a credit-rating company, jumped the most in the Standard & Poor’s 500 Index, rising 7 percent to $22.04. Lawmakers agreed to modify legislation that would have made it easier to sue credit-rating companies.
For-profit colleges fell after William Blair & Co. said ongoing scrutiny may continue to weigh on the shares in coming months. Yesterday’s Senate oversight hearing on the industry “did little to persuade us that the regulatory focus on the sector will lessen in the near term,” analyst Brandon Dobell wrote in a note.
Apollo Group Inc. (APOL US) declined 4.8 percent to $43.75 for the biggest loss in the S&P 500. DeVry Inc. (DV US) slipped 2.2 percent to $55.33. Career Education Corp. (CECO US) dropped 3.9 percent to $24.71. ITT Educational Services Inc. (ESI US) decreased 3.5 percent to $87.12. Corinthian Colleges Inc. (COCO US) sank 5.4 percent to $10.25.
Accenture Plc (ACN US) rose 8.8 percent, the most since October 2008, to $40.84. The second-largest technology- consulting company reported fiscal third-quarter profit that topped analysts’ estimates as demand for consulting projects rebounded.
AeroVironment Inc. (AVAV US) fell 7.9 percent to $21.43, the lowest price since March 2009. The maker of low-flying drones for U.S. military forces was notified in February of a U.S. Justice Department investigation into its billing practices, according to a regulatory filing.
ATP Oil & Gas Corp/United States (ATPG US) rallied 12 percent, the most since March 12, to $12.22. The petroleum and gas producer in the Gulf of Mexico obtained a $150 million term loan paying 11 percent interest and replaced a $100 million bank line deployed three months ago, according to a regulatory filing.
BP Plc (BP US) dropped 6 percent to $27.02, the lowest price since June 1996. The London-based operator of the leaking well in the Gulf of Mexico slumped on concern that the first tropical storm of the Atlantic hurricane season may hamper efforts to halt the leak.
Fabrinet (FN US) rose 7.5 percent to $10.75 on the first day of trading. The maker of optical telecommunications equipment raised $85 million after reducing its initial public offering price by as much as 29 percent.
FuelCell Energy Inc. (FCEL US) dropped 17 percent to $1.25, the lowest price since at least July 1992. The maker of pollution-free power plants priced 24 million shares at $1.25 each, raising money to expand capacity.
KB Home (KBH US) fell the most in the Russell 1000 Index, erasing 9 percent to $11.12. The Los Angeles-based builder specializing in homes for first-time buyers had a second-quarter loss of 40 cents a share. Analysts surveyed by Bloomberg had estimated a loss of 31 cents on average.
MannKind Corp. (MNKD US) added 8.4 percent to $7.11, the highest price since May 4. Diabetes patients who inhaled the Valencia, California-based company’s insulin before meals and took a shot of Sanofi-Aventis’s Lantus before bed controlled blood sugar almost as well as those who got two injections, MannKind-funded researchers said yesterday in the Lancet.
Molecular Insight Pharmaceuticals Inc. (MIPI US) fell 19 percent, the most since March 2009, to $1.70. The biopharmaceutical company said it failed to meet the Nasdaq Stock Market listing requirement because it traded below the minimum market value of $50 million for 30 consecutive days.
Research In Motion Ltd. (RIMM US) declined 11 percent to $52.23, the lowest price since April 2009. The maker of the BlackBerry smartphone reported first-quarter sales of $4.24 billion, missing analysts’ estimates $4.35 billion amid competition from Apple Inc.’s iPhone.
Synutra International Inc. (SYUT US) fell 13 percent, the most since June 2009, to $18.20. The Chinese maker of infant formula priced 3.3 million shares at $19 each, saying it plans to use the money to repay debt.
Tibco Software Inc. (TIBX US) surged 11 percent to $12.56, the highest price since January 2005. The software company posted second-quarter profit excluding some items of 15 cents a share, exceeding the average analyst estimate by 18 percent.