H&R Block, Myriad Genetics, RehabCare, Sprint, Tellabs: 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.
Phone services and infrastructure stocks rose after President Barack Obama proposed today almost doubling the airwaves available for smartphones, laptop connections to the Internet and new wireless devices. Sprint Nextel Corp. (S US) gained 6.2 percent to $4.46. American Tower Corp. (AMT US) rose 3 percent to $45.29. Tellabs Inc. (TLAB US) jumped 8.2 percent to $6.89 for the biggest increase in the Standard & Poor’s 500 Index.
Tobacco shares advanced after the U.S. Supreme Court rejected the Justice Department’s bid for as much as $280 billion in tobacco company profits, refusing to hear an Obama administration appeal in the decade-old government suit against the industry. Altria Group Inc. (MO US) climbed 3.3 percent to $20.34. Reynolds American Inc. (RAI US) gained 4.1 percent to $53.45. Lorillard Inc. (LO US) added 2.5 percent to $73.54.
CardioNet Inc. (BEAT US) lost 15 percent, the most since July 2009, to $6.08. The maker of wireless heart-monitoring devices said the Centers for Medicare and Medicaid Services proposed that the technical component of mobile cardiovascular telemetry remain carrier-priced for 2011. CardioNet said it’s “disappointed” with the proposal.
H&R Block Inc. (HRB US) jumped 4.5 percent to $16.25, the highest price since June 3. The biggest U.S. tax preparer was raised to “buy” from “neutral” at Northcoast Research Holdings LLC with a 12-month price estimate of $21 a share.
IDT Corp. (IDT US) surged 16 percent to $11.37, the highest price since April 2008. Chief Executive Officer Howard Jonas said on CNBC that the company is involved in a shale project which extracts oil from rock at a cost of $25, reselling it for as much as $80.
Isle of Capri Casinos Inc. (ISLE US) slipped 14 percent, the most since Aug. 26, to $10.68. The operator of casinos said it plans to sell 9 million shares, raising money to repay debt.
Orexigen Therapeutics Inc. (OREX US) climbed 18 percent, the most since July 2009, to $4.90. The company’s experimental weight-loss pill helped obese patients with diabetes slim down and control their blood sugar, according to a company-sponsored study.
RehabCare Group Inc. (RHB US) fell 16 percent, the most since March 2008, to $22.76. The rehabilitation-services provider fell after The Centers for Medicare & Medicaid Services late Friday issued proposed rules that would reduce rehab therapy rates by 12 percent.