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American Apparel, Endo, Kroger, U.S. Steel: 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.
American Apparel Inc. (APP US) plunged 21 percent to 81 cents, the lowest price since at least March 2006. The clothing retailer said it received a subpoena from the U.S. attorney’s office over changing accounting firms and that operating losses may result in its breach of a debt covenant.
Cardica Inc. (CRDC US) surged 31 percent, the most since April 15, to $2.18. The maker of heart-surgery equipment said Intuitive Surgical Inc. (ISRG US) will pay $12 million for a royalty-bearing license and equity investment in about 1.25 million shares.
Chico’s FAS Inc. (CHS US) rose 10 percent, the most since May 2009, to $9.25. The women’s clothing retailer approved a $200 million share buyback to take place through January 2013.
Citi Trends Inc. (CTRN US) dropped 12 percent, the most since August 2009, to $23.92. The closing retailer said earnings excluding some items this year may be as low as $1.60 a share, compared with the average analyst estimate of $1.83 in a Bloomberg survey.
Endo Pharmaceuticals Holdings Inc. (ENDP US) rose 8.8 percent to $28.45, the highest price since November 2007. The drugmaker’s share-price forecast was raised to $44 at Jefferies Group Inc.
Grand Canyon Education Inc. (LOPE US) rallied 11 percent, the most since March 2009, to $17.35. The Phoenix-based online educator said it will pay $5.2 million to the U.S. to settle a False Claims Act case.
Jazz Pharmaceuticals Inc. (JAZZ US) rose 3.5 percent to $10.61, the first gain in four days. The company’s fibromyalgia drug is safe and effective, said U.S. regulators weighing whether to approve the experimental drug, which includes a chemical linked to date rape.
Las Vegas Sands Corp. (LVS US) jumped 1.8 percent to $30.29, the highest price since Oct. 2008. The casino company controlled by billionaire Sheldon Adelson said it will pay down more than $1 billion in outstanding debt in conjunction with the previously announced proposed amendment of its United States credit facility.
Safeway Inc. (SWY US) fell 4.5 percent to $20.47, the biggest decline in the S&P 500. Kroger Co. (KR US) dropped 2.9 percent to $21.40. The supermarket chains declined after Longbow Research cut Safeway to “sell” from “neutral” and Kroger to “neutral” from “buy.”
U.S. Steel Corp. (X US) rose 4.8 percent to $49.79, the highest price since May 17. The country’s largest producer of the metal may be an acquisition target for ArcelorMittal (MT US), according to the Benzinga website. Giles Read, a spokesman for ArcelorMittal in London, and Erin DiPietro, a spokeswoman for U.S. Steel, declined to comment.
To contact the reporter on this story: Kelly Bit in New York at kbit@bloomberg.net.
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