Corinthian, Hewlett-Packard, Intuitive, Marvell, Tyco: U.S. Equity Movers
(Corrects name of college with accreditation in jeopardy in Corinthian item.)
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.
Onshore oil drillers declined after Sterne, Agee & Leach Inc. reduced Helmerich & Payne Inc. (HP US) and Nabors Industries Ltd. (NBR US) to “neutral” from “buy.” Helmerich slipped 2.9 percent to $36.33. Nabors dropped 3.9 percent to $16.51. Patterson-UTI Energy Inc. (PTEN US) retreated 3.1 percent to $14.22.
Blue Coat Systems Inc. (BCSI US) fell 7.7 percent to $17.50, the lowest price since August 2009. The provider of Internet security for corporations forecast second-quarter sales of $124 million at most, trailing the average analyst estimate of $129 million in a Bloomberg survey.
Canadian Solar Inc. (CSIQ US) slumped 5.9 percent to $11.78, the first decline in four days. The maker of solar power cells and modules reported first-quarter profit that missed analysts’ estimates.
Corinthian Colleges Inc. (COCO US) fell 17 percent to $4.49, the lowest price since July 2000. The operator of Everest, WyoTech and Heald colleges was cut to “underperform” from “neutral” at Bank of America Merrill Lynch after it said the accreditation of its Everest College Phoenix is in jeopardy.
Hewlett-Packard Co. (HPQ US) dropped 2.2 percent to $39.85 for the biggest retreat in the Dow Jones Industrial Average. The largest computer maker needs more aggressive buybacks to boost shares, Morgan Stanley said, cutting the stock’s price estimate to $56 from $62.
Intuit Inc. (INTU US) advanced 15 percent to $44.60, the highest price since its initial public offering in 1993. The world’s biggest maker of tax-preparation software reported a fourth-quarter loss that’s smaller than analysts expected and said it will buy back as much as $2 billion of shares.
Intuitive Surgical Inc. (ISRG US) slid 4.2 percent, the most since May 20, to $293.50. Robert W. Duggan, a board director, sold 2,000 shares in the maker of systems that control surgical instruments during operations on Aug. 18, according to a regulatory filing.
Kirkland’s Inc. (KIRK US) dropped the most in Russell 2000 Index, slumping 25 percent to $12.15. The home accessories and gifts retailer reduced its full-year sales forecast after second-quarter earnings trailed analysts’ estimates.
Marvell Technology Group Ltd. (MRVL US) jumped 8.4 percent, the most since Dec. 4, to $16.16. The maker of processors for the BlackBerry phone reported second-quarter profit that’s in line with the average analyst estimate and said it will buy back as much as $500 million shares.
Research In Motion Ltd. (RIMM US) fell 3.5 percent to $48.72, the lowest price since July 6. The maker of the BlackBerry mobile e-mail device was downgraded to “underweight” from “overweight” at Morgan Stanley. Ehud Gelblum, the analyst, said in a report the company may lose market share faster than previously estimated.
Salesforce.com Inc. (CRM US) climbed 17 percent to $112.75 for the biggest advance in the S&P 500. The world’s largest seller of online customer-management software beat analysts’ sales and profit estimates for the second quarter after signing up new customers and persuading current ones to add subscriptions.
Tyco International Ltd. (TYC US) gained 5.3 percent, the most since April 2009, to $38.70. The world’s largest maker of security systems will replace Smith International Inc. (SII US) in the Standard & Poor’s 500 Index, S&P said.