First Solar, Gerber, Huntsman, Patterson: U.S. Equity Movers
Aug. 26 (Bloomberg) -- Robin Griffiths, a technical strategist at Cazenove Capital Management Ltd., talks about the outlook for a decline in equity markets. He speaks with Mark Barton on Bloomberg Television's "Countdown." (Excerpt. Source: Bloomberg)
Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 10 a.m. in New York.
Abercrombie & Fitch Co. (ANF US) fell 1.3 percent to $35.15. Chief Executive Officer Michael Jeffries announced intentions to sell as much as 1.79 million shares of the teen clothing retailer.
Boeing Co. (BA US) rose 1.4 percent to $61.62 for the biggest advance in the Dow Jones Industrial Average. Goldman Sachs Group Inc. raised its fourth-quarter earnings estimate for the Chicago-based planemaker to $1.15 from $1.12 per share. Boeing, which is struggling with delays on the 787 Dreamliner, may improve its profit margins as volume increases and research expenses decline, Goldman said.
First Solar Inc. (FSLR US) gained 2.2 percent to $127.70. The world’s biggest maker of solar power modules is among companies that may benefit from California Public Utility Commission’s proposed plan to install 1 gigawatt of photovoltaic over next 2 years, UBS AG said.
Gerber Scientific Inc. (GRB US) rose the most in Russell 2000 Index, jumping 20 percent to $6.15. The supplier of manufacturing equipment posted first-quarter profit excluding some items of 7 cents a share, beating average estimate of 2 cents from two analysts in a Bloomberg survey.
Hain Celestial Group Inc. (HAIN US) advanced 4.5 percent to $21.58, after rallying as much as 9 percent, the most intraday since Sept. 21. The maker of organic food and beverages said 2011 profit will be $1.24 to $1.31 a share, more than the $1.23 average of analysts surveyed by Bloomberg. Fiscal fourth-quarter earnings also beat estimates.
Hansen Medical Inc. (HNSN US) rose 4.1 percent to $1.54 after gaining to $1.65 earlier, the highest intraday price since Aug. 11. The maker of medical robotics signed an agreement with St. Jude Medical Inc. (STJ US) to integrate Hansen’s 3-D module with St. Jude’s cardiac mapping system to help physicians diagnose heart rhythm disorders.
Heico Corp. (HEI US) climbed 9.1 percent to $39.52 after surging as much as 18 percent, the most intraday since December 2008. The maker of jet engine parts boosted its 2010 forecast after third-quarter earnings topped analysts’ estimates.
Huntsman Corp. (HUN US) rose the most in the Russell 1000 Index, increasing 6.1 percent to $9.24. The Huntsman Cancer Foundation said it bought 1.55 million shares in the chemical maker for $8.68 each this week.
Jo-Ann Stores Inc. (JAS US) rallied 14 percent to $41.93 for the biggest intraday gain since Nov. 5. The fabric retailer raised its fiscal-year 2011 earnings forecast to $3.20 to $3.35 a share and said it plans to open 30 new stores and close 25 during the period.
Momenta Pharmaceuticals Inc. (MNTA US) added 2.3 percent to $16.04, after rising as much as 7.5 percent, the most intraday since Aug. 2. The biotechnology company said yesterday a U.S. district court denied a request by rival Sanofi-Aventis U.S. LLC for a preliminary injunction to force the Food and Drug Administration to withdraw its approval of enoxaparin sodium USP, a generic version of Lovenox.
Patterson Cos. (PDCO US) fell the most in the Standard & Poor’s 500 Index, losing 3.2 percent to $25.81. The maker of medical supplies reported sales of $849.8 million in the fiscal first quarter, trailing the average analyst estimate of $853.7 million.
Rue21 Inc. (RUE US) declined 9.8 percent to $21.32 after sinking to $21 earlier, the lowest intraday price since it went public in November. The teen retailer forecast third-quarter earnings of 25 cents to 27 cents a share, one cent less than the average estimate of five analysts surveyed by Bloomberg. The company’s fiscal-year forecast also fell short of predictions.
To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net
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