Beckman Coulter, Dean Foods, KLA-Tencor, Live Nation: U.S. Equity Movers
Sept. 3 (Bloomberg) -- Michael Holland, chairman of Holland & Co. LLC and Tres Knippa of Lotusbrokerage.com, talk about the U.S. stock market and crude oil prices. Holland, Knippa and Bloomberg contributing editor William Cohan talk with Carol Massar, Dominic Chu and Julie Hyman on Bloomberg Television's "Street Smart." (Source: Bloomberg)
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.
Beckman Coulter Inc. (BEC US) lost 4.1 percent, the most since July 23, to $44.58. The maker of laboratory equipment for science research said Chief Executive Officer Scott Garrett resigned and the company is searching for a successor.
Brooks Automation Inc. (BRKS US) dropped 13 percent, the most since May 2009, to $5.81. The supplier of equipment for microchip factories was reduced to “equal weight” from “overweight” by Barclays Capital.
Casey’s General Stores Inc. (CASY US) rose 9.9 percent to $42.76, the highest price since its 1983 initial public offering. The convenience-store chain has received a “preliminary proposal” from a “strategic third party” to acquire the company for $40 a share in cash. Casey’s said its board unanimously recommended holders vote against Alimentation Couche-Tard Inc.’s revised offer at $38.50 a share, saying it “substantially undervalues” the company.
China Sky One Medical Inc. (CSKI US) plunged 31 percent, the most since July 2003, to $6.67. The Chinese manufacturer of pharmaceutical and medical products said Chief Financial Officer Stanley Hao resigned due to health considerations. The company cut its full-year sales and profit forecast.
Dean Foods Co. (DF US) slipped 5.1 percent, the most since Aug. 3, to $10.48. Shares of the largest U.S. milk processor will remain under pressure in an “anemic” industry where profit margins are falling and pricing is poor, JPMorgan Chase & Co. analyst Terry Bivens said in a note to clients.
Enterprise GP Holdings LP (EPE US) climbed 12 percent to $55.75, the highest price since its IPO in August 2005. Enterprise Products Partners LP (EPD US), the largest U.S. pipeline operator, agreed to buy Enterprise GP for more than $8 billion, combining two of the partnerships founded by the late billionaire Dan Duncan. Enterprise Products shares slipped 0.8 percent to $38.13.
GT Solar International Inc. (SOLR US) dropped 12 percent, the most since Nov. 10, to $7.76. The supplier of equipment to solar manufacturers said in a regulatory filing that a stockholder offered to sell 10 million shares.
Idenix Pharmaceuticals Inc. (IDIX US) fell 47 percent, the most intraday since it went public in July 2004, to $3.18. The Cambridge, Massachusetts-based said two experimental hepatitis C drugs were placed on hold by U.S. regulators after they produced adverse effects in testing.
KLA-Tencor Corp. (KLAC US) declined 5.6 percent, the most since June 29, to $28.66. The maker of semiconductor equipment was cut to “equal weight” from “overweight” at Barclays Plc.
Kopin Corp. (KOPN US) rose 5.7 percent, the most since June 25, to $3.17. The maker of wafers and components for smartphones could benefit from increased demand for the mobile devices, Barron’s reported.
Lincoln National Corp. (LNC US) retreated 4.5 percent to $24.91 for the biggest decline since Aug. 11. The U.S. Treasury Department announced plans to sell warrants in the company and Hartford Financial Services Group Inc. (HIG US) as the insurers complete their exit from the Troubled Asset Relief Program.
Hartford declined 4 percent to $21.62.
Live Nation Entertainment Inc. (LYV US) slipped 6.9 percent, the most since July 16, to $9.15. The world’s largest concert promoter was cut to “hold” from “buy” at Stifel Nicolaus & Co.
Oracle Corp. (ORCL US) rose 5.9 percent to $24.27 for the biggest gain in the S&P 500. The world’s second-biggest software company hired former Hewlett-Packard Co. (HPQ US) Chief Executive Officer Mark Hurd as a president and member of the board, reporting to CEO Larry Ellison. At HP, Hurd more than tripled profit by cutting costs and expanding beyond the company’s core business of computers and printers.
ResCare Inc. (RSCR US) rose 6 percent to $13.20, the highest price since Nov. 24. The provider of home care to elderly and disabled people said an affiliate of Onex Corp. would acquire all the shares of ResCare that Onex affiliates don’t already own for $13.25 apiece in cash.
Valeant Pharmaceuticals International (VRX US) gained 6.4 percent to $63.84, the highest price since at least November 1994. The drug developer plans to fire about 25 percent of its workers in the U.S. and Canada, more than previously estimated, after combining with Biovail Corp. (BVF US) in June, according to a regulatory filing. Biovail advanced 9.6 percent to $26.25.
Verigy Ltd. (VRGY US) dropped 7.4 percent, the most since August 2009, to $8.10. The maker of semiconductor-testing equipment was cut to “underweight” from “equalweight” at Barclays Plc.
To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net.
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