Corinthian, McKesson, Washington Post: 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.
Education stocks rose after an analyst said the industry is likely to benefit from short sellers exiting bearish bets. Trace Urdan at Signal Hill Capital Group LLC said the retreat by short-sellers may attract buyers. Corinthian Colleges Inc. (COCO US) gained 5.4 percent to $6.50. Education Management Corp. (EDMC US) increased 0.7 percent to $12.70. Career Education Corp. (CECO US) jumped 4.9 percent to $21.76.
Bed Bath & Beyond Inc. (BBBY US) gained 3.2 percent to $43.40, the highest price since June 16. The home furnishings retailer increased its profit growth forecast for 2010 to 20 percent from 15 percent.
BlueLinx Holdings Inc. (BXC US) advanced 17 percent, the most since July 22, to $3.98. Cerberus Capital Management LP and one of its affiliates increased its tender offer for the building-products distributor to $4 a share from its original offering of $3.40 a share.
BioMed Realty Trust Inc. (BMR US) fell 4.2 percent, the most since July 16, to $17.66. The real estate investment fund said it will sell 13.5 million shares in a public offering. BioMed also announced it will pay $298 million to buy two facilities in San Francisco.
Copart Inc. (CPRT US) slid the most in the Russell 1000 Index, tumbling 11 percent to $32.19. The online auction site for recovered stolen cars reported fourth-quarter profit of 43 cents a share, trailing the 48-cent average analyst estimate in a Bloomberg survey.
Dynegy Inc. (DYN US) slipped 2.4 percent to $4.52, the lowest price since Aug. 12. The electricity provider was cut to “neutral” from “overweight” at JPMorgan Chase & Co. by equity analyst Andrew Smith. The six-month share-price estimate is $5.
Edwards Lifesciences Corp. (EW US) surged 13 percent to $67.59 for the biggest advance in the Russell 1000 Index. The company’s cardiac valve implanted without open-heart surgery prevented 45 percent more deaths after a year than standard treatment, a study found.
Leap Wireless International Inc. (LEAP US) gained 8.4 percent, the most since May 12, to $11.33. The pay-as-you-go mobile-phone carrier said its rate of customer departures, or churn, is falling.
McKesson Corp. (MCK US) fell 2.2 percent, the most since July 22, to $60.77. Robert W. Baird & Co. said Independent Pharmacy Cooperative, one of the drug distributor’s top five customers, filed a lawsuit alleging a breach of contract.
Medco Health Solutions Inc. (MHS US) gained 2.8 percent to $51.42, the highest price since July 21. The pharmacy benefits manager was rated “outperform” in new coverage by FBR Capital Markets.
Novell Inc. (NOVL US) fell the most in the S&P 500, sinking 6.6 percent to $6.08. The network software maker’s auction of its Netware and identity management products is dragging, Reuters reported yesterday, citing people familiar with the matter.
Nvidia Corp. (NVDA US) gained 2 percent to $11.62, the highest price since June 23. The maker of chips for computer graphics cards was boosted to raised to “outperform” from “market perform” at BMO Capital Markets.
Red Hat Inc. (RHT US) rose 9 percent, the most since September 2009, to $40.07. The largest seller of the Linux operating system reported second-quarter profit of 19 cents a share, beating the average analyst estimate by 2.7 percent.
Rite Aid Corp. (RAD US) fell 14 percent, the most since March 2009, to 95 cents. The U.S. drugstore chain had a second- quarter loss excluding some items of 16 cents a share. The company also said same-store sales for the quarter decreased 1.5 percent from the year-ago period.
Scholastic Corp. (SCHL US) rose 4.7 percent, the most since July 22, to $26.72. The children’s book publisher said its board authorized the repurchase of as much as $150 million in common stock.
Steelcase Inc. (SCS US) rallied 11 percent, the most since Nov. 23, to $7.24. The office furniture maker said third-quarter revenue may be as high as $650 million, compared with the average analyst estimate of $627.7 million.
SunPower Corp. (SPWRA US) added 10 percent to $13.92, the highest price since July 22. The second-biggest U.S. manufacturer of solar modules won a contract to supply 10 megawatts of panels and tracking systems to closely held LS Power Group for a project in Delaware.
Tessco Technologies Inc. (TESS US) surged 23 percent to $15.18 for the second-biggest gain in the Russell 2000 Index. Discovery Group offered to buy the rest of the provider of equipment and services for wireless communications for $15.50 a share, according to a regulatory filing.
Washington Post Co. (WPO US) rose 4.3 percent, the most since Sept. 1, to $375.75. The owner of the fifth-largest U.S. newspaper by circulation plans to buy back as many as 750,000 Class B shares. The amount is about 10 percent of the Class B stock outstanding and includes 16,312 shares that remained under a previous buyback authorization.
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