Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 9:45 a.m.
ActivIdentity Corp. (ACTI US) surged 42 percent to $3.21, the most intraday on record. The developer of security software to protect online transactions will be bought by Assa Abloy AB, the world’s largest lockmaker, for $162 million, or $3.25 a share, to add digital identity-authentication products.
Advanced Micro Devices Inc. (AMD US) slipped 0.6 percent to $7.20. The chipmaker and its main competitor Intel Corp. (INTC US) may need to lower their fourth-quarter earnings guidance due to low consumer demand and accumulating inventory, according to JPMorgan Chase & Co. Intel will report third-quarter results today after markets close. AMD will release third-quarter earnings on Oct. 14.
American Express Co. (AXP US) rose 1.4 percent to $38.47, the most intraday since Sept. 27. The biggest credit-card issuer by purchases was raised to “buy” from “neutral” at SunTrust Robinson Humphrey Inc.
AT&T Inc. (T US) slipped 0.4 percent to $28.22. The largest U.S. phone company will likely announce a two-year share buyback of about 7 percent at or before its December 2010 board meeting, said David Barden, an equity analyst at Bank of American Corp.
Avon Products Inc. (AVP US) advanced 5.7 percent to $35.06, the highest intraday price since Dec. 4, 2009. The world’s largest door-to-door cosmetics seller may be the subject of a takeover bid by L’Oreal SA, according to the U.K.’s Daily Mail.
Cerus Corp. (CERS US) gained 0.5 percent to $3.83. The company, which develops systems designed to enhance the safety of blood transfusions, said it signed an agreement with CSL Ltd. to distribute blood platelets in Australia and New Zealand.
Chesapeake Energy Corp. (CHK US) gained for a third day, rising 2.8 percent to $23.95. The second-biggest producer of U.S. natural gas was recommended by CNBC ‘Mad Money’ host Jim Cramer amid the planned $1.1 billion investment by Cnooc Ltd., China’s largest offshore oil producer.
Ciena Corp. (CIEN US) fell 2.6 percent to $15.14, the most intraday since Aug. 31. The maker of network gear for the biggest U.S. phone companies said fourth-quarter sales will be a range of $390 million to $409 million, down from the $409.2 million it initially forecast. The average analyst estimate is $405.9 million.
Citigroup Inc. (C US) declined for a second day, falling 0.2 percent to $4.17. The third-largest U.S. bank by assets said it stopped using a Florida foreclosure law firm whose court filings to support home seizures are under investigation by the state’s attorney general.
Corinthian Colleges Inc. (COCO US) slipped 5.1 percent to $6.01, the lowest intraday price since Sept. 22. The for-profit university said President and Chief Operating Officer Matt Ouimet will resign effective Oct. 31. The education company said it had no immediate plans to fill the post. Separately, the university was given a new “neutral” rating at UBS AG by equity analyst Ariel Sokol. The price estimate is $7.
Deere & Co. (DE US) fell 1.4 percent to $74.27. The world’s largest farm-equipment maker said sales in September for the utility tractor industry fell 11 percent, while Deere’s sales were down less than 10 percent. Four-wheel drive tractor sales rose 17 percent industrywide, compared with a gain of less than 10 percent for Deere, the company said.
General Electric Co. (GE US) gained 1 percent to $17.13. The world’s second-biggest wind turbine maker is expanding production of two thin-film solar products to increase its renewable-energy business.
Global Payments Inc. (GPN US) dropped 11 percent to $37.90, the most intraday since July 28. The provider of card-processing services reported first-quarter earnings excluding some items of 67 cents a shares, missing the average analyst estimate of 69 cents a share, according to Bloomberg data. First-quarter sales were $440.1 million, exceeding the average estimate of $438.4 million.
Google Inc. (GOOG US) gained 0.6 percent to $542.01 after reaching as high as $544.76, its highest intraday price since April 26. The online search company, Marubeni Corp. of Japan and an investment company plan to lay power cables off the coast of the U.S. to supply electricity from wind farms to several eastern states. The group will set up a company to conduct a feasibility study by 2013 and plan to start operations in 2016. Google and Good Energies Investment Corp. will hold 85 percent of the company.
Halozyme Therapeutics Inc. (HALO US) fell for a second day, declining 0.1 percent to $7.97. The San Diego-based biopharmaceutical company said it will decrease research related to new compounds and cut jobs by 25 percent. The company also said it expects to incur a one-time charge in the fourth quarter, mostly offset by reduced payroll expenses.
JinkoSolar Holding Co. (JKS US) rose 2.1 percent to $31.26, the highest intraday price since Oct. 4. The manufacturer of solar products said in a statement that it won a supply contract with an unidentified “leading global” photovoltaic company. The contract is an extension of one from 2010.
King Pharmaceuticals Inc. (KG US) surged 40 percent to $14.15, the most intraday since November 1999. Pfizer Inc. said it would pay $3.6 billion, or $14.25 a share, to buy the maker of long-acting painkillers in order to expand Pfizer’s portfolio of pain treatments.
Myriad Genetics Inc. (MYGN US) rose 0.8 percent to $17.05. The Salt Lake City-based company said its newest molecular diagnostic product, Prolaris, accurately predicts survival with prostate cancer.
OfficeMax Inc. (OMX US) gained 5 percent to $15.07, the highest intraday price since Aug. 2. The third-largest U.S. office-supplies retailer could attract potential buyers, JPMorgan wrote in a note to clients, saying the company is undervalued and could be acquired by a private equity.
Solarfun Power Holdings Co. (SOLF US) advanced 2.3 percent to $12.47, the highest intraday price since Oct. 7. The third- best performing panel maker this year on the Bloomberg solar index said it has already reached its 2010 year-end target of 360 megawatts in ingot manufacturing capacity and plans to further increase capacity in upstream segments.
Verizon Communications Inc. (VZ US) slipped 2.4 percent to $32.24, the lowest intraday price since Sept. 23. The wireless provider was cut to “underperform” from “market perform” at Sanford Bernstein by equity analyst Craig Moffett. The 12-month price estimate is $25.
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