Alere, Baker Hughes, Intel, YRC Worldwide: 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.
Advanced Energy Industries Inc. (AEIS US) slid 12 percent to $12.58 for its biggest decline since Sept. 22. The maker of power conversion systems forecast fourth-quarter earnings excluding some items of 42 cents a share at most, trailing the 46-cent average estimate from analysts in a Bloomberg survey.
Alere Inc. (ALR US) fell 4.4 percent, the most since June 9, to $28.26. The company, which offers patient diagnosis, monitoring and health management services, lowered its full-year earnings forecast to $2.50 a share from $2.60 a share. The average analyst estimate in a Bloomberg survey was $2.56.
Avanir Pharmaceuticals Inc. (AVNR US) almost doubled to $4.80 for the biggest gain in the Russell 2000 Index. The drugmaker’s price target was raised to $15 at Jefferies & Co. by equity analyst Andrew Fein. Avanir’s therapy for uncontrolled laughing or crying in patients with neurological disorders won U.S. approval, the Food and Drug Administration said.
Baker Hughes Inc. (BHI US) rose the most in the Standard & Poor’s 500 Index, climbing 4.2 percent to $48.37. The world’s third-largest oilfield-services provider posted third-quarter profit excluding some items of 54 cents a share, exceeding the average analyst estimate by 17 percent, according to Bloomberg data.
Biodel Inc. (BIOD US) slumped 41 percent, the most since September 2008, to $2.13. U.S. regulators said they wouldn’t approve the company’s fast-acting insulin product without new studies.
CNA Surety Corp. (SUR US) surged 20 percent to $23.15, the highest price since September 2007. CNA Financial Corp. (CNA US) said it proposed to buy out the underwriter of surety bonds for $22.00 a share in cash.
EXCO Resources Inc. (XCO US) jumped the most in the Russell 1000 Index, rallying 30 percent to $19.30. The oil and gas producer said its Chief Executive Officer Douglas H. Miller submitted to the Board of Directors a proposal to purchase all outstanding shares of the company he doesn’t already own for $20.50 a share in cash.
Fortinet Inc. (FTNT US) jumped 6.3 percent to $31.88, the highest price since its initial public offering in November 2009. The maker of network-security systems received a takeover approach from International Business Machines Corp. (IBM US), according to two people close to the situation. The shares pared gains after a Fortinet representative, who declined to be identified, said there are no talks with IBM and wouldn’t comment on whether IBM made an approach.
Intel Corp. (INTC US) rose the most in the Dow Jones Industrial Average, adding 2.6 percent to $20.57. The world’s largest chipmaker was boosted to “outperform” from “neutral” at Macquarie Group Ltd.
JinkoSolar Holding Co. (JKS US) rallied 17 percent, the most since it went public in May, to $35.14. The Chinese maker of solar-power components boosted its 2010 sales forecast.
Vivus Inc. (VVUS US) slid 8.7 percent, the most since July 16, to $7.08. The Mountain View, California-based drugmaker may not have the data necessary to address the Food and Drug Administration’s cardiovascular concerns for its experimental diet pill Qnexa, Jefferies & Co. analyst Thomas Wei said. The firm rates Vivus shares “underperform” with a $3 price estimate.
Wilmington Trust Corp. (WL US) fell the most in the Russell 1000 Index, plunging 41 percent to $4.21. The Delaware bank founded by the du Pont family agreed to be acquired by M&T Bank Corp. after posting six straight quarterly losses, for about $351 million, or about half its Oct. 29 market value.
YRC Worldwide Inc. (YRCW US) rallied 6.1 percent to $4.68, the highest price since Oct. 8. Teamsters approved an extension of a labor agreement with the trucking company through March 31, 2015. The International Brotherhood of Teamsters agreed to a pension reduction, “a helpful step” to the company’s survival, JPMorgan Chase & Co. analyst Thomas R. Wadewitz wrote in a note.
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