Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 11 a.m. in New York.
Adobe Systems Inc. (ADBE US) slipped the most in the Standard & Poor’s 500 Index, dropping 5.1 percent to $27.70. The maker of graphic software faces a slowing pace of corporate upgrades since the introduction of its new Creative Suite 5 software, Morgan Stanley analyst Adam Holt said in a note, adding that analysts’ estimates for the first half of fiscal 2011 may be too high.
Bank of Ireland Plc (IRE US) slumped 21 percent to $1.75 after dropping as much as 28 percent, the most intraday since January 2009. Ireland’s largest bank fell on concern that shareholders will be diluted in any government bailout.
Brocade Communications Systems Inc. (BRCD US) dropped the most in the Russell 1000 Index, sinking 7.7 percent to $5.26. The biggest maker of switches for data-storage networks forecast fiscal first-quarter earnings of 9 cents to 10 cents a share, falling short of the 14-cent average analyst estimate.
Brown Shoe Co. (BWS US) rallied 17 percent to $14.25 for the biggest gain in the Russell 2000 Index. The St. Louis, Missouri-based footwear company reported third-quarter sales of $716.1 million, beating the average analyst estimate of $698 million.
Daktronics Inc. (DAKT US) climbed 8.4 percent to $13.81 and jumped to $14.50 earlier, the highest intraday price since October 2008. The maker of Times Square video displays and other electronic billboards reported second-quarter profit excluding some items of 17 cents a share, more than triple the average analyst estimate, according to Bloomberg data.
DSW Inc. (DSW US) rose 3.4 percent to $41.20 and climbed to $41.84 earlier, the highest intraday price since April 2007. The shoe retailer raised its earnings forecast for 2011 to at least $2.30 a share, beating the $2.28 projected by analysts.
Dycom Industries Inc. (DY US) jumped 11 percent to $12.42 after rallying to $12.55 earlier, the highest intraday price since October 2009. The provider of contract services to phone and cable companies posted first-quarter profit excluding some items of 18 cents a share, exceeding the average analyst estimate by 67 percent, according to Bloomberg data.
Focus Media Holding Ltd. (FMCN US) fell 7.6 percent to $23.49 and slipped 8 percent earlier, the most intraday since June 29. The Chinese outdoor-advertising company reported third- quarter sales of $137.4 million, trailing the average analyst estimate by 4.5 percent, according to Bloomberg data.
Harbin Electric Inc. (HRBN US) dropped 11 percent to $15.97 after sinking to $15.74 earlier, the lowest intraday price since July 7. The Chinese maker of electric motors for passenger cars said Chairman and Chief Executive Officer Tianfu Yang is seeking alternative sources of financing to take the company private after Baring Private Equity Asia Group Ltd. backed off as the exclusive funding partner.
Hewlett-Packard Co. (HPQ US) rose the most in the Dow Jones Industrial Average, adding 0.8 percent to $43.59. The world’s largest computer maker forecast first-quarter profit that exceeded analysts’ estimates as corporations step up buying of personal computers, printers, servers and networking gear.
Hormel Foods Corp. (HRL US) added 2.8 percent to $49.26 after advancing to $49.72 earlier, the highest intraday price since at least 1980. The maker of cold cuts, Spam and Jennie-O turkey products forecast 2011 earnings of at least $3.10 a share, beating the average analyst estimate of $3.07 in a Bloomberg survey.
Jack in the Box Inc. (JACK US) declined 7 percent to $21 and fell to $20.26 earlier, the lowest intraday price since Aug. 31. The fast-food restaurant chain concentrated in the western U.S. forecast 2011 operating earnings of 75 cents to 90 cents per share, compared with the average analyst estimate of $2.01 a share.
J. Crew Group Inc. (JCG US) surged 17 percent to $44.04, after climbing 18 percent earlier, the most intraday since May 2009. The New York-based clothing retailer agreed to be acquired by funds affiliated with TPG Capital and Leonard Green & Partners L.P. for $43.50 a share in cash, or about $3 billion.
La-Z-Boy Inc. (LZB US) fell 7.8 percent to $7.49 after sliding 9.1 percent earlier, the most intraday since Aug. 6. The maker of living-room recliners posted fiscal second-quarter sales of $293 million, missing the average analyst estimate of $301.7 million, according to a Bloomberg survey.
Maxygen Inc. (MAXY US) rose 5 percent to $6.56 and climbed 10 percent earlier, the most intraday since March 29. The biopharmaceutical company said it will distribute all its shares of Codexis Inc. (CDXS US) and a total of $30 million in cash to stockholders next month.
Nuance Communications Inc. (NUAN US) gained 5.7 percent to $18.08 and advanced to $19.19 earlier, the highest intraday price since June 2008. The speech-recognition software maker reported fourth-quarter earnings excluding some items and sales that beat analysts’ estimates.
Signet Jewelers Ltd. (SIG US) rose 6.1 percent to $39.78 after climbing to $40.38 earlier, the highest intraday price since August 2007. The retailer of jewelry and watches said it earned 7 cents a share in the third quarter. Analysts, on average, estimated a loss of 3 cents, according to a Bloomberg survey.
Tier Technologies Inc. (TIER US) slipped the most in the Russell 2000 Index, losing 8.8 percent to $5.18. The computer- consulting and software company lost 24 cents a share excluding some items in the fiscal fourth quarter. Barrington Research Associates Inc. estimated the company would earn 5 cents a share.
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