Alcoa, Jo-Ann, Hovnanian, Lennar, Rovi: 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.
Homebuilders fell after a report from the Commerce Department showed they sold fewer new homes than forecast in November. Lennar Corp. (LEN US) declined 4.2 percent to $18.17. PulteGroup Inc. (PHM US) slipped 3.4 percent to $7.38. D.R. Horton Inc. (DHI US) lost 3 percent to $11.91. KB Home (KBH US) decreased 4.2 percent to $13.61.
Hovnanian Enterprises Inc. (HOV US) dropped 5.2 percent to $4.03. The largest homebuilder in New Jersey was cut to “underperform” from “buy” at Bank of America Corp.
Aixtron AG (AIXG US) gained 7.8 percent, the most since Oct. 13, to $35.70. The Germany maker of equipment used to produce light-emitting diode screens received an order from a Chinese LED maker for 400 to 500 units of metal organic chemical vapor deposition equipment, Digitimes.com reported, citing unidentified people. Guido Pickert, spokesman for the Herzogenrath, Germany-based company, declined to comment.
Alcoa Inc. (AA US) rose the most in the Dow Jones Industrial Average, climbing 1.3 percent to $15.34. The largest U.S. aluminum producer may be bought for $22 a share next year, TheStreet.com’s Jim Cramer said.
Bank of America Corp. (BAC US) fell 2.4 percent to $13.06 for the biggest loss in the Dow Jones Industrial Average. The largest U.S. bank lost a bid to prevent the bond insurer MBIA Inc. from using statistical sampling to pursue repurchase demands in a lawsuit claiming it was fraudulently induced to insure $21 billion in mortgage-backed securities.
Bed Bath & Beyond Inc. (BBBY US) had the biggest advance in the Standard & Poor’s 500 Index, jumping 5.1 percent to $50.10. The home furnishings retailer said full-year earnings will be at least $2.86 a share, exceeding the average analyst estimate by 5 cents. The company also announced a $2 billion buyback plan.
Crocs Inc. (CROX US) declined 5.3 percent, the most since Sept. 9, to $17.70. The maker of perforated plastic clogs said Chief Financial Officer Russell C. Hammer resigned, effective Dec. 31. He will join a Chicago-based public company in the same position. Crocs is searching for a successor.
Jo-Ann Stores Inc. (JAS US) rallied 32 percent to $60.19 for the biggest increase in the Russell 2000 Index. The fabric retailer agreed to be acquired by an affiliate of Leonard Green & Partners LP, for about $1.6 billion, or $61 per share.
Micron Technology Inc. (MU US) slumped 4.1 percent to $7.94 for the second-biggest retreat in the S&P 500. The largest U.S. maker of computer-memory chips reported first-quarter sales that fell short of analysts’ estimates.
Pride International Inc. (PDE US) advanced 4.1 percent, the most since Oct. 5, to $32.76. The Houston-based drilling contractor may be bought by Seadrill Ltd. (SDRL NO), Oslo-based Dagens Naeringsliv reported, citing John Fredriksen, Seadrill’s founder and president. Kate Perez, a Pride spokeswoman, she said couldn’t comment on market rumors.
Renesola Ltd. (SOL US) climbed 8 percent, the most since Oct. 7, to $9.07. The Chinese solar company was rated “buy” in new coverage by Goldman Sachs Group Inc.
Sonic Solutions Inc. (SNIC US) soared 29 percent, the most since March 2009, to $14.42. The operator of an online video service agreed to be bought by Rovi Corp. (ROVI US) for $14.17 a share, or $720 million. Rovi slipped 1.9 percent to $57.26.
Tesla Motors Inc. (TSLA US) fell the most in the Russell 1000 Index, sinking 7.8 percent to $30.09. The maker of electric cars was rated “sell” in new coverage by CapStone Investments.
Verigy Ltd. (VRGY US) gained 3.2 percent to $13.03 for the biggest gain since Dec. 6. The U.S. maker of testing equipment for semiconductor said it got a revised proposal of $15 per share from Advantest Corp. (ATE US). The Verigy board is “not making any recommendation” with respect to the revised proposal, the company said.
LTX-Credence Corp. (LTXC US), with which Verigy has an existing sale agreement, lost 0.6 percent to $7.73.
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