Clearwire, Constellation, CVS, Imax, Sprint: U.S. Equity Movers
Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 9:40 a.m. in New York.
Borders Group Inc. (BGP US) slumped 15 percent to 98 cents. The bookstore chain has suspended payments to some publishers as refinancing talks continue, the Wall Street Journal reported, citing Publishers Marketplace.
Clearwire Corp. (CLWR US) slipped 1.5 percent to $5.14. The Kirkland, Washington-based company creating a nationwide high- speed wireless network using WiMax technology said Chairman Craig McCaw will step down. McCaw informed Clearwire on Dec. 29 that he was leaving, according to a filing. The decision wasn’t the result of any disagreement, the company said.
Fremont Michigan InsuraCorp Inc. (FMMH US) rose 9.6 percent to $28.50. Biglari Holdings Inc. (BH US) increased its offer to buy the property and casualty insurance company to $31 a share.
Imax Corp. (IMAX US) rallied 19 percent to $31.85. Sony Corp. may be preparing to bid more than $40 a share for the company that designs and makes giant-screen movie theaters, the Daily Mail reported, citing London traders. Walt Disney Co. may also be interested in bidding for Imax, the newspaper said.
Kforce Inc. (KFRC US) declined 0.9 percent to $16.39. The staffing company said it started a stock buyback plan that is effective from Jan. 6 through Feb. 11, according to a regulatory filing.
Molycorp Inc. (MCP US) fell 2.1 percent to $50.91. Chief Executive Officer Mark Smith said the owner of the world’s largest non-Chinese deposit of rare-earth metals was in discussions with potential joint venture partners and customers trying to find other suppliers of the minerals after China’s supply cut, Reuters reported.
Nektar Therapeutics (NKTR US) gained 0.3 percent to $13. The biotechnology company said Chief Operating Officer Bharatt Chowrira will leave the company Jan. 3, with a $600,000 one-time severance payment, as well as monthly payments.
Old Dominion Freight Line Inc. (ODFL US) lost 0.2 percent to $31.98. The U.S. regional trucker said John Yowell, its chief operating officer, died. Yowell had been with the company since 1983, according to a regulatory filing. The company plans to start a succession plan “at the appropriate time.”
Sprint Nextel Corp. (S US) rose 1 percent to $4.21. The third-largest U.S. mobile-phone carrier is likely to buy $200 million of Clearwire Corp. debt in order to maintain its more than 50 percent stake, according to Ben Abramovitz, an analyst at Kaufman Bros LP.
Thomas & Betts Corp. (TNB US) advanced 0.8 percent to $48.42. The Memphis, Tennessee-based manufacturer of electrical components had its price estimate raised to $57 from $53 at Robert W. Baird & Co.
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