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.
Arch Coal Inc. (ACI US) rose 2.1 percent to $33.92. The coal company was raised to “outperform” from “underperform” at Credit Agricole SA. The 12-month price estimate is $39 a share.
Blackstone Group LP (BX US) fell 1.3 percent to $15.38. The private-equity firm said it has completed its previously announced acquisition of Polymer Group Inc. Blackstone agreed in October to pay $602.4 million for the Charlotte, North Carolina- based fabric maker, according to Bloomberg data.
Chesapeake Energy Corp. (CHK US) rose 2.3 percent to $27.96. Cnooc Ltd. agreed to pay $570 million in cash for a one- third stake in the second-biggest U.S. natural gas producer’s Niobrara shale project. The Chinese explorer also agreed to pay 66.7 percent of Chesapeake’s costs up to $697 million to drill and complete wells in the area, the companies said in a statement yesterday.
Ciena Corp. (CIEN US) slid 5.1 percent to $22.30. The maker of network gear for the biggest U.S. phone companies was cut to “sell” at UBS AG. The 12-month share-price estimate is $19.
CVS Caremark (CVS US) slumped 2.7 percent to $33.86. The largest U.S. distributor of prescription drugs was cut to “market perform” from “outperform” at Sanford C. Bernstein & Co. The 12-month price target is $39 a share.
Dorman Products Inc. (DORM US) fell 3.2 percent to $30.50. The automotive and home hardware supplier said Chief Executive Officer and Chairman of the Board Richard N. Berman died. His brother, Chief Operating Officer Steven L. Berman, will replace him.
Genzyme Corp. (GENZ US) rose 1.3 percent to $71.99. The biotechnology company agreed to give Sanofi-Aventis SA (SAN FP) access to confidential information as the companies negotiate over Sanofi’s $18.5 billion hostile takeover offer for the U.S. drugmaker.
Home Depot Inc. (HD US) advanced 1 percent to $37.08. The largest U.S. home-improvement retailer was raised to “buy” from “neutral” at Goldman Sachs Group Inc.
Massey Energy Co. (MEE US) surged 11 percent to $63.29. Alpha Natural Resources Inc. (ANR US), the third-biggest U.S. coal producer, agreed to buy the Richmond, Virginia-based coal company for about $7.1 billion in a deal that values Massey at $69.33 a share, 21 percent more than its price at the close of trading Jan. 28. Massey stockholders will receive 1.025 Alpha Natural shares plus $10 cash for each share. Alpha Natural fell 6.8 percent to $53.96.
Nintendo Co. (NTDOY US) rose 1.9 percent to $33.94. The world’s largest maker of video-game players may rise as much as 26 percent if its 3-D hand-held game console becomes a success, Barron’s reported, citing Macquarie Securities analyst David Gibson.
Smithfield Foods Inc. (SFD US) gained 1.1 percent to $20.19. The world’s largest pork processor said it completed the sale of its Texhoma, Oklahoma-based hog production operations. Terms weren’t disclosed.
To contact the reporter on this story: Jennifer A. Johnson in New York at Jjohnson156@bloomberg.net
To contact the editor responsible for this story: Nick Baker at email@example.com.