Apple, McDonald’s, PepsiCo, Tiffany: U.S. Equity Preview

Shares of the following companies may have unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 8:00 a.m. in New York.

Activision Blizzard Inc. (ATVI US) declined 7.6 percent to $10.80. The largest video-game maker forecast first-quarter earnings that missed analysts’ estimates as the company disbands its “Guitar Hero” unit and plans to cut 500 jobs.

Akamai Technologies Inc. (AKAM US) slumped 12 percent to $42.45. The provider of server space that helps websites load faster forecast first-quarter revenue that trailed analysts’ estimates amid slower growth in sales of Internet services.

Allstate Corp. (ALL US) dropped 6.5 percent to $30.26. The largest publicly traded U.S. home and auto insurer reported fourth-quarter profit excluding some items of 50 cents a share, missing the average analyst estimate of 86 cents.

Amkor Technology Inc. (AMKR US) fell 12 percent to $7.20. The maker of semiconductor packaging and test services forecast 2011 earnings excluding some items of no more than 14 cents a share, missing the average analyst estimate of 22 cents, according to Bloomberg data.

Apple Inc. (AAPL US): The maker of the iPad and iPod is planning a “big fall surprise” release related to the iPad 3, TechCrunch Inc. said, without identifying the source of information. The plan is to release the iPad 2 in next few weeks followed by another new version in fall, according to the online provider of technology news and information.

Cisco Systems Inc. (CSCO US) declined 10 percent to $19.75. The largest maker of computer networking equipment forecast third-quarter earnings of as little as 38 cents a share, missing the average analyst estimate of 40 cent, Bloomberg data show.

Encana Corp. (ECA US) gained 8.7 percent to $33.50. PetroChina Co., the country’s biggest energy producer, agreed to buy a 50 percent stake in Encana’s Cutbank Ridge gas assets for C$5.4 billion ($5.4 billion) in its largest overseas acquisition.

Idenix Pharmaceuticals Inc. (IDIX US) plunged 28 percent to $2.90. U.S. regulators placed a hold on an AIDS drug the company licensed to GlaxoSmithKline Plc (GSK LN).

Johnson & Johnson (JNJ US): The world’s largest maker of health products and lawyers suing over the company’s recalled hip implants said they are negotiating a procedure for preserving and handling the devices after patients get them replaced through surgeries.

McDonald’s Corp. (MCD US): The world’s largest restaurant chain is selling 350 million euros ($478 million) of 10-year bonds, its first in the European currency for 1 1/2 years. McDonald’s plans to price the notes to yield 57 basis points more than the benchmark mid-swap rate, or about 4.12 percent, according to two people with knowledge of the transaction.

Pacer International Inc. (PACR US) declined 16 percent to $5.82. The provider of trucking, freight and transportation logistics services forecast 2011 earnings, excluding some items, of no more than 30 cents a share, missing the average analyst estimate of 39 cents a share.

PepsiCo Inc. (PEP US) fell 2 percent to $63.19. The world’s largest snack-food maker posted a 4.8 percent drop in fourth- quarter profit and projected full-year earnings growth that trailed analysts’ estimates.

Questcor Pharmaceuticals Inc. (QCOR US) gained 1.3 percent to $14.37. The developer of a treatment for seizures in infants will join the Standard & Poor’s SmallCap 600 Index on a date to be announced later, replacing Sonic Solutions (SNIC US), S&P said.

Select Comfort Corp. (SCSS US): The maker of Sleep Number adjustable beds forecast 2011 earnings, excluding some items, of at least 68 cents a share, beating the average analyst estimate of 66 cents, Bloomberg data show.

Smith & Nephew Plc (SNN US) gained 1.4 percent to $58.26. Europe’s largest maker of shoulder and knee implants named Olivier Bohuon as chief executive officer to replace David Illingworth, who has decided to retire after four years in the job, the London-based company said.

Sprint Nextel Corp. (S US) gained 3.2 percent to $4.49. The third-largest U.S. mobile-phone carrier, reported a narrower loss as it had a gain in two-year contract customers for the first time in 13 quarters.

Tiffany & Co. (TIF US): The world’s second-largest luxury jewelry retailer was rated “buy” in new coverage at Berenberg Bank. The 12-month price estimate is $70.

TriQuint Semiconductor Inc. (TQNT US) dropped 13 percent to $11.84. The foundry services provider forecast 2011 earnings of no more than 16 cents a share, on an adjusted basis, missing the average analyst estimate of 20 cents a share, Bloomberg data show.

Whole Foods Market Inc. (WFMI US) gained 8.3 percent to $58.23. The largest U.S. natural-goods grocer raised its annual forecasts, buoyed by freer-spending consumers prepared to pay for healthy food.

To contact the reporter on this story: Jennifer A. Johnson in New York at jjohnson156@bloomberg.net; Lu Wang in New York at lwang8@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.