First Solar, MEMC Electronic, Salesforce.com: 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.
Amerigon Inc. (ARGN US) advanced 18 percent, the most since March 2009, to $13.64. The maker of temperature-changing automobile seats agreed to buy 75.6 percent of W.E.T. Automotive Systems AG (WET GR) for 40 euros a share. Amerigon said it plans a tender offer for the remaining voting shares at the same price.
Armstrong World Industries Inc. (AWI US) declined 5.1 percent, the most since Dec. 13, to $41.64. The maker of floors, ceilings and cabinets reported fourth-quarter adjusted earnings of 11 cents a share, missing the 17-cent average estimate of analysts.
Berkshire Hathaway Inc. (BRK/B US) added 2.8 percent to $87.28, the highest price since October 2008. The company led by Warren Buffett said quarterly profit rose 43 percent to the highest since 2007 on derivative gains and earnings from the railroad that the billionaire Chairman bought last year. Fourth- quarter net income advanced to $2,656 a share from $1,969 a share a year earlier.
Coeur d’Alene Mines Corp. (CDE US) jumped 14 percent to $31.51, the highest price since June 2008. The biggest U.S. silver producer said that, excluding some items, it earned 56 cents a share in the fourth quarter. Analysts, on average, estimated profit of 30 cents, according to a Bloomberg survey.
First Solar Inc. (FSLR US) dropped 5.4 percent to $147.39, the lowest price since Jan. 20. Morgan Stanley said in a report parts of the solar draft legislation in Italy are more negative for the industry than previous expectations.
Humana Inc. (HUM US) jumped 3.9 percent to $65.01, the highest price since May 2008. The biggest provider of U.S.- backed health benefits raised its full-year per-share profit forecast to $5.95 to $6.15. The shares were raised to “buy” from “hold” at Stifel Nicolaus.
Interpublic Group of Cos. (IPG US) rose the most in the S&P 500, gaining 5 percent to $13.20. The New York-based advertising company had its share-price estimate increased to $15 from $14 at Wedbush Securities after the company started share buybacks and a quarterly dividend.
Kenneth Cole Productions Inc. (KCP US) dropped 7 percent, the most since Aug. 4, to $13. The maker of footwear and handbags reported a fourth-quarter net loss of 15 cents a share and said Chief Executive Officer Jill Granoff will leave the company.
Lundin Mining Corp. (LUNMF US) rallied 20 percent, the most since November 2008, to $7.91. The base-metals producer received a C$4.8 billion ($4.9 billion) cash and stock takeover offer from Equinox Minerals Ltd. (EQN AU), owner of Africa’s biggest copper mine. The bid exceeds a stock takeover offer by Inmet Mining Corp. (IMN CN) by 17 percent.
MEMC Electronic Materials Inc. (WFR US) slumped 6.2 percent to $13.57, the biggest decline in the S&P 500. The maker of wafers for the semiconductor and solar industries plans to sell $500 million of senior notes as spreads on high-yield debt widened for the first time this year.
Medicis Pharmaceutical Corp. (MRX US) soared 24 percent to $32.09, the highest price since June 2007. The maker of acne and wrinkle treatments had its rating raised to “overweight” at JPMorgan Chase & Co. and Piper Jaffray & Co. and to “outperform” at Royal Bank of Canada. The company reported fourth-quarter profit of 60 cents a share excluding some items, meeting analysts’ estimates, according to the average of 15 forecasts from a Bloomberg survey.
Nationwide Health Properties Inc. (NHP US) jumped 9.7 percent to $42.74 for the biggest increase in the Russell 1000 Index. Ventas Inc. (VTR US), the second-biggest U.S. health-care real estate investment trust by market value, agreed to buy Nationwide Health for about $5.7 billion.
Ventas slid 3.1 percent to $55.42.
Overstock.com Inc. (OSTK US) climbed 9.2 percent, the most since May 21, to $15.25. The online discount retailer said its fourth-quarter net income increased to 59 cents a share from 33 cents a year earlier.
PDL BioPharma Inc. (PDLI US) rose 14 percent, the most since March 2009, to $5.55. The developer of antibodies used in cancer treatments said it is establishing a regular quarterly dividend of 15 cents a share, to be paid in March, June, September and December. Separately, the company said it has entered into a settlement agreement with Novartis AG (NVS US) that resolves all disputes between them.
Salesforce.com Inc. (CRM US) fell 4.7 percent to $132.27 for its biggest decline since Jan. 20. A Wall Street Journal article reported investors have reason to be “nervous” about the San Francisco-based company, which helps businesses manage client relationships online.
“Risk/reward because of premium valuation might be more compelling elsewhere, even despite the strength of fundamentals and secular trends,” wrote Michael Hwang of Needham & Co. in an e-mail.
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