Concho, Discover Financial, Fresh Market: 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.

Adobe Systems Inc. (ADBE) declined 3.7 percent to $31.68, the lowest price since Jan. 4. The largest maker of graphic-design software forecast second-quarter profit that missed analysts’ estimates as the earthquake and tsunami in Japan curb sales.

AOL Inc. (AOL) rose 4.7 percent, the most since Nov. 8, to $19.86. The Internet company that agreed to buy the Huffington Post was raised to a “buy” from “neutral” by UBS AG, which said advertising growth may accelerate in the second half of the year.

Bank of America Corp. (BAC) fell 1.7 percent to $13.65 for the biggest decline in the Dow Jones Industrial Average. The biggest U.S. lender said the Federal Reserve rejected its request for a dividend increase in the second half of 2011, forcing the company to resubmit plans for a “modest” boost.

Books-A-Million Inc. (BAMM) retreated 9.7 percent, the most since November 2009, to $4.66. The book retailer said fourth-quarter sales and profit fell from a year earlier. Comparable store sales declined 6.7 percent, while net income for the quarter decreased to 44 cents a share from 76 cents a share a year earlier.

Cintas Corp. (CTAS) rose 5.7 percent, the most since September 2009, to $29.75. The largest U.S. supplier of uniforms said it forecast earnings per share of $1.60 to $1.63, more than the average projection of $1.57 a share from 11 analysts in a Bloomberg survey.

Concho Resources Inc. (CXO US) dropped 3.2 percent to $104.66 for its biggest decline since March 8. The oil and natural-gas company operating in four U.S. states was cut to “hold” from “buy” at Stifel Nicolaus & Co.

Cree Inc. (CREE) fell 12 percent to $42.90, the lowest price since November 2009. The maker of energy-efficient lighting products cut its third-quarter revenue forecast from as much as $265 million to no more than $220 million.

Discover Financial Services (DFS) climbed 5.4 percent, the most since Aug. 27, to $23.44. The payments network whose stock has outperformed three larger rivals posted record profit and boosted its dividend. Earnings and sales beat the averages of analyst estimates compiled by Bloomberg.

Fresh Market Inc. (TFM) dropped 7.1 percent to $37.60, in the biggest decline since its initial public offering in November. The Greensboro, North Carolina-based grocery chain said some of its shareholders have registered to sell as much as $469 million stock. The company won’t receive any proceeds.

Hutchinson Technology Inc. (HTCH) rallied 8.1 percent, the most since Dec. 22, to $2.66. The maker of parts for disk drives was upgraded to “positive” from “neutral” at Avian Securities LLC, which cited Western Digital Corp.’s acquisition of a hard-disk drive unit from Hitachi Ltd. and the March 11 earthquake in Japan as positive catalysts for the stock.

Iron Mountain Inc. (IRM) gained 5.3 percent to $30.90, the highest price since July 2009. The information and records manager adopted a stockholder rights plan designed to prevent investors from gaining control of the company without paying a premium. Iron Mountain also declared a dividend of one right per outstanding share of common stock.

Jabil Circuit Inc. (JBL) advanced 11 percent, the most since December 2009, to $20.99. The St. Petersburg, Florida- based electronics manufacturer forecast third-quarter earnings excluding some items of at least 55 cents a share, beating the average analyst estimate of 53 cents in a Bloomberg survey.

Level 3 Communications Inc. (LVLT) climbed 4.5 percent to $1.40, the biggest gain since Feb. 25. The U.S. network operator was rated “buy” in new coverage at Dawson James Securities, which cited a favorable growth environment as Web traffic quadruples over the next four years.

Newcastle Investment Corp. (NCT) declined 9.8 percent, the most since May 20, to $6.02. The New York-based real estate investment trust said it will offer 15 million shares in a public offering.

Omeros Corp. (OMER) surged 11 percent, the most since Oct. 25, to $6.69. The Seattle biotechnology company said a product’s Phase 2b clinical trial showed “positive data” for patients undergoing cataract surgery, with statistically significant results.

Tokyo Electric Power Co. (TKECF US) slumped 12 percent to $13.20, sliding for a second day. The operator of the stricken Fukushima Dai-Ichi nuclear plant is in talks with Japan’s three biggest banks for loans totaling as much as 2 trillion yen ($25 billion), according to two people with knowledge of the matter.

Xoma Ltd. (XOMA) dropped 30 percent to $3.52, the lowest price intraday since Dec. 20. The unprofitable 30-year-old biotechnology company’s experimental diabetes drug failed to lower blood sugar more than a placebo in a study.

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net.

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

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