Apollo, GameStop, Lockheed, MGM, Raytheon: 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.

Military contractors declined as President Barack Obama proposed to cut $400 billion from current and future defense spending. Lockheed Martin Corp. (LMT) dropped 2.5 percent to $78.31. Raytheon Co. (RTN) slipped 2.9 percent to $48.68. General Dynamics Corp. (GD) fell 1.5 percent to $71.81.

For-profit education stocks dropped as Democrats in U.S. Congress agreed to cut Pell grants for students in summer school. “Although the maximum Pell Grant amount is unchanged at $5,550, Congress is about to end year-round Pell Grants,” wrote Arvind Bhatia, an analyst at Sterne Agee & Leach Inc., in an e- mail. Strayer Education Inc. (STRA) , slumped 7.1 percent to $124.38, the biggest decline in the Russell 1000 Index. Apollo Group Inc. (APOL) retreated 3 percent to $39.88.

Camac Energy Inc. (CAK) jumped 37 percent, the most since August 2008, to $1.87. The oil and gas company said an independent engineering report prepared by Netherland Sewell & Associates Inc. showed its OML 120 & 121 Blocks situated offshore Nigeria may have “significantly higher” recoverable oil than the company estimated.

Cree Inc. (CREE) declined 4.2 percent to $41.16, the lowest price since October 2009. The maker of energy-efficient lighting products may advise analysts to cut gross margin estimates to less than 40 percent, Morgan Stanley said. That compares with the average analyst forecast of 43 percent for the fourth quarter.

Eagle Rock Energy Partners LP (EROC) rallied 13 percent, the most since May 21, to $11.55. The natural-gas company said the purchase of CC Energy II LLC will let it pay an annualized dividend of 75 cents starting in August and possibly $1 by the end of 2012.

GameStop Corp. (GME) rose 6.6 percent to $25.36, the biggest advance in the Standard & Poor’s 500 Index. The world’s largest video-game retailer is facing a digital transition similar to one undertaken by Netflix Inc., according to Tony Wible, an analyst at Janney Montgomery Scott LLC. Wible cited 10 reasons to buy the Grapevine, Texas-based company, including increased number of users, digital investments and new game systems.

Graham Packaging Co. (GRM US) surged 33 percent to $22.22 for the second-biggest gain in the Russell 2000 Index. The maker of plastic containers, which went public in February 2010, was acquired by Silgan Holdings Inc. (SLGN) for about $4.1 billion including debt in its largest deal. Silgan offered 0.402 share and $4.75 in cash for each Graham share. Silgan climbed 19 percent to $43.80.

Mesabi Trust (MSB) dropped 7.9 percent, the most since Jan. 19, to $35.61. The company that owns mining rights on taconite properties in Minnesota said it reduced its dividend to 5 cents a unit from 12.5 cents a year earlier.

MGM Resorts International (MGM) rallied 8.6 percent to $13.70, the biggest gain in the Russell 1000 Index. The casino company founded by billionaire Kirk Kerkorian will gain control over its Macau joint venture through steps including an initial public offering of some shares held by partner Pansy Ho.

Quantum Corp. (QTM) rose 17 percent, the most since October 2009, to $3.10. The San Jose, California-based maker of backup and archival programs for computers said NetApp Inc. (NTAP US) will sell its products worldwide.

Regeneron Pharmaceuticals Inc. (REGN) gained 4.4 percent, the most since Feb. 14, to $44.74. The Tarrytown, New York-based drugmaker was rated “buy” in new coverage at Deutsche Bank AG.

Riverbed Technology Inc. (RVBD) soared 12 percent, the most since Oct. 22, to $34.74. The computer networking technology company said that, excluding some items, it earned at least 19 cents a share in the first quarter. That topped the average analyst estimate of 18 cents in a Bloomberg survey.

Tesoro Corp. (TSO) rose 4.1 percent to $26.25, for its biggest gain since March 21. The largest independent refiner in the western U.S. expects to receive $220 million in a sale of units in its Tesoro Logistics LP oil-pipeline and storage partnership. Units will be sold for $19 to $21 each in an initial public offering, Tesoro Logistics said in a filing today.

To contact the reporter on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net

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

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