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.
For-profit schools advanced after William Blair & Co. said the stocks will be higher in 12 months because the publication of a rule linking federal student aid to gainful employment will settle a controversy that has discouraged investment, and enrollment will start to rebound in the third quarter. The firm boosted the ratings for DeVry Inc. (DV) , Education Management Corp. (EDMC) and ITT Educational Services Inc. (ESI) to “outperform” form “market perform.”
DeVry climbed 4.5 percent to $53.96. Education Management jumped 6.3 percent to $22.19. ITT added 4.8 percent to $70.13. Apollo Group Inc. (APOL) rose 2.4 percent to $40.97.
AutoZone Inc. (AZO) rose 6 percent to $293.30, the highest price since its initial public offering in April 1991. The U.S. auto-parts retailer reported third-quarter earnings of $5.29 a share, topping the $4.97 estimated by analysts on average.
Cracker Barrel Old Country Store Inc. (CBRL) fell the third-most in the Russell 2000 Index, sliding 13 percent to $46.48. The operator of restaurants and gift shops cut its full- year forecast, saying it now expects to earn $3.90 a share at most. Analysts, on average, estimated profit of $4.09 a share, according to a Bloomberg survey.
DSW Inc. (DSW) rallied 17 percent to $50.47, the highest intraday price since it went public in June 2005. The shoe retailer raised its adjusted profit forecast for fiscal 2012 to as much as $2.80 a share, beating analysts’ estimate of $2.71 on average.
Retail Ventures Inc. (RVI) , DSW’s biggest shareholder, which has agreed to combine with the company, climbed 17 percent to $21.95.
El Paso Corp. (EP) gained 6.5 percent, the most in the Standard & Poor’s 500 index, to $20.22. The owner of the largest network of interstate natural-gas pipelines in North America will spin off its exploration and production unit this year.
FPIC Insurance Group Inc. (FPIC) soared 29 percent to $41.34, the highest price since its IPO in 1996. The insurance company agreed to be bought by the Doctors Co. for $42 a share in cash, or about $362 million.
Frontline Ltd. (FRO US) declined 6.4 percent to $18.80 for the second-biggest retreat in the Russell 1000 Index. Vice President Tor Olav Troeim of the world’s largest operator of supertankers said the commodities shipping market is at the start of a “brutal” slump that may last as long as five years.
Goodyear Tire & Rubber Co. (GT) lost 3.2 percent, the third-biggest loss in the S&P 500 Index, to $16.74. The largest U.S. tiremaker fell after China appealed a World Trade Organization ruling that backed U.S. duties on Chinese tire imports, saying the levies are “protectionist.”
Mecox Lane Ltd. (MCOX) fell 28 percent, the most since Nov. 30, to $3.59. The Chinese online retailer said its first- quarter loss widened to 7 cents a share from 5 cents a year earlier.
Office Depot Inc. (ODP) rose 3.6 percent to $4.17 for its biggest gain since since May 12. The second-largest U.S. office-supply chain said Neil Austrian has been named chairman and chief executive officer. He had been serving in the interim since November while the board searched for a permanent replacement.
Perfect World Co. (PWRD US) gained 9.8 percent, the most since April 19, to $26.29. The Beijing-based online game developer posted first-quarter earnings excluding some items of 83 cents a share, beating the average analyst estimate by 41 percent, Bloomberg data show.
Sprint Nextel Corp. (S) rose 4.8 percent to $5.84, the highest price since October 2008. Google Inc. (GOOG) plans to unveil a mobile-payment service on May 26 that will be available on phones from Sprint, the third-largest U.S. wireless operator, three people familiar with the matter said.
Tele Norte Leste Participacoes SA (TNE) rallied 14 percent, the most since November 2008, to $18.79. The Brazilian phone company’s controlling shareholder, Telemar Participacoes SA, announced plans to reduce the number of companies traded to one from three.
To contact the reporter on this story: Nikolaj Gammeltoft in New York at email@example.com
To contact the editor responsible for this story: Nick Baker at firstname.lastname@example.org