ITG, SuperGen, Titanium Metals, Validus: U.S. Equity Movers
Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 2 p.m. in New York.
Adtran Inc. (ADTN) fell 8.8 percent to $36.60 and slipped as much as 9.4 percent in the biggest intraday drop since May 2010. The maker of high-speed digital transmission products said third-quarter revenue will be unchanged to “mid- single digits,” as compared with the second quarter.
Avid Technology Inc. (AVID) climbed 5.4 percent to $20 and rallied 7.4 percent earlier in the biggest intraday advance since March 18. The maker of software for digital audio and video production was raised to “buy” from “hold” at Brigantine Advisors.
Clean Energy Fuel Corp. (CLNE US) advanced 13 percent to $17.03 after jumping to $17.21 earlier, the highest intraday price since May 2. The builder and operator of natural-gas fueling stations was boosted to “buy” from “underperform” at Bank of America Corp. after receiving a $150 million investment from Chesapeake Energy Corp. (CHK US).
Complete Production Services Inc. (CPX) increased 6.5 percent to $36.79 and rallied 7.5 percent earlier, the most intraday since May 18. The Houston-based oil and natural gas company was raised to “buy” from “accumulate” at Global Hunter Securities.
Investment Technology Group Inc. (ITG) dropped 14 percent to $11.73 and earlier slipped 18 percent, the most intraday since April 2009. The provider of securities trading services reported second-quarter earnings will be no more than 15 cents a share, compared with the 20-cent average analyst estimate. The company also said it was cutting jobs.
Kinetic Concepts Inc. (KCI) rose the most in the Russell 1000 Index, climbing 5.7 percent to $68.15. The maker of wound- care products and hospital beds said it will be acquired by a group including private-equity firm Apax Partners LLP for $68.50 a share, or $4.98 billion in cash.
MedQuist Inc. (MEDH US) climbed 5.2 percent to $13.80 rising for the first time in five days. The electronic transcription and health information provider had its price estimate raised to $25 from $18 at Lazard Capital Markets, which also reiterated its “buy” recommendation and said the company’s acquisition of M*Modal will be a “transformational transaction.”
Micron Technology Inc. (MU) rose 4.3 percent to $7.62 and advanced 6.2 percent in the biggest intraday rise since April 20. The largest U.S. maker of computer-memory chips was rated a new “neutral” at MKM Partners LP, which said the company is likely to “generate some cash.”
Midway Gold Corp. (MDW) advanced 10 percent to $2.49 and rallied to $2.53 earlier, the highest intraday price since April 2008. The gold mining company announced long gold intercepts at its Spring Valley project.
News Corp. (NWSA) climbed 4.4 percent to $16.03 and rallied as much as 7.5 percent in the biggest intraday climb since June 2010. Rupert Murdoch’s media company abandoned a 7.8 billion-pound ($12.5 billion) bid for full control of British Sky Broadcasting Group Plc after allegations of phone-hacking prompted an unprecedented political backlash. The shares had fallen 15 percent from July 5 through yesterday.
SuperGen Inc. (SUPG) climbed 3.4 percent to $3.05 and earlier advanced 6.8 percent, the most intraday since June 16. The drugmaker said its new drug application for Dacogen has been accepted for review by the U.S. Food and Drug Administration.
Titanium Metals Corp. (TIE) rose 6.2 percent to $18.75 and rallied 6.3 percent earlier in the biggest intraday increase since Jan. 26. The Dallas-based titanium-products maker had its “buy” rating reiterated by D.A. Davidson & Co., which said pricing trends for the company may be “overblown” and the company is attractive because its stock has fallen.
Transcept Pharmaceuticals Inc. (TSPT) fell the most in the Russell 2000 Index, plunging 40 percent to $5.14. The Port Richmond, California-based company said it failed to win U.S. clearance for the first drug specifically designed to help people get back to sleep after waking up in the middle of the night.
Tuesday Morning Corp. (TUES) declined 7.7 percent to $4.19, the most intraday since June 15. The closeout home- furnishing retailer said earnings for the year that ended June 30 were in a range of 21 cents to 23 cents a share, less than it had forecast.
Validus Holdings Ltd. (VR) fell the most in the Russell 1000 Index, sinking 8.1 percent to $28.30. The reinsurer offered $55.95 a share to acquire Transatlantic Holdings Inc. (TRH) and derail a planned merger with Allied World Assurance Company Holdings AG. Transatlantic gained 4.7 percent to $51.34.
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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