Cree, Monster Worldwide, NetApp, PulteGroup: 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.
Builders slumped after sales of previously owned homes unexpectedly dropped in July. D.R. Horton Inc. (DHI US) slipped 6.3 percent to $9.13. KB Home (KBH) fell 10 percent to $6. PulteGroup Inc. (PHM US) tumbled 11 percent to $4.16. Toll Brothers Inc. (TOL) fell 6.8 percent to $15.52.
Companies that rent construction equipment fell after Macquarie Group Ltd. cut United Rentals Inc. (URI) , RSC Holdings Inc. (RRR) and H&E Equipment Services Inc. (HEES) to “neutral” from “outperform,” saying a recovery in non- residential market will likely be “muted” next year.
United Rentals slumped 15 percent to $14.19. RSC declined 12 percent to $7.39. H&E tumbled 12 percent to $8.99.
Staffing companies declined after U.S. Labor Department figures showed more Americans than forecast filed applications for unemployment benefits last week. Monster Worldwide Inc. (MWW) slipped 10 percent to $7.53. Robert Half International Inc. (RHI) erased 5.7 percent to $21.45. Manpower Inc. (MAN) dropped 9.1 percent to $37.20.
Albemarle Corp. (ALB) fell 10 percent, the most since December 2008, to $48.35. The maker of specialty chemicals was reduced to “neutral” from “buy” at Longbow Research.
Buckle Inc. (BKE) dropped 7.8 percent to $34.49, the lowest price since Nov. 12. The teen retailer said its second- quarter earnings per share excluding some items were 50 cents a share, meeting the average estimate of analysts, Bloomberg data show.
Cree Inc. (CREE) declined 10 percent, the most since March 23, to $31.25. The maker of energy-efficient lighting said its purchase of Ruud Lighting Inc. will reduce profit margins in the current quarter.
Eastman Kodak Co. (EK) rose the second-most in the Russell 2000 Index, rallying 13 percent to $3.05. The 131-year- old camera company began selling its patents this week, the Wall Street Journal reported, citing a person familiar with the matter.
Goodyear Tire & Rubber Co. (GT) dropped 12 percent to $11.75, the lowest price since Aug. 8. The largest U.S. tiremaker was cut to “sell” from “neutral” by Goldman Sachs Group Inc., which said the company faces a deceleration in earnings in the second half.
International Rectifier Corp. (IRF) fell 11 percent, the most since May 2009. The semiconductor manufacturer said fourth- quarter earnings excluding some items were 50 cents a share, missing the average analyst estimate of 51 cents a share.
NetApp Inc. (NTAP) plunged 14 percent to $35.81 for the biggest retreat in the Standard & Poor’s 500 Index. The maker of data-storage products reported fiscal first-quarter sales that missed analysts’ estimates after business “softened dramatically” toward the end of July, according to a statement.
Other computer-networking companies also fell. EMC Corp. (EMC US) dropped 8.5 percent to $20.59. Riverbed Technology Inc. (RVBD) erased 15 percent to $20.66. F5 Networks Inc. (FFIV) slumped 9.4 percent to $71.30. Teradata Corp. (TDC) declined 13 percent to $45.42. Aruba Networks Inc. (ARUN) tumbled 17 percent to $17.10. Informatica Corp. (INFA) slid 11 percent to $41.08.
Phoenix New Media Ltd. (FENG US) fell 17 percent to $7.40, the lowest price since it went public in May. Cowen & Co. reduced its full-year sales and earnings forecasts for the Beijing-based Internet, TV and mobile-news provider, citing lower-than-expected demand for paid services.
Sears Holdings Corp. (SHLD) erased 8.2 percent to $55.23, the lowest level since May 2009. The department-store chain with more than 4,000 locations in North America reported a second-quarter loss per share excluding some items of $1.13 a share.
Stage Stores Inc. (SSI) dropped 18 percent, the most since December 2008, to $13.34. The clothing retailer forecast a third-quarter loss of 21 cents to 24 cents a share, wider than the 19-cent loss estimated on average by analysts in a Bloomberg survey.
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