Chipotle, Fossil, MEMC, PulteGroup, Sirona: 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 new U.S. homes declined more than projected in July to the lowest level in five months. PulteGroup Inc. (PHM US) tumbled 4 percent, the most in the Standard & Poor’s 500 Index, to $3.61. KB Home (KBH) fell 3 percent to $5.27.
Solar stocks advanced after Goldman Sachs Group Inc. (GS) said the industry is close to bottoming. First Solar Inc. (FSLR) climbed 8 percent to $94.33. MEMC Electronic Materials Inc. (WFR) rose the most in the S&P 500, advancing 13 percent to $6.83. Trina Solar Ltd. (TSL) jumped 9.1 percent to $14.15. LDK Solar Co. (LDK US) rallied 12 percent to $5.81. JA Solar Holdings Co. (JASO US) increased 14 percent to $3.62.
Alpha Natural Resources Inc. (ANR) climbed for the first time in four days, increasing 9.2 percent to $30.97. The third- largest U.S. coal producer approved a plan to buy back as much as $600 million of its shares after they declined 40 percent in the past month.
Bank of America Corp. (BAC) fell 1.9 percent to $6.30, the only decline in the Dow Jones Industrial Average. The cost to protect against a default by the biggest U.S. lender rose to a record. The bank needs to raise as much as $200 billion to restore its capital, Business Insider’s Henry Blodget said.
BYD Co. (BYDDF US) declined 7.5 percent to $2.23, the lowest price since April 2009. The Chinese automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A US) said second-quarter profit fell 99 percent with the end of government incentives.
Chipotle Mexican Grill Inc. (CMG) jumped 7.8 percent, the most since Oct. 22, to $294.56. The Denver-based restaurant chain was rated “buy” in new coverage at Cleveland Research Co.
Corinthian Colleges Inc. (COCO) slid 7.1 percent to $1.96, the lowest price since 1999. The for-profit education provider said it expects to have a loss of as much as 4 cents a share in the fiscal first quarter. Analysts, on average, estimated profit of 14 cents, according to a Bloomberg survey.
Fossil Inc. (FOSL) rallied 16 percent to $86.52 for the biggest gain in the Russell 1000 Index. Chief Financial Officer Mike Kovar bought 2,000 shares in the Texas-based maker of watches and jewelry, according to a regulatory filing.
Gleacher & Co. (GLCH US) rose 17 percent, the most since July 2010, to $1.35. The New York-based investment bank said it will exit the equities business and cut 62 jobs as part of a plan that will save $40 million a year.
GT Advanced Technologies Inc. (GTAT US) and Virtusa Corp. (VRTU) will join the Standard & Poor’s SmallCap 600 Index, replacing Radiant Systems Inc. (RADS) and SFN Group Inc. (SFN) respectively, S&P said in a statement.
GT advanced 14 percent to $11.46. Virtusa rose 16 percent to $14.30.
Nvidia Corp. (NVDA) increased 11 percent, the second- biggest gain in the S&P 500, to $13.23. The maker of graphic chips was raised to “outperform” from “market perform” at Wells Fargo & Co.
Perfect World Co. (PWRD US) gained 15 percent, the most since October 2008, to $21.43. The Beijing-based online game developer forecast third-quarter sales of at least 756 million yuan ($118.2 million), beating the average analyst estimate of 722 million yuan in a Bloomberg survey. ThinkEquity LLC raised the stock’s rating to “buy” from “hold.”
PharMerica Corp. (PMC) surged 27 percent to $13.89 for the second-biggest gain in the Russell 2000 Index. Omnicare Inc. (OCR) offered to buy the Louisville, Kentucky-based pharmaceutical services firm for about $716 million in cash, or $15 a share.
Covington, Kentucky-based Omnicare rose 11 percent to $29.85.
Sirona Dental Systems Inc. (SIRO) gained 11 percent, the most since Feb. 4, to $43. The maker of dental-imaging equipment said it will buy back as much as $100 million of the company’s stock.
Sprint Nextel Corp. (S) rose 10 percent, the most since May 2010, to $3.59. The third-largest U.S. mobile phone carrier, Verizon Communications Inc. (VZ) and AT&T Inc. (T) will start selling Apple Inc.’s iPhone 5 in mid-October, the Wall Street Journal reported, citing people familiar with the situation. Verizon gained 3.3 percent to $35.96. AT&T increased 1.9 percent to $28.98.
Temple-Inland Inc. (TIN) fell the most in the Russell 1000 Index, sinking 14 percent to $21.33. The corrugated cardboard maker is being sued over the failure of Guaranty Financial Group Inc. and its banking unit, according to a regulatory filing.
Universal Display Corp. (PANL) rallied 17 percent to $40.66, the highest price since June 3. The developer of technologies used in flat-panel displays will license and sell materials to Samsung Mobile Display Co. for its organic light- emitting diode panels.
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