Hilton Worldwide Holdings Inc Opens at $21.30, IPO at $20.00
Baidu, Petrobank, PetroBakken, Sina, Tiffany: 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.
Financial stocks surged after Germany’s lower house of parliament approved the expansion of the European bailout fund. JPMorgan Chase & Co. (JPM US) jumped 3 percent to $31.39. Bank of America Corp. (BAC) added 3.1 percent to $6.35. Genworth Financial Inc. (GNW) climbed 7.8 percent to $6. Hartford Financial Services Group Inc. (HIG) rose 8.2 percent to $17.11, the biggest rally in the Standard & Poor’s 500 Index.
Chinese stocks slumped after Reuters reported the U.S. Justice Department is investigating accounting fraud involving U.S.-listed Chinese companies. The wire service, which cited the Securities and Exchange Commission, didn’t name the companies. Sina Corp. (SINA US) dropped 9.7 percent to $72.23. Baidu Inc. (BIDU US) tumbled 9.2 percent to $110.29. Youku.com Inc. (YOKU) plunged 18 percent to $16.24. Focus Media Holding Ltd. (FMCN) slipped 18 percent to $20.36. New Oriental Education & Technology Group (EDU) Inc declined 12 percent to $24.36.
Producers of luxury goods declined after Bloomberg poll showed global investors expect slowing growth in China, their fastest-growing market. Tiffany & Co. (TIF) , the world’s second-largest luxury jeweler, slumped 6.9 percent to $64.70. Coach Inc. (COH) , the largest U.S. luxury-leather goods maker, retreated 6.1 percent to $54.
Yum! Brands Inc. (YUM US) fell 5.8 percent to $49.54. The owner of the KFC and Pizza Hut restaurant chains derived about one-third of 2010 revenue from China.
Advanced Micro Devices Inc. (AMD) lost 14 percent to $5.31, the biggest decline in the S&P 500. The second-largest maker of processors for personal computers reduced its forecasts for third-quarter sales and profitability, citing manufacturing glitches.
Carrizo Oil & Gas Inc. (CRZO) advanced 8.2 percent, the most since Aug. 11, to $23. GAIL India Ltd. (GAIL IN) will buy a 20 percent stake in shale gas areas from the natural gas and crude oil explorer for $95 million.
DaVita Inc. (DVA) slumped 8.8 percent, the most since November 2008, to $62.93. The operator of kidney dialysis centers was cut to “hold” from “buy” at Citigroup Inc. Analyst Gary Taylor cited potential reimbursement cuts in the event Congress fails to pass debt ceiling legislation by Dec. 23, and said the shares would trade “materially lower” in the event that a Colorado grand jury probe disclosed Aug. 3 leads to criminal indictments of key executives.
Edwards Lifesciences Corp. (EW) declined 6.6 percent, the most since October 2008, to $70.88. Centers for Medicare and Medicaid Services said it opened a national coverage analysis for transcatheter aortic valve implantations, according to JPMorgan Chase & Co. (JPM) Deutsche Bank AG cut its price target for largest maker of artificial heart valves to $75 a share from $85.
Harleysville Group Inc. (HGIC) surged 87 percent to $58.96, the biggest rally in the Russell 2000 Index. The insurer agreed to be acquired by Nationwide Mutual Insurance Co., the eighth-largest U.S. personal auto insurer, for $60 a share in cash.
Mosaic Co. (MOS) dropped 5.2 percent to $54.20, the lowest price since August 2010. North America’s second-largest fertilizer producer said while it is “ready and willing” to buy back shares from Margaret A. Cargill Trusts, the trust believes the price is too low.
Netflix Inc. (NFLX) dropped 11 percent to $113.19 for the second-biggest loss in the S&P 500. The mail-order and online film-rental service slid after people with knowledge of the situation said Microsoft Corp. (MSFT US) plans to offer online pay television services from Comcast Corp. (CMCSA US) and Verizon Communications Inc. (VZ SU) through Xbox Live, in a bid to channel more entertainment to its video-game console.
Petrobank Energy & Resources Ltd. (PBEGF) dropped 21 percent to $6.30, the lowest price since September 2006. The western Canadian energy producer said it suspended operations of its Conklin demonstration project after finding evidence of combustion gas migration.
PetroBakken Energy Ltd. (PBKEF) , 59 percent owned by Petrobank, slumped 22 percent to $6.22.
Thor Industries Inc. (THO) rose 21 percent, the most since November 2008, to $24.60. The recreational-vehicle maker said it earned 65 cents a share excluding some items in the fourth quarter, beating the average analyst estimate of 61 cents in a Bloomberg survey.
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