Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of the close of trading.
Banks slipped after Glenn Schorr, an analyst with Nomura Holdings Inc., said losses on home-equity and other second mortgages may cost the four biggest U.S. banks $22.6 billion more than budgeted, with Wells Fargo & Co. (WFC) most at risk.
Wells Fargo slipped 3.2 percent to $24.54. Bank of America Corp. (BAC) slumped 6.1 percent, the most in the Dow Jones Industrial Average, to $5.90. JPMorgan Chase & Co. (JPM) lost 5.2 percent to $30.70. Citigroup Inc. (C) fell 5.3 percent to $24.63.
Makers of laboratory instruments fell after Illumina Inc. (ILMN) forecast third-quarter revenue of about $235 million, falling short of the average analyst estimate of $278.3 million. Deutsche Bank Securities Inc., Macquarie Bank Ltd. and Piper Jaffray Cos. cut their ratings Illumina, as the maker of DNA analysis equipment sank 32 percent to $27.18 for the second- biggest retreat in the Russell 1000 Index.
Agilent Technologies Inc. (A) erased 6.5 percent to $31.37. Thermo Fisher Scientific Inc. (TMO) declined 5.9 percent to $50.49. PerkinElmer Inc. (PKI) lost 8.3 percent to $17.93. Waters Corp. (WAT) slid 8 percent to $72.78.
Life Technologies Corp. (LIFE) decreased 6.5 percent to $36.82. The provider of gene-analysis tools was cut to “hold” from “buy” at Citigroup Inc.
First Solar Inc. (FSLR) fell 7.7 percent to $59.74, the first decline in three days. The world’s largest thin-film solar panel maker had its 2011 and 2012 estimates cut at Bank of America Corp., which cited cell price weaknesses. HSBC Holdings Plc. said demand for solar energy will remain flat in 2012.
IPG Photonics Corp. (IPGP) rose the most in the Russell 1000 Index, rallying 15 percent to $55.02. The producer of high- power fiber lasers and amplifiers didn’t infringe on IMRA America Inc.’s patent, a jury found.
ServiceSource International Inc. (SREV US) climbed 9.1 percent, the most since May 10, to $14.57. The provider of Internet-based revenue management services forecast third- quarter revenue of more than $49 million, topping the previous prediction of no more than $46 million and the average analyst estimate of $46.1 million.
Smith & Wesson Holding Corp. (SWHC) gained 5.3 percent to $2.78, the highest price since Sept. 16. The handgun manufacturer was raised to “buy” from “neutral” at D.A. Davidson & Co.
Sprint Nextel Corp. (S) slipped the most in the Standard & Poor’s 500 Index, falling 20 percent to $2.41. The third- largest wireless operator’s chief financial officer said it may raise additional capital for refinancing and won’t provide an update on its fourth-quarter or full-year earnings.
Clearwire Corp. (CLWR) plunged 32 percent, the biggest decline in the Russell 1000 Index, to $1.39, after Sprint said it planned to shift its customers away from the broadband provider’s current technology.
Tronox Inc. (TROX US) jumped 19 percent, the most since December, to $109.49. The pigment maker that is acquiring mineral assets from Exxaro Resources Ltd. jumped the most since emerging from bankruptcy after forecasting earnings from the combination.
To contact the editor responsible for this story: Nick Baker at email@example.com