(Corrects Halozyme item in column that ran Oct. 18 to show that Herceptin in Roche’s drug.)
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.
Banks advanced after Bank of America Corp. (BAC) , this year’s worst performer in the Dow Jones Industrial Average, swung to a third-quarter profit on higher revenue, better credit quality and one-time gains. Bank of America climbed 10 percent, the most in the Dow average, to $6.64. JPMorgan Chase & Co. (JPM) rose 5.9 percent to $32.87. Citigroup Inc. (C) gained 7 percent to $29.88. Wells Fargo & Co. (WFC) advanced 5.9 percent to $25.86. Morgan Stanley (MS) jumped 9.1 percent to $16.63.
State Street Corp. (STT) increased 11 percent to $37.49. The custody bank under pressure from activist investor Nelson Peltz to increase profitability said third-quarter profit rose 11 percent, helped by cost-cutting and a takeover.
U.S. homebuilders rose after an index of developer sentiment increased to its highest level since May 2010. D.R. Horton Inc. (DHI US) gained 11 percent to 10.59. Pulte Group Inc. (PHM) jumped 11 percent to $4.46. Lennar Corp. (LEN) rose 9.3 percent to $15.92.
Active Power Inc. (ACPW) slid 17 percent, the most since July 27, to $1.18. The maker of backup mechanical batteries said Chief Executive Officer Jim Clishem resigned to pursue other interests. Jan Lindelow, a company director, was appointed as the interim CEO, Active Power said.
AK Steel Holding Corp. (AKS) jumped 13 percent, the most in the S&P 500, to $8.06. The third-largest U.S. steelmaker by sales was raised to “neutral” from “sell” at Goldman Sachs Group Inc. (GS), which said that recently announced investments its supply chain will improve investor perceptions of the company.
American Public Education Inc. (APEI) dropped 18 percent, the most since Aug. 6, to $31.01. The operator of the American Military University slipped after the U.S. Marine Corps cut tuition assistance for service members who take classes during off-duty time by 75 percent.
Badger Meter Inc. (BMI) fell 13 percent, the most since March 2009, to $29. The maker of water meters and fluid-control devices reported third quarter earnings of 46 cents per share, missing the average analyst estimate by 16 percent, according to Bloomberg data. The Milwaukee-based company was cut to “neutral” from “buy” at Janney Montgomery Scott.
Crocs Inc. (CROX) plunged 39 percent to $16.15 for the biggest retreat in the Russell 2000 Index. The plastic-clogs maker cut its third-quarter earnings-per-share estimate to lower than the average of analysts surveyed by Bloomberg, citing “softness” in the consumer direct channel kiosk and outlet locations.
DaVita Inc. (DVA) climbed 6.1 percent, the most since July 26, to $65.39. The operator of kidney dialysis centers said it earned at least $1.43 a share from continuing operations in the third quarter. Analysts, on average, estimated $1.32 a share excluding some items, according to a Bloomberg survey.
Fortune Brands Home & Security Inc. (FBHS US) rallied 5.5 percent to $14.48, the highest price since it was spun off from Fortune Brands Inc. this month. Bill Ackman, who runs Pershing Square Asset Management, recommended buying the stock at the Value Investing Congress in New York.
Halozyme Therapeutics Inc. (HALO) rallied 19 percent, the most since March 2010, to $7.35. The San Diego-based biopharmaceutical company reported an investigational subcutaneous injection of Herceptin, Roche Holding AG’s breast cancer drug, using Halozyme’s technology, produced comparable results to Herceptin given as an intravenous infusion. The drugmaker was boosted to “market outperform” from “market perform” by JMP Securities.
Harley-Davidson Inc. (HOG) slid 7 percent, the most since Aug. 18, to $34.59. The biggest U.S. motorcycle maker reported sales of $1.23 billion, missing the average of 13 analysts’ estimates by 4 percent, and narrowed its full-year gross margin forecast to at most 34.5 percent from as high as 35 percent.
Hospira Inc. (HSP) fell the most in the Standard & Poor’s 500 Index, plunging 21 percent to $29.51. The maker of generic injectable drugs reduced its annual earnings estimate because of its response to a warning letter from the U.S. Food and Drug Administration last year and subsequent observations at a North Carolina factory.
Human Genome Sciences Inc. (HGSI) rose 14 percent, the - most in the Russell 1000 Index, to $12.82. GlaxoSmithKline Plc (GSK LN), the U.K.’s largest drugmaker, may make a $25 a share cash offer for Rockville, Maryland-based drugmaker Human Genome Sciences, the U.K’s Daily Mail reported, citing market speculation.
Ingram Micro Inc. (IM) declined 7.2 percent, the most since April 29, to $17.38. The distributor of information- technology products said it earned 34 cents a share at most in the third quarter, below the average analyst estimate of 41 cents a share.
International Business Machines Corp. (IBM) fell the most in the Dow Jones Industrial Average, dropping 4.1 percent to $178.90. The biggest computer-services company reported third-quarter sales that missed analysts’ estimates on slowing revenue growth at its software, hardware and services businesses.
New World Development Co. (NDVLY US) plunged 17 percent to $1.85 for the biggest decline since September 2008. The Hong Kong real estate company said it plans to raise HK$12.3 billion ($1.6 billion) selling stock at a discount to fund property projects and boost capital.
STR Holdings Inc. (STRI) fell 9.6 percent, the most since Aug. 4, to $7.85. The solar-panel parts maker withdrew its 2011 financial forecast, citing a lack of clarity on global demand.
Taro Pharmaceutical Industries Ltd. (TAROF US) rallied 23 percent, the most since January 1999, to $24. Sun Pharmaceutical Industries Ltd. (SUNP) , which owns a 66.3 percent stake in the Israeli drugmaker, offered to buy the outstanding stock for $24.50 a share, according to a regulatory filing.
Uranium Resources Inc. (URRE) climbed 19 percent to 92 cents, the second-biggest gain in the Russell 2000 Index. The uranium miner’s license to produce 3 million pounds of the nuclear fuel in New Mexico was reactivated by the Nuclear Regulatory Commission.
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