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. New York time.
Refiners dropped as crude futures rose and the contract for West Texas Intermediate traded at the narrowest discount since July to Brent oil in London, indicating U.S. companies may not be able to maintain favorable prices for crude.
Marathon Petroleum Corp. (MPC US) fell 8 percent to $32.97. Tesoro Corp. (TSO) declined 7.5 percent to $23.99. Valero Energy Corp. (VLO) declined 6.1 percent to $21.84. HollyFrontier Corp. (HFC US) lost 12 percent to $28.61.
3M Co. (MMM) slid the most in the Dow Jones Industrial Average, losing 6.3 percent to $77.04. The maker of auto parts and Scotch-Brite sponges cut its 2011 profit forecast after reporting third-quarter profit that fell short of analysts’ estimates.
AK Steel Holding Corp. (AKS) slumped 14 percent to $7.47 for the third-biggest retreat in the Standard and Poor’s 500 Index. The third-largest U.S. steelmaker by sales reported third-quarter sales that missed the average analyst estimate by 4.6 percent, Bloomberg data show.
Cummins Inc. (CMI) lost 5.7 percent to $93.81, the first decline in four days. The maker of diesel engines said annual revenue will be in the range of $17.5 billion to $18 billion, compared with an earlier forecast for $18 billion. Analysts project $18.19 billion on average, according to data compiled by Bloomberg. Third-quarter earnings excluding some items were $2.20 a share, compared with a $2.25 estimate of analysts surveyed by Bloomberg.
First Solar Inc. (FSLR) tumbled 25 percent, the most since its initial public offering in November 2006, to $43.27. The world’s largest thin-film solar panel maker said Robert Gillette stepped down as chief executive officer.
Fortinet Inc. (FTNT) rallied 12 percent to $21.46, the biggest gain in the Russell 1000 Index. The maker of network- security systems forecast fourth-quarter revenue of at least $114 million, exceeding the average analyst estimate of $109.9 million.
Healthways Inc. (HWAY) plunged 44 percent, the second- biggest drop in the Russell 2000 Index, to $6.31. The provider of disease-management services cut its 2011 profit forecast to no more than $1 a share from as much as $1.08 and said Cigna Corp.’s (CI US) decision to phase out a contract expiring in February 2013 will reduce 2012 revenue by at least $60 million compared with 2011.
II-VI Inc. (IIVI) sank 11 percent, the most since Aug. 8, to $17.65. The maker of optical devices used in laser processing reported first-quarter earnings excluding some items of 29 cents a share, missing the average analyst estimate of 31 cents.
Illumina Inc. (ILMN) jumped 7.4 percent, the most since Aug. 9, to $30.80. The maker of DNA analysis equipment forecast revenue in the fourth quarter will exceed the third-quarter’s $235.5 million in sales.
Lennox International Inc. (LII) rose 9 percent, the most since March 2009, to $32.10. The provider of heating and cooling equipment said reported third-quarter profit excluding some items that topped analysts’ estimates and said it increased the amount of stock buyback to $120 million this year.
MF Global Holdings Ltd. (MF) declined 48 percent, the most since March 2008, to $1.86. The futures broker headed by Jon Corzine, the former Goldman Sachs Group Inc. executive and New Jersey Governor, reported its largest-ever quarterly loss a day after its credit rating was cut to the lowest investment grade.
Netflix Inc. (NFLX) slumped 35 percent to $77.37 for the biggest retreat in the S&P 500. The video-rental service posted third-quarter user losses that were worse than its September forecast and predicted more cancellations over a price increase. The company’s rating was cut at Janney Montgomery Scott, JPMorgan Chase & Co., and Citigroup Inc.
Opnext Inc. (OPXT) fell 19 percent to $1.01, the lowest price since its initial public offering in February 2007. The maker of optical components for communications networks said flooding in Thailand will have a “material” negative effect on third-quarter revenue as its contract manufacturer, Fabrinet (FN) , said water has entered the Chokchai factory. Fabrinet lost 22 percent to $12.25.
Emcore Corp. (EMKR) fell 11 percent to 98 cents. The solar-power company said the Thailand flooding will have a “significant impact” on revenue for the December quarter.
Peabody Energy Corp. (BTU) declined 3.1 percent to $39.66, falling for the first time in four days. The largest U.S. coal producer reported third-quarter profit that beat analysts’ estimates by 0.8 percent, the smallest amount in 10 quarters, Bloomberg data show.
Quest Diagnostics Inc. (DGX US) rose 11 percent, the most in the S&P 500, to $56.50. The biggest U.S. operator of medical laboratories raised the lower end of its profit forecast. Full- year earnings excluding one-time items will be $4.30 to $4.35 a share compared with a July forecast of $4.25 to $4.35 a share.
ResMed Inc. (RMD) fell 14 percent, the most since June 2000, to $27.37. The maker of machines to regulate breathing for people with sleeping disorders said it earned 33 cents a share in the fiscal first quarter. Analysts, on average, estimated 34 cents, according to a Bloomberg survey.
SLM Corp. (SLM) sank 13 percent, the most since Aug. 8, to $12.36. The student-loan maker known as Sallie Mae declined as the Wall Street Journal reported President Barack Obama will announce a new plan that will allow students holding both private and government loans to consolidate their debts, thereby reducing their interest rates.
Tellabs Inc. (TLAB) fell 7 percent, the most since Aug. 10, to $4.36. The voice-and data-systems company reported third- quarter sales of $313.8 million to miss the average analyst estimate by 6.2 percent. The company had forecast sales of at least $325 million.
T. Rowe Price Group Inc. (TROW US) retreated 8.8 percent, the most since March 2009, to $51.08. The asset manager missed analysts’ third-quarter earnings estimates as investors withdrew money.
Twin Disc Inc. (TWIN) climbed 22 percent, the most since November 2008, to $34.74. The maker of transmissions for boats and heavy equipment reported first-quarter sales of $81.3 million, 32 percent higher than the year-ago period.
Unisys Corp. (UIS) climbed 31 percent $26.30 for the biggest advance in the Russell 2000. The Pennsylvania producer of mainframes and computer services reported third-quarter earnings excluding some items of $1.63, more than double the average analyst estimate, Bloomberg data show.
United Parcel Service Inc. (UPS) fell 2.1 percent to $69.35, the biggest decline since Sept. 20. The world’s largest package-delivery company said volume was flat in the third quarter because of “the slow U.S. economy.” A 4.6 percent increase in shipments outside the U.S. trailed the 6.2 percent gain in the previous three months.
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