Alcoa, BMC, Evercore, First Solar, Orrstown: 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. New York time.
Banks rose after European leaders agreed to a 50 percent writedown on Greek debt for bondholders and boosted their rescue fund’s capacity to 1 trillion euros ($1.4 trillion).
JPMorgan Chase & Co. (JPM) jumped 8.3 percent to $37.02 Bank of America Corp. (BAC) increased 9.6 percent to $7.22. Goldman Sachs Group Inc. (GS) rose 9.5 percent to $116.40. Morgan Stanley (MS) advanced 17 percent to $19.41. Citigroup Inc. (C US) climbed 9.7 percent to $34.17.
Solar energy companies advanced after German and British leaders indicated that they will reduce subsidies for the industry next year. The decision may spark a rush of installations as developers seek to lock in higher tariffs before the new rates take effect.
First Solar Inc. (FSLR) rose 15 percent to $52.90. MEMC Electronic Materials Inc. (WFR) gained 14 percent to $6.73. Suntech Power Holdings Co. (STP US) climbed 30 percent to $3.19. Trina Solar Ltd. (TSL) climbed 15 percent to $8.53. LDK Solar Co. (LDK US) rallied 23 percent to $4.05. JA Solar Holdings Co. (JASO US) increased 6.4 percent to $2.33.
Insurance companies gained after Aflac Inc. (AFL) reported profit that beat estimates and Ameriprise Financial Inc. (AMP) said an accounting change will boost profit next year. Aflac rallied 8.7 percent to $46.77. Ameriprise advanced 13 percent to $48.53. Genworth Financial Inc. (GNW) rose 11 percent to $6.84.
Akamai Technologies Inc. (AKAM) gained 15 percent, the most since April 2010, to $27.45. The operator of a server network lets businesses speed data delivery forecast fourth- quarter sales of $303 million to $315 million, topping some analysts’ estimates, on demand for new services, such as security protection.
Alcoa Inc. (AA) advanced 9.5 percent to $11.34, the most in the Dow Jones Industrial Average. The largest U.S. aluminum producer signed an agreement with Angola to explore development of a smelter in the southwest African country. The project would produce 750,000 metric tons a year.
Ancestry.com Inc. (ACOM) lost 9 percent, the most since Sept. 22, to $21.84. The world’s largest online provider of family histories forecast fourth-quarter revenue may be as little as $103 million, compared with the average analyst estimate of $104.5 million.
AtriCure Inc. (ATRC) soared 21 percent, the most since June 2009, to $12.05. A U.S. regulatory panel recommended approval of the maker of surgical devices’ product for irregular heartbeats.
Avon Products Inc. (AVP) erased 18 percent, the most in the S&P 500, to $18.81. The door-to-door cosmetics merchant reported third-quarter earnings of 38 cents a share, missing the average analyst estimate of 46 cents. The New York-based company also said the U.S. Securities and Exchange Commission is investigating the company’s contacts with financial analysts.
BMC Software Inc. (BMC) fell 12 percent, the most since July 2004, to $33.88. The business-software maker cut its earnings forecast for 2012 to as little as $3.21 a share, down from a previous prediction of at least $3.25 and below the average analyst estimate of $3.30.
Cisco Systems Inc. (CSCO) increased 4.7 percent to $18.44, the highest price since March 3. The world’s largest maker of networking equipment was boosted to “buy” from “neutral” at UBS AG (UBSN), saying U.S. demand is “solid” in the U.S. and “stable” in Europe. UBS gave a 12-month price estimate of $19.75.
Citrix Systems Inc. (CTXS) rose 17 percent, the most in the S&P 500, to $75.35. The software maker forecast fourth- quarter profit of as much as 76 cents a share, above the average analyst estimate of 74 cents in a Bloomberg survey.
Dentsply International Inc. (XRAY) climbed 11 percent, the most since 1993, to $38.82. The world’s largest maker of artificial teeth reported adjusted third-quarter profit of 46 cents a share, 7.2 percent higher than the average analyst estimate in a Bloomberg survey.
Evercore Partners Inc. (EVR) jumped 21 percent, the most intraday since November 2008, to $28.75. The investment bank founded by Roger Altman reported record net revenue and profit that beat estimates.
FBR & Co. (FBRC US) slumped 7.1 percent to $2.24, the lowest price since Oct. 3. The provider of investment banking and institutional brokerage services is firing between 30 percent and 35 percent of its employees, according to a person familiar with the decision. The company reported a third-quarter net loss of 43 cents a share, compared with a loss of 10 cents a share a year earlier.
Lazard Ltd. (LAZ) rallied 17 percent, the most since May 2005, to $28.89. The biggest non-bank merger advisory firm reported a 24 percent increase in revenue from mergers and acquisitions in the third quarter.
Logitech International SA (LOGN) advanced 15 percent, the most since October 2007, to $10.34. The world’s biggest maker of computer mice confirmed its forecast after three profit warnings in the past seven months.
McDermott International Inc. (MDR) sank 25 percent to $10.97 for the biggest drop in the Russell 1000. The offshore oil and gas contractor forecast third-quarter revenue of no more than $880 million, falling short of the average analyst estimate of $889.5 million.
NII Holdings Inc. (NIHD) dropped 15 percent, the most since April 2009, to $25.80. The mobile-phone carrier that sells in Latin America under the Nextel brand reduced its forecasts for subscribers and sales this year.
Norfolk Southern Corp. (NSC) rose 7.7 percent, the most since April 28, to $75.16. The second-biggest eastern U.S. railroad posted a quarterly profit that beat analysts’ estimates on higher revenue per unit and volume.
Novellus Systems Inc. (NVLS) climbed 9.2 percent, the most since Jan. 14, to $35.55. The maker of machinery used in semiconductor production reported adjusted third-quarter profit that exceeded analysts’ estimates.
Orrstown Financial Services Inc. (ORRF) tumbled 30 percent, the most since 1997, to $9.29. The bank holding company suspended its quarterly dividend after reporting net income that fell 12 percent from last year to $4.3 million.
PulteGroup Inc. (PHM US) rose 9.7 percent to $5.41, the highest price since Aug. 4. The largest homebuilder by revenue reported a narrower third-quarter loss after recording lower impairment costs and increased revenue.
Time Warner Cable Inc. (TWC) declined 7.7 percent, the most since May 2010, to $65.17. The second-largest U.S. cable- television operator reported third-quarter adjusted profit that missed analysts’ estimates after losing video subscribers.
TriQuint Semiconductor Inc. (TQNT) plunged 26 percent, the most since July 28, to $5.31. The chipmaker forecast revenue in the fourth quarter to be no more than $225 million, falling short of the average analyst estimate of $230 million.
Vasco Data Security Inc. (VDSI US) surged 29 percent, the most in the Russell 2000, to $8.13. The maker of security software reported third-quarter earnings excluding some items of 16 cents a share, beating the average analyst estimate of 5 cents a share, Bloomberg data show.
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