Barnes & Noble, Charming Shoppes, Magma, UTI: 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.
Assured Guaranty Ltd. (AGO) had the third-biggest gain in the Russell 1000 Index, surging 13 percent to $10.99. The company’s bond insurance units were cut two steps by Standard & Poor’s after the ratings company overhauled the way it grades guarantors. The rating change removed “a significant overhang on the stock,” Piper Jaffray & Co. said in a note.
Barnes & Noble Inc. (BKS) fell 16 percent, the most since Aug. 19, to $14.59. The largest U.S. bookstore chain reported second-quarter sales that missed the average analyst estimate by 4.3 percent, according to Bloomberg data.
Charming Shoppes Inc. (CHRS) rose 9 percent to $4.23, the highest price since July 27. The apparel retailer said it plans to conduct a financial review and sell its Fashion Bug stores as part of a shift to focus on growing sales at its Lane Bryant stores.
Clearwire Corp. (CLWR) rallied 14 percent, the second- biggest gain in the Russell 1000 Index, to $2.03. The money- losing wireless carrier paid creditors $237 million in interest on time after striking a new network-sharing agreement with partner Sprint Nextel Corp.
Coldwater Creek Inc. (CWTR) rose 7 percent to 92 cents, the highest price since Nov. 21. The women’s clothing retailer forecast a fourth-quarter loss of no more than 21 cents a share, less than the 23-cent loss predicted by analysts on average.
Finisar Corp. (FNSR) slid 13 percent, the most since Aug. 8, to $16.12. The maker of fiber-optic transmission gear forecast adjusted third-quarter earnings of no more than 24 cents a share, below the average analyst estimate of 27 cents.
Gildan Activewear Inc. (GIL) tumbled 31 percent, themost since December 2008, to $16.36. The clothing maker forecast a loss in the first quarter of 40 cents a share, citing high cotton prices, distributor destocking and discounting.
Kohl’s Corp. (KSS) fell the most in the Standard & Poor’s 500 Index, erasing 6.4 percent to $50.37. The fourth- largest U.S. department-store chain said sales at stores open at least one year decreased 6.2 percent in November. Analysts on average estimated an increase of 2.1 percent.
La-Z-Boy Inc. (LZB) rallied 17 percent, the most since Feb. 16, to $11.57. The maker of living-room recliners reported second-quarter earnings of 15 cents a share, beating the average analyst estimate by 1 cent, according to Bloomberg data.
Magma Design Automation Inc. (LAVA) surged 25 percent, the most since April 2009, to $7.13. The maker of software for the semiconductor industry agreed to be bought by Synopsys Inc. (SNPS) for $7.35 a share in cash.
Movado Group Inc. (MOV) climbed 13 percent, the most since Dec. 2, to $17.83. The watch and jewelry maker increased its full-year earnings forecast to at least 93 cents a share. The company previously projected 65 cents a share at most.
Scorpio Tankers Inc. (STNG) slumped 20 percent to $5.35 for the biggest retreat in the Russell 2000 Index. The shipping company offered to sell 7 million shares at $5.50 each, raising money to buy tankers and repay debt.
UTI Worldwide Inc. (UTIW) tumbled 13 percent, the most since December 2007, to $13.51. The air and ocean freight logistics company reported third-quarter sales that missed analysts’ estimates.
To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net.
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.
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