JPMorgan, Schnitzer, VistaPrint, U.S. Steel: U.S. Equity Movers
Stock Chart for JPMorgan Chase & Co (JPM)
Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses, the prices are as of 4 p.m. in New York.
A gauge of financial shares had the biggest decline among 10 industries in the Standard & Poor’s 500 Index. The Federal Reserve is expected to embrace a new global framework that requires big banks to hold extra capital, the Wall Street Journal reported, citing people familiar with the situation.
JPMorgan Chase & Co. (JPM) fell 3.7 percent, the second- most in the Dow Jones Industrial average, to $30.70. Citigroup Inc. (C) declined 4.7 percent to $24.82. Bank of America Corp. (BAC) retreated 4.1 percent, the most in the Dow, to $4.99.
Commodity producers retreated on concern that demand will decline after property prices fell in China, the world’s top consumer of industrial metals.
Alcoa Inc. (AA) slumped 3.2 percent to $8.53. Freeport- McMoRan Copper & Gold Inc. (FCX) slipped 3.4 percent to $35.74. U.S. Steel Corp. (X) retreated 7.8 percent to $23.85. Cliffs Natural Resources Inc. (CLF) tumbled 6.6 percent to $59.71. Alpha Natural Resources Inc. (ANR) lost 7.2 percent to $18.20.
Cablevision Systems Corp. (CVC) rose 2 percent to $13, the second-biggest gain in the S&P 500. The cable company was added to Top Picks Live list at Citigroup, which said the stock’s declines after earnings reports that missed analyst estimates and the departures of executives were “a touch extreme.” The company and Verizon Communications Inc. (VZ) settled a lawsuit over ads that Cablevision claimed misrepresented its Internet speeds, a Verizon spokesman said.
Eastman Kodak Co. (EK) dropped 20 percent to 67 cents, the lowest price since at least 1974. The unprofitable 131-year- old camera maker has hit some snags in its efforts to sell patents and borrow money, the Wall Street Journal reported.
Hoku Corp. (HOKU) fell 7.4 percent to 60 cents, the lowest price since its August 2005 initial public offering. The Honolulu-based energy products company said Chief Financial Officer Darryl Nakamoto resigned, effective March 31.
Jakks Pacific Inc. (JAKK) declined 20 percent to $13.85, the biggest drop in the Russell 2000 Index. The toymaker reduced its 2011 adjusted earnings and sales forecast, citing a “difficult” retail environment for toys. Earnings will be 37 cents to 40 cents a share, compared with an earlier estimate for $1.32 to $1.35 a share.
Schnitzer Steel Industries Inc. (SCHN) fell 9.2 percent, the most since Aug. 8, to $41.54. The century-old steel recycler reported preliminary first-quarter earnings that were less than analysts projected because of slower demand and a decline in sales prices. Schnitzer said profit will be no more than 25 cents a share for the quarter that ended Nov. 30, compared with the 55-cent average of nine analysts’ estimates compiled by Bloomberg.
VistaPrint NV (VPRT) dropped 7.7 percent, the most since July 29, to $30.21. The online provider of printing services agreed to acquire do-it-yourself homepage provider Webs Inc. for $117.5 million. Vistaprint said the acquisition will be dilutive to 2012 and 2013 profit excluding some items, while accretive in 2014.
Winn-Dixie Stores Inc. (WINN) gained 70 percent to $9.24, the biggest advance in the Russell 2000 Index. The Jacksonville, Florida-based grocery-store chain agreed to be acquired by Bi-Lo LLC, the owner of more than 200 supermarkets for about $560 million.
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