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.
Health maintenance organizations rose. Investors are speculating the U.S. Supreme Court will overturn aspects of the Affordable Care Act, benefiting managed care companies, according to Dave Shove, an analyst at BMO Capital Markets Corp.
Aetna Inc. (AET) rose 6.5 percent to $49.56. Cigna Corp. (CI) advanced 4 percent to $48.97. Health Net Inc. (HNT) added 4 percent to $39.45. Humana Inc. (HUM) rallied 3.3 percent to $91.54. UnitedHealth Group Inc. (UNH) increased 4.8 percent to $58.11. WellPoint Inc. (WLP) rose 2.3 percent to $71.62.
Accretive Health Inc. (AH) dropped 19 percent, the most since it went public in May 2010, to $19.60. The company, which helps doctors with billing and records, expects 2012 sales to be reduced by about 6 percent because of revisions to an agreement with Fairview Health Services made to resolve “outstanding issues” with the Minnesota Attorney General, according to a regulatory filing.
Best Buy Co. (BBY) slipped 7 percent to $24.77 for the biggest retreat in the Standard & Poor’s 500 Index. The world’s largest consumer-electronics retailer said it would close 50 U.S. big-box stores this year as it works to control costs.
Big Lots Inc. (BIG) fell 4.8 percent, the most since Dec. 2, to $43.42. The discount retailer’s sales trends are “not as good as we’d hoped,” Charles Grom, an analyst with Deutsche Bank AG, wrote in a note after meeting with the company’s management including Chief Executive Officer Steven Fishman.
Chelsea Therapeutics International Ltd. (CHTP) slumped 29 percent, the most in the Russell 2000 Index, to $2.62. The Charlotte, North Carolina-based company failed to win U.S. regulatory approval for Northera, a drug to treat a cause of dizziness and fainting in people with nervous-system disorders.
Collective Brands Inc. (PSS) rose 8.4 percent, the most since Aug. 25, to $19.99. South Korean clothing company E-Land Group said it will bid for the retailer, which owns the Payless ShoeSource chain.
Crimson Exploration Inc. (CXPO) surged 19 percent, the most since Aug. 11, to $3.92. The Houston-based oil and natural gas producer said it completed its first horizontal oil well in the Woodbine formation in Madison Country, Texas, at a gross initial production rate of 1,017 barrels of oil and 87 barrels of natural gas liquids.
Illumina Inc. (ILMN) rose 5.1 percent, the most since Jan. 25, to $52.40. Roche Holding AG raised its hostile bid for the maker of DNA analysis equipment by 15 percent to about $6.7 billion, or $51 a share.
JetBlue Airways Corp. (JBLU) declined 4.2 percent, the most since Feb. 24, to $5. Deutsche Lufthansa AG said it would sell bonds exchangeable for its shares in the U.S. airline.
Kit Digital Inc. (KITD) gained 11 percent, the most since Nov. 9, to $7.20. The maker of online video software may be planning a sale, according to Roth Capital Partners, which said a private equity buyer “makes the most sense.” Kit Digital didn’t immediately return call seeking comment.
Merrimack Pharmaceuticals Inc. (MACK) (MACK US) dropped 14 percent to $6.04 on the first day of trading. The Cambridge, Massachusetts-based biotechnology company sold 14.3 million shares at $7 each in its initial public offering.
Millennial Media Inc. (MM) (MM US) rallied 92 percent to $25 on the first day of trading. The second-largest mobile-advertising company in the U.S. sold 10.2 million shares for $13 each in an initial public offering.
Movado Group Inc. (MOV) rose 9.7 percent to $24.43, the highest price since September 2008. The watch and jewelry maker reported a 50 cent special cash dividend, and raised its quarterly dividend to 5 cents from 3 cents.
Red Hat Inc. (RHT) gained 20 percent to $61.43 for the biggest increase in the S&P 500. The software maker that specializes in the Linux operating system and other open-source programs’ fourth-quarter adjusted earnings and revenue that exceeded analyst forecasts, according to the average estimates in a Bloomberg survey. The company also said it approved a program to repurchase as much as $300 million of its stock.
Rexnord Corp. (RXN) (RXN US) climbed 11 percent to $20 on the first day of trading. The ball-bearing maker owned by Apollo Global Management LLC raised $426.3 million in an initial public offering, pricing the stock at the low end of the planned range.
Saba Software Inc. (SABA) sank 18 percent, the most since June 2006, to 9.94. The maker of Internet-based software for training and Web conferencing said an internal accounting review delayed the release of its third-quarter earnings.
To contact the reporter on this story: Whitney Kisling in New York at email@example.com
To contact the editor responsible for this story: Nick Baker at firstname.lastname@example.org