Cobalt, Google, Mattel, Spreadtrum: 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.
Apple Inc. (AAPL) sank 4.2 percent, the most since Oct. 19, to $580.13. The world’s biggest technology company fell for a fifth day amid speculation that demand for the iPad may wane and that mobile-phone carriers will cut subsidies for the iPhone, eroding profitability of Apple’s best-selling products.
Baxter International Inc. (BAX) fell 6.8 percent, the most since April 2010, to $54.10. The maker of treatments for immune system disorders said the U.S. Food and Drug Administration asked for additional information to complete its review of the HyQ Biologics license application.
Cobalt International Energy Inc. (CIE) fell 7.2 percent, the most since Feb. 23, to $26.35. The deep-water oil explorer said it hasn’t broken U.S. or Angolan laws after the Financial Times reported Angolan officials own stakes in its local partner. The company began an investigation into its Angolan business relationships in 2007 and continues to maintain “rigorous due diligence” in its worldwide operations, according to a statement today.
Edelman Financial Group Inc. (EF) rallied 41 percent, the most since 2001, to $8.74. The wealth management company agreed to be acquired by Lee Equity Partners LLC for $8.85 a share.
Endocyte Inc. (ECYT) more than doubled to $7.62, the biggest gain since it went public in February 2011. The biopharmaceutical company entered an agreement to develop its ovarian cancer treatment with Merck & Co. (MRK US). Endocyte will be paid $120 million upfront with as much as $880 million in payments possible based on regulatory approvals and sales, the companies said in a statement today.
Gannett Co. (GCI) fell 7.7 percent, the most since Oct. 17, to $13.89. The owner of 82 daily newspapers including USA Today said first-quarter sales dropped 2.6 percent to $1.22 billion, missing the average analyst projection of $1.24 billion.
Google Inc. (GOOG) slid 3 percent to $606.07, the lowest price since March 12. The world’s most popular search engine, “impeded” and “delayed” a U.S. inquiry into its data collection, according to the latest in a series of regulatory probes of the company’s privacy practices. Google said it wasn’t “found to have violated any laws” in the investigation by the U.S. Federal Communications Commission.
Halozyme Therapeutics Inc. (HALO) fell 24 percent, the most since August 2004, to $8.56. U.S. regulators requested more information on the company’s blood product used to boost weak immune systems, delaying the treatment’s possible approval.
Mattel Inc. (MAT) fell 9.1 percent, the most since July 2010, to $31.01. The maker of Barbie dolls reported first- quarter sales of $928.4 million, missing the average analyst estimate of $984.7 million.
Pendrell Corp. (PCO) plunged 42 percent, the most in the Russell 2000 Index, to $1.26. Boeing Co. (BA) won reversal of a $604 million verdict to the intellectual property company formerly known as ICO Global Communications Holdings Ltd. over claims that the aerospace company breached a contract to build a satellite communications network.
Reliance Steel & Aluminum Co. (RS) rose 4.5 percent to $54.43 for the biggest increase in the Russell 1000 Index. North America’s largest metals service-center company said its first- quarter profit was higher than forecast because demand and prices rose faster than it anticipated.
Seagate Technology Plc (STX) climbed 4.1 percent to $28.51, the highest price since November 2007. The world’s largest maker of computer disk drives looks inexpensive as tight supply of the data-storage devices boosts its profits, Barron’s said, citing Richard Kugele, an analyst at Needham & Co.
Spreadtrum Communications Inc. (SPRD) fell 12 percent, the most since Feb. 29, to $14.93. The Chinese maker of mobile- phone chips was cut to equalweight from overweight at Morgan Stanley, meaning the stock’s return is expected to be line with the industry over the next 12 to 18 months.
Stratasys Inc. (SSYS) rallied 15 percent, the most since Oct. 26, to $41.21. The maker of software used by the automotive industry to design prototypes and Objet Ltd. said their boards approved an all-stock merger agreement that will create a 3D printing company with an approximate value of $1.4 billion.
Vornado Realty Trust (VNO) advanced 2.8 percent to $82.15 for the biggest gain in the Standard & Poor’s 500 Index. The real estate investment trust was boosted to outperform, or the equivalent of buy, from market perform by Keefe, Bruyette & Woods Inc.
Vringo Inc. (VRNG) surged 31 percent to $3.97, the highest price since it went public in June 2010. Mark Cuban, owner of the Dallas Mavericks, reported a 7.4 percent stake in the New York-based provider of video ringtones.
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