Bottomline, BroadSoft, Tyson, Vertex: U.S. Equity Movers
Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 10 a.m. in New York.
American International Group Inc. (AIG) dropped 5.9 percent to $30.88 after erasing 7.2 percent earlier, the most intraday since Oct. 3. The U.S. Treasury Department agreed to sell $5 billion of shares in the bailed-out insurer, with AIG buying $2 billion of the total.
Bottomline Technologies Inc. (EPAY) fell 8.1 percent to $20.67 and declined 11 percent earlier, the most intraday since Aug. 8. The maker of financial-management and payment software reported third-quarter sales of $55.3 million, lower than the average analyst estimate of $55.9 million in a Bloomberg survey.
BroadSoft Inc. (BSFT) slumped 16 percent to $34.37 and dropped 19 percent earlier, the most intraday since it went public in June 2010. The maker of telecommunications software forecast second-quarter earnings excluding some items of 23 cents a share at most, trailing the average analyst estimate of 28 cents in a Bloomberg survey.
Cognizant Technology Solutions Corp. (CTSH) sank 15 percent, the most in the Standard & Poor’s 500 Index, to $58.87. The information-technology company lowered its 2012 revenue forecast to at least $7.34 billion from at least $7.53 billion. The average analyst estimate is $7.55 billion.
Georgia Gulf Corp. (GGC) plunged 9.4 percent to $31.03 and slipped 11 percent earlier, the most intraday since Sept. 22. Westlake Chemical Corp. (WLK) withdrew its unsolicited $1.2 billion bid to buy North America’s largest maker of vinyl construction products after the sweetened offer was rejected as too low.
Insmed Inc. (INSM) surged 46 percent to $3.94 and rallied 51 percent earlier, the most intraday since February 2009. The developer of inhaled medicines for lung diseases said U.S. regulators lifted a clinical hold on the company’s Arikace drug in cystic fibrosis patients with pseudomonas lung infections.
Tutor Perini Corp. (TPC) declined 5.9 percent to $13.56 and slipped 6.3 percent earlier, the most intraday since March 6. The construction company reported first-quarter earnings excluding some items of 8 cents a share, missing the average analyst estimate of 42 cents.
Tyson Foods Inc. (TSN) rose the most in the S&P 500, climbing 3.7 percent to $18.71. The largest U.S. meat processor reported second-quarter earnings that beat analysts’ estimates and said it will boost stock buybacks by 35 million shares.
Vertex Pharmaceuticals Inc. (VRTX) jumped 44 percent to $53.78 after rallying 45 percent earlier, the most intraday since it went public in 1991. The maker of the first medicine to target the underlying cause of cystic fibrosis said the drug and a second therapy helped improve patients’ breathing ability.
Walt Disney Co. (DIS) gained 1.3 percent to $43.50 for the biggest gain in the Dow Jones Industrial Average. The company’s movie “Marvel’s The Avengers” had record ticket sales of $200.3 million in the U.S. and Canada its opening weekend, topping the performance last year of Time Warner Inc.’s (TWX US) “Harry Potter and the Deathly Hallows: Part 2.”
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