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 unless noted otherwise.
Regional banks declined after UBS AG said valuations are unsustainable and earnings are likely to disappoint investors. UBS cut Regions Financial Corp., KeyCorp, Huntington Bancshares Inc., TCF Financial Corp. and Commerce Bancshares Inc. to “sell” from “neutral.” Regions (RF US) fell 4.6 percent to $8.34. Keycorp (KEY US) dropped 2.4 percent to $8.14. Huntington (HBAN US) slid 5.6 percent to $5.69. TCF (TCB US) lost 4 percent to $16.31. Commerce (CBSH US) declined 3 percent to $40.80.
Education companies rose after a Credit Suisse AG report suggested the government might loosen proposed rules that would restrict their eligibility for federal student aid. DeVry Inc. (DV US) rose 10 percent to $71.73, the most in the Standard & Poor’s 500 Index. ITT Educational Services Inc. (ESI US) gained 9.6 percent to $119.20. Grand Canyon Education Inc. (LOPE US) rose 4.1 percent to $27.35. Education Management Corp. (EDMC US) increased 13 percent to $25.56.
A123 Systems Inc. (AONE US) climbed 5.6 percent, the most since Feb. 2, to $14.61. The maker of automotive battery systems was raised to “buy” from “hold” at Deutsche Bank AG.
Alcoa Inc. (AA US) fell 1.6 percent, the most in the Dow Jones Industrial Average, to $14.34. The largest U.S. aluminum producer kicked off first-quarter earnings season yesterday when it reported lower-than-expected first-quarter sales. It was also downgraded to “neutral” from “buy” at UBS.
Avon Products Inc. (AVP US) slid the most in the S&P 500, dropping 8 percent to $31.99. The world’s largest door-to-door cosmetics seller suspended four executives as part of an internal investigation into practices at its China unit. The shares dropped the most in five months.
Cognizant Technology Solutions Corp. (CTSH US) climbed 3.3 percent to $53.67, the highest price since its initial public offering in 1998. The computer-services provider to companies such as Aetna Inc. had its share-price target raised to $58 from $51 at Susquehanna International Group LLP., which also boosted revenue and earnings estimates for the first quarter.
Crocs Inc. (CROX US) rose 10 percent to $9.79, the highest price since July 2008. The maker of plastic clogs was upgraded to “overweight” from “market weight” at Thomas Weisel Partners, which set a 12-month share price estimate of $12.
Enterprise Products Partners LP (EPD US) fell 2 percent to $35.68, the biggest decline since March 19. The largest U.S. pipeline partnership by market value announced a public offering of 11.5 million units to pay for a portion of a pending acquisition.
Fastenal Co. (FAST US) rose 2.1 percent to $53, the highest price since September 2008. The largest U.S. retailer of nuts, bolts and other fasteners reported first-quarter profit excluding some items of 38 cents a share, 15 percent higher than the average of nine estimates in a Bloomberg survey.
Franklin Resources Inc. (BEN US) climbed 3.3 percent to $118.83, the highest price since December 2007. The manager of the Franklin and Templeton mutual funds had its share-price target raised to $121 from $118 by FBR Capital Markets Corp.
Frontier Communications Corp. (FTR US) advanced 4.9 percent, the most since May 2009, to $7.79. The phone company serving rural U.S. markets was raised to “strong buy” from “outperform” at Raymond James Financial Inc., which said it may be “sufficiently close” to completing an acquisition of Verizon Communications Inc. lines.
Goodyear Tire & Rubber Co. (GT US) increased 7.6 percent, the most since July 30, to $13.95. The largest U.S. tiremaker said its shareholders re-elected 12 members of the board of directors, including Richard J. Kramer as chief executive officer and president and Robert J. Keegan as chairman.
Molecular Insight Pharmaceuticals Inc. (MIPI US) surged 129 percent to $3.43, the biggest gain since the shares began trading in February 2007. The biopharmaceutical company said clinical data showed its Onalta improved symptoms associated with metastatic carcinoid tumors.
Orexigen Therapeutics Inc. (OREX US) slid 11 percent, the most since July 8, to $5.10. The biotechnology company seeking U.S. clearance for its first drug said the medicine was less effective than previously reported.
Parker Drilling Co. (PKD US) declined 9.7 percent, the most since July 6, to $5.20. The builder of the world’s largest onshore rig and one of its customers determined construction on two rigs probably won’t meet the 2010 schedule, according to a regulatory filing today.
Petrohawk Energy Corp. (HK US) rose 2.5 percent to $23.18, the highest price since Feb. 3. Kinder Morgan Energy Partners LP (KMP US) said it agreed to buy a 50 percent interest in Petrohawk’s natural gas gathering and treating business in the Haynesville Shale for $875 million in cash. Kinder Morgan fell 1.1 percent to $66.50.
Popular Inc. (BPOP US) surged 15 percent, the most since Aug. 18, to $3.50. Puerto Rico’s largest bank is raising $900 million through a preferred stock offering to boost capital after reporting a first-quarter loss of $85 million, compared with a loss of $52.5 million in the same period last year.
Talbots Inc. (TLB US) rose 4.9 percent to $15.10, the highest price since Sept. 22. The women’s clothing chain reported fourth-quarter profit excluding some items of 13 cents a share, more than six times the average of 7 estimates in a Bloomberg survey. Talbots forecast first-quarter and full-year sales higher than the average estimates.
Tennant Co. (TNC US) gained 15 percent to $33.14, the highest price since October 2008. The cleaning solutions manufacturer raised its estimates for 2010 earnings and sales and forecast first-quarter profit and revenue higher than the average analyst estimate in a Bloomberg survey.