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.
Bed Bath & Beyond Inc. (BBBY US) fell 5.6 percent to $39.12, the lowest since Feb. 10. The home-furnishings retailer forecast second-quarter earnings of no more than 63 cents a share. Analysts estimated earnings of 64 cents on average.
Other retailers also declined. J.C. Penney Co. (JCP US) fell 5.8 percent to $23.24. Macy’s Inc. (M US) erased 6.2 percent to $18.85.
Cadiz Inc. (CDZI US) rallied 9.3 percent, the most since Aug. 20, to $13.12. The owner of thousands of acres of California desert said it won approval from two Southern California water agencies to start a water conservation and storage project.
Darden Restaurants Inc. (DRI US) slipped 5.8 percent, the most since February 2009, to $39.47. The owner of the Red Lobster and Olive Garden chains posted fourth-quarter profit excluding some items of 86 cents a share, trailing the average analyst estimate by 2 cents.
Dell Inc. (DELL US) fell the most in the S&P 500, sinking 6.4 percent to $12.93. The world’s third-largest personal-computer maker yesterday said it expects fiscal 2011 revenue to increase by 14 percent to 19 percent over fiscal 2010, or between $60.31 billion and $62.95 billion. Analysts surveyed by Bloomberg estimate revenue of $61.79 billion.
Hasbro Inc. (HAS US) had the biggest gain in the S&P 500, advancing 4.2 percent to $42.86. The toymaker denied a report from the Wall Street Journal that it’s in takeover talks, saying its board spurned an approach from a private equity firm.
Home Depot Inc. (HD US) fell 2.7 percent, the third-most in the Dow Jones Industrial Average, to $29.67. The largest U.S. home-improvement retailer and its small rival Lowe’s Cos. (LOW US) were downgraded to “neutral” from “buy” at Janney Montgomery LLC, which said the housing market recovery is slower than anticipated. Lowe’s slipped 2.8 percent to $21.24.
Molecular Insight Pharmaceuticals Inc. (MIPI US) rose the most in Russell 2000 Index, rallying 31 percent to $2.09. The biopharmaceutical company said a clinical study on its Azedra drug showed “positive” results in treating neuroblastoma, a childhood cancer.
Nike Inc. (NKE US) slipped 4 percent, the most since May 2009, to $69.63. The world’s largest maker of athletic shoes reported fourth-quarter revenue of $5.08 billion, missing the average analyst estimate of $5.15 billion in a Bloomberg survey.
Pfizer Inc. (PFE US) dropped the most in the Dow Jones Industrial Average, slumping 2.8 percent to $14.46. The world’s biggest drugmaker said it suspended trials of its experimental pain relief drug, tanezumab, for osteoarthritis after reports that patients’ conditions worsened and led to joint replacements.
Santander BanCorp (SBP US) climbed 12 percent, the most since July 2009, to $12.64. Banco Santander SA (SAN SM), the biggest Spanish bank, said it offered $12.69 a share for the remaining 9.4 percent of its Puerto Rico unit that it doesn’t already own.
SunPower Corp. (SPWRA US) declined 5.7 percent, the most since June 7, to $13.38. The second-biggest U.S. manufacturer of solar power modules dropped after Reuters reported that Italy will cut solar power incentives by an average of 18% in 2011, citing Italian industry undersecretary Stefano Saglia. SunPower derived 22 percent of its 2009 sales in Italy.
Western Digital Corp. (WDC US) fell 5.9 percent to $31.46, the lowest price since Aug. 18. The world’s second-largest maker of hard disk drives and it bigger rival Seagate Technology (STX US) are experiencing “excess channel inventory” as their rivals in Asia including Hitachi Ltd. (6501 JP) cut prices to gain market share, Ashok Kumar, an analyst with Rodman & Renshaw, write in a note to clients.
Seagate declined 4.5 percent to $13.66.