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.
Some mobile wireless providers rose after William Power, an analyst at Robert W. Baird & Co., named them as likely targets for Sprint Nextel Corp. or Verizon Communications Inc. after AT&T Inc.’s agreement to buy T-Mobile USA. MetroPCS Communications Inc. (PCS US) gained 4.8 percent to $15.64, the highest intraday price since June 2009. Leap Wireless International Inc. (LEAP US) jumped 16 percent to $14.05. U.S. Cellular Corp. (USM US) rose 4.8 percent to $48.44.
Energy companies rallied as the price of oil rose on allied air strikes in Libya. Rowan Cos. (RDC US) rose 5.5 percent to $42.65. QEP Resources Inc. (QEP US) increased 3.9 percent to $40.68.
American International Group Inc. (AIG US) climbed 6 percent to $37.03, the biggest gain in the Standard & Poor’s 500 Index. Hartford Financial Services Group Inc. (HIG US) gained 3.9 percent to $26.49. Both insurers rose as Japan made progress in restoring power to two reactors.
Apple Inc. (AAPL US) gained 2.6 percent, the most since Jan. 24, to $339.30. The maker of the iPad and iPod may offer T-mobile’s subscriber base the iPhone if AT&T Inc.’s offer to purchase T-Mobile USA is approved, Bank of America Corp. said in a note.
Atmel Corp. (ATML US) climbed 8 percent to $12.29 for its biggest gain since Feb. 9. The maker of chips for household appliances was raised to “buy” from “neutral” at Gleacher & Co.
Autodesk Inc. (ADSK US) advanced 4 percent, the most since Feb. 25, to $40.97. The maker of software used in bridge design and movie special effects was raised to “outperform” from “neutral” by Steven Ashley, an analyst at Robert W. Baird & Co.
Brightpoint Inc. (CELL US) slumped 15 percent, the most since December 2008, to $10.70. The wholesaler of mobile phones is unlikely to retain business if AT&T’s purchase of T-Mobile occurs, according to Jefferies & Co. analyst Peter Misek. T-Mobile represents more than 10 percent of Bridgepoint’s cell profit, he estimated.
CBS Corp. (CBS US) gained 5.5 percent, the most since Feb. 25, to $24.51. Ratings from the NCAA basketball tournament have been up 11 percent from the same period last year, David Joyce, analyst at Miller Tabak & Co., said in a note today. There has been strong demand for advertising and the tournament should be “the second-largest sports ad revenue event after the SuperBowl,” he wrote.
Crown Castle International Corp. (CCI US) slumped 4.6 percent to $37.37, the lowest price since July 19. The operator of wireless infrastructure was cut to “outperform” from “strong buy” by Raymond James & Associates.
Evercore Partners Inc. (EVR US) advanced 12 percent, the most since March 2009, to $34.06. The investment bank founded by former U.S. Deputy Treasury Secretary Roger Altman helped advise AT&T Inc. in its $39 billion deal to acquire T-Mobile USA and OptionsXpress Holdings Inc. in its $1 billion sale to Charles Schwab Corp.
Globalstar Inc. (GSAT US) rose 27 percent, the most since March 2009, to $1.33. The satellite-telecommunications services provider was granted authority by the Federal Communications Commission to operate it second-generation satellites in the U.S.
Motorola Mobility Holdings Inc. (MMI US) dropped 2.7 percent to $25.55, erasing part of a 12 percent gain over the past three days. AT&T’s agreement to buy T-Mobile may have “mixed” implications for the Libertyville, Illinois-based mobile-phone maker, according to Stephen Patel, analyst at Gleacher & Co., who cited “some reduction in pricing power long-term.”
OptionsXpress Holdings Inc. (OXPS US) soared 17 percent, the most since January 2005, to $17.90. Charles Schwab Corp. (SCHW US) agreed to buy the Chicago-based stock and options brokerage for about $1 billion, or $17.91 a share.
Qualcomm Inc. (QCOM US) climbed 3.7 percent, the most since Jan. 27, to 53.63. The world’s largest producer of mobile-phone chips was raised to “buy” from “neutral” at Sterne Agee & Leach Inc.
Sprint Nextel Corp. (S US) slumped 14 percent to $4.36, the biggest decline in the S&P 500. AT&T Inc. (T US) agreed to buy T-Mobile USA from Deutsche Telekom AG for about $39 billion, trumping Sprint’s effort to acquire the business. AT&T advanced 1.2 percent to $28.26.
American Tower Corp. (AMT US) declined 7.9 percent, the most since April 2009, to $46.61. The U.S. operator of mobile phone towers was cut to “outperform” from “strong buy” at Raymond James & Associates.
SBA Communication Corp. (SBAC US) declined 8.8 percent to $37.03. The operator of wireless infrastructure had separate leases for antenna space with AT&T and T-Mobile, according to a regulatory filing. The annualized leasing revenue was about $40.1 million from T-Mobile and $53.6 million from AT&T.
Tiffany & Co. (TIF US) rose 5.1 percent, the most since Nov. 24, to $60.22. The world’s second-largest luxury jewelry retailer reported a 29 percent gain in fourth-quarter profit as sales exceeded analyst estimates during the holiday season.
Xenoport Inc. (XNPT US) dropped 6.2 percent to $6.26, the lowest price since Sept. 10. The Santa Clara, California-based company’s experimental acid-reflux treatment failed to show significant benefit in a study.