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.
Car companies slumped after the China Association of Automobile Manufacturers said 2011 car sales may grow slower than estimated. Ford Motor Co. (F US) slumped 3.1 percent to $14.86. General Motors Co. (GM US) declined 2.4 percent to $30.77.
American Medical Systems Holdings Inc. (AMMD US) surged 32 percent to $29.50, the highest price since it went public in August 2000. The supplier of medical devices to physicians specializing in urological disorders agreed to be bought by Endo Pharmaceuticals Holdings Inc. (ENDP US) for $30 a share, or $2.9 billion in cash.
Biogen Idec Inc. (BIIB US) gained 7.2 percent to $78.55 for the biggest increase in the Standard & Poor’s 500 Index. The world’s largest maker of multiple sclerosis medicines said a study showed its experimental MS pill reduced patients’ relapse rate after two years.
Community Health Systems Inc. (CYH US) slumped 36 percent to $25.89 after triggering stock-trading curbs a record five times. The hospital operator was sued by Tenet Healthcare Corp. (THC US) for allegedly overbilling Medicare. Tenet said in a Securities and Exchange Commission filing that it is claiming Community Health’s ability to finance its hostile bid for Tenet is impaired because its stock is worth less than stated. Tenet fell the most in the S&P 500, sinking 15 percent to $6.44.
The allegations are without merit, Community Health Systems said in a statement.
Another hospital operator, Health Management Associates Inc. (HMA US), slumped 4.6 percent to $10.17.
Electronics for Imaging Inc. (EFII US) climbed 10 percent, the most since July 23, to $16.55. The digital-printing company said it earned at least 27 cents a share in the first quarter, including a currency benefit of 3 cents a share. That beat the average analyst estimate of 16 cents in a Bloomberg survey.
Global Crossing Ltd. (GLBC US) surged 69 percent to $24.97, the biggest advance in the Russell 2000 Index. Level 3 Communications Inc. (LVLT US) agreed to buy the telecommunications provider in an all-stock transaction worth $23.04 a share based on Level 3’s closing price April 8, with a total deal value of about $1.9 billion. Level 3 soared 18 percent to $1.70 for the biggest gain in the Russell 1000 Index.
Howard Hughes Corp. (HHC US) fell 6.1 percent to $60.59, the biggest decline since the property company was spun off from General Growth Properties Inc. in November. Shareholders were “scared away” by the $503 million in 2010 writedowns the company reported on April 8, according to Wilkes Graham, an analyst at Compass Point Research & Trading LLC.
Madison Square Garden Inc. (MSG US) increased 5.2 percent, the most since Nov. 5, to $29.05. The owner of the New York Knicks may rise to the mid-$40’s as the economy improves and its sports programs attract more advertisers, Barron’s reported.
Molycorp Inc. (MCP US) jumped 7 percent to $71.88, the highest price since it went public in July 2010. The owner of the world’s largest rare-earth deposit outside China had its price estimate raised to $90 from $74 at JPMorgan Chase & Co., which cited higher prices for the metals.
QuickLogic Corp. (QUIK US) lost 18 percent, the most since November 2009, to $4. The provider of software solutions for mobile electronics slumped 17 percent to $4.06 and cut its first-quarter revenue forecast to $5.5 million. That compares with the $6.8 million average estimate of two analysts, Bloomberg data show.
Tasty Baking Co. (TSTY US) soared 147 percent, the most since at least 1980, to $3.97. The maker of Tastykake snacks is being acquired by Flowers Foods Inc. (FLO US) for about $34 million or $4 a share. Flowers Foods, the U.S. baker whose labels include Nature’s Own bread, advanced 1.9 percent to $28.18.
Tyco International Ltd. (TYC US) jumped 3.3 percent to $48.72, the highest price since July 2007. Schneider Electric SA (SU FP) is weighing a takeover offer for Tyco that would make the French company the world’s biggest maker of security systems, said three people with knowledge of the matter.