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AboveNet, Cubist, Genesco, Microsoft, Syms: U.S. Equity Movers

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.

AboveNet Inc. (ABVT US) climbed 5.6 percent to $73.97, the highest price since at least December 2003. The owner of optical fiber networks that hedge funds, exchanges and social media companies use to send data in cities may get a takeover premium of almost 30 percent, according to Dougherty & Co.

Arena Pharmaceuticals Inc. (ARNA US) gained 6.5 percent to $1.47, the highest price since March 21. The San Diego-based biotechnology company said a phase 3 clinical trial showed patients taking its diet drug lorcaserin achieved “statistically significant” weight loss.

Ascena Retail Group Inc. (ASNA US) rose 7.5 percent, the most since Feb. 3, to $33.01. The owner of women’s apparel specialty stores reported third-quarter profit excluding some items of 66 cents a share, 1 cent higher than the average analyst estimate in a Bloomberg survey.

Computer Sciences Corp. (CSC US) lost 13 percent to $38.38 for the biggest retreat in the Standard & Poor’s 500 Index. The provider of computer services to companies and U.S. government agencies said profit for fiscal 2012 will be $4.80 a share at most. Analysts projected $5.07, according to the average of estimates compiled by Bloomberg.

Cubist Pharmaceuticals Inc. (CBST US) rose 4.2 percent to $38.30, the highest price since November 2001. The Lexington, Massachusetts-based company that develops drugs to treat infections is gaining as investors speculate it may be taken over, according to analysts.

Emergent Biosolutions Inc. (EBS US) climbed 16 percent, the most since August 2009, to $24.77. The maker of drugs to fight bioterrorism said the U.S. government intends to buy 44.75 million doses of its BioThrax anthrax vaccine.

Empire District Electric Co. (EDE US) plunged 15 percent, the most since January 2001, to $19.03. The electricity provider in Missouri said it is suspending its quarterly dividend for the second half of 2011, citing a tornado this month.

Genesco Inc. (GCO US) advanced 10 percent to $45.52, the highest price since August 2007. The owner of Journeys and Johnston & Murphy shoe stores increased its full-year forecast, saying it now expects to earn at least $2.90 a share. That topped the average analyst estimate of $2.84 in a Bloomberg survey.

Guess? Inc. (GES US) had the second-biggest gain in the Russell 1000 Index, rallying 11 percent to $44.57. The clothing retailer forecast second-quarter earnings excluding some items of as much as 83 cents a share, compared with the average analyst estimate of 78 cents.

Hhgregg Inc. (HGG US) climbed 18 percent, the most since September 2009, to $15.24. The Indianapolis-based appliance and electronics retailer forecast 2012 earnings of as much as $1.35 a share, compared with the average analyst projection for $1.29 a share. The company also reported quarterly earnings that exceeded estimates.

Lundin Mining Corp. (LUNMF US) slumped 18 percent, the most since February 2009, to $7.21. The base-metals producer with operations in Europe said it scrapped plans to sell itself.

Microsoft Corp. (MSFT US) rose the most in the Dow Jones Industrial Average, advancing 2 percent to $24.67. Shares of the world’s biggest software maker are “statistically” cheap, Mario Gabelli, chairman of Gamco Investors Inc., said in an interview on Bloomberg TV. Separately, Greenlight Capital Inc. President David Einhorn called for Microsoft’s board to replace Chief Executive Officer Steve Ballmer, saying the company suffers from “Charlie Brown management.”

NetApp Inc. (NTAP US) rose 6.9 percent, the most since Nov. 18, to $55.31. The data-management company forecast adjusted earnings of as much as 57 cents a share for the first quarter, compared with the average estimate of analysts surveyed by Bloomberg of 50 cents a share.

Sigma Designs Inc. (SIGM US) plunged 21 percent, the most in the Russell 2000 Index, to $8.74. The semiconductor manufacturer reported first-quarter earnings excluding some items of 7 cents a share, 57 percent below the average analyst estimate.

Syms Corp. (SYMS US) surged 27 percent, the most since October 2008, to $9.49. The New Jersey-based discount retailer said it will explore strategic alternatives including a possible sale of the company.

Tiffany & Co. (TIF US) increased 8.6 percent to $76.04, the biggest gain in the S&P 500 Index. The world’s second-largest luxury jewelry retailer posted first-quarter profit that beat analysts’ estimates and raised its full-year forecast as sales did better in Japan than expected after the earthquake.

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