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.
Financial shares rallied after Warren Buffett’s Berkshire Hathaway Inc. (BRK/B US) agreed to invest $5 billion in Bank of America Corp. (BAC US), the biggest U.S. lender.
Bank of America surged 9.4 percent to $7.65 for the second-biggest increase in the Standard & Poor’s 500 Index. Citigroup Inc. (C US) gained 4.9 percent to $29.83. Morgan Stanley (MS US) rose 2.7 percent to $16.77.
Bond insurers gained after Standard & Poor’s completed an overhaul of the way it assesses bond insurers’ creditworthiness, limiting a new leverage test it had proposed in January for all insurers to only those that may be considered for its top ranking. Assured Guaranty Ltd. (AGO US) jumped 11 percent to $13.39. MBIA Inc. (MBI US) advanced 2.4 percent to $6.90. Radian Group Inc. (RDN US) rose 12 percent to $2.70.
Homebuilders rose as Jason Weaver, a Sterne Agee and Leach Inc. analyst, said that a government-sponsored homeowner mortgage refinance program may be announced soon. PulteGroup Inc. (PHM US) rallied 13 percent to $4.24 for the biggest gain in the Standard & Poor’s 500 Index. KB Home (KBH US) increased 6.3 percent to $5.75. Lennar Corp. (LEN US) gained 2 percent to $13.40.
A123 Systems Inc. (AONE US) rose 9.3 percent to $4.70, the highest price since Aug. 1. The lithium-ion battery maker obtained a contract to supply battery packs for hybrid electric powertrains developed for light trucks by Auburn Hills, Michigan-based ALTe.
Aviat Networks Inc. (AVNW US) had the biggest retreat in the Russell 2000 Index, sinking 17 percent to $2.47. The maker of microwave radios that are used to connect cellphone towers with the wireless network forecast first-quarter sales that missed analysts’ estimates and said Chief Financial Officer Thomas L. Cronan III resigned.
Brown Shoe Co. (BWS US) plunged 14 percent, the second-most in the Russell 2000 Index, to $6.74. The operator of Naturalizer and Famous Footwear shoe-store chains lowered its earnings forecast for the year to no more than 97 cents a share from an earlier projection of at least $1.25. The average analyst estimate was $1.21 a share.
Collective Brands Inc. (PSS US) surged 19 percent to $12.19 for the biggest gain in the Russell 2000 Index. The operator of Payless shoe stores said it’s reviewing plans to “increase shareholder value.” The company said it will shut 475 stores in the next three years and reported a $35 million loss in the second quarter. The board will review “a full range” of alternatives for the company, Collective said.
GenOn Energy Inc. (GEN US) lost 3.8 percent to $2.80, the lowest price since March 2009. The power producer formed by the merger of Mirant Corp. and RRI Energy Inc. said Chief Operating Officer Mark M. Jacobs will leave the company. Jacobs was chief executive officer of RRI before the merger.
Patterson Cos Inc. (PDCO US) fell the most in the S&P 500, sinking 10 percent to $26.87. The maker of medical devices for dental and veterinary clinics reported first-quarter revenue of $847.4 million, missing the average analyst estimate of $866.2 million in a Bloomberg Survey.
Renaissance Learning Inc. (RLRN US) climbed 6.8 percent to $15.50, the highest price since July 2010. The maker of electronic-learning products and software received an unsolicited bid from Plato Learning Inc. for $15.50 a share. The Wisconsin Rapids, Wisconsin-based company’s board continues to recommend a merger with Permira Funds that was announced earlier this month.
Rue21 Inc. (RUE US) dropped 11 percent, the most since it went public in 2009, to $23.88. The teen specialty retailer posted second-quarter earnings of 31 cents a share, missing the average analyst estimate for 32 cents, Bloomberg data show. The company also said third-quarter earnings may be as low as 32 cents a share. Analysts project 33 cents, on average.
Sigma Designs Inc. (SIGM US) declined 8.1 percent, the most since May 26, to $7.76. The semiconductor manufacturer reported second-quarter sales of $46.7 million, trailing the average analyst estimate of $52.6 million in a Bloomberg Survey.
Solera Holdings Inc. (SLH US) dropped 3.9 percent to $54.33 for its first decline in five days. The maker of claims-processing software for automobile insurers said that, excluding some items, it expects to earn $2.90 a share at most in fiscal 2012. Analysts, on average, estimated $2.92, according to a Bloomberg survey.
TiVo Inc. (TIVO US) climbed 17 percent, the most since April 20, to $9.50. The digital-video recording pioneer reported a smaller second-quarter loss than analysts anticipated, helped by a net increase in cable and satellite subscribers.
Urban Outfitters Inc. (URBN US) dropped 6 percent to $24.21, the lowest price since July 2009. Chief Executive Officer Glen T. Senk sold 20,000 shares of the clothing retailer this week, according to a regulatory filing.