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 retreated as the cost of insuring European government debt against default rose to a record on concern the region’s credit crisis is worsening. Bank of America Corp. (BAC US) fell the most in the Dow Jones Industrial Average, erasing 4.3 percent to $5.14. JPMorgan Chase & Co. (JPM US) lost 3.5 percent to $28.38. Morgan Stanley (MS US) declined 3.6 percent to $13.03. Citigroup Inc. (C US) fell 3.9 percent to $23.51.
Commodity producers declined as reports showed manufacturing contracted in Europe and may shrink by the most in more than two years in China. U.S. Steel Corp. (X US) sank 7.6 percent to $22.41. Allegheny Technologies Inc. (ATI US) erased 5.3 percent to $42.96. Cliffs Natural Resources Inc. (CLF US) decreased 6.2 percent to $59.96. Alcoa Inc. (AA US) fell 4.1 percent to $8.88. Alpha Natural Resources Inc. (ANR US) lost 6.7 percent to $19.27. Cabot Oil & Gas Corp. (COG US) declined 6 percent to $75.28.
AbitibiBowater Inc. (ABH US) lost 5 percent, the most since Oct. 3, to $15.12. The Canadian maker of newsprint was cut to “sector perform” from “outperform” at Royal Bank of Canada, which cut its 12-month price estimate to $18 a share from $22.
Big Lots Inc. (BIG US) fell 5 percent, the most since Aug. 8, to $36.83. The discount retailer was cut to “equalweight” from “overweight” at Barclays Plc, which said the company’s fourth-quarter sales and margins “could be disappointing.”
Collective Brands Inc. (PSS US) rose 6.8 percent, the most since Aug. 25, to $12.51. The operator of Payless shoe stores is in the “early stage” of an auction process and may set a first round bid deadline in a matter of weeks, according to the Deal, which cited sources familiar with the matter.
Deere & Co. (DE US) jumped 3.9 percent, the second-biggest gain in the Standard & Poor’s 500 Index, to $74.72. The world’s largest farm-equipment maker reported fiscal fourth-quarter profit that topped analysts’ estimates as U.S. farmers flush with cash bought tractors and other high-horsepower equipment.
Diamond Foods Inc. (DMND US) had the biggest retreat in the Russell 2000 Index, sliding 21 percent to $27.80. The maker of Kettle potato chips and other snack foods said there’s no connection between the recent death of director Joseph Silveira by a self-inflicted gunshot wound and a board investigation of the company’s accounting.
Groupon Inc. (GRPN US) fell 16 percent to $16.96, the lowest price since it went public on Nov. 4. The largest Internet daily-deal site sank below its initial public offering price of $20 on concern over marketing costs and competition. It also became cheaper to borrow the shares for short sales, bets that pay off if a stock declines, according to Herman Leung, an analyst at Susquehanna International Group LLP in San Francisco.
Jones Group Inc. (JNY US) fell 3.3 percent to $9.76, the lowest price since Oct. 10. The maker of Nine West shoes was cut to “neutral” from “buy” at Lazard Capital Markets Ltd., which citied a worsening environment and slowing sales. Lazard reduced its fourth-quarter earnings forecast to 6 cents a share from 11 cents.
Pandora Media Inc. (P US) slid 11 percent, the most since June 16, to $10.51. The Internet radio service projected a fourth-quarter adjusted loss of as much as 4 cents a share, wider than the average analyst estimate of 2-cent loss.