Exxon Mobil, First Solar, Fortune Brands, Palm, Vanda: U.S. Equity Movers
Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 9:40 a.m. in New York.
Akamai Technologies, Inc. (AKAM US) rose 14 percent to $37.71. The largest supplier of software and services to make Web sites load faster posted first quarter earnings that beat analyst estimates and authorized a $150 million extension of its share buyback program. Its rating was raised to “buy” from “hold” at Citigroup Inc. and its price estimate raised to $40 from $30 at JMP Securities LLC.
Covance Inc. (CVD US) fell 5.2 percent to $57.35. The contract research organization for pharmaceutical companies forecast second-quarter profit of 50 cents a share, trailing the 65-cent average analyst estimate compiled by Bloomberg, and said it was cutting 200 jobs.
Exxon Mobil Corp. (XOM US) slipped 1 percent to $68.50. The world’s largest company reported first-quarter profit of $1.33 a share excluding some items, trailing the average analyst estimate by 8 cents.
First Solar Inc. (FSLR US) gained 14 percent to $145.88. The world’s largest manufacturer of thin-film solar power modules raised its full-year profit forecast to as much as $7.30 a share, topping the average analyst estimate of $6.12. The company was upgraded to “buy” at Bank of America Merrill Lynch and Deutsche Bank and to “outperform” at Robert W. Baird & Co.
Fortune Brands Inc. (FO US) rose 2.2 percent to $54.83. The maker of Titleist golf balls, Moen faucets and Jim Beam bourbon reported first quarter profit of 49 cents excluding some items, beating the 39-cent average analyst estimate compiled by Bloomberg.
Geomet Inc. (GMET US) jumped 7.8 percent to $1.39. The Houston-based natural gas producer reported first-quarter profit of 2 cents a share excluding some items, compared with the average analyst estimate of a loss of 2 cents.
GrafTech (GTI US) surged 21 percent to $16.28. The maker of products used in steel and aluminum production said it agreed to acquire Seadrift Coke LP and C/G Electrodes for $692 million and reported first-quarter profit of 25 cents excluding some items, topping the 20-cent average analyst estimate compiled by Bloomberg.
Green Mountain Coffee Roasters Inc. (GMCR US) fell 8.1 percent to $79.85. The company forecast third-quarter profit of as much as 54 cents a share excluding some items, trailing the 57-cent average analyst estimate.
Motorola Inc. (MOT US) rose 5.2 percent to $7.28. The handset maker that’s rebuilding its mobile-phone business around Google Inc.’s (GOOG US) Android software forecast second-quarter earnings of as much as 9 cents excluding some items, topping the 4-cent average analyst estimate compiled by Bloomberg. The company also reported first-quarter profit of 2 cents a share excluding some items, compared with the average analyst estimate of a loss of 1 cent.
Openwave Systems Inc. (OPWV US) slumped 11 percent to $2.41. The maker of software for mobile phones reported a third- quarter loss of 2 cents a share excluding some items, compared with the average analyst estimate of a profit of 1 cent a share.
Palm Inc. (PALM US) surged 24 percent to $5.73. The maker of the Pre smartphone agreed to be bought by Hewlett-Packard Co., the world’s biggest maker of personal computers, for $5.70 a share, or $1.2 billion, representing a 23 percent premium over Palm’s closing price yesterday. Hewlett-Packard (HPQ US) lost 0.5 percent to $53.00.
Procter & Gamble Co. (PG US) declined 2.1 percent to $61.87. The world’s largest consumer-products company cut its full-year sales growth forecast to a range of 3 percent to 5 percent from 3 percent to 6 percent in February. The company also forecast fourth-quarter profit of as much as 74 cents, trailing the 76-cent average analyst estimate.
IRobot Corp. (IRBT US) jumped 20 percent to $18.30. The maker of Roomba home vacuums and battlefield bomb-disposers boosted its earnings forecast for the year and reported first- quarter profit of 24 cents a share, topping the 6-cent average analyst estimate compiled by Bloomberg.
Illumina Inc. (ILMN US) gained 9.4 percent to $41.19. The maker of DNA analysis equipment reported first-quarter profit of 21 cents a share excluding some items, topping the 19-cent average analyst estimate compiled by Bloomberg.
United Western Bancorp Inc. (UWBK US) rose 4.6 percent to $2.02. The holding company of United Western Bank filed a lawsuit over losses related to six mortgaged-backed securities the bank purchased from Countrywide Financial Corp. Defendants also include Bank of America Corp. and UBS Securities LLC.
Vanda Pharmaceuticals Inc. (VNDA US) slid 6.9 percent to $8.95. The biopharmaceutical company’s shares were downgraded to “reduce” from “buy” at Madison Williams by equity analyst David Moskowitz. The 12-month price estimate is $7.00 per share.
To contact the reporter on this story: Esmé E. Deprez in New York at firstname.lastname@example.org