Genzyme Corp., Biogen Idec, McDonald’s: 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.
For-profit schools gained after the Obama administration released a proposal that would tighten the industry’s access to federal student aid. The proposal would affect fewer programs than investors anticipated, Bank of America Corp. analysts said in a note.
Apollo Group Inc. (APOL US), which Bank of America raised to “buy” from “neutral,” jumped 6.4 percent to $49.27. DeVry Inc. (DV US) advanced 15 percent to $50.29. Education Management Corp. (EDMC US) gained 7.5 percent to $16.31. Career Education Corp. (CECO US) increased 3.6 percent to $25.41. Strayer Education Inc. (STRA US) added 7.9 percent to $236.49.
Align Technology Inc. (ALGN US) jumped 15 percent, the most since Aug. 17, to $17.12. The maker of a system to straighten teeth forecast sales of at least $92 million in the third quarter, beating the average analyst estimate of $89.5 million in a Bloomberg survey.
Athenahealth Inc. (ATHN US) climbed 22 percent, the most since August 2008, to $27.01. The provider of Internet-based services posted second-quarter profit excluding some items of 12 cents a share, beating the average analyst estimate by 22 percent.
Beckman Coulter Inc. (BEC US) plummeted 21 percent to $47.26 for the biggest decline in the Russell 1000 Index. The maker of laboratory equipment reduced its full-year forecast after second-quarter earnings missed analysts’ estimates.
Compuware Corp. (CPWR US) dropped 4 percent to $8.15, the lowest price since July 7. The business software maker reported first-quarter profit of 6 cents a share, trailing the average analyst estimate by 27 percent, according to Bloomberg data.
E*Trade Financial Corp. (ETFC US) added 7.6 percent, the most since Dec. 18, to $14.36. The online brokerage unexpectedly reported its first quarterly profit in almost three years as the company set aside less for future defaults at its retail banking unit.
Ford Motor Co. (F US) rose 5.2 percent, the most since May 27, to $12.72. The second-largest U.S. automaker reported second-quarter net income of $2.6 billion, completing its most profitable first half in more than a decade, as car buyers pay more for its new models. Excluding some items, profit was 68 cents a share, topping the 41-cent average estimate of 12 analysts compiled by Bloomberg.
Genzyme Corp. (GENZ US) jumped 15 percent to $62.52 for the biggest gain in the S&P 500. The biotechnology company received a takeover offer from French drugmaker Sanofi-Aventis SA, said two people with knowledge of the matter. Biogen Idec Inc. (BIIB US), which had gained on speculation it was a potential takeover target, fell 5.1 percent to $53.30.
Great Atlantic & Pacific Tea Co. (GAP US) dropped the most in the Russell 2000 Index, sliding 34 percent to $2.61. The owner of the A&P supermarket chain reported a third-quarter loss from continuing operations of $4.60 a share and said it may seek to raise capital through asset sales.
Infinera Corp. (INFN US) had the second-biggest gain in the Russell 2000 Index, surging 31 percent to $9.14. The maker of high-speed computer networking equipment said that, excluding some items, it earned 3 cents a share in the second quarter. Analysts, on average, estimated a loss of 6 cents.
Johnson Controls Inc. (JCI US) fell 4.5 percent, the most since June 4, to $29.11. The largest publicly traded U.S. auto- parts maker forecast full-year profit of $1.95 a share, excluding some items, trailing the average analyst estimate of $1.98 in a Bloomberg survey.
QLogic Corp. (QLGC US) dropped the most in the Standard & Poor’s 500 Index, slumping 16 percent to $15.76. The supplier of chips and switches for corporate networks reported first-quarter sales of $142.6 million, trailing the average analyst estimate of $144.1 million.
McDonald’s Corp. (MCD US) slipped 2.1 percent, the most since May 26, to $69.90. The company said sales at stores open at least a year rose 4.8 percent in June, missing the median of 4 analysts’ estimates for a gain of 4.9 percent.
Momenta Pharmaceuticals Inc. (MNTA US) rose 82 percent to $21.70, the biggest gain in the Russell 2000 Index. The drugmaker and Novartis AG (NVS US) won U.S. approval for a lower-cost copy of Sanofi-Aventis SA’s (SNY US) Lovenox anti- clotting drug, ending a five-year wait to challenge the $3.9 billion-a-year product.
Rosetta Stone Inc. (RST US) decreased 14 percent, the most since Aug. 17, to $21.86. The maker of language learning software was downgraded to “hold” from “buy” at Jefferies & Co by analyst Ross Macmillan.
SanDisk Corp. (SNDK US) fell 3.9 percent to $41.43, the lowest price since May 20. The biggest maker of flash-memory cards reported second-quarter profit excluding some items that topped the average analyst estimate by 20 percent, the smallest beat since the first quarter of 2009. Daniel Berenbaum, an analyst at Auriga Securities in New York, said investors were looking for more upside.
Verizon Communications Inc. (VZ US) had the biggest gain in the Dow Jones Industrial Average, advancing 3.8 percent to $28.02. The largest U.S. wireless carrier reported second- quarter earnings that beat analysts’ estimates after winning customers with Android smartphones that browse the Web and capture video. Profit was 58 cents a share, the New York-based company said in a statement today, beating the 56-cent average analyst estimate, according to a Bloomberg survey.