Cigna, Fuel Systems, Ikanos Communications, Nacco: 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 2:28 p.m. in New York.
Agriculture stocks gained after Russia announced an export ban on grain and grain products from Aug. 15 to Dec. 31 following the country’s worst drought in half a century.
Makers of LEDs, or energy-efficient light-emitting diodes, declined after Commercial Times reported Taiwanese rivals are getting few orders from clients.
Atmel Corp. (ATML US) rose 17 percent to $6.10, after jumping to $6.26 earlier, the highest intraday price since January 2007. The maker of chips for household appliances forecast third-quarter sales of at least $417 million, beating the average analyst estimate of 389.4 million in a Bloomberg survey.
Big Lots Inc. (BIG US) fell, sliding 7.1 percent to $32 after earlier falling 9.2 percent, the most intraday since May 6. The Columbus, Ohio-based seller of overstocked items reported a 3.8 percent increase in sales at stores open at least one year during the second quarter. That missed the 5 percent gain estimated by Cowen & Co.
Other retailers whose July sales trailed analysts’ estimates also declined. J.C. Penney Co. (JCP US) dropped 7.7 percent to $22.11 for the biggest drop in the Standard & Poor’s 500 Index. Ross Stores Inc. (ROST US) slipped 4.2 percent to $50.71. Aeropostale Inc. (ARO US) declined 5.2 percent to $26.01.
CBOE Holdings Inc. (CBOE US) slipped 7.9 percent to $24.59, the most intraday since it went public in June. The operator of the options exchange posted second-quarter profit that missed analysts’ estimates as employee costs rose and access-fee revenue slid.
Cigna Corp. (CI US) rose 5.4 percent to $33.89, the most intraday since May 6. The fifth-biggest U.S. health insurer by enrollment posted second-quarter profit excluding some items of $1.38 a share. Analysts were expecting $1 on average according to data compiled by Bloomberg. The company also raised its guidance on earnings for 2010 to a range of $4.10 to $4.40 a share, compared with an average estimate of $4.10 by 17 analysts in a Bloomberg survey.
Con-way Inc. (CNW US) fell 9.3 percent to $30.27, after sinking as much as 14 percent, the most intraday since December 2008. The second-largest U.S. trucking company reported second- quarter earnings excluding some items of 22 cents a share, missing the average analyst estimate by 26 percent.
Cooper Tire & Rubber Co. (CTB US) slumped 8.5 percent to $20.81, after erasing as much as 14 percent, the most intraday since Oct. 28. The tiremaker reported second-quarter sales of $804 million, trailing the average analyst estimate of $823 million.
Fuel Systems Solutions Inc. (FSYS US) surged 17 percent to $34.65, the most intraday since Nov. 5. The provider of alternative fuel systems posted second-quarter profit of 39 cents a share excluding some items, compared with the 19 cents analysts were expecting on average in a Bloomberg survey.
Gibraltar Industries Inc. (ROCK US) slumped 17 percent to $9.41, the most intraday since Feb. 25. The maker of metal parts for buildings and cars posted second-quarter profit excluding some items of 13 cents a share compared with the 18-cent average analyst estimate in a Bloomberg survey.
GT Solar International Inc. (SOLR US) rose 13 percent to $7.81, the highest intraday price since May 2009. The supplier of equipment to solar manufacturers reported first-quarter earnings 11 cents a share. Analysts surveyed by Bloomberg estimated a profit of 4 cents a share on average.
Hartford Financial Services Group Inc. (HIG US) fell 5.2 percent to $22.60, after losing as much as 6.3 percent, the most intraday since June 29. The insurer that repaid $3.4 billion of U.S. aid in March lowered its earnings forecast for 2010 to no more than $2.30 a share from the previous projection of as much as $3.
Hhgregg Inc. (HGG US) climbed 7.2 percent to $22.84, after jumping as much as 19 percent, the most intraday since Sept. 18. The appliance retailer posted a first-quarter profit excluding some items of 7 cents a share, almost triple the average analyst estimate.
Ikanos Communications Inc. (IKAN US) retreated 32 percent to $1.22 for the biggest loss in the Russell 2000 Index. The maker of chips for computer networks posted a second-quarter loss of 12 cents a share excluding some items. New York-based analyst N. Quinn Bolton of Needham & Co. Inc. was expecting a profit of 5 cents. Ikanos also said it will cut 20 percent of its workforce and may close three offices overseas.
Kulicke & Soffa Industries Inc. (KLIC US) jumped 6.3 percent to $7.65, after advancing as much as 12 percent, the most intraday since April 14. The maker of semiconductor assembly equipment forecast fourth-quarter sales of at least $250 million, beating the average analyst estimate in a Bloomberg survey.
Liz Claiborne Inc. (LIZ US) gained 14 percent to $5.71, the most intraday since Oct. 8. The maker of Lucky Brand jeans and Kate Spade handbags posted narrower-than-expected loss. The second-quarter loss excluding some items was 19 cents a share, compared with projections for a loss of 47 cents on average, according to data compiled by Bloomberg. The clothing retailer said on a conference call it would see “meaningful” improvement in earnings for the second half of the year and post a profit by the fourth quarter.
Manulife Financial Corp. (MFC US) tumbled 13 percent to $13.70, the lowest intraday price since April 2009. Canada’s largest insurer posted a record quarterly loss after equity markets declined and interest rates fell.
MetroPCS Communications Inc. (PCS US) rose the most in the S&P 500, adding 8.3 percent to $9.52. The pay-as-you-go mobile- phone company posted second-quarter profit excluding some items of 22 cents a share, topping the average analyst estimate by 69 percent, according to Bloomberg data.
Momenta Pharmaceuticals Inc. (MNTA US) slumped 11 percent to $18, after falling to $17.14, the lowest intraday price since July 23. Teva Pharmaceutical Industries Ltd.’s (TEVA US) generic version of Lovenox anti-clotting drug appears to be approaching approval from the U.S. Food and Drug Administration, probably hurting Momenta, whose generic Lovenox won approval last month, Sanford C. Bernstein & Co. said.
Nacco Industries Inc. (NC US) climbed 16 percent to $106 after earlier surging 18 percent, the most intraday since April 2009. The maker of Hamilton Beach kitchen appliances posted second-quarter profit excluding some items of $1.91 a share compared with 74 cents, the average analyst estimate in a Bloomberg survey.
News Corp. (NWSA US) rose 4 percent to $14.40 after earlier advancing to $14.86, the highest intraday price since May 10. The owner of the Twentieth Century Fox film studio and Fox News reported a fourth-quarter profit of $875 million following a year-earlier loss when the company wrote down the value of its Internet unit. Profit excluding some items was 38 cents a share, which beat the average analyst estimate by 91 percent, according to Bloomberg data.
Omnicare Inc. (OCR US) fell 7.8 percent to $23.30, after erasing as much as 14 percent, the most intraday since July 2009. The provider of pharmacy services for U.S. nursing homes reduced its full-year forecast after second-quarter earnings missed analysts’ estimates.
Polypore International Inc. (PPO US) advanced 12 percent to $27.13, the highest intraday price since September 2008. The maker of a key component in electric-car batteries reported third-quarter profit excluding some items of 33 cents a share, beating the average analyst estimate by 43 percent, according to Bloomberg data.
Regis Corp. (RGS US) jumped 15 percent to $17.99, after surging as much as 18 percent, the most intraday since August 2009. The world’s largest operator of hair-salon chains said its board had authorized the exploration of strategic alternatives that may include the sale of the company to enhance shareholder value.
SandRidge Energy Inc. (SD US) dropped 15 percent to $5.19, after sinking as much as 18 percent, the most intraday since December 2008. The oil producer would have had a loss of 2 cents a share in the second quarter had an unexpected accelerated hedge settlement been excluded, UBS AG said. SandRidge reported profit excluding some items of 23 cents a share.
Sonic Solutions Inc. (SNIC US) had the second-biggest gain in Russell 2000 Index, climbing 16 percent to $9.22. The operator of an online video service said it will roll out technology for retailers and other partners to offer movies and other premium content on Apple Inc.’s iPad and other mobile devices.
Teradata Corp. (TDC US) lost 3.9 percent to $32.80 after earlier falling 7.4 percent, the most intraday since April 2009. The data-storage software company forecast 2010 profit to be at the high end of $1.60 to $1.70 a share. Analysts, on average, estimated $1.70, according to a Bloomberg survey.
TFS Financial Corp. (TFSL US) dropped the most in the Russell 1000 Index, slumping 21 percent to $9.87. The bank with branches in Ohio and Florida stopped paying dividends and suspended share buybacks after Office of Thrift Supervision expressed concern over its home equity line of credit portfolio.
Tyson Foods Inc. (TSN US) declined 3.9 percent to $16.89 and earlier fell 6 percent, the most intraday since May 6. Russia wants a guarantee of the inspection process at U.S. poultry plants before it will resume imports of the meat, food- safety watchdog Rosselkhoznadzor said today. The largest U.S. meat producer will meet with Russian veterinary officials tomorrow, Rosselkhoznadzor said.
United Online Inc. (UNTD US) fell 13 percent to $5.55, the most intraday since Nov. 18. The internet retailer forecast third-quarter sales of no more than $191 million, compared with the average analyst estimate of $206.25 million, according to Bloomberg data.