Akamai, Ambac, AMD, CVB, Netflix, QuinStreet, Seagate: 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.
Semiconductor shares declined after Barclays Plc reduced Advanced Micro Devices Inc. (AMD US) and Intel Corp. (INTC US) to “equalweight” from “overweight,” citing “subdued” trends in the personal computer market.
Advanced Micro fell the most in the Standard & Poor’s 500 Index, sliding 8 percent to $6.83. Intel dropped 3.9 percent to $19.84 for the biggest retreat in the Dow Jones Industrial Average. LSI Corp. (LSI US) decreased 5.6 percent to $4.25. Micron Technology Inc. (MU US) slipped 3.6 percent to $7.27. Teradyne Inc. (TER US) lost 4 percent to $10.45.
AgFeed Industries Inc. (FEED US) fell 6.5 percent to $2.58, the lowest price since April 2009. The hog and feed producer posted a second-quarter loss of 7 cents a share. Rodman & Renshaw LLC analyst Lewis Fan was expecting a profit of 4 cents.
Akamai Technologies Inc. (AKAM US) rose 4.9 percent to $43.15 for the biggest gain in the S&P 500. Goldman Sachs Group Inc. upgraded the largest supplier of software to make online media load faster to “buy” from “neutral” after a 6.5 percent drop in the shares since July 28, when Akamai said its profit margin narrowed.
Ambac Financial Group Inc. (ABK US) slumped 22 percent, the most since June 9, to 70 cents. The bond insurer that stopped paying some claims and accepting new business reported a net loss of $57.6 million on a rise in expected claims.
CVB Financial Corp. (CVBF US) slumped 22 percent, the most since December 1989, to $8. The bank holding company said it received a subpoena from the U.S. Securities and Exchange Commission, which sought information about the company’s loan business, according to a regulatory filing.
Fossil Inc. (FOSL US) rose 7.9 percent to $45.84, the highest price since it went public in April 1993. The fashion watch and jewelry company forecast third-quarter profit excluding some items in a range of 68 to 72 cents a share, versus the average analyst estimate of 64 cents a share in a Bloomberg survey.
Gartner Inc. (IT US) jumped the most in the Russell 1000 Index, rising 10 percent to $28.23. The research firm that forecasts computer and mobile-phone sales increased its 2010 projection, saying it expects to earn as much as $1.11 a share.
Grand Canyon Education Inc. (LOPE US) slumped 10 percent, the most since at least November 2008, to $18.10. The owner of a for-profit college was cut to “outperform” from “top pick” at RBC Capital Markets.
Hanesbrands Inc. (HBI US) rose 5.9 percent, the most since Nov. 5, to $27.21. The maker of Playtex and Hanes underwear agreed to acquire GearCo Inc. for $55 million to add sales of collegiate-logo apparel.
Jaguar Mining Inc. (JAG US) fell 22 percent, the most since December 2006, to $6.31. The company that mines gold in Brazil reported a loss of 7 cents a share in the second quarter. Analysts, on average, estimated the company to earn 5 cents, according to a Bloomberg survey.
Mindray Medical International Ltd. (MR US) slipped 16 percent, the most since November 2008, to $27.35. China’s biggest health-care equipment maker forecast 2010 sales of $700 million, trailing the average analyst estimate of $743.7 million in a Bloomberg survey.
Nabors Industries Ltd. (NBR US) fell 5.4 percent, the most since June 4, to $17.34. The largest onshore petroleum driller had its debt rating put under review for possible downgrade by Moody’s Investors Service, which cited “diminishing prospects for substantial debt reduction” after the company’s purchase of Superior Well Services Inc.
Netflix Inc. (NFLX US) rose 7 percent to $125.03, the highest price since June 18. The mail-order and online movie- rental service reached a deal that gives customers access to films from pay-television channel Epix over the Web. The multiyear agreement starts on Sept. 1 and includes movies from Epix’s owners, Viacom Inc.’s Paramount Pictures, Lions Gate Entertainment Corp. and Metro-Goldwyn-Mayer Inc.
Nuance Communications Inc. (NUAN US) slipped 11 percent to $15.51 for the biggest drop in the Russell 1000 Index. The speech-recognition software maker reported third-quarter sales of $273.2 million, trailing the average analyst estimate of $301 million from a Bloomberg survey.
Pegasystems Inc. (PEGA US) fell 21 percent, its biggest drop since April 2001, to $23.31. The developer of customer relationship management software forecast profit for the fiscal year of $1.02 a share excluding some items, compared with the average analyst estimate of $1.05 according to Bloomberg data.
QuinStreet Inc. (QNST US) advanced 6.2 percent to $10.63, after jumping as much as 16 percent, the most since July 7. The Internet advertising company was raised to “strong buy” from “buy” at Needham & Co. Inc.
SciClone Pharmaceuticals Inc. (SCLN US) plunged 29 percent to $2.48 for the biggest loss in Russell 2000 Index. The drugmaker said the U.S. Securities and Exchange Commission issued a subpoena to the company for documents concerning matters including interactions with regulators and government- owned entities in China.
Seagate Technology (STX US) fell 6.5 percent to $11.10, the lowest price since July 2009. The world’s largest maker of hard- disk drives was downgraded to “equal weight” from “overweight” at Barclays Capital by equity analyst Benjamin Reitzes, who also lowered 2011 and 2012 earnings estimates. Reitzes cited weak demand for notebook personal computers.
Vitesse Semiconductor Corp. (VTSS US) declined 19 percent, the most since Oct. 20, to $4.09. The designer of chips for computer networks forecast sales of $42.5 million at most in the fourth quarter. B. Riley & Co. estimated $47.6 million.