BB&T, Best Buy, Corning, J.C. Penney, SLM: 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.
Arena Pharmaceuticals Inc. (ARNA) plunged 40 percent to $4.13 for the biggest retreat in Russell 2000 Index. The San Diego-based biotechnology company’s experimental diet pill lorcaserin was linked to “malignant tumor types” in rats, Food and Drug Administration staff said in a report.
BB&T Corp. (BBT) fell 3.9 percent, the most since Aug. 11, to $23.43. North Carolina’s second-biggest bank, will take a writedown on more than $1 billion of soured loans that it plans to sell, Chief Executive Officer Kelly King said.
Best Buy Inc. (BBY) had the second-biggest increase in the Standard & Poor’s 500 Index, gaining 6 percent to $36.73. The world’s largest consumer-electronics retailer increased its forecast for fiscal 2011 profit excluding some items to a range of $3.55 to $3.70 a share, compared with an average analyst estimate in a Bloomberg survey of $3.35.
Campbell Soup Co. (CPB) declined 1.1 percent to $35.68, the lowest price since July 2. The world’s largest soup maker was cut to “sell” from “neutral” at Goldman Sachs Group Inc. The broker downgraded the packaged foods industry to “cautious” from “neutral,” citing a mixed outlook for U.S. sales, margin risks and valuations.
Cliffs Natural Resources Inc. (CLF) fell the most in the S&P 500, sinking 6.5 percent to $63.18. The largest iron-ore producer in North America said it now expects total 2010 coal sales of 3.9 million tons. Revenue per ton will be $115 to $120, a decrease from an earlier forecast of $140 to $145.
Corning Inc. (GLW) climbed 4.8 percent, the most since Aug. 2, to $17.61. Chief Financial Officer James Flaws said at a conference most businesses were meeting or exceeding the company’s third quarter plan.
Cracker Barrel Old Country Store Inc. (CBRL) advanced 2.8 percent, the most since July 22, to $49.94. The operator of 595 restaurants in 41 states forecast a 3 percent to 4 percent increase in revenue in fiscal 2011.
Delta Air Lines Inc. (DAL) rose 5 percent, the most since Aug. 2, to $11.18. The carrier said passenger revenue per available seat mile will rise 15 percent in the quarter ending this month, while system capacity will rise 2 percent.
DeVry Inc. (DV) slid 3.5 percent, the most since Aug. 16, to $42.48. The owner of for-profit technical schools and colleges said it had a final 2008 cohort default rate of 8.9 percent.
DigitalGlobe Inc. (DGI) fell 2.7 percent to $31.37, the biggest drop since Aug. 10. The operator of satellites and aerial equipment for making images of the earth announced a sale of about 6 million shares of its common stock by shareholders including Morgan Stanley.
H.B. Fuller Co. (FUL) declined 8.2 percent, the most since Oct. 30, to $19.27. The adhesives maker reported third-quarter profit excluding some items of 38 cents a share, trailing the average analyst estimate by 16 percent, according to Bloomberg data.
Ironwood Pharmaceuticals Inc. (IRWD) rose 2.5 percent to $9.99, and Forest Laboratories Inc. (FRX) gained 2.7 percent to $30.65. The companies reported results from a phase three trial of linaclotide that showed the drug has the potential to reduce stomach pain.
J.C. Penney Co. (JCP) climbed 7.4 percent, the most since July 20, to $23.99. The third-biggest U.S. department store chain may have better comparable-store sales in the fourth quarter than a year earlier, Chief Executive Officer Myron Ullman said at a Goldman Sachs conference.
Level 3 Communications Inc. (LVLT) sank 18 percent to 95 cents for the biggest loss in the Russell 1000 Index. The fiber-optic communications network operator said it may sell as much as $175 million in convertible senior notes due 2016.
Newmont Mining Corp. (NEM) rose 4 percent, the most since June 25, to $62.85. The largest U.S. gold producer advanced after futures for the precious metal surged to a record $1,276.50 an ounce on demand for a haven against turmoil in the global economy and financial markets.
Nucor Corp. (NUE) fell 3.1 percent, the most since Aug. 11, to $39.41. The largest U.S. steelmaker by market capitalization forecast third-quarter profit of 5 cents to 10 cents a share, compared with an average analyst estimate of 30 cents.
SLM Corp. (SLM) declined 5 percent to $11.52, the second-biggest slide in the S&P 500. The largest U.S. student lender, also known as Sallie Mae, said at a Barclays Plc conference it will try to sell the cash flows from its legacy Federal Family Education Loan Program portfolio, instead of spinning it off.
Volcano Corp. (VOLC) declined 9.4 percent, the most since February 2009, to $23.25. The maker of devices to diagnose and treat heart disease said it plans to sell $100 million of notes convertible into shares. The creation of additional stock tends to dilute future earnings for existing shareholders.
Zumiez Inc. (ZUMZ) climbed the most in Russell 2000 Index, increasing 16 percent to $20.20. The specialty sports-apparel retailer boosted its third-quarter profit forecast to at least 25 cents a share. That exceeded the 24-cent average estimate from analysts in a Bloomberg survey.
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