Education Management, Micron, SL Green: 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 makers advanced after Oracle Corp. said it intends to buy companies in the group and makers of industry- specific software. Micron Technology Inc. (MU US), the largest U.S. maker of computer memory, rose 7.9 percent to $7.20. Advanced Micro Devices Inc. (AMD US), the second-largest maker of microprocessors, climbed 6.9 percent to $6.84. Teradyne Inc. (TER US), the maker of testing equipment for electronics, increased 6.1 percent to $11.05.
For-profit schools fell, reversing earlier gains, after Education Secretary Arne Duncan said gainful employment legislation will go forward. The department will delay the release of proposed limits on the colleges’ access to student grants and loans until early 2011 from Nov. 1, Duncan said. Education Management Corp. (EDMC US) slid 3.7 percent to $12.23. Career Education Corp. (CECO US) dropped 6.3 percent to $20.38. Corinthian Colleges Inc. (COCO US) fell 3.1 percent to $6.30.
Alcatel-Lucent SA (ALU US) climbed 9.8 percent, the most since July 30, to $3.36. Oddo & Cie. raised its recommendation for France’s largest telecommunications equipment maker to “buy” from “add.”
Berkshire Hathaway Inc. (BRK/B US) gained 2.6 percent to $83.32 for its biggest increase since Sept. 1. The stock market rally this month boosted holdings by the Omaha, Nebraska-based company controlled by Warren Buffett.
Comtech Telecommunications Corp. (CMTL US) rose 7.6 percent to $26.48, the highest price since July 20. The provider of mobile-data communications equipment initiated a quarterly dividend of 25 cents a share and said it plans to buy back as much as $100 million of stock.
Emerson Electric Co. (EMR US) rose 4.5 percent, the most since May 10, to $53.46. The maker of valves and InSinkErator- brand garbage disposals reported August underlying orders were gained 15 percent, with the largest increases in process management, network power and industrial automation.
Finish Line Inc. (FINL US) fell 9.2 percent, the most since March 2005, to $14.25. The athletic apparel retailer reported second-quarter sales of $301.1 million, less than the average analyst estimate of $317.4 million.
Hertz Global Holdings Inc. (HTZ US) rose 6.8 percent, the most since Sept. 13, to $11.16. The vehicle rental company said its $1.44 billion offer for Dollar Thrifty Automotive Group Inc. (DTG US) is its “best and final” bid in its takeover fight with Avis Budget Group Inc. (CAR US)
Hewlett-Packard Co. (HPQ US) rose 2.1 percent to $40.98, the highest price since Aug. 18. The world’s largest computer maker is likely to provide a 2011 earnings forecast that exceeds the average analyst estimate of $4.99 a share when it hosts a meeting with analysts on Sept. 28, according to Barclays Plc.
Kenexa Corp. (KNXA US) jumped the most in Russell 2000 Index, increasing 17 percent to $18.42. The employee recruiter was raised to “overweight” from “neutral” at Piper Jaffray.
Lamar Advertising Co. (LAMR US) gained 9.8 percent to $30.93 for the biggest advance in the Russell 1000 Index. The U.S. billboard owner was raised to “buy” from “hold” at Gilford Securities.
Liquidity Services Inc. (LQDT US) jumped 8.6 percent, the most since Dec. 1, to $15.74. The online auctioneer will replace South Financial Group Inc. (TSFG US) in the Standard & Poor’s SmallCap 600 Index, S&P said.
New Oriental Education & Technology Group Inc. (EDU US) fell 12 percent, the most since February 2009, to $99.14. China’s largest private-education company said first-quarter earnings were $1.64 a share at most. That’s lower than the average of $1.90 estimated by analysts surveyed by Bloomberg.
Nike Inc. (NKE US) rose 2.5 percent to $79.57, the highest price since it went public in December 1980. The world’s largest maker of athletic shoes reported first-quarter profit of $1.14 a share. Analysts predicted a profit of $1 a share.
Satyam Computer Services Ltd. (SAY US) tumbled 24 percent, the most since January 2009, to $4.67. The Indian software exporter said its American depositary receipts will move from the New York Stock Exchange and may trade in the over-the- counter market.
SciQuest Inc. (SQI US) surged 29 percent to $12.27 on the first day of trading. The provider of procurement software to colleges, drugmakers and governments raised $57 million after pricing the third U.S. initial public offering of September at the bottom of the forecast range.
SL Green Realty Corp. (SLG US) rose 3.9 percent, the most since Aug. 2, to $63.23. Manhattan’s biggest office landlord raised its full-year earnings forecast after profiting from a debt investment on a New York tower that was sold to Boston Properties Inc. Earnings probably will be $4.75 a share, up from a previous projection of $3.90 to $4.10, the company said.
Terex Corp. (TEX US) rose 6.6 percent, the most since June 10, to $22.84. The world’s third-biggest maker of construction equipment announced that it is seeking an amendment to its bank credit facility. Under the amendment, Terex would prepay 100 percent of the outstanding principal amount of its term loans under the credit facility of approximately $270 million.
Tibco Software Inc. (TIBX US) rose 13 percent to $18.43, the highest price. The software company reported third-quarter adjusted earnings of 17 cents a share, beating the average analyst estimate of 15 cents a share.
Vical Inc. (VICL US) fell 21 percent to $2.27 for the biggest retreat in the Russell 2000 Index. The drugmaker said it plans to sell an undisclosed amount of shares.
Virginia Commerce Bancorp Inc. (VCBI US) fell 11 percent to $5.05, the lowest price since Jan. 25. The holding company for Virginia Commerce Bank sold $10 million of shares at $5.25 and issued warrants exercisable at $6 for an additional $11.4 million.
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