Baldor, Broadwind, Google, IGate, Supervalu: 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.
Advanced Battery Technologies Inc. (ABAT US) had the third- biggest decline in the Russell 2000 Index, sliding 11 percent to $3.79. The maker of rechargeable batteries said it agreed to sell 7.5 million shares at $4 each to several institutional investors.
Baldor Electric Co. (BEZ US) jumped 40 percent to $63.31 for the biggest advance in the Russell 2000 Index. ABB Ltd., the Swiss maker of factory robots and electrical equipment, agreed to buy Baldor Electric for about $3.1 billion in cash to expand in the North American market for industrial motors and drives. Baldor shareholders will receive $63.50 a share.
Barnes & Noble Inc. (BKS US) fell 5.7 percent to $14.02, the lowest price since Aug. 3. The New York-based bookstore chain forecast third-quarter earnings of no more than $1.20 a share, below the $1.24 average estimate by analysts.
Broadwind Energy Inc. (BWEN US) gained 12 percent, the most since Sept. 28, to $1.91. The maker of wind towers said it was picked to supply the Glacier Hills Wind Park Project in Wisconsin.
Chesapeake Energy Corp. (CHK US) fell 4.2 percent, the most since June 29, to $21.12. The second-biggest producer of U.S. natural gas was cut to “sell” from “hold” at Argus Research, which said the company’s accounting is “less than transparent” and its “profligate spending” will weaken its balance sheet.
Comverge Inc. (COMV US) slipped 3.7 percent, the most in a week, to $6.64. The maker of technology to reduce electricity demand said Consolidated Edison Company of New York Inc. revised a contract that will cut its estimated revenue by $29 million over the next two years.
EBay Inc. (EBAY US) fell 3.6 percent, the most since July 16, to $29.14. The owner of the second-most visited e-commerce site was cut to “neutral” from “overweight” at Piper Jaffray & Co., which said the company will lose market share in the next two years.
Google Inc. (GOOG US) slumped 4.5 percent, the most since July 16, to $555.71. The owner of the world’s most popular search engine is being probed by European Union antitrust regulators for allegedly discriminating against competing services in search results and for stopping some websites accepting rival ads. Google said in an e-mailed statement that competition is “only a click away.”
IGate Corp. (IGTE US) tumbled 19 percent, the most since December 2008, to $20. The outsourcing adviser wants to raise as much as $700 million to help fund a joint bid for Patni Computer Systems, the Wall Street Journal reported, citing people familiar with the matter.
Interactive Brokers Group Inc. (IBKR US) rose 4.3 percent to $18.31 for its biggest gain since Oct. 22. The electronic market maker and securities firm declared a special dividend of $1.79 a share.
Keryx Biopharmaceuticals Inc. (KERX US) climbed 1.9 percent to $5.46, the highest price since Oct. 26. The drugmaker said its experimental medicine Zerenex, one of two drugs the company has in final stages of testing required for U.S. approval, lowered phosphate levels in dialysis patients in a study.
Mecox Lane Ltd. (MCOX US) slumped 39 percent to $8.15 for the biggest decline since it went public last month. The Chinese online retailer reported third-quarter profit of 1 cent a share on sales of $55.3 million.
Research in Motion Ltd. (RIMM US) gained 4.8 percent to $61.83, the highest price since June 17. The Blackberry maker was raised to “buy” from “hold” at Jefferies Group Inc.
Scientific Games Corp. (SGMS US) climbed 20 percent, the most since September 2003, to $8.05. The biggest U.S. maker of instant lottery tickets said Chairman A. Lorne Weil will become chief executive officer, replacing Michael R. Chambrello, who will head the company’s expansion in Asia.
Seagate Technology Plc (STX US) dropped 3.3 percent to $13.41, the lowest price since Oct. 14. The world’s largest maker of disk drives said it ended talks to be taken private and authorized the repurchase of as much as $2 billion of its own stock.
Supervalu Inc. (SVU US) rose 2.7 percent to $9.04 for its biggest gain since Nov. 4. The Minnesota-based grocer is the subject of buyout rumors, said Scott Mushkin, an analyst at Jefferies & Co. in New York. Mike Siemienas, a spokesman for the company, said it doesn’t comment on rumors or speculation.
Thor Industries Inc. (THO US) fell the most in the Russell 1000 Index, sinking 12 percent to $29.53. The recreational vehicle maker posted first-quarter profit excluding some items of 41 cents a share, trailing the average analyst estimate by 24 percent, according to Bloomberg data.
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