Agco, Gerova Financial, Tesla Motors: 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.
Staffing companies advanced after a government report showed job openings in the U.S. rose in October for the first time in three months. Monster Worldwide Inc. (MWW US) climbed 3.7 percent to $24.08. Manpower Inc. (MAN US) gained 1.8 percent to $61.05. On Assignment Inc. (ASGN US) rose 1.8 percent to $7.43.
3M Co. (MMM US) fell the most in the Dow Jones Industrial Average, dropping 3.1 percent to $84.19. The maker of Scotch tape and optical films forecast earnings of $6.10 a share at most in 2011, including pension costs. Analysts, on average, estimated $6.20 a share, according to a Bloomberg survey.
Abiomed Inc. (ABMD US) slumped 19 percent, the most since February 2009, to $9.87. The maker of heart devices said it ended a study of its Impella heart pump after patients suffered harmful side effects when doctors used the device during more aggressive treatment.
Agco Corp. (AGCO US) rose 3.8 percent to $47.84, the highest price since September 2008. The second-biggest U.S. maker of farm equipment forecast sales growth in 2011 from exchange, acquisitions and market share gains.
AGL Resources Inc. (AGL US) slid 5.8 percent, the most since December 2008, to $34.98. The owner of Atlanta’s natural- gas utility agreed to buy Nicor Inc. for $2.4 billion in cash and stock, almost doubling the number of gas customers it serves. Nicor holders will receive $21.20 in cash and 0.8382 shares of AGL, valuing the target company at $53 a share.
That represents a 13 percent premium to yesterday’s share price. Nicor (GAS US) rallied 4.3 percent to $48.79.
Avago Technologies Ltd. (AVGO US) declined 7.4 percent, the most since Aug. 11, to $24.86. The maker of semiconductor components announced the sale of 25 million shares by certain shareholders. The company will not receive any proceeds from this offering.
Barnes & Noble Inc. (BKS US) jumped 5.9 percent to $15.56, the highest price since Nov. 4. The New York-based bookstore chain probably won’t be sold for less than $20 a share, the Wall Street Journal reported, citing people familiar with the matter. Eight to 10 private-equity firms are deciding whether to submit second-round bids.
Citigroup Inc. (C US) advanced 3.8 percent to $4.62, the highest price since April 23. The U.S. Treasury Department plans to sell the rest of its stake in the country’s third-largest bank by assets, using a public offering to dispose of 2.4 billion shares acquired during the taxpayer bailout of the financial system.
Fuel Systems Solutions Inc. (FSYS US) sank 7.1 percent to $33.95 for its biggest loss since Nov. 4. The provider of alternative fuel systems was cut to “hold” from “buy” at Needham & Co.
General Electric Co. (GE US) added 2 percent to $17.03, the highest price since Oct. 14. General Electric Capital, the company’s finance arm, expects about “$3 billion plus” in 2010 earnings, the company said in slides posted on its website ahead of a Webcast for investors. Nomura Holdings Inc. said the unit may soon resume paying a dividend to its parent, the world’s biggest maker of jet engines, power-generation equipment and locomotives.
Geron Corp. (GERN US) slumped 18 percent, the most since May 2008, to $5. The drugmaker said it will sell 17.4 million shares at $5 each in an underwritten public offering, and expects gross proceeds of $87 million.
Gerova Financial Group Ltd. (GFC US) jumped 28 percent, the most since May 18, to $27.59. The reinsurer agreed to acquire London-based Seymour Pierce Holdings Ltd. to expand its investment banking and asset management operations.
Green Mountain Coffee Roasters Inc. (GMCR US) rose 7.3 percent to a record $37.72. Scott Van Winkle, an analyst at Canaccord Financial Inc., said in a report that the results the company is scheduled to announce on Dec. 9 are likely to show improving trends in shipments and margins.
Jabil Circuit Inc. (JBL US) rose 4.3 percent to $17.05, the highest price since March 23. The St. Petersburg, Florida-based electronics manufacturer had its share-price estimate increased to $20 from $18 by RBC Capital Markets, which said cost controls and “more favorable” product mix will help profit margins.
Nvidia Corp. (NVDA US) advanced 3.2 percent to $14.98, the highest price since May 3. The maker of graphics chips is attracting more smart-phone and notebook makers in Asia with its product, Tegra, BMO Capital Markets said in a note.
Onyx Pharmaceuticals Inc. (ONXX US) rallied 13 percent to $33.29, the highest price since September 2009. The Emeryville, California-based company said a study showed its experimental drug carfilzomib shrank the tumors of one-third of patients with multiple myeloma, a deadly blood cancer.
Pep Boys - Manny, Moe & Jack (PBY US) gained 4.7 percent to $13.57, the highest price since November 2007. The automotive part retailer and service chain reported third-quarter revenue of $496.4 million, beating the average analyst estimate of $488.6 million in a Bloomberg survey.
Talbots Inc. (TLB US) fell the most in the Russell 2000 Index, plunging 23 percent to $8.81. The women’s clothing retailer cut its forecast for earnings this year to no more than 78 cents a share, below a previous estimate of as much as 92 cents a share. Analysts surveyed by Bloomberg had estimated a profit of 89 cents on average.
Targa Resources Corp. (TRGP US) rallied 12 percent to $24.70 on the first day of trading. The natural-gas pipeline company controlled by Warburg Pincus LLC sold $360 million of shares after increasing the size of its initial public offering by 25 percent.
Tesla Motors Inc. (TSLA US) gained 4.1 percent to $31.56 for its biggest gain since Nov. 22. The maker of electric cars received a patent for varying flux vs. torque for maximum efficiency.
Weight Watchers International Inc. (WTW US) rose 4.3 percent to $37.06, the highest price since September 2008. The provider of weight control programs was raised to “buy” from “underperform” at Bank of America Corp.
Wintrust Financial Corp. (WTFC US) dropped 8.9 percent, the most since April 26, to $29.35. The Lake Forest, Illinois-based financial holding company announced it will sell 3.2 million shares and 4 million tangible equity units.
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