Airgas, Akamai, Comtech, Kodak, Lululemon: 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.
Asset managers advanced after Barclays Plc advised buying the shares to benefit from an improving equity market. Janus Capital Group Inc. (JNS US), the Denver-based money manager that was boosted to “overweight” from “underweight,” gained 4.5 percent to $12.31. Waddell & Reed Financial Inc. (WDR US) and Legg Mason Inc. (LM US), which were also raised to “overweight,” advanced 3 percent to $34.12 and 2.1 percent to $35.92, respectively.
On their first day of trading:
SemiLEDs Corp. (LEDS US) surged 52 percent to $25.76. The manufacturer of light emitting diode chips in Hsinchu, Taiwan, sold 5.25 million shares at $17 each in an initial public offering.
First Republic Bank (FRC US) advanced 9.5 percent to $27.92. The former Bank of America Corp. unit backed by Colony Capital LLC and General Atlantic LLC raised $281 million selling its initial public offering at the midpoint of the forecast price range.
Bona Film Group Ltd. (BONA US) slipped 22 percent to $6.60. China’s largest privately owned film distributor sold 11.7 million American depositary receipts for $8.50 each.
Airgas Inc. (ARG US) had the second-biggest decrease in the Standard & Poor’s 500 Index, erasing 6.3 percent to $61.84. Air Products & Chemicals Inc. (APD US) raised its hostile takeover bid for the industrial-gas distributor to $70 a share and called it the “best and final” offer. The new price is still shy of the $78 desired by Airgas, suggesting “there’s a risk this is the end game,” according to Laurence Alexander, an analyst with Jefferies Group Inc.
Akamai Technologies Inc. (AKAM US) had the fourth-biggest decline in the S&P 500, sliding 3 percent to $52.50. The maker of technology that speeds Internet traffic didn’t boost its forecast during a presentation with analysts. Raymond James Financial Inc. said in a note earlier today that a strong start to the holiday online spending season may prompt the company to increase its fourth-quarter projections.
American International Group Inc. (AIG US) climbed 13 percent, the most since Feb. 10, to $47.78. The bailed-out insurer made a deal that provides for repayment of the Federal Reserve and sets the rules for its eventual exit from U.S. control.
Arbitron Inc. (ARB US) rose 19 percent, the most since February 2000, to $37.22. The provider of audience ratings for U.S. radio stations was increased to “overweight” from “neutral” by JPMorgan Chase & Co.
Ciena Corp. (CIEN US) rose the most in the Russell 1000 Index, surging 15 percent to $18.36. The maker of network gear for the biggest U.S. phone companies reported fourth-quarter sales of $417.6 million, beating the average analyst estimate by 3 percent.
Compellent Technologies Inc. (CML US) fell 14 percent, the most since April 8, to $29.04. The storage area network producer is in exclusive talks to sell itself to Dell Inc. (DELL US) The world’s third-largest personal-computer maker would acquire all of the outstanding common stock of Compellent at a price of $27.50 a share in cash, the two companies said. The price is an 18 percent discount to the company’s closing price yesterday.
Comtech Telecommunications Corp. (CMTL US) fell 12 percent, the most since July 21, to $27.71. The provider of mobile-data communications equipment was cut to “equalweight” from “overweight” at Stephens Inc.
Dean Foods Co. (DF US) rose 13 percent, the most since November 2008, to $8.39. The biggest U.S. dairy processor plans to sell $400 million of eight-year senior notes, according to a person familiar with the transaction. The company said proceeds may be used to pay down a portion of its senior secured credit facility.
Diamond Foods Inc. (DMND US) climbed 10 percent to $50.59, the highest price since it went public in July 2005. The nut processor and distributor said second-quarter profit will be as much as 91 cents a share, above the average analyst estimate in a Bloomberg survey of 86 cents a share.
Eastman Kodak Co. (EK US) had the third-biggest gain in the S&P 500, rising 11 percent to $5.31. The photography company rose past the average price of the last 200 days, a signal of possible further gains, according to analysts who study charts to make forecasts.
Goodyear Tire & Rubber Co. (GT US) had the fourth-biggest advance in the S&P 500, rising 10 percent to $11.55. The largest U.S. tiremaker was raised to a “buy” from “underperform” at Bank of America Corp.
Helen of Troy Ltd. (HELE US) rallied 17 percent, the most since March 2009, to $27.44. The maker of Vidal Sassoon and Revlon hair-care products agreed to acquire the business of Kaz Inc. for $260 million in cash.
Lululemon Athletica Inc. (LULU US) jumped 14 percent to $63.56, the highest price since it went public in July 2007. The biggest Canadian athletic-wear retailer forecast fourth-quarter profit to be at least 46 cents a share, topping the 41 cent- average estimate of analysts.
Martek Biosciences Corp. (MATK US) fell 11 percent, the most since March 2009, to $21.33. The maker of nutritional oils for foods and baby formula forecast first-quarter profit of 40 cents a share at most. The average analyst estimate in a Bloomberg survey is for 42 cents a share.
Methode Electronics Inc. (MEI US) rallied 10 percent, the most since Jan. 8, to $12.98. The maker of remote controls and touch-screens reported second-quarter earnings of 12 cents a share, beating the 6-cent estimate by one analyst. Sales in the same period were $106.6 million, topping the $92 million projected by the analyst.
Mips Technologies Inc. (MIPS US) gained 13 percent to $15.23 for its biggest gain since Oct. 26. The Sunnyvale, California-based designer of high-performance processors was recommended by CNBC’s “Mad Money” host Jim Cramer, according to TheStreet.com Inc.’s website.
Osiris Therapeutics Inc. (OSIR US) jumped 10 percent, the most since June 24, to $7.59. The Columbia, Maryland-based maker of products for the regeneration of human connective tissues was highlighted as the “Bull of the Day” by Zacks Equity Research.
Oxford Industries Inc. (OXM US) dropped 17 percent, the most since October 2007, to $23.07. The maker of Tommy Bahama clothing reported third-quarter earnings before interest, taxes, depreciation and amortization that missed the average of two analyst forecasts by 41 percent, according to Bloomberg data.
Quiksilver Inc. (ZQK US) rose 23 percent, the most since March 12, to $5.68. The surfer-themed apparel maker may be acquired by PPR SA (PP FP), the French owner of the Gucci and Bottega Veneta luxury brands, La Tribune reported. PPR Chief Executive Officer Francois-Henri Pinault has reestablished contact with the company and with Rhone Capital, which holds a 19 percent stake in the Huntington Beach, California-based company, according to the newspaper.
Range Resources Corp. (RRC US) had the third-biggest decline in the S&P 500, erasing 3.2 percent to $42.44. The oil- and-gas operator was cut to “neutral” from “buy” at MKM Partners.
SAIC Inc. (SAI US) fell 6.4 percent to $15.17 for the biggest retreat in the S&P 500. The defense contractor specializing in computer services forecast fiscal-year 2012 earnings from continuing operations of $1.35 to $1.46. Analysts estimate profit of $1.49, according to a Bloomberg survey.
Smithfield Foods Inc. (SFD US) increased 11 percent, the most since May 5, to $19.70. The U.S. pork processor reported second-quarter adjusted earnings were 80 cents a share, exceeding the 56-cent average estimate of analysts.
Teva Pharmaceutical Industries Ltd. (TEVA US) gained 6.8 percent, the most since October 2008, to $52.63. The world’s largest maker of generic drugs said its oral laquinimod drug was successful in reducing relapse rates in multiple sclerosis patients in a late-stage test.
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