Apollo, Borders, Cheniere Energy, Tenet: 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.
Standard & Poor’s announced changes to U.S. indexes:
Cablevision Systems Corp. (CVC) rose 4.1 percent to $34.72; Netflix Inc. (NFLX) advanced 1.9 percent to $194.63; and Newfield Exploration Co. (NFX) increased 3.3 percent to $72.37 after being picked to join the S&P 500 Index. Among stocks being dropped from the benchmark, New York Times Co. (NYT) slipped 1.3 percent to $9.61 and Office Depot Inc. (ODP) fell 1.6 percent to $4.87.
Education companies advanced after Reuters reported that Rep. John Kline, the incoming chairman of the House Education Committee, said he opposes tighter rules on for-profit schools. Apollo Group Inc. (APOL) rose 2.8 percent to $37.95. Strayer Education Inc. (STRA) rose 5.4 percent to $154.07. Bridgepoint Education Inc. (BPI) gained 5.4 percent to $17.32. Corinthian Colleges Inc. (COCO) climbed 3 percent to $4.47.
Solar shares rose after Senate negotiators approved extending grants to U.S. wind and solar power companies for one year. First Solar Inc. (FSLR) advanced 3.7 percent to $138.20. SunPower Corp. (SPWR) climbed 6.9 percent to $13.78. Ascent Solar Technologies Inc. (ASTI) increased 5.1 percent to $3.73.
Aastrom Biosciences Inc. (ASTM) sank 23 percent to $2.37 for the biggest decline since Nov. 18. The developer of cell-therapy systems priced a $22.5 million offering at $2.25 per unit consisting of one share and one warrant each.
Beckman Coulter Inc. (BEC US) soared 26 percent, the most since 1988, to $72.08. The maker of laboratory equipment for scientific research is exploring a sale after it was approached by buyout firms interested in taking the company private, people with direct knowledge of the matter said.
Borders Group Inc. (BGP US) dropped 12 percent, the most since June 1, to $1.20. The second-largest U.S. bookstore chain said it’s in talks to refinance and may end up in violation of its credit agreements in the first quarter if negotiations fail.
Cheniere Energy Inc. (LNG) rose 9.5 percent to $5.33 for the biggest gain since Nov. 19. The liquefied natural gas producer reached an agreement with lenders under which 97 percent relinquished their right to convert the loans into preferred shares, which ultimately could have been converted into common shares.
Cypress Bioscience Inc. (CYPB US) had the third-biggest gain in the Russell 2000 Index, climbing 21 percent to $4.93. The developer of drugs to treat central nervous system disorders received a buyout offer of $5.50 a share from a subsidiary of Ramius LLC.
Dice Holdings Inc. (DHX) gained 15 percent to $13.33, the highest price since July 2007. The online provider of career services and its stockholders increased an equity offering to 12 million shares. The company said it will use the money to buy back shares from management.
Esterline Technologies Corp. (ESL) rose 7.7 percent to $69.53, the highest price since at least 1980. The Bellevue, Washington-based supplier to the aerospace and defense industry forecast fiscal year 2011 profit of as much as $4.65 a share. The average analyst estimate in a Bloomberg survey is $4.28 a share.
Great Atlantic & Pacific Tea Co. (GAP US) fell the most in the Russell 2000 Index, tumbling 67 percent to 93 cents. The once-dominant grocery-store chain founded in 1859 may file for bankruptcy in the coming days to restructure debt, two people with knowledge of the matter said.
Green Mountain Coffee Roasters Inc. (GMCR) sank 9.7 percent, the most since Sept.29, to $33.81. The seller of Keurig single-cup brewers forecast first quarter profit excluding some items between 14 cents and 18 cents a share, below the average analyst estimate of 20 cents a share, according to a Bloomberg survey.
Harry Winston Diamond Corp. (HWD US) fell 13 percent, the most since April 2009, to $12.52. The mining company and jewelry retailer reported third-quarter sales were $140.9 million, below the $152 million estimated by one analyst. The Toronto-based company also cut its 2010 production forecast to 6.9 million carats from 7.8 million.
IDT Corp. (IDT) rose 26 percent to $28.81 for the biggest gain in the Russell 2000 Index. The U.S. long-distance telephone service provider said it earned 70 cents a share in the fiscal first quarter, compared with a loss of 17 cents a share a year earlier.
National Semiconductor Corp. (NSM) declined 7.8 percent to $13.81 for the biggest retreat in the Standard & Poor’s 500 Index. The maker of analog integrated circuits forecast third-quarter sales lower than analysts predicted. Revenue this quarter will be $344 million to $359 million, compared with $382.3 million, the average estimate of analysts surveyed by Bloomberg.
Pacific Biosciences of California Inc. (PACB US) rallied 5 percent to $13.65, the highest price since Nov. 5. The Menlo Park, California-based maker of gene-mapping systems and Harvard Medical School decoded the genome of Haitian Cholera pathogen.
Pall Corp. (PLL) rose 4.1 percent to $50, the highest price in data going back to 1980. The supplier of filters for drugmakers and refineries increased its profit forecast, saying it expects earnings excluding some items of as much as $2.63 a share in fiscal 2011.
SandRidge Energy Inc. (SD) advanced 4.4 percent to $6.35, the highest price since July 190. The oil and natural gas producer said it sold its Bone Spring assets for $110 million. Proceeds will be used to fund part of the Oklahoma City-based company’s capital expenditures next year.
Sky-mobi Ltd. (MOBI) slumped 25 percent to $6 for the biggest drop on a company’s first day of trading after an initial public offering since 2007. The operator of China’s biggest mobile application store by sales sold its $58 million U.S. initial public offering at the bottom of the forecast range.
Tenet Healthcare Corp. (THC) rose the most in the Standard & Poor’s 500 Index, soaring 55 percent to $6.65. Community Health Systems Inc. (CYH) , the second-biggest U.S. hospital operator, said it offered to buy its rival for $6 a share in cash and stock, and was rejected. Community Health rallied 13 percent to $35.89.
Other hospital stocks also advanced. LifePoint Hospitals Inc. (LPNT) increased 5.1 percent to $37.40. Health Management Associates Inc. (HMA US) added 4.3 percent to $9.53.
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