AIG, Best Buy, Cypress Bioscience, Lannett: 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.
American International Group Inc. (AIG) rose the most in the Standard & Poor’s 500 Index, jumping 6.7 percent to $51.77. Chairman Steve Miller said the success of the U.S. selling stakes in Citigroup Inc. and General Motors Co. signals the Treasury Department will be able to divest its majority holding of the insurer.
Ameristar Casinos Inc. (ASCA US) declined 7 percent, the most since Feb. 4, to $16.64. The owner of casino properties said it’s no longer considering a sale of the company.
Amgen Inc. (AMGN) advanced 4.9 percent, the most since June 2, to $56.76. The world’s biggest biotechnology company’s denosumab drug delayed the spread of prostate cancer to men’s bones in a study that may help boost sales by $2 billion a year.
Ashford Hospitality Trust Inc. (AHT) fell 7.9 percent, the most since May 6, to $9.31. The Dallas-based real estate investment trust focused on lodging said it will sell 7.5 million shares at $9.65 each in a public offering.
Best Buy Co. (BBY) sank 15 percent to $35.52 for the biggest retreat in the S&P 500. The world’s largest consumer-electronics retailer reported third quarter earnings excluding some items of 54 cents a share, missing the average analyst estimate of 60 cents. Best Buy also forecast annual earnings of $3.40 a share at most. On average, the analysts surveyed by Bloomberg estimated profit of $3.59 a share.
Comcast Corp. (CMCSA) climbed 3.1 percent to $21.99 the highest price since August 2008. The cable company was raised to “outperform” from “market perform” at Sanford C. Bernstein Co., which said the company may put “a more aggressive emphasis on share repurchases.”
Cypress Bioscience Inc. (CYPB US) jumped 20 percent to $5.75 for the second-biggest advance in the Russell 2000 Index. The developer of medicines for schizophrenia, nicotine addiction and autism rejected a new cash offer to buy the company from Ramius LLC and said it is considering a deal with a third party. Ramius offered $6 a share, a 9 percent increase over its previous offer.
Emergency Medical Services Corp. (EMS US) rallied the most in the Russell 1000 Index, rising 17 percent to $63. The biggest U.S. operator of ambulance services said it’s reviewing “various strategic alternatives” to boost stockholder value. DealReporter said the company hired Goldman Sachs Group Inc., citing four people familiar with the matter.
Estee Lauder Cos. (EL) climbed 2.9 percent to $78.94, the highest price since the shares began trading in 1995. The New York-based maker of Mac cosmetics and Clinique skin care had its share-price estimate raised to $80 from $78 at Piper Jaffray Cos., citing a meeting with company executives and “good holiday and travel metrics,” The analyst also raised 2011 and 2012 earnings and revenue estimates.
Genoptix Inc. (GXDX US) surged 17 percent, the most since November 2008, to $20.98. The cancer-testing company has put itself up for sale and hired Barclays Plc to run an auction, two people with knowledge of the process said.
Inhibitex Inc. (INHX US) slipped 24 percent to $2.19 for the biggest decline in the Russell 2000 Index. The developer of antibody-based treatments said a study showed “no difference” between its FV-100 and valacyclovir, one of the most commonly used antiviral drugs, in time to full lesion healing for shingles patients.
International Coal Group Inc. (ICO US) slid 13 percent, the most since May 2009, to $7.09. WL Ross & Co. and Fairfax Financial Holdings Ltd. began offering about half their stakes of the mining company. The Scott Depot, West Virginia-based company will not get any proceeds.
Lannett Co. (LCI) fell 16 percent to $4.93, the lowest price since Oct. 8. The maker of generic drugs sold 5 million shares of common stock at $5 each.
Lexicon Pharmaceuticals Inc. (LXRX) dropped 6.6 percent to $1.55 for the biggest decline since Oct. 19. The biotechnology company said it’s considering further study of higher doses of LX2931 for treating rheumatoid arthritis after 70 milligram and 110 milligram doses didn’t indicate improvement over a placebo after 12 weeks in a trial.
Mylan Inc. (MYL) climbed 4.3 percent, the most since Feb. 25, to $20.68. The generic-drug maker with an exclusive agreement to sell a copy of GlaxoSmithKline Plc’s Paxil CR was rated a new “outperform” by Credit Suisse Group AG.
Pantry Inc. (PTRY) declined 10 percent, the most since August 2009, to $18.04. The owner of the Kangaroo Express convenience-store chain reported fourth-quarter sales of $1.95 billion, trailing the average analyst estimate by 7.7 percent, according to Bloomberg data.
Spartech Corp. (SEH US) dropped 12 percent, the most since Sept. 9, to $8.58. The maker of plastic sheeting and molded products reported fourth-quarter earnings and sales that missed analysts’ estimates.
Synchronoss Technologies Inc. (SNCR) declined 9.2 percent, the most since July 2009, to $26.84. The developer of transactional software said one of its founders and the biggest stockholder, James M. McCormick, may sell his some of his stake over time.
Veeco Instruments Inc. (VECO) fell 16 percent, the most since February 2009, to $42.19. The maker of gear for chipmakers and data storage was cut to “hold” from “buy” by Citigroup Inc.
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