Allegheny Technology, InterMune, St. Joe: U.S. Equity Movers
Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 4 p.m. in New York.
Solar stocks declined after DigiTimes said Germany is in talks to cut incentives for photovoltaic solar systems by 16 percent on July 1.
On the first day of trading:
QR Energy LP (QRE US) slid 2 percent to $19.60. The Houston-based company formed to acquire oil and gas properties raised $300 million in an initial public offering after selling shares at the middle of its forecast range.
Fortegra Financial Corp. (FRF US), an insurance services company, was unchanged at $11 after completing its $66 million sale.
Accenture Plc (ACN US) rose 7.8 percent to a record $50.32. The world’s second-largest technology-consulting firm forecast sales for this quarter that topped some analysts’ estimates, as businesses boost spending on consulting projects.
Advanced Energy Industries Inc. (AEIS US) climbed 9.2 percent, the most since July 22, to $13.99. The maker of power conversion systems was raised to “overweight” from “equal- weight” by Barclays Plc.
Allegheny Technologies Inc. (ATI US) rose 7.2 percent to $57.62 for the second-biggest gain in the Standard & Poor’s 500 Index. The specialty-metals producer said its joint venture with VSMPO-Avisma Corp. of Russia was chosen to provide 5.5 million to 6 million pounds of titanium for the world’s largest seawater desalination plant, in Saudi Arabia.
Titanium Metals Corp. (TIE US) rose 6.2 percent to $18.08.
AstraZeneca Plc (AZN US) fell 5.8 percent, the most since February 2009, to $46.38. The U.K. drugmaker failed to win U.S. approval for a new blood thinner to rival Plavix, the world’s second-best selling drug.
Boyd Gaming Corp. (BYD US) fell 3.2 percent to $9.409 for the biggest decline since Nov. 23. The operator of gaming properties was cut to “underperform” from “market perform” at BMO Capital Markets.
CBS Corp. (CBS US) gained 4.3 percent to $18.77, the highest price since July 2008. The owner of the most-watched U.S. broadcast network was boosted to “buy” from “neutral” at Bank of America Corp., which said the underlying advertising trends are robust.
Digital Realty Trust Inc. (DLR US) had the biggest loss in the Russell 1000 Index, erasing 6.6 percent to $48.32. The owner of technology-related real estate was cut to “sell” from “buy” at UBS AG.
Discover Financial Services (DFS US) fell 2.8 percent to $18.02, the lowest price since Oct. 29. The fourth-biggest U.S. payments network had its fiscal 2011 earnings estimate cut to $1.72 a share from $1.79 by RBC Capital Markets, which cited a “more sizable” release in loan-loss reserves during the fourth quarter of fiscal 2010.
First South Bancorp Inc. (FSBK US) slumped 20 percent, the most since December 2008, to $6.12. The bank holding company suspended its dividend and said it expects an operating loss of about $6.5 million in the first quarter.
InterMune Inc. (ITMN US) more than doubled to $34.89 for the biggest rally in the Russell 2000 Index. The company’s Esbriet drug, a treatment for mild to moderate idiopathic pulmonary fibrosis, a fatal lung disease, was recommended for approval by a European regulatory committee.
Marshall & Ilsley Corp. (MI US) surged 18 percent to $6.85 for the biggest advance in the S&P 500. Bank of Montreal (BMO US) agreed to buy the Milwaukee-based bank for $4.1 billion, or $7.75 a share.
Bank of Montreal dropped 7.1 percent to $57.26.
Other regional banks also increased. KeyCorp (KEY US) gained 4.1 percent to $8.42. Regions Financial Corp. (RF US) climbed 1.8 percent to $6.24. SunTrust Banks Inc. (STI US) rose 4.6 percent to $27.04.
Nymox Pharmaceutical Corp. (NYMX US) rallied 50 percent to $6.69, the highest price since October 2007. The Hasbrouck Heights, New Jersey-based company said it signed a licensing agreement with Italy’s Recordati SpA (REC IM) on its experimental drug NX-1207 and will receive an upfront payment of $13 million.
Oracle Corp. (ORCL US) jumped 3.9 percent to $31.46, the highest price since January 2001. The second-largest software maker reported second-quarter earnings that topped analysts’ estimates, helped by database sales and the company’s expansion into computer hardware.
Oppenheimer & Co. raised the stock’s rating to “outperform” from “market perform.”
RadiSys Corp. (RSYS US) fell 5.4 percent, the most since July 28, to $8.97. The maker of equipment for telephone companies reduced its forecast, saying it expects revenue of $64 million at most in the fourth quarter. Analysts, on average, estimated $69.9 million, according to a Bloomberg survey.
St. Joe Co. (JOE US) rose 5.5 percent to $21.27, the highest price since Oct. 13. The landholder in northern Florida named Bruce R. Berkowitz of Fairholme Capital Management LLC, its biggest shareholder, to its board. St. Joe shares have plunged 18 percent since David Einhorn, the hedge fund manager who predicted Lehman Brothers Holdings Inc.’s collapse, said two months ago he was betting against the stock. Berkowitz was named U.S. stock manager of the decade by Morningstar Inc. in January.
Smart Modular Technologies Inc. (SMOD US) fell 12 percent, the most since March 2009, to $5.58. The storage chipmaker forecast second-quarter sales of $185 million at most, trailing the average analyst estimate of $195.7 million from a Bloomberg survey.
Sonic Corp. (SONC US) rose 8.9 percent, the most since March 10, to $10.44. The Oklahoma City-based operator of drive- in restaurants said it repurchased $62.5 million of debt and will recognize a gain of about $5 million as a result.
Take-Two Interactive Software Inc. (TTWO US) climbed 8.3 percent to $12.93, the highest price since October 2008. The publisher of “Grand Theft Auto” video games posted quarterly earnings and revenue that beat the average estimates of analysts surveyed by Bloomberg.
Arkansas Best slipped 7.7 percent to $26.10.
To contact the editor responsible for this story: Nick Baker at email@example.com.