Alpha Natural, Altera, Lender Processing: 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.
Semiconductor-equipment makers gained after Intel Corp. (INTC) , the world’s biggest chipmaker, said it would boost spending on plants and equipment this year. Novellus Systems Inc. (NVLS US) rose the most in the Standard & Poor’s 500 Index, climbing 12 percent to $36.85. Applied Materials Inc. (AMAT) rose 7.6 percent to $15.32. KLA-Tencor Corp. (KLAC) advanced 5.9 percent to $42.11. Altera Corp. (ALTR) gained 6.4 percent to $39.33. Nanometrics Inc. (NANO) jumped 29 percent to $17.32. Varian Semiconductor Equipment Associates Inc. (VSEA US) increased 5.3 percent to $43.80. Cymer Inc. (CYMI US) gained 13 percent to $51.02.
Alpha Natural Resources Inc. (ANR) fell 7.8 percent to $59.04 for the biggest drop in the Russell 1000 Index. The coal producer said its cost of sales in the eastern U.S. was higher than previously estimated in 2010 because of poor rail service, severe weather and delayed export shipments during the fourth quarter.
American International Group Inc. (AIG) fell 5.6 percent to $54 for the biggest loss in the S&P 500. The insurer repaid the last $21 billion it owed on a Federal Reserve credit line and swapped the Treasury Department’s preferred stake for common stock as the U.S. unwinds its investment in the company.
Biodel Inc. (BIOD) rose 10 percent to $2.75, the highest price since Oct. 29. The company announced a new strategy for the insulin formulation Linjeta that “may ultimately improve chances of partnering,” JPMorgan Chase & Co. (JPM) said in a note.
Borders Group Inc. (BGP US) rose 30 percent, the most since April 1, to $1.06. The unprofitable U.S. bookstore chain is close to obtaining refinancing from GE Capital and other lenders, the New York Times reported yesterday, citing people familiar with the matter.
Coinstar Inc. (CSTR US) tumbled 27 percent to $41.50 for the biggest decline in the Russell 2000 Index. The operator of Redbox DVD vending machines said fourth-quarter earnings excluding some items were no more than 69 cents a share, missing the average analyst estimate of 84 cents.
Corinthian Colleges Inc. (COCO) advanced 7.2 percent to $5.06 for its biggest gain since Dec. 30. The Santa Ana, California-based operator of for-profit schools was raised to “outperform” from “underperform” at Royal Bank of Canada.
Cumberland Pharmaceuticals Inc. (CPIX) rallied 19 percent to $6.72 for its biggest gain since its initial public offering in August 2009. The Nashville, Tennessee-based drugmaker said it received approval from the U.S. Food and Drug Administration on its new formulation of Acetadote injection to treat acetaminophen poisoning.
JA Solar Holdings Co. (JASO) slid 6.5 percent, the most since Nov. 17, to $7.17. The Chinese maker of solar cells and modules was cut to “sell” at Stifel Nicolaus & Co., citing the trend for lower prices.
JPMorgan Chase & Co. (JPM US) rose 1 percent to $44.91, the highest price since April 23. The second-biggest U.S. bank by assets posted a record $4.83 billion profit for the fourth quarter, buoyed by $2 billion in reserve reductions as credit quality and the U.S. economy improved.
Lender Processing Services Inc. (LPS US) gained 4.4 percent, the most since Nov. 4, to $31.67. JPMorgan’s 47 percent increase in total mortgage origination volume, to $51.9 billion, bodes well for Lender Processing’s fourth-quarter results, Greg Smith, an analyst at Duncan-Williams Inc., said in a report.
Local.com Corp. (LOCM) dropped 9.5 percent to $4.45, the lowest price since Dec. 1. The Internet search engine that helps users find local businesses said it priced an offering of 4 million shares at $4.25 each.
Patriot Coal Corp. (PATCA) fell 7.4 percent, the most since Nov. 12, to $24.52. The fourth-largest eastern U.S. coal company was cut to “market perform” from “outperform” by FBR Capital Markets.
Sterling Bancshares Inc. (SBIB US) rose 2.9 percent to $7.70, the highest price since September 2009. The Houston-based holding company for Sterling Bank may be sold for $8 a share, putting a value of $825 million on the company, the Wall Street Journal reported, citing people familiar with the matter.
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