Ariad, Avago, Comerica, Logitech, McMoRan: 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 9:40 a.m. in New York.
American International Group Inc. (AIG US) fell 1.4 percent to $53.17. Chief Executive Officer Robert Benmosche told CNBC that it may take the Treasury Department a year-and-a-half to exit its stake in the bailed-out insurer.
Apple Inc. (AAPL US) dropped 5.3 percent to $329.97. Chief Executive Officer Steve Jobs took a leave of absence as a rare form of cancer he’s been battling since 2004 and a more recent liver transplant worsened his health, a person with knowledge of the matter said.
Ariad Pharmaceuticals Inc. (ARIA US) surged 28 percent to $6.70. The Cambridge, Massachusetts-based drugmaker said a study showed its drug for sarcomas helped slow the disease’s advance.
Avago Technologies Ltd. (AVGO US) fell 4.5 percent to $27.70. The maker of semiconductor components announced the sale of 25 million shares by certain existing shareholders.
Citigroup Inc. (C US) slumped 4.9 percent to $4.88. The third-largest U.S. bank reported profit that was less than analysts estimated, as the firm posted $1.1 billion in charges related to tightening of the bank’s credit spreads. The New York-based company earned 4 cents a share, excluding certain items, missing the average analyst estimate by 48 percent.
Comerica Inc. (CMA US) declined 6.3 percent to $39.59. The Dallas-based bank that posted annual profits throughout the financial crisis agreed to buy Houston-based lender Sterling Bancshares Inc. (SBIB US) for about $1.03 billion in stock. Sterling investors will receive 0.2365 Comerica shares for each share they own.
Sterling Bancshares rallied 18 percent to $9.11.
Delta Air Lines Inc. (DAL US) declined 2.8 percent to $12.39. The world’s second-largest carrier posted fourth-quarter profit that trailed analysts’ estimates as higher fuel expenses hampered results. Profit excluding merger expenses and other one-time items was 19 cents a share. Thirteen analysts had an average estimate of 24 cents.
Logitech International SA (LOGI US) gained 4.5 percent to $19.46. Goldman Sachs Group Inc. raised its rating on the world’s largest maker of computer mice to “neutral” from “sell.”
McMoRan Exploration Co. (MMR US) sank 3.1 percent to $16.48. The New Orleans-based oil producer said it expects daily production for 2011 to be 160 million cubic feet of natural gas equivalents per day, down 0.6 percent from last year.
New Oriental Education & Technology Group Inc. (EDU US) climbed 3.5 percent to $111.50. China’s largest private- education company reported second-quarter total net revenue rose 56 percent to $95.7 million from a year earlier.
Novo Nordisk A/S (NVO US) jumped 5.7 percent to $117.28. The world’s biggest maker of insulin was added to Bank of America Corp.’s “Europe 1” list.
Nvidia Corp. (NVDA US) fell 1.9 percent to $23.15. The maker of computer-graphics chips was cut to “market perform” from “outperform” at BMO Capital Markets. The 12-month share- price estimate is $22.
Smith & Nephew Plc (SNN US) rose 4 percent to $57.04. Analysts at Sanford C. Bernstein Ltd. raised the London-based orthopedics company’s rating to “market perform” from “underperform,” citing “sustained” reports of a possible takeover.
Talecris Biotherapeutics Holdings Corp. (TLCR US) increased 1.8 percent to $23.26. The biopharmaceutical company postponed a shareholders meeting to vote on the acquisition by Grifols SA to Feb. 14 from Jan. 21.
Vodafone Group Plc (VOD US) climbed 5.1 percent to $28.90. The world’s biggest mobile-phone company is cheap compared with its peers and it may be the “best way to play” Verizon Wireless’s introduction of the iPhone, Barron’s said.
Yahoo! Inc. (YHOO US) fell 2.1 percent to $16.46. The owner of a U.S. Internet search engine was cut to “equal-weight” from “overweight” at Morgan Stanley.
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