AK Steel, Brinker, Micron, Texas Instruments: 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 1:42 p.m. in New York.
3M Co. (MMM US) sunk 2.9 percent to $87.75, the second- biggest loss in the Dow Jones Industrial Average. The maker of Post-It Notes and films to brighten TV screens posted earnings excluding a lower tax rate that trailed analysts’ estimates.
AK Steel Holding Corp. (AKS US) climbed 6.7 percent to $15.45, the third-biggest gain in the Standard and Poor’s 500 Index. The third-largest U.S. steelmaker by 2009 sales forecast it would post a break-even operating profit in the first quarter and said it is on the “road to recovery” as most markets are strengthening on improved demand.
American Express Co. (AXP US) fell 2.8 percent to $44.49 for the biggest loss in the Dow Jones Industrial Average. The biggest U.S. credit-card issuer by purchases reported a charge of $74 million, or 6 cents a share, tied to job cuts in its servicing network. Excluding the fourth-quarter charge, AmEx would have earned 94 cents a share, less than the average estimate of 96 cents by analysts in a Bloomberg survey. Preliminary results were released Jan. 19.
Ashland Inc. (ASH US) gained 7.7 percent to $57.36 after rising to $57.78, the highest intraday price since June 21. The maker of Valvoline motor oil had first-quarter profit of 79 cents a share on an adjusted basis. Analysts surveyed by Bloomberg had estimated profit of 65 cents on average.
Baker Hughes Inc. (BHI US) rose 6 percent to $62.01 after climbing to $62.04 earlier, the highest intraday price since September 2008. The oilfield contractor that acquired BJ Services Co. last year reported a four-fold increase in fourth- quarter profit as higher prices lifted demand for drilling equipment in North America. Excluding acquisition-related costs and an investment gain, earnings were 84 cents a share, 19 cents higher than the average of analysts’ estimates.
BlackRock Inc. (BLK US) climbed 1.8 percent to $197.04 and advanced 3.3 percent earlier, the most intraday since Dec. 9. The world’s biggest money manager said fourth-quarter profit more than doubled as the stock-market rally lifted assets. Excluding certain costs, BlackRock earned $3.42 a share, beating the average estimate of $2.89 per share of 13 analysts surveyed by Bloomberg.
Brinker International Inc. (EAT US) gained 10.8 percent to $23.14 after jumping to $23.30 earlier, the highest intraday price since May 2008. The operator of Chili’s and Maggiano’s restaurants posted second-quarter earnings excluding some items of 38 cents a share, beating the average analyst estimate by 21 percent, according to Bloomberg data.
Carpenter Technology Corp. (CRS US) slid 4.6 percent to $40.86 after dropping 9.5 percent earlier, the most intraday since October 2009. The specialty-metals producer reported second-quarter profit of 21 cents a share, trailing the average analyst estimate of 23 cents in a Bloomberg survey.
Corning Inc. (GLW US) climbed 6.7 percent to $20.95 for the third-biggest increase in the Standard & Poor’s 500 Index. The world’s biggest maker of glass for flat-panel televisions reported fourth-quarter sales of $1.77 billion, beating the average estimate of $1.61 billion by analysts in a Bloomberg survey.
Eastman Kodak Co. (EK US) slumped 13 percent to $4.53 and dropped 15 percent earlier, the most intraday since July 28. The 130-year-old camera company lost a U.S. trade ruling that may hamper its effort to collect patent royalties from Apple Inc. and Research In Motion Ltd.
Ethan Allen Interiors Inc. (ETH US) climbed 12 percent to $23.28 and rallied 20 percent earlier, the most intraday since March 3. The home-furnishings retailer posted second-quarter profit excluding some items of 19 cents a share, more than double the average analyst estimate, according to Bloomberg data.
Harley-Davidson Inc. (HOG US) rose the most in the S&P 500, adding 7.9 percent to $39.37. The biggest U.S. motorcycle maker said its fourth-quarter loss narrowed to $46.8 million as its financial-services unit earned a profit. The net loss of 20 cents a share compares with a loss of 94 cents a year earlier. The average estimate of nine analysts surveyed by Bloomberg was for a net loss of 30 cents.
Hyperdynamics Corp. (HDY US) tumbled 22 percent to $4.50 after dropping 35 percent earlier, the most intraday since July 2009. The oil and gas exploration company said a letter of intent signed with a “large independent oil and gas company” for exclusive negotiations on its interest in an offshore Guinea concession was terminated.
Jacobs Engineering Group Inc. (JEC US) lost 3 percent to $48.84. Earlier, the price fell as much as 4.5 percent, the most intraday since November. The third-largest listed U.S. engineering company reported first-quarter profit and sales that missed analysts’ estimates.
Johnson & Johnson (JNJ US) dropped 1.8 percent to $61.11 and slipped 2.4 percent earlier, the most intraday since July 21. The world’s largest health products company said fourth- quarter profit fell 12 percent, hurt by product recalls and declining sales. The New Brunswick, New Jersey-based company forecast 2011 earnings below analysts’ forecasts.
KeyCorp (KEY US) gained 3 percent to $8.87 and advanced to $9.01 earlier, the highest intraday price since Jan. 6. Ohio’s second-largest bank posted a fourth-quarter profit, beating analysts’ estimates, as lower credit costs helped the company rebound from a loss. Net income of 33 cents a share compared with a year-earlier loss of 30 cents. The average estimate of analysts surveyed by Bloomberg was net income of 14 cents a share.
Kimberly-Clark Corp. (KMB US) climbed 3 percent to $65.92. Earlier the shares touched $66.66, the highest intraday price since Oct. 25. The maker of Huggies diapers and Kleenex tissues said it raised its quarterly dividend six percent to 70 cents a share. The dividend will be payable on April 4. The company also plans to buy back $1.5 billion in shares for 2011.
Momenta Pharmaceuticals Inc. (MNTA US) slumped the most in the Russell 2000 Index, sliding 17 percent to $13.18. The biotechnology fell after Teva Pharmaceutical Industries Ltd. (TEVA US) received a “minor deficiency” letter from the U.S. Food and Drug Administration seeking answers to questions about the company’s application for generic version of Sanofi-Aventis SA’s Lovenox. Momenta introduced its own generic version of Lovenox in July.
Navistar International Corp. (NAV US) added 5.5 percent to $63.09 after jumping as much as 11 percent, the most intraday since April 2009. The maker of commercial and military vehicles said earnings excluding some items will be $5 a share to $6 a share in the fiscal year ending Oct. 31. The average estimate of analysts surveyed by Bloomberg was for profit of $4.89 a share.
Quest Diagnostics Inc. (DGX US) advanced 4.1 percent to $56.37 after climbing 5.5 percent earlier, the most intraday since September 2009. The provider of diagnostic testing, information and services reported fourth-quarter profit that beat the average analyst estimate and increased its share buyback by $750 million.
Sara Lee Corp. (SLE US) climbed 2 percent to $18.72. JBS SA, the Brazilian meat processor submitted a verbal takeover offer for the Downers Grove, Illinois-based company, Reuters said, citing sources.
Tellabs Inc. (TLAB US) tumbled 20 percent to $5.64 for the biggest retreat in the S&P 500. The maker of telecommunications equipment forecast first-quarter revenue of $335 million at most. The average analyst estimate in a Bloomberg survey was for sales of $401.8 million. Morgan Stanley cut the shares to “underweight” from “equal weight.”
Texas Instruments Inc. (TXN US) fell 2.3 percent to $33.85 after sliding 2.8 percent, the most intraday since Dec. 10. The largest analog chipmaker forecast first-quarter earnings that may be as low as 54 cents a share, compared with the average analyst estimate for 57 cents. Revenue this quarter may also fall short of estimates, the company said.
Other chipmakeers declined: Micron Technology Inc. (MU US) fell 1 percent to $9.95. SanDisk Corp. (SNDK US) slumped 4.3 percent to $48.51. Advanced Micro Devices Inc. (AMD US) dropped 3.8 percent to $7.39.
Travelers Cos. (TRV US) rose 1.5 percent to $56.43 and climbed to $57.78 earlier, the highest intraday price since September 2008. The top gainer among financial firms in the Dow Jones Industrial Average last year said fourth-quarter profit fell 30 percent as catastrophe costs climbed and investment gains narrowed. Operating profit, which excludes some investment results, was $1.89 a share, beating the $1.66 average estimate of 19 analysts surveyed by Bloomberg.
Verizon Communications Inc. (VZ US) rose 1.5 percent to $35.76, the second-biggest gain in the Dow Jones Industrial Average. The second-largest U.S. telephone company forecast revenue growth this year that topped analysts’ estimates, as it sells more smartphones including Apple Inc.’s iPhone.
VMware Inc. (VMW US) fell 3.8 percent to $84.37 after dropping to $82.12 earlier, the lowest intraday price since Nov. 30. The biggest maker of programs that let computers run multiple operating systems said it sees no operating-margin expansion in 2011.
To contact the reporters on this story: Jennifer A. Johnson in New York at Jjohnson156@bloomberg.net
To contact the editor responsible for this story: Nick Baker at firstname.lastname@example.org.