American Express, JPMorgan, LDK, Lorillard: 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.
Financial stocks rallied after the Federal Reserve cleared some of the 19 largest U.S. banks to increase dividends, buy back shares or repay the government. JPMorgan Chase & Co. (JPM) jumped 2.7 percent to $45.74, the biggest gain in the Dow Jones Industrial Average. Wells Fargo & Co (WFC) rose 1.5 percent to $31.83. Both banks increased dividends and authorized share repurchases.
American Express Co. (AXP) climbed 1.7 percent to $44.17 after the credit-card issuer said it may buy back shares in 2011. SunTrust Banks Inc. (STI) increased 4.7 percent to $29.59 after saying it will sell stock and issue debt to help repay a U.S. bailout. US Bancorp. (USB) advanced 1.1 percent to $26.65, after it boosted its dividend.
Goldman Sachs Group Inc. (GS) climbed 2.7 percent to $159.96, the most since Jan. 3, after winning approval for a potential dividend increase and stock buyback. The fifth-biggest U.S. bank by assets said it will buy back $5 billion of preferred stock sold to Warren Buffett’s Berkshire Hathaway Inc. (BRK/B) (BRK/B US) at the height of the 2008 financial crisis.
Amylin Pharmaceuticals Inc. (AMLN US) declined 4.6 percent to $10.44, the lowest intraday price since May 2009. The San Diego-based drugmaker suspended an obesity-treatment trial as it investigates a safety concern from a previous study.
Caterpillar Inc. (CAT) rose the second-most in the Dow, climbing 1.9 percent to $105.06. The world’s largest construction equipment maker said its global retail sales of machines jumped 59 percent from a year earlier for the three months ended February. That’s the fastest growth since at least June 2010, Bloomberg data show.
Centerpoint Energy Inc. (CNP) rallied 9.7 percent to $16.67, the second-biggest gain in the Standard & Poor’s 500 Index. The Texas Supreme Court ruled the gas and electric utility company will be allowed to recover potential required refunds of about $1.5 billion, according to JPMorgan Chase analyst Andrew Smith.
Clear Channel Outdoor Holdings Inc. (CCO) climbed 6.6 percent, the most since May 27, to $14.15. The world’s largest billboard owner was boosted to “above average” from “average” by Caris & Co.
ELoyalty Corp. (ELOY US) rose 8.9 percent, the most since Jan. 3, to $7.43. The business consultant agreed to sell its integrated contact solutions business to TeleTech Holdings Inc. (TTEC) for $40.8 million.
Federal-Mogul Corp. (FDML) jumped 9.6 percent, the most since Sept. 1, to $24.78. The auto-parts supplier said it retained Lazard Ltd. to help with evaluating strategic alternatives.
Gordmans Stores Inc. (GMAN) increased 15 percent, the most since Dec. 2, to $16.38. The owner of discount retail department stores forecast first-quarter earnings at least 34 cents a share, beating the average analyst estimate of 33 cents in a Bloomberg survey.
Intuit Inc. (INTU) rose 3.1 percent to $49.92 for the biggest gain since Feb. 18. The provider of tax and personal-finance software said its total sales of TurboTax federal units grew 23 percent from a year earlier during the period from Feb. 13 through March 12, while online unit sales jumping 30 percent. The “figures suggest Intuit is growing units faster than the overall tax market,” Cowen & Co. said in a note to clients.
JDS Uniphase Corp. (JDSU) slipped 6.1 percent to $18.93, the lowest price since Feb. 3. The biggest U.S. network-analysis company had its share-price estimate cut to $28 from $32 by Stifel Nicolaus & Co., which said “the inventory correction and slowdown for the optical industry is likely to last at least until the end of summer, and the pace of growth in end market demand is also likely to decelerate in the short term.”
Ciena Corp. (CIEN) , a maker of network gear for phone companies, lost 6.6 percent to $23.10.
LDK Solar Co. (LDK US) slipped 8.2 percent, the most since Nov. 30, to $11.47. The Chinese maker of solar energy products raised its 2011 revenue estimate to between $3.5 billion and $3.7 billion, from $2.9 billion to $3.3 billion. The average analyst projection is for $3.1 billion, according to data compiled by Bloomberg.
Longtop Financial Technologies Ltd. (LFT US) rose 12 percent, the most since May 2009, to $33.36. The Chinese maker of banking software said it may buy back as much as $50 million of its shares.
Lorillard Inc. (LO) rose the most in the S&P 500, jumping 11 percent to $87.11. A ban on menthol cigarettes is “unlikely” following a study by the Food and Drug Administration, Moody’s Investors Service said. Removing menthol cigarettes from the U.S. market would benefit public health, members of an advisory panel said in a preliminary report. Lorillard’s Newport is the top-selling menthol brand.
Motorola Mobility Holdings Inc. (MMI) had the third-biggest gain in the S&P 500, climbing 5 percent to $26.27. The mobile-phone maker was raised to “buy” from “neutral” at UBS AG, which said the stock’s weakness presents a buying opportunity. The shares had dropped 31 percent from a peak on Jan. 19 through yesterday.
Nike Inc. (NKE) slumped 9.2 percent to $77.59 for the biggest retreat in the S&P 500. The world’s largest maker of athletic shoes posted third-quarter earnings and revenue that missed the average analyst estimate, Bloomberg data show.
Polypore International Inc. (PPO) dropped 6.3 percent, the most since Nov. 4, to $52.18. The maker of battery components said stockholders including its Chief Executive Officer Robert Toth and shareholder Warburg Pincus are selling a combined 4.5 million shares.
SeaChange International Inc. (SEAC) fell 4.9 percent to $8.80, the lowest price since Feb. 22. The maker of video-on-demand equipment and software forecast first-quarter earnings excluding some items of 3 cents a share at most, trailing the average estimate of 15 cents from two analysts in a Bloomberg survey.
Unilife Corp. (UNIS) jumped 13 percent, the most since Aug. 27, to $5.31. Chief Executive Officer Alan Shortall bought 105,452 shares of medical-device maker on March 15 and 16, according to a regulatory filing.
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