Best Buy, GameStop, Home Depot, Red Hat: 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.
Amazon.com Inc. (AMZN) rose 3.5 percent to $171.10 for the biggest gain since March 4. The largest e-commerce company was raised to “outperform” from “market perform” at William Blair & Co.
Arctic Cat Inc. (ACAT) rallied 4.2 percent to $14.55, the highest price since Feb. 11. The maker of all-terrain recreation vehicles was raised to “buy” from “hold” at KeyBanc Capital Markets Inc.
Bank of America Corp. (BAC US) had the second biggest decline in the Dow Jones Industrial Average, sinking 1.3 percent to $13.48. The biggest U.S. lender was cut to “market perform” from “outperform” at FBR Capital Markets. The bank may not have the earnings power to be in compliance with the new capital requirements, analyst Paul Miller said in a note to clients.
Best Buy Co. (BBY) slipped 5.4 percent, the most since Dec. 14, to $30.13. The world’s largest consumer electronics retailer forecast full-year profit that trailed some analysts’ projections, citing economic challenges.
Charming Shoppes Inc. (CHRS US) surged 17 percent to $3.47 and rose as much as 21 percent earlier, the most intraday since April 2009. The women’s apparel retailer reported an adjusted fourth-quarter loss of 8 cents a share, beating the 20-cent loss average estimate of three analysts. Sales in the same period were $575.8 million, surpassing the prediction of $553 million by analysts.
Drugstore.com Inc. (DSCM US) rose the most since 1999, more than doubling to $3.82. Walgreen Co. (WAG) agreed to buy the online pharmacy for $3.80 a share, or about $409 million.
Ford Motor Co. (F) gained 5.1 percent, the most since Nov. 3, to $15.04. The second-largest U.S. automaker rose as consumer information firm J.D. Power and Associates upgraded its new-vehicle retail sales forecast for 2011 to 10.6 million from 10.5 million.
GameStop Corp. (GME) rose 2.9 percent to $21.73, the highest price since Jan. 5. The world’s largest video-game retailer said it expects “solid growth” in 2011 and said it may conduct a share and debt repurchase program. The company earlier forecast first-quarter profit excluding some items of at least 53 cents a share, beating the average analyst estimate of 52 cents in a Bloomberg survey.
Harry Winston Diamond Corp. (HWD US) fell 3.8 percent to $14.36 for its biggest decline since Feb. 22. Kinross Gold Corp. sold 7.1 million shares in the mining company and jewelry retailer, representing a stake of about 8.5 percent, for about C$100 million ($102.7 million).
Imax Corp. (IMAX) rose 13 percent, the most since Oct. 28, to $29.99. The operator of large-screen movie theaters plans to open at least 100 theaters a year for two to three years, said Richard Gelfond, the company’s chief executive officer.
Micron Technology Inc. (MU) advanced 8.4 percent, the most since June 15, to $11.50. The largest U.S. maker of computer-memory chips reported fiscal second-quarter sales of $2.26 billion, beating the average estimate of 2.06 billion by 19 analysts in a Bloomberg survey.
Omnova Solutions Inc. (OMN) surged 13 percent, the most since September 2009, to $7.65. The polymer maker posted first-quarter profit excluding some items of 14 cents a share, beating the average analyst estimate by 61 percent, according to Bloomberg data.
Paychex Inc. (PAYX) fell 4 percent to $30.96, the second-biggest decline in the Standard & Poor’s 500 Index. Oppenheimer & Co. analyst Glenn Greene said that while the company’s third-quarter earnings were “in line” with his estimate, new sales appear to have been “disappointing,” citing comments from management at the seller of payroll and human-resource services to small- and medium-size businesses.
Powerwave Technologies Inc. (PWAVQ) climbed 3.8 percent to $4.66, the highest price since September 2008. The maker of wireless communications products was raised to “buy” from “neutral” at CL King & Associates Inc.
Red Hat Inc. (RHT) gained 18 percent to $47.26, the biggest gain in the S&P 500. The largest seller of the Linux operating system posted a profit of 26 cents a share excluding some items, beating the 22 cent average of 22 estimates in a Bloomberg survey.
Scholastic Corp. (SCHL) slid 11 percent, the most since September 2008, to $27.74. The children’s publishing company cut its forecast for adjusted earnings in 2011 to no more than $1.40 a share, down from earlier guidance of at least $1.80 a share. The lowered forecast misses the average analyst estimate of $1.93.
Smithfield Foods Inc. (SFD US) rose 5.6 percent to $23.97 and rallied 6 percent earlier, the most intraday since Dec. 9. The world’s largest pork producer was raised to “‘buy” from “hold” at BB&T Capital Markets.
Steelcase Inc. (SCS) advanced 11 percent, the most since November 2009, to $10.58. The maker of office furniture reported fourth-quarter profit of 11 cents a share, excluding some items, beating the average analyst estimate by 41 percent, Bloomberg data show.
Talbots Inc. (TLB US) rallied 23 percent, the most since February 2009, to $5.89. The Hingham, Massachusetts-based retailer said its loss in the fourth-quarter was 14 cents a share, beating the 18-cent loss average estimate by analysts.
Trident Microsystems Inc. (TRID US) rose 29 percent, the most since 1992, to $1.15. The maker of graphic chips for digital televisions had a system-on-a-chip design incorporated into a new line of Hisense televisions for the Japanese market and said its chips are powering one of the first trial deployments of Next Generation Broadcasting in China.
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