Cisco, Ethan Allen, La-Z-Boy, ShoreTel: 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 10:05 a.m. in New York.
American Superconductor Corp. (AMSC) plunged 47 percent to $13.20 for the biggest drop in the Russell 2000 Index. The maker of wind-turbine components and transmission lines said it expects to report a loss for the fiscal fourth-quarter after Sinovel Wind Group Co. refused to accept shipments. Revenue may be less than $42 million, the company said.
Broadcom Corp. (BRCM) climbed 3.7 percent to $39.88 for the biggest gain in the Standard & Poor’s 500 Index. The biggest maker of chips for television set-top boxes was raised to “outperform” from “market perform” by Oppenheimer & Co.
Cisco Systems Inc. (CSCO) rose the most in the Dow Jones Industrial Average, climbing 2.2 percent to $17.60. The world’s largest maker of networking equipment may sell or spin off its consumer business, Morgan Stanley said in a note.
Genpact Ltd. (G) gained 4.8 percent to $15.48 after jumping 5.2 percent earlier, the most intraday since Feb. 7. The outsourcing company spun off by General Electric Co. said it agreed to buy Headstrong Corp. for $550 million in cash.
La-Z-Boy Inc. (LZB) rallied 9.2 percent to $10.74 and increased 13 percent earlier, the most intraday since Feb. 16. The maker of living-room recliners was boosted to “buy” from “hold” at Keybanc Capital Markets.
The brokerage also raised Ethan Allen Interiors Inc. (ETH) to “hold” from “underweight” and the stock climbed 10 percent to $24.29.
Louisiana-Pacific Corp. (LPX) fell 4 percent to $9.93 and slipped to $9.86 earlier, the lowest intraday price since March 23. The world’s largest maker of pressed-wood panels was cut to “neutral” from “outperform” at Credit Suisse Group AG.
MSC Industrial Direct Co. (MSM) rallied 8.1 percent to $76.19 and climbed to $79.22 earlier, the highest intraday price since it went public in 1995. The maker of metalworking supplies forecast third-quarter earnings of at least 90 cents a share, beating the 82-cent average estimate of analysts.
Fastenal Co. (FAST) , the largest U.S. retailer of nuts, bolts and other fasteners, rose 3.5 percent to $69.09.
Monsanto Co. (MON) dropped the most in the Standard & Poor’s 500 Index, sliding 2.7 percent to $71.60. The world’s largest seed company reported sales in the second quarter of $4.13 billion, missing the average analyst estimate of $4.15 billion.
ShoreTel Inc. (SHOR) advanced 8.6 percent to $9.70 and rose to $10.02 earlier, the highest intraday price since January 2008. The U.S. maker of Internet phone systems for businesses had it share-price estimate increased to $12.50 from $9.50 at Piper Jaffray Cos.
Transatlantic Holdings Inc. (TRH) gained 3.5 percent to $50.94 and jumped 4.1 percent earlier, the most intraday since May 27. The reinsurer formerly owned by American International Group Inc. said first-quarter catastrophes cost the firm about $355 million, including about $240 million from last month’s Japanese earthquake and tsunami.
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