Ford, Health Management, Howard Hughes: 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 1:45 p.m. in New York.
American Medical Systems Holdings Inc. (AMMD) surged 32 percent to $29.46 after climbing to $29.53, the highest intraday price since it went public in August 2000. The supplier of medical devices to physicians specializing in urological disorders agreed to be bought by Endo Pharmaceuticals Holdings Inc. (ENDP) for $30 a share, or $2.9 billion in cash. Endo added 2.2 percent to $41.75.
Biogen Idec Inc. (BIIB) gained 6.8 percent to $78.29 for the biggest increase in the Standard & Poor’s 500 Index. The world’s largest maker of multiple sclerosis medicines said a study showed its experimental MS pill reduced patients’ relapse rate after two years.
Community Health Systems Inc. (CYH) slumped 29 percent to $28.28 after triggering stock-trading curbs a record five times. The hospital operator was sued by Tenet Healthcare Corp. (THC) for allegedly overbilling Medicare. Tenet said in a Securities and Exchange Commission filing that it is claiming Community Health’s ability to finance its hostile bid for Tenet is impaired because its stock is worth less than stated. Tenet fell the most in the S&P 500, sinking 12 percent to $6.67.
Tomi Galin, a spokeswoman for Franklin, Tennessee-based Community Health, didn’t immediately return a call seeking comment.
Another hospital operator, Health Management Associates Inc. (HMA) , slumped 6.8 percent to $9.94.
Electronics for Imaging Inc. (EFII) climbed 17 percent to $17.51 after jumping as much as 21 percent, the most intraday since September 2005. The digital-printing company said it earned at least 27 cents a share in the first quarter, including a currency benefit of 3 cents a share. That beat the average analyst estimate of 16 cents in a Bloomberg survey.
Global Crossing Ltd. (GLBC) surged 57 percent to $23.26, the biggest advance in the Russell 2000 Index. Level 3 Communications Inc. (LVLT) agreed to buy the telecommunications provider in an all-stock transaction worth $23.04 a share based on Level 3’s closing price April 8, with a total deal value of about $1.9 billion. Level 3 soared 9.7 percent to $1.58 for the biggest gain in the Russell 1000 Index.
Howard Hughes Corp. (HHC) tumbled 9.2 percent to $58.55 after sliding 12 percent4, the most intraday since the property company was spun off from General Growth Properties Inc. in November. Shareholders were “scared away” by the $503 million in 2010 writedowns the company reported on April 8, according to Wilkes Graham, an analyst at Compass Point Research & Trading LLC. “The stock trades 200,000 shares per day, so it takes time,” he said.
Madison Square Garden Inc. (MSG) increased 5.1 percent to $29.01 and jumped 8.7 percent earlier, the most intraday since May 7. The owner of the New York Knicks may rise to the mid-$40’s as the economy improves and its sports programs attract more advertisers, Barron’s reported.
Molycorp Inc. (MCP) jumped 5.9 percent to $71.16 after climbing to $72.74, the highest intraday price since it went public in July 2010. The owner of the world’s largest rare-earth deposit outside China had its price estimate raised to $90 from $74 at JPMorgan Chase & Co., which cited higher prices for the metals.
Monsanto Co. (MON) added 1 percent to $66.91 and advanced 2.7 percent earlier, the most intraday since March 31. The world’s largest seed company was raised to “buy” from “hold” at Deutsche Bank AG. The 12-month share-price is $78.
QuickLogic Corp. (QUIK) lost 17 percent to $4.04 after slumping 22 percent, the most intraday since November 2009. The provider of software solutions for mobile electronics slumped 17 percent to $4.06 and cut its first-quarter revenue forecast to $5.5 million. That compares with the $6.8 million average estimate of two analysts, Bloomberg data show.
Tasty Baking Co. (TSTY) soared 147 percent to $3.97, the most intraday since at least 1980. The maker of Tastykake snacks is being acquired by Flowers Foods Inc. (FLO) for about $34 million or $4 a share. Flowers Foods, the U.S. baker whose labels include Nature’s Own bread, advanced 2.8 percent to $28.42.
Transocean Ltd. (RIG) gained 3.1 percent to $82.09 after advancing 4.3 percent earlier, the most intraday since Jan. 18. Morgan Stanley raised its recommendation on the offshore oil driller to “overweight” from “equal-weight.”
Tyco International Ltd. (TYC) jumped 3.8 percent to $48.95 and climbed to $49.75 earlier, the highest intraday price since July 2007. Schneider Electric SA (SU FP) is weighing a takeover offer for Tyco that would make the French company the world’s biggest maker of security systems, said three people with knowledge of the matter.
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