Delta Air Lines, Exxon, Fastenal, Monsanto: U.S. Equity Movers
Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are of 4 p.m. in New York.
Airlines rose as crude oil prices fell after Japan raised the severity rating of its nuclear crisis to the highest level and prices above $100 a barrel threatened the global economic recovery. The NYSE Arca Airline Index advanced 1.3 percent.
Energy stocks declined after crude for May delivery fell 3.3 percent to settle at $106.25 a barrel in New York.
Exxon Mobil Corp. (XOM) slipped 2.3 percent to $83.18. Chevron Corp. (CVX) retreated 3.3 percent to $104.18. Pioneer Natural Resources Co. (PXD) slumped 5 percent to $97.19, the third biggest decline in the Standard & Poor’s 500 Index.
Alcoa Inc. (AA) fell 6 percent to $16.70, for the biggest drop in the S&P 500. The largest U.S. aluminum producer reported first-quarter revenue of $5.96 billion, missing the average estimate of $6.06 billion from eight analysts in the Bloomberg survey.
Community Health Systems Inc. (CYH) rose the most in the Russell 1000 Index, climbing 22 percent to $31.48. The hospital operator’s 36 percent decline yesterday following a lawsuit by Tenet Healthcare Corp. (THC) for allegedly overbilling Medicare was “overdone,” Susquehanna Financial Group wrote in a note to clients. Tenet rose 1.9 percent to $6.56.
Another hospital operator, Health Management Associates Inc. (HMA) , gained 2.7 percent to $10.44.
Durect Corp. (DRRX) fell 6.6 percent, the most since Aug. 13, to $3.27. The maker of drug-delivery systems said a phase II clinical trial of Eladur, an experimental patch to treat the pain from shingles, didn’t make enough of a difference to meet the primary endpoint.
Extreme Networks (EXTR) Inc lost 15 percent, the most since March 2009, to $2.89. The maker of computer-network switches said third-quarter sales were $76.5 million at most. Two analysts surveyed by Bloomberg estimated $83.9 million, on average.
Fastenal Co. (FAST) slumped 4.4 percent, the most since Oct. 12, to $64.54. First-quarter earnings of 54 cents a share for the largest U.S. retailer of nuts, bolts and other fasteners may have been below expectations, according to Ryan Merkel, an analyst at William Blair & Co. in an e-mail. The stock has also “had a nice run so a temporary pullback is not too surprising,” he wrote.
Micrel Inc. (MCRL) fell 8.9 percent, the most since July 23, to $13.12. The maker of chips for computers and communication gear said first-quarter profit was no more than 14 cents a share, missing its earlier forecast of 17 cents a share to 19 cents as well as the average analyst estimate of 18 cents, according to Bloomberg data.
Safe Bulkers Inc. (SB) tumbled 10 percent to $8.30 for the biggest intraday decline since May 2009. The provider of marine dry-bulk transportation services said it will offer 5 million shares to fund ship acquisitions and other general corporate purposes. Additional stock can dilute the value of existing shares.
Skilled Healthcare Group Inc. (SKH) jumped 7.4 percent to $15.05 for the biggest gain since April 4. The operator of nursing and assisted-living homes said it has hired JPMorgan Chase & Co. to explore strategic alternatives to maximize stockholder value, including a sale of the company’s real estate assets or the whole company.
Tyco International Ltd. (TYC) rose 7.4 percent to $52.33, the highest price since July 2007. The world’s largest maker of securities systems surged on a report by London’s Telegraph newspaper that Schneider Electric SA (SU FP) is intensifying efforts in a possible bid for the company. A Tyco spokesman, Paul Fitzhenry, declined to comment. Anthime Caprioli, a Schneider spokeswoman, couldn’t immediately be reached for comment.
WMS Industries Inc. (WMS) fell 17 percent to $30.01 for the biggest retreat in the Russell 1000 Index. The maker of Monopoly and Wizard of Oz slot machines reported third-quarter profit of no more than 42 cents a share. Analysts had predicted 52 cents, the average of 19 estimates in a Bloomberg survey.
International Game Technology (IGT) , the world’s biggest maker of slot machines erased 3.2 percent to $15.38.
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