Arkansas Best, Avid Technology, Ultratech: 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.
American Apparel Inc. (APP) jumped 27 percent, the most since June 14, to $1.58. A group of Canadian investors agreed to inject up to $45 million to help keep the clothier out of bankruptcy, the Los Angeles Times reported, without saying where it got the information. Four people familiar with the matter told Bloomberg News last week that the company’s board authorized raising money from outside investors.
Arkansas Best Corp. (ABFS) dropped 8 percent, the most since May 25, to $23.34. The trucking company reported a first- quarter loss excluding some items of 51 cents a share, compared with the 21-cent average loss estimate of analysts in a Bloomberg survey.
Avid Technology Inc. (AVID) slumped 11 percent, the most since October 2009, to $18.93. The maker of software for digital audio and video production reported a first-quarter adjusted loss excluding some items of 2 cents a share, compared with the average profit estimate of 9 cents from analysts surveyed by Bloomberg.
International Game Technology (IGT) jumped 9.3 percent, the most since July 2009, to $17.84. The world’s biggest maker of slot machines reported second-quarter profit excluding some items of 23 cents a share, topping the average analyst estimate of 21 cents.
Pharmasset Inc. (VRUS) lost 8 percent, the most since May 6, to $99.39. The developer of drugs to treat viral infections reported fiscal second-quarter sales of $247 million, less than the average analyst estimate of $441.6 million.
Polycom Inc. (PLCM) jumped 13 percent to $58.43, the highest price since November 2000. The largest independent maker of videoconference systems said first-quarter profit was 48 cents a share excluding some items, beating the 42-cent average estimate by analysts.
Sohu.com Inc. (SOHU) gained 8.8 percent to $104.14, after rising to $107.57, a record price. The operator of China’s fifth-most-visited website reported first-quarter earnings of $1.01 a share, beating the average analyst estimate by 5.8 percent, according to Bloomberg data. The better-than-estimated profit came after the company boosted sales of online advertising and Internet games.
Travelzoo Inc. (TZOO) jumped 7.2 percent to $101, the highest price since December 2004. Chris Loughlin, chief executive officer of the Internet travel marketer, told CNBC that business is improving worldwide. The company was raised to “buy” from “hold” at Benchmark, which said the company’s Internet travel advertising growth is “holding solid.”
Ultratech Inc. (UTEK) advanced 11 percent to $32.38, the highest price since January 2004. The producer of equipment used to make semiconductors was raised to “buy” from “neutral” at Bank of America Corp., which cited the company’s balance sheet and growth potential.
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