Kindred, MEMC, Occidental, Pitney Bowes, VF: 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.
Nursing home companies fell on concern a U.S. Medicare proposal may impose an 11 percent rate cut on the industry. Kindred Healthcare Inc. (KND) dropped 9.2 percent to $25.22. Sun Healthcare Group Inc. (SUNH US) slid 14 percent to $11.79. Skilled Healthcare Group Inc. (SKH) declined 16 percent to $12.12.
Ancestry.com Inc. (ACOM US) rallied 43 percent to $45.70, the biggest gain since its initial public offering in November 2009. The world’s largest online provider of family histories forecast second-quarter revenue of at least $98 million, more than the $92.2 million projection from the average of analyst estimates in a Bloomberg survey.
Caterpillar Inc. (CAT) advanced 2.5 percent to $115.41, for the biggest gain in the Dow Jones Industrial Average. The world’s largest maker of construction equipment reported first-quarter profit was $1.84 a share, beating the $1.31 average analyst estimate. The Peoria, Illinois-based company also lifted its forecast for 2011 to as much as $6.75 a share, topping the $6.30 prediction by analysts.
Cerner Corp. (CERN) climbed 7.2 percent to $120.18, the highest price since at least March 1987. The provider of medical records technology reported first-quarter earnings excluding some items that beat average analyst estimates by 4.4 percent, according to Bloomberg data.
Coventry Health Care Inc. (CVH US) slipped 6.1 percent, the most since September 2009, to $32.27. The managed health-care company forecast full-year earnings of between $2.65 and $2.85 a share. Analysts, on average, estimated $2.85, according to a Bloomberg survey.
Deckers Outdoor Corp. (DECK) retreated 10 percent, the most since July 24, to $84.86. The maker of Ugg boots and Teva sandals forecast a loss in the second quarter of 25 cents a share, wider than the 3-cent loss projected by analysts on average.
Eastman Chemical Co. (EMN) rose 4.23 percent to $107.25, the highest price since December 1993. The largest U.S. maker of plastics for water bottles said it expects 2011 earnings to be “slightly higher than” $9 a share. Analysts, on average, estimated $8.32, according to a Bloomberg survey.
Global Indemnity Plc (GBLI) surged 17 percent, the most since December 2003, to $25.54. The property and casualty insurer said it has hired Morgan Stanley to evaluate strategic alternatives, including a sale of the company.
Goodyear Tire & Rubber Co. (GT) rallied 12 percent, the biggest gain in the Standard & Poor’s 500 Index, to $18.15. The largest U.S. tiremaker reported first-quarter adjusted earnings of 51 cents a share, more than quadrupling the 11-cent average estimate made by analysts.
Ingram Micro Inc. (IM) slid 11 percent, the most since November 2008, to $18.73. The distributor of information-technology products reported adjusted first-quarter earnings of 34 cents a share, missing the 48-cent average analyst estimate. The Santa Ana, California-based company was removed from the “conviction buy” list at Goldman Sachs Group Inc. and cut to “hold” from “buy” at Stifel Nicolaus & Co.
KVH Industries Inc. (KVHI) lost 17 percent, the most since November 2008, to $13.10. The maker of antennas for satellite television cut its full-year earnings and revenue forecasts.
Leggett & Platt Inc. (LEG) rose 7.1 percent, the most since May 2010, to $26.29. The maker of lumbar supports for car seats increased its full-year forecast after first-quarter earnings exceeded analysts’ estimates.
Lithium Exploration Group Inc. (LEXG) tumbled 65 percent, the most since Nov. 5, to $3.70. The mineral exploration company said it obtained $1 million of financing by selling shares to an unidentified investor at the average price over the past five days. The stock had risen from $3.95 to $10.75 over the period. Chief Executive Officer Alex Walsh pledged 10 million of his own shares to facilitate additional funding, the company said.
Microsoft Corp. (MSFT) slipped 3 percent, the largest decline in the Dow Jones Industrial Average, to $25.92. The world’s top software maker reported third-quarter sales in the Windows division that missed analysts’ predictions as consumers shunned its products in favor of tablets such as Apple Inc.’s iPad.
Monster Worldwide Inc. (MWW) fell the most in the S&P 500, erasing 7.8 percent to $16.41. The world’s largest online-recruiting company forecast second-quarter earnings to be as low as 6 cents a share, below the 9-cent average estimate by analysts.
On Assignment Inc. (ASGN) rose 19 percent to $10.99 after reporting first-quarter earnings excluding some items that beat analyst estimates by 27 percent.
Motorola Mobility Holdings Inc. (MMI) jumped 8.6 percent, the most since Jan. 4, to $26.06. The handset maker, spun off in January from parent Motorola Inc., reported a narrower first-quarter loss than analysts projected as it sold more Droid and Atrix phones.
Netgear Inc. (NTGR) jumped 23 percent to $41.75, the highest price since its July 2003 IPO. The maker of modems and routers forecast sales in the second quarter to be at least $270 million, topping the $240.3 million estimate by analysts on average.
Newell Rubbermaid Inc. (NWL) slid 3.4 percent, the most since Aug. 11, to $19.06. The maker of food-storage and home products reported first-quarter sales of $1.30 billion, trailing the average analyst estimate by 2.2 percent, Bloomberg data show.
Occidental Petroleum Corp. (OXY) advanced 8.7 percent to $114.29, the highest price since at least 1980. The biggest onshore oil producer in the continental U.S. had its share-price estimate increased to $125 from $120 by Deutsche Bank AG, which cited an acceleration of approval of development permits in California.
Pitney Bowes Inc. (PBI) fell 6.2 percent, the most since Aug. 4, to $24.56. The maker of postal meters reported fourth-quarter adjusted profit reported first-quarter sales of $1.32 billion, trailing the average analyst estimate by 2.4 percent, Bloomberg data show.
Research In Motion Ltd. (BB) declined 14 percent, the most since September 2009, to $48.65. The BlackBerry maker cut its earnings forecast for the quarter ending May 28 to a range of $1.30 a share to $1.37 a share. Last month, the company had forecast profit of $1.47 a share to $1.55 a share.
Skyworks Solutions Inc. (SWKS) rallied 14 percent, the most since February 2009, to $31.46. The wireless semiconductor company forecast third-quarter earnings to be 46 cents a share, exceeding the average analyst estimate by 3 cents.
State Bancorp Inc. (STBC US) advanced 20 percent to $13.20, the highest price since October 2008. The holding company for State Bank of Long Island agreed to be bought by Valley National Bancorp (VLY) for $222 million.
SunPower Corp. (SPWR) surged 35 percent, the most since November 2008, to $21.69. Total SA, Europe’s third-biggest oil producer, offered to buy as much as 60 percent of the second-largest U.S. solar module manufacturer at a price of $23.25 a share. MEMC Electronic Materials Inc. (WFR US) climbed 6.1 percent to $11.83. The maker of wafers for the semiconductor and solar industries was boosted to “buy” from “hold” at Wunderlich Securities Inc., which said the company may be a takeover candidate.
VF Corp. (VFC) fell 7.5 percent, the most since April 2009, to $100.56. The apparel maker said inventories increased 24 percent from a year earlier in the first quarter, while sales increased 12 percent.
World Wrestling Entertainment Inc. (WWE) slid 8.1 percent, the most since May 2010, to $10.51. The wrestling entertainment company cut its quarterly dividend to 12 cents a share from 36 cents.
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