Iconix, Intel, Qualcomm, Wal-Mart Stores: U.S. Equity Movers
Shares of the following companies may have unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 8:50 a.m.
A123 Systems Inc. (AONE) gained 3.9 percent to $5.90. The lithium-ion battery maker was raised to “buy” from “neutral” at Bank of America Corp., which said the company should see a rise in shipments in the year’s second half and is well positioned to win new contracts.
Alpha Natural Resources Inc. (ANR) : Massey Energy Co. (MEE US) said that it has no opinion and remains neutral toward the offer by the Abingdon, Virginia-based coal company to purchase all of Massey’s outstanding senior notes due 2013.
Hewlett-Packard Co. (HPQ) dropped 5.3 percent to $37.70. The world’s biggest personal-computer maker cut a billion dollars from its sales forecast for the year and said profit is falling short as consumers hold back buying PCs.
Home Depot Inc. (HD) : The largest U.S. home-improvement retailer said first-quarter profit rose 12 percent, meeting analysts’ estimates, as operating expenses fell faster than sales.
Iconix Brand Group Inc. (ICON) slipped 3.5 percent to $23.10. The company which licenses brands such as Joe Boxer and London Fog to retailers said it intends to offer $275 million of senior notes that may be convertible to shares in a private offering.
Qualcomm Inc. (QCOM) : The biggest maker of mobile-phone chips may replace Intel Corp. (INTC) as baseband supplier in Apple Inc. (AAPL)’s iPhone 5, FBR Capital Markets & Co. analyst Craig Berger said in a note. Intel fell 1.2 percent to $23.36.
Urban Outfitters Inc. (URBN) advanced 0.7 percent to $32.50. The clothing retailer that operates chains including Anthropologie reported first-quarter revenue of $524 million, topping the average analyst estimate of $522.5 million.
Wal-Mart Stores Inc. (WMT) lost 1 percent to $55.50. The world’s largest retailer posted said sales at U.S. Wal-Mart stores open at least a year dropped 1.1 percent, the eighth decline in a row. Customers are still struggling with economic uncertainty, buying more generic items instead of their more costly name-brand counterparts, executives said today on a pre- recorded call.
To contact the editor responsible for this story: Nick Baker at email@example.com.