Barnes & Noble, Brocade, Evergreen Solar: 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.
Acorda Therapeutics Inc. (ACOR) surged 14 percent to $30.38, the highest price since Jan. 11. The company won conditional backing of European Union regulators for a drug it makes with Biogen Idec Inc. (BIIB US) to improve walking in multiple sclerosis patients.
Aeropostale Inc. (ARO) fell 14 percent to $18.30 for the second-biggest retreat in the Russell 1000 Index. The teen- clothing retailer forecast second-quarter profit of no more than 16 cents a share, below the average analyst estimate of 27 cents a share.
Rival American Eagle Outfitters Inc. (AEO) slumped 7.5 percent to $13.52.
Akamai Technologies Inc. (AKAM) gained 4.7 percent, the most since Sept. 2, to $34.20. SunTrust Robinson Humphrey Inc. reiterated its “buy” rating on the operator of a server network that helps websites load faster, saying Akamai will remain a leader in its market. The shares had fallen 20 percent since April 27, creating an “opportunity” for investors, Robinson Humphrey said in a report.
Anadarko Petroleum Corp. (APC) rose 4.1 percent, the most since Feb. 17, to $74.58. The company, holder of a 25 percent stake in the Macondo well that caused the biggest offshore U.S. oil spill, rose after operator BP Plc settled spill-cost claims with its other partner in the project.
Aruba Networks Inc. (ARUN) slumped 17 percent, the most in the Russell 2000 Index, to $27.10. The builder of wireless networks reported third-quarter profit excluding some items of 16 cents a share, topping the 15-cent average estimate of analysts in a Bloomberg survey.
Autodesk Inc. (ADSK) fell 4.6 percent, the most since Feb. 23, to $42.35. The maker of software used in bridge design and movie special effects said that, excluding some items, it expects to earn 37 cents to 41 cents a share in the second quarter. Analysts, on average, estimated profit of 40 cents, according to a Bloomberg survey.
Barnes & Noble Inc. (BKS) surged 30 percent, the most since its initial public offering in 1993, to $18.33. The bookstore chain that began exploring a possible sale last year received a buyout offer from John Malone’s Liberty Media Corp. valuing the company at about $1 billion. Liberty Media offered $17 a share, a 20 percent premium to yesterday’s closing price.
Brocade Communications Systems Inc. (BRCD) gained 6.5 percent, the most intraday since Sept. 22, to $6.67. The biggest maker of switches for data-storage networks reported fiscal second-quarter earnings of 13 cents a share excluding some items, beating the 10-cent average analyst estimate in a Bloomberg survey.
China Yuchai International Ltd. (CYD) dropped 14 percent to $21.03, the lowest price since Oct. 20. China’s largest maker of diesel engines said President Boo Guan Saw will resign to spend more time with his family. Piper Jaffray cut the stock’s rating to “neutral” from “overweight.”
Evergreen Solar Inc. (ESLR) plunged 10 percent to 90 cents, the lowest price since its November 2000 IPO. A Massachusetts economic development board decided yesterday to discontinue tax breaks for the maker of thin polysilicon wafers, the Boston Globe reported.
Foot Locker Inc. (FL) gained 13 percent to $25.11, the biggest increase in the Russell 1000 Index. The athletic shoe and apparel retailer reported first-quarter revenue of $1.45 billion, beating the average analyst estimate by 8.2 percent.
Gap Inc. (GPS) sank 17 percent to $19.22 for the biggest loss in the Standard & Poor’s 500 Index. The largest U.S. apparel chain cut its full-year profit forecast by 22 percent as costs to make clothes rose faster than expected. Expenses per unit will rise 20 percent in the second half, outweighing price increases, Gap said.
Other retailers also declined. J.C. Penney Co. (JCP US) slipped 4.9 percent to $36.10. Urban Outfitters Inc. (URBN) retreated 3.2 percent to $31.51.
ImmunoGen Inc. (IMGN) slipped 5.7 percent, the most since Jan. 28, to $12.01. The maker of anticancer drugs said it may sell an undetermined number of shares depending on market conditions. Additional stock can dilute the value of existing shares.
Kirkland’s Inc. (KIRK) dropped 9.7 percent, the most since Nov. 19, to $13.50. The home accessories and gifts retailer forecast full-year earnings of $1.05 a share at most. That trailed the average analyst estimate of $1.22 in a Bloomberg survey.
Nordson Corp. (NDSN) fell 6.9 percent, the most since March 2009, to $50.66. The maker of adhesive equipment forecast third-quarter earnings to be as low as 84 cents a share, falling short of the average analyst estimate of 88 cents.
Opnext Inc. (OPXT) rose the most in the Russell 2000, surging 39 percent to $2.60. The maker of optical components for communications networks was boosted to “buy” from “neutral” at B. Riley & Co., which said the stock’s valuation is “compelling.”
Red Robin Gourmet Burgers Inc. (RRGB) surged 23 percent, the most since its July 2002 IPO, to $35.08. The restaurant operator reported first-quarter profit excluding some items of 58 cents a share. Analysts, on average, estimated the company to earn 24 cents a share, according to a Bloomberg survey.
Salesforce.com Inc. (CRM) rose 8 percent to $146.61 for the biggest increase in the S&P 500. The largest supplier of customer-management software forecast fiscal second-quarter sales and profit that topped estimates as the company added clients.
Shaw Group Inc. (SHAW) lost 4.1 percent, the most since March 14, to $37.32. The U.S. Nuclear Regulatory Commission said it found “additional technical issues” in a review of the AP1000 reactor design. Shaw Group is the engineering company on the reactor.
Stec Inc. (STEC) rose 12 percent, the most since April 2010, to $16.42. Chief Executive Officer Manouch Moshayedi and President Mark Moshayedi bought a combined 438,019 shares in the maker of flash-memory drives this week, according to regulatory filings.
Trilogy Energy Corp. (TET) gained 11 percent to $26.15, the highest intraday price since at least April 2010. The company, which produces oil and gas in Canada, reported first-quarter cash flow that topped the average analyst estimate.
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