Agrium, Dex One, Molycorp, Patriot Coal: U.S. Equity Movers
Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 9:45 a.m. New York time.
Agrium Inc. (AGU) rose 3.8 percent to $82.74. The fertilizer producer raised its earnings per share forecast for the second quarter to between $4.10 and $4.40 from $3.38 to $3.88.
Blackstone Group LP (BX) slipped 1.2 percent to $16.43. The private-equity firm will probably be announcing within a week a purchase within Europe, Chief Executive Officer Steve Schwarzman told CNBC, without naming any company.
Buckeye Technologies Inc. (BKI) advanced 0.6 percent to $23.29. The manufacturer of specialty-cellulose products said it will close its Delta, British Columbia, nonwovens facility by the end of 2012 and take a $15 million impairment charge and $5 million in restructuring costs.
Carpenter Technology Corp. (CRS) rose 9 percent to $52.17. The specialty-metals producer said it agreed to acquire Latrobe for about $558 million in a deal that it expects to add immediately to earnings.
CBS Corp. (CBS) lost 0.2 percent to $25.84. The broadcaster may rise 24 percent within a year as it benefits from new sources of revenue and advertising gains in 2012 because of the U.S. presidential election, Barron’s said.
Dex One Corp. (DEXO) surged 37 percent to $2.88. The business advertising company announced a partnership with Google Inc. that is part of its efforts to drive digital sales to 30 percent of total revenue by the end of 2012.
Ford Motor Co. (F) gained 1 percent to $12.90. The automaker’s shares may be undervalued as the company may have its debt ratings upgraded later this year, which would allow it to reinstate its dividend, Barron’s reported in its “The Trader” column.
Microsoft Corp. (MSFT) rose 0.3 percent to $24.34. Shares of the world’s largest software maker may stall without a major shift in strategy, such as a consumer-group spinoff, Barron’s reported.
Nabors Industries Ltd. (NBR) dropped 3 percent to $23.32. The oil and natural gas driller said first quarter earnings before interest and taxes will be hurt by “lower-than- expected results from its pressure pumping, U.S. offshore and international businesses.”
Patriot Coal Corp. (PCX) rose 4.5 percent to $19.84. Goldman Sachs Group Inc. raised the fourth-largest eastern U.S. coal company to "conviction buy" from "neutral."
PetSmart Inc. (PETM) gained 1.3 percent to $43.96. The pet-store chain boosted its quarterly dividend by 12 percent to 14 cents a share, matching the Bloomberg forecast. The company also announced a $450 million stock buyback program.
Pfizer Inc. (PFE) declined 0.5 percent to $20.17. The world’s biggest drugmaker and Acura Pharmaceuticals Inc. (ACUR) won U.S. approval for the first short-acting painkiller that discourages users from snorting or injecting it for a quick high.
PNC Financial Services Group Inc. (PNC) fell 2.4 percent to $56.40. The sixth-largest U.S. bank by deposits agreed to pay $3.45 billion in cash and stock for Royal Bank of Canada’s U.S. retail banking unit.
Sprint Nextel Corp. (S) rose 0.7 percent to $5.23. The third-largest U.S. wireless operator reached a 15-year deal with billionaire Philip Falcone’s LightSquared Inc. to share network expansion costs and equipment, and to provide high-speed wireless service. Falcone told Harbinger Capital Partners investors about the accord in a letter obtained by Bloomberg News.
Skyworks Solutions Inc. (SWKS) declined 4.9 percent to $22.03. Deutsche Bank AG downgraded the wireless semiconductor company to “hold” from “buy.” The 12-month target price is $30.00 per share.
Whole Foods Market Inc. (WFM US) advanced 2.4 percent to $57. BMO Capital Markets raised the largest U.S. natural-goods grocer to “outperform” from “market perform” with a 12-month target price of $65.00 a share.
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