Apollo, Danaher, InterDigital, MGM Resorts: 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.
Industrial machinery shares gained after U.S. manufacturing unexpectedly accelerated in June. The Institute for Supply Management’s factory index rose to 55.3 last month from 53.5 in May.
Casino companies rose after China’s Macau Gaming Bureau said first-half revenue increased 45 percent from a year earlier, and June revenue increased 52 percent from the same month in 2010.
Apollo Group Inc. (APOL) rose 6.4 percent to $46.87, the second-biggest gain in the Standard & Poor’s 500 Index. The operator of for-profit schools said third-quarter profit excluding some items was $1.45 a share, beating the $1.34 average estimate of 20 analysts surveyed by Bloomberg. Revenue of $1.24 billion was higher than the $1.2 billion average estimate.
Azz Inc. (AZZ) rallied 11 percent to $51.02, the highest price since at least 1980. The maker of electrical components forecast earnings in 2012 to be as much as $3.10 a share, up from an earlier prediction of no more than $3.05 and beating the average analyst estimate of $2.91.
BioMimetic Therapeutics Inc. (BMTI) dropped 8.2 percent, to $4.70, the lowest price since its initial public offering in May 2006. The orthopedic drug-device company was cut to “neutral” from “overweight” at JPMorgan Chase & Co. The 6- month price estimate is $5.00.
Christopher & Banks Corp. (CBK) jumped 13 percent, the most in a year, to $6.43. The Minnesota-based women’s clothing retailer reported first-quarter net sales were $123.8 million, topping the average analyst estimate of $116 million.
DemandTec Inc. (DMAN) had the second-biggest decline in the Russell 2000 Index, sinking 14 percent to $7.85. The San Mateo, California-based provider of consumer demand management software forecast second-quarter sales of $22.2 million at most, trailing the average analyst estimate of $23.4 million in a Bloomberg survey,
Dendreon Corp. (DNDN) climbed 5 percent, the most since April 14, to $41.40. The drugmaker’s prostate cancer medicine Provenge should be covered by the U.S. Medicare program, regulators said, confirming a proposal from March.
Eastman Kodak Co. (EK) sank 14 percent, the most in the Russell 2000, to $3.07. The U.S. International Trade Commission pushed back until Aug. 30 a final ruling in the photography company’s patent-infringement case against Apple Inc. (AAPL) and Research In Motion Ltd. (RIM) so a judge can consider the validity of the patent.
First Republic Bank (FRC US) fell 4 percent to $31, the lowest price since May 23. The former Bank of America Corp. unit priced a secondary public offering of 13 million shares at $31.75 a share.
Ford Motor Co. (F) rose 1.7 percent to $14.02, the highest price since June 2. The automaker said first half sales rose 12 percent.
InterDigital Inc. (IDCC US) climbed 15 percent to $46.87 for the biggest gain of the Russell 2000 Index. The designer of mobile-phone technology rallied after Apple Inc. (AAPL US) and five partners agreed to buy Nortel Networks Corp.’s remaining patents for $4.5 billion. InterDigital said in April that Google Inc. (GOOG)’s bid for Nortel’s portfolio reflected the increasing value of mobile phone patents.
KB Home (KBH) rose 4 percent to $10.17 for its biggest gain since June 14. The Los Angeles-based homebuilder that targets first-time buyers said in a statement it doesn’t plan to issue equity and forecasts “more than ample” liquidity at the end of its fiscal year.
Motorola Mobility Holdings Inc. (MMI US) advanced the most in the S&P 500, gaining 6.5 percent to $23.48. The handset maker won a patent for pairing communication devices by a reflected signal.
Oshkosh Corp. (OSK) jumped 14 percent to $32.95 for the biggest gain in the Russell 1000 Index. Billionaire investor Carl Icahn said in a filing he owns a 9.5 percent stake in Oshkosh, the U.S. military’s biggest supplier of armored trucks. He said he will seek talks with management to enhance shareholder value.
Smith & Wesson Holding Corp. (SWHC) gained 14 percent, the most since June 2009, to $3.41. The handgun manufacturer forecast 2012 sales of $420 million to $440 million, above analysts’ estimates of $413.3 million.
Walter Energy Inc. (WLT) gained 4.4 percent, the most since March 2, to $120.92. The southern Appalachia producer of steelmaking coal said Chief Executive Officer Keith Calder resigned. The company named director Joseph B. Leonard as interim CEO.
Xyratex Ltd. (XRTX) dropped 6 percent, the most since April 1, to $9.65. The provider of data storage and network technology said it will earn as little as 10 cents a share in the third quarter, excluding some items. Analysts project a profit of 20 cents a share, Bloomberg data show.
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