Allstate, Genworth, Walter Energy, WebMD: 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.
Allstate Corp. (ALL) fell 5 percent to $28.01, the lowest price since August. The second-largest U.S. home and auto insurer said Joseph Lacher has stepped down as president of the company’s main businesses as Chief Executive Officer Thomas Wilson shakes up management after citing “inadequate results.”
Bacterin International Holdings Inc. (BONE US) rallied 10 percent to $2.56 for the second-biggest gain in the Russell 2000 Index. The producer of human tissue for orthopedic procedures said second-quarter sales more than doubled to about $7.5 million.
Bank of America Corp. (BAC) dropped the most in the Dow Jones Industrial Average, sliding 2.8 percent to $9.72. The largest U.S. lender by assets may have to build its capital cushion by $50 billion and renege again on Chief Executive Officer Brian T. Moynihan’s pledge to raise the firm’s dividend as mortgage losses drain funds, analysts Jason Goldberg of Barclays Plc and Richard Straite of Atlantic Equities LLC said.
Check Point Software Technologies Ltd. (CHKP) rose 8.1 percent to $61.17, the highest intraday price since May 2001. The world’s second-largest network-security company said full- year earnings excluding some items will be as much as $2.84 a share, more than the average analyst estimate of $2.77.
Entropic Communications Inc. (ENTR) slid 12 percent, the most since Aug. 11, to $7.51. The designer of digital home networking semiconductors was cut to “sell” from “buy” from Stifel Nicolaus & Co. on concern increased competition is likely to lead to a “material” decline in product prices.
LinkedIn Corp. (LNKD US) dropped 6.9 percent, the most since June 16, to $102.44. The website focused on job seekers and recruiters that began trading shares in May was cut to “neutral” from “overweight” by JPMorgan Chase & Co., which said shares are now more balanced.
MGIC Investment Corp. (MTG) declined 23 percent to $4.62, the lowest price since December 2009. The largest U.S. mortgage insurer reported a per-share loss excluding some items that was almost eight times bigger than the average analyst estimate.
Other mortgage insurers also fell. Radian Group Inc. (RDN) slumped 14 percent to $3.50. PMI Group Inc. (PMI) erased 13 percent to $1.11. Genworth Financial Inc. (GNW) dropped 7.7 percent to $9.06 for the biggest loss in the Standard & Poor’s 500 Index.
Nabi Biopharmaceuticals (NABI) plunged 66 percent to $1.89 for the biggest decline in the Russell 2000 Index. The biopharmaceutical company said its experimental NicVAX vaccine, developed to help people quit smoking, failed to meet the primary endpoint in a clinical trial.
News Corp. (NWSA) slid 4.3 percent to $14.97, the lowest price since Jan. 20. Two people familiar with the matter said independent directors are questioning whether a leadership change is needed at the media company because of a phone-hacking scandal.
Pharmaceutical Product Development Inc. (PPDI) rallied the most in the Russell 1000 Index, rising 10 percent to $30.74. The consulting company for drugmakers is exploring a potential sale, the Wall Street Journal reported, citing people familiar with the matter.
SkyWest Inc. (SKYW) dropped 16 percent, the most since September 2001, to $12.30. The operator of commuter flights for larger airlines cut its forecasts for third- and fourth-quarter profit. The company also said it broke even in the second quarter. Analysts were estimating earnings of 25 cents a share, according to a Bloomberg survey.
Walter Energy Inc. (WLT) climbed 6.9 percent, the most since Jan. 26, to $118.55. The southern Appalachia producer of steelmaking coal should explore selling itself, Audley Capital Advisors LLP said.
WebMD Health Corp. (WBMD) fell 30 percent to $32.48 for the biggest retreat in the Russell 1000 Index. The medical- information company reduced its 2011 forecast for profit and sales, citing an anticipated decline in advertising revenue.
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