Avis, General Growth, Leap, Meritor, Parker Hannifin: 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.
Archer-Daniels-Midland Co. (ADM) fell 6.2 percent, the most since May 3, to $28.60. The world’s largest grain processor reported fiscal fourth-quarter profit that missed analysts’ estimates after corn and tax expenses rose.
Avis Budget Group Inc. (CAR) sank 6.8 percent to $14.09, the lowest price since Jan. 31. The rental-car company is seeking $900 million of financing, according to a person with knowledge of the deal.
Bridgepoint Education Inc. (BPI) fell 13 percent, the most since Oct. 14, to $21.77. The for-profit provider of college classes said total student enrollment in 2011 is expected to be between 79,500 and 83,500, compared with a prior projection of 82,000 to 83,500.
Coach Inc. (COH) lost 6.5 percent, the most since March 2009, to $61.03. The maker of luxury handbags said fourth- quarter earnings minus some items were 68 cents a share, beating the average estimate of 65 cents a share by analysts surveyed by Bloomberg.
Ctrip.com International Ltd. (CTRP) dropped 11 percent, the most since Dec. 14, to $40.06. The consolidator of hotel accommodations and airline tickets in China projected sales growth of 20 percent at most in the third quarter. Analysts, on average, estimated $150 million, or a 24 percent increase, according to a Bloomberg survey.
Expeditors International of Washington Inc. (EXPD) sank 4.4 percent to $45, the lowest price since Sept. 23. The manager of cargo ships reported second-quarter earnings of 44 cents a share, missing the average analyst estimate by 2 cents.
Ferro Corp. (FOE) plunged 24 percent, the most since October 1987, to $9.81. The maker of porcelain enamel for cookware and appliances reduced its 2011 earnings forecast to as little as $1.08 a share. Analysts, on average, estimated $1.30, according to a Bloomberg survey.
General Cable Corp. (BGC) dropped 18 percent, the most since August 2009, to $32.93. The Highland Heights, Kentucky- based cable maker reported second-quarter earnings that fell short of the average analyst estimate, Bloomberg data show.
General Growth Properties Inc. (GGP) lost 8.7 percent, the most since May 2010, to $15.32. The No. 2 U.S. shopping-mall owner reported lower-than-estimated funds from operations before items and said it plans to spin off 30 properties.
Herbalife Ltd. (HLF) jumped 5.7 percent, the most since May 3, to $58.70. The seller of nutritional and weight-loss supplements said third-quarter earnings will be at least 71 cents a share and as much as 76 cents. Analysts forecast 70 cents a share. Second-quarter revenue also exceeded analyst estimates.
II-VI Inc. (IIVI) lost 13 percent, the most since December 2008, to $22.02. The maker of optical devices used in laser processing reported fourth-quarter profit that missed analyst estimates and forecast first-quarter profit below the average forecasts.
Insmed Inc. (INSM) fell the most in the Russell 2000 Index, plunging 53 percent to $5.39. The maker of drugs for endocrine disorders said the U.S. Food and Drug Administration has placed a clinical hold on its phase III trials for Arikace in cystic fibrosis patients with lung disease.
McGraw-Hill Cos. (MHP US) gained 7.3 percent, the most since September 2009, to $44.43. The publisher and provider of financial data may accelerate its plan to spin off businesses under pressure from hedge fund Jana Partners LLC, which said it bought a stake.
Meritor Inc. (MTOR US) declined 18 percent, the most since March 2009, to $11.30. The maker of parts for cars and trucks reported third-quarter earnings of 26 cents a share, falling short of the 28-cent average estimate by analysts.
MetroPCS Communications Inc. (PCS) plunged 37 percent to $10.26 for the biggest retreat in the Standard & Poor’s 500 Index. The pay-as-you-go mobile-phone carrier reported second- quarter profit of 24 cents a share, missing the average analyst estimate by 15 percent, according to Bloomberg data.
Rival Leap Wireless International Inc. (LEAP) also declined, falling 21 percent to $10.27.
Parker Hannifin Corp. (PH) declined 8.5 percent, the most since December 2008, to $70.88. The maker of fluid power systems and air-conditioning product forecast profit in fiscal 2012 will be as little as $6.70, trailing the $7.50 average of 15 estimates in a Bloomberg survey.
Radian Group Inc. (RDN) climbed 15 percent, the most since March 2010 to $3.55. The second-largest U.S. mortgage insurer swung to a profit on derivative gains and said there was a drop in delinquencies on home loans.
SM Energy Co. (SM) rallied 9.6 percent to $82.83 for the biggest increase in the Russell 1000 Index. The Denver-based oil and natural-gas exploration and production company boosted its full-year production forecast as second-quarter earnings beat analysts’ estimates.
Synchronoss Technologies Inc. (SNCR) surged 22 percent, the most since October 2008, to $35.07. The developer of transactional software raised its 2011 earnings forecast after second-quarter profit beat analysts’ estimates.
Texas Roadhouse Inc. (TXRH) tumbled 7.5 percent, the most since December 2008, to $15.38. The Louisville, Kentucky- based steakhouse chain’s second-quarter profit and revenue fell short of the average analyst estimate, Bloomberg data show. The company forecast 2011 earnings per share will increase 5 percent. It had forecast earnings per share growth of 5 percent to 10 percent.
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