Bank of America, Dolby, Southwest, Sunoco: 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 1:45 p.m. in New York.
Financial stocks declined as a slowing U.S. economy, Europe’s debt crisis and losses linked to souring home loans threatened to undermine their earnings. Bank of America Corp. (BAC) lost 4.4 percent to $8.44, the worst performance in the Dow Jones Industrial Average. Citigroup Inc. (C) declined 3 percent to $33.76, after falling 8.6 percent, the most intraday since December 2009.
American Science and Engineering Inc. (ASEI US) fell 14 percent to $60.74 after dropping to $59.73, the lowest intraday price since May 2009. The maker of detecting equipment for security inspections said first quarter earnings were 61 cents a share, missing the average estimate of 98 cents a share by four analysts in a Bloomberg survey.
Brocade Communications Systems Inc. (BRCD) fell 29 percent to $3.47 after losing as much as 33 percent, the most since the company went public in May 1999. The maker of switches for data-storage networks reported preliminary revenue and profit that fell short of its previous forecast.
CF Industries Holdings Inc. (CF) gained 4.4 percent to $147.81 and climbed 6.5 percent earlier, the most intraday since May 6. The fertilizer producer raised its dividend to 40 cents a share, compared with a 10-cent estimate. The company also posted second-quarter earnings that beat the average analyst estimate, data compiled by Bloomberg show.
Cogo Group Inc. (COGO) lost 35 percent to $3.04 after plunging as much as 42 percent, the most intraday since July 2008. The provider of software to Chinese makers of phones and consumer electronics forecast third-quarter adjusted earnings would be no more than 16 cents a share. Analysts estimate 24 cents, according to the average of a Bloomberg survey.
CoreLogic Inc. (CLGX) fell 31 percent to $9.96, the most since at least February 1988. The real estate and financial information company reported second-quarter sales that missed analysts’ estimates. Bank of America Corp. cut the stock’s rating to “neutral” from “buy.”
Dolby Laboratories Inc. (DLB) fell 18 percent to $30.77, after falling as much as 21 percent, the most intraday since February 2005. The maker of audio systems said its decoder is being dropped from Microsoft Corp.’s Windows 8. About $120 million in revenue may be at risk, according to Collins Stewart analyst John Vinh, who cut the stock to “neutral” from “buy.” Avondale Partners LLC and William Blair & Co. lowered their ratings on the San Francisco-based company to “market perform”.
EOG Resources Inc. (EOG) climbed 5.5 percent to $97.19 after advancing 9.9 percent earlier, the most intraday since March 2009. The natural gas and crude oil company reported second-quarter profit excluding some items of $1.11 a share, beating the average analyst estimate by 41 percent, according to Bloomberg data.
Fluor Corp. (FLR) rose 5.3 percent to $57.50 and rallied 12 percent earlier, the most intraday since Nov. 5. The largest publicly traded U.S. construction company had second-quarter adjusted earnings of 94 cents a share, exceeding the 81-cent average analyst projection, data compiled by Bloomberg show.
Hansen Natural Corp. (HANS) jumped 9.2 percent to $76.46 for the second-biggest gain in the Russell 1000. The maker of Monster Energy drinks said second quarter earnings minus some items were 90 cents a share, compared with the average analyst estimate of 84 cents a share.
Imperial Sugar Co. (IPSU) tumbled 58 percent to $9.80 for the biggest decline in the Russell 2000 Index. The Sugar Land, Texas-based company reported a third-quarter loss of $1.35 a share on higher sugar costs.
Priceline.com (PCLN US) jumped 9.7 percent, the most in the Standard & Poor’s 500 Index, to $530.53. The biggest U.S. online travel agency by market value forecast third-quarter profit that topped analysts’ estimates as the European hotel business gains customers.
SandRidge Energy Inc. (SD) slipped 17 percent to $8.10 after climbing 29 percent, the most intraday since November 2008. The oil and natural gas producer said that, excluding some items, it broke even in the second quarter. Analysts estimated profit of 3 cents a share, excluding some items, according the average projection to a Bloomberg survey.
Southwest Airlines Co. (LUV) declined 6 percent to $8.31, after falling to $8.09, the lowest intraday since September 2009. The Dallas-based airline may lead U.S. carriers in rolling back a fare increase now that the Federal Aviation Administration can resume collecting ticket taxes and fees, ending a two-week industry windfall.
St. Joe Co. (JOE US) rallied 7.5 percent to $17.60, after jumping 8.9 percent, the most intraday since Feb. 7. The largest landholder in northern Florida said it will invest $30 million in three projects.
Sunoco Inc. (SUN) declined 4.6 percent to $34.25, after falling to $33.21, the lowest intraday since Aug. 25. The Philadelphia-based refinery reported second-quarter adjusted earnings of 40 cents a share, missing the average analyst estimate of 44 cents.
WMS Industries Inc. (WMS) dropped 24 percent to $19.18, the most intraday since January 2000. The maker of Monopoly and Wizard of Oz slot machines reduced its fiscal 2012 sales forecast and said it will cut about 10 percent of its workforce.
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