Berkshire Hathaway, General Maritime, Zoll: 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.
Energy shares declined after oil fell to the lowest price in more than eight months following the downgrade of the U.S.’s credit rating by Standard & Poor’s. Chevron Corp. (CVX) slid 7.5 percent to $90.25. Exxon Mobil Corp. (XOM) retreated 6.2 percent to $70.19. Brigham Exploration Co. (BEXP US) sank 16 percent to $22.71. SandRidge Energy Inc. (SD) erased 16 percent to $6.55.
Alpha Natural Resources Inc. (ANR) fell 18 percent, the most since December 2008, to $26.34. The coal producer had its share-price estimate cut to $55 from $65 at BMO Capital Markets after reporting second-quarter earnings that missed analysts’ estimates.
Altra Holdings Inc. (AIMC) slumped 27 percent, the most since March 2009, to $13.31. The maker of power-train components such as brakes and clutches reported second-quarter profit of 38 cents a share, excluding some items, 8 percent lower than the average analyst estimate, according to Bloomberg data.
Bank of America Corp. (BAC US) slumped 20 percent, the most in the Standard & Poor’s 500 Index, to $6.51. American International Group Inc. (AIG US) disclosed plans to sue the largest U.S. lender by assets over allegedly faulty mortgages.
Berkshire Hathaway Inc. (BRK/B) (BRK/B US) lost 6.5 percent, the most since November 2008, to $66.65. The company led by billionaire investor Warren Buffett is among five firms that may be downgraded by S&P as the ratings company reviews insurers after stripping the U.S. government of its AAA rating.
BroadSoft Inc. (BSFT) rose 9.7 percent to $26 for the second-biggest gain in the Russell 2000 Index. The maker of telecommunications software forecast earnings in 2011 of at least 90 cents a share, topping the average analyst estimate of 75 cents and higher than the company’s previous estimate of no more than 77 cents.
Dynegy Inc. (DYN) sank 11 percent, the most since July 2009, to $4.36. The third-largest independent U.S. power producer reported a second-quarter net loss of 95 cents a share, wider than the average estimate of a loss of 70 cents a share by two analysts in a Bloomberg survey.
Central European Media Enterprises Ltd. (CETV) tumbled 17 percent to $12.17, the lowest price since April 2009. The broadcaster said Chief Executive Officer Adrian Sarbu sold shares in the company last week.
DG Fastchannel Inc. (DGIT US) dropped 25 percent, the most since August 2010, to $17.93. The operator of an electronic network linking advertising agencies with television and radio stations posted second-quarter profit and sales that trailed analysts’ estimates.
Fuel Tech Inc. (FTEK) tumbled 24 percent, the most since February 2001, to $3.79. The maker of pollution controls for power plants reported second-quarter net income of 2 cents a share, missing the average analyst estimate by 60 percent, according to Bloomberg data.
General Maritime Corp. (GMR US) had the second-biggest decline in the Russell 2000 Index, dropping 39 percent to 45 cents. The oil-tanker owner led a decline in its industry as the threat of a second U.S. recession in three years increased the risk energy imports into the world’s largest economy may fall.
Quicksilver Resources Inc. (KWK) plunged 23 percent, the most since April 2009, to $9.10. The U.S. oil and natural gas producer increased its full-year capital spending forecast to $696 million, up from its May projection of $500 million.
Transatlantic Holdings Inc. (TRH US) rose the most in the Russell 1000, gaining 6.8 percent to $48.31. Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) offered about $3.25 billion to buy the reinsurer previously owned by American International Group Inc.
Zoll Medical Corp. (ZOLL US) plunged 27 percent, the most since April 2004, to $44.46. The maker of defibrillators for hospitals and ambulances said its LifeVest product, which is worn by patients at risk for sudden cardiac arrest and accounts for about 22 percent of the company’s revenue, could face limits on Medicare reimbursements.
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