Aeropostale, Albemarle, BofA, Regis, Tronox: 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.
Financial shares declined after hedge funds run by John Paulson, George Soros and Steve Mandel cut back on the industry in the second quarter. Bank of America Corp. (BAC US) slipped 4.6 percent to $7.40 for the biggest retreat in the Dow Jones Industrial Average. JPMorgan Chase & Co. (JPM) fell 2.3 percent to $36.03. Citigroup Inc. (C) dropped 4.1 percent to $29.98.
Albemarle Corp. (ALB) fell 7.1 percent, the most since Aug. 8, to $55.26. The maker of specialty chemicals was downgraded to “underperform” from “market perform” at Oppenheimer & Co., which cited pressure on the company’s profit margin from consumer-electronics destocking.
E-Commerce China Dangdang Inc. (DANG) slumped 14 percent, the most since June 13, to $9.04. The biggest Internet book retailer in China reported a second-quarter adjusted loss of 5 cents a share, wider than the average 2-cent loss estimated by analysts in a Bloomberg survey.
Fabrinet (FN) advanced 18 percent to $17.94, the highest level since July 25. The maker of optical telecommunications equipment reported fiscal fourth-quarter earnings and sales that exceeded analysts’ estimates.
Home Depot Inc. (HD) increased 5.2 percent, the most in the Dow Jones Industrial Average, to $33.12. The largest U.S. home improvement retailer raised its full-year profit forecast after second-quarter adjusted profit exceeded analysts’ estimates by 4.4 percent, spurred by increased traffic and spending by customers.
MedQuist Inc. (MEDH US) dropped 18 percent, the most since at least Feb. 7, to $8.40. The electronic transcription and health information provider reported second-quarter sales of $108.4 million, trailing the estimate of $112 million by Lazard Capital Markets.
NYSE Euronext (NYX US), which operates stock and derivatives exchanges in Paris, Amsterdam, Brussels, Lisbon and London, fell 8.4 percent to $26.54 after French President Nicolas Sarkozy said his nation and Germany will propose a financial-transaction tax in September. Nasdaq OMX Group Inc. (NDAQ) , the operator of Nordic and Baltic bourses, declined 2.8 percent to $22.97.
Pernix Therapeutics Holdings Inc. (PTX) advanced 18 percent to $7.70, the highest price since Aug. 3. The pharmaceutical company specialized in pediatric products reported second-quarter profit of 7 cents a share, beating the average estimate of 3 cents from two analysts in a Bloomberg survey.
Regis Corp. (RGS) climbed 6.7 percent to $14.68, the highest price since Aug. 1. Starboard Value LP, which holds about 4.4 percent of the hair-salon operator, said the company is undervalued because of its high operating costs.
Renaissance Learning Inc. (RLRN US) jumped the most in the Russell 2000 Index, rallying 23 percent to $14.57. The maker of electronic-learning products and software will be bought by Permira Funds for $14.85 a share in cash.
Tronox Inc. (TROX) gained 7.1 percent, the most since Feb. 18, to $139.20. The maker of titanium-dioxide pigment hired Moelis & Co. and Goldman Sachs Group Inc. to explore M&A and dividend options, according to a report by Debtwire.
Urban Outfitters Inc. (URBN) dropped 6.3 percent to $27.84 for the second-biggest retreat in the Standard & Poor’s 500 Index. The clothing retailer said second-quarter comparable-store net sales fell 2 percent for the quarter.
ValueVision Media Inc. (VVTV) slumped 29 percent to $3.70 for the second-biggest loss in the Russell 2000 Index. The direct-marketing company reported second-quarter sales of $132.1 million, trailing the average analyst estimate of $143.3 million in a Bloomberg survey.
VanceInfo Technologies Inc. (VIT US) declined 27 percent, the most ever, to $13.83. The Chinese information technology services provider forecast full-year profit excluding some items of 90 cents a share at most. That’s lower than the average analyst estimate of 96 cents in a Bloomberg survey.
Wal-Mart Stores Inc. (WMT) climbed 3.9 percent to $51.92, the highest level since Aug. 1. The world’s largest retailer reported second-quarter net income that rose 5.7 percent and boosted its forecast for the year as the Sam’s Club wholesale chain helped the company halt a decline in sales at its U.S. stores.
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