CB Richard, Office Depot, Regions, VeriSign: 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.
Regional lenders advanced after Deutsche Bank AG boosted Regions Financial Corp. (RF) , KeyCorp (KEY) and SunTrust Banks Inc. (STI) to “buy” from “hold,” saying their retreat since July is “overdone.”
Regions rose the most in the Standard & Poor’s 500 Index, rallying 12 percent to $4.37. KeyCorp climbed 8.7 percent to $6.64. SunTrust gained 7.3 percent to $19.66.
Bank of America Corp. (BAC) rose 7 percent to $7.48, the biggest gain in the Dow Jones Industrial Average. The largest U.S. bank by assets named Tom Montag and David Darnell as co- chief operating officers and ousted Sallie Krawcheck and Joseph Price from its management ranks.
CB Richard Ellis Group Inc. (CBG) jumped 9.6 percent, the most since May 2010, to $15.30. Shares of the commercial real estate broker are “undervalued” because they are “pricing in downside scenarios as severe as 2009, which we think are unlikely to materialize,” Barclays Plc said in a note to clients. The stock dropped 45 percent in the two months through yesterday.
Conn’s Inc. (CONN) surged 39 percent to $7.55, the biggest gain in the Russell 2000 Index. The consumer-electronics and furniture retailer forecast earnings in 2012 will be at least 65 cents a share, exceeding the 55-cent average analyst estimate.
Darden Restaurants Inc. (DRI) slipped 3.6 percent, the worst performance in the S&P 500, to $44.54. The operator of Red Lobster and Olive Garden restaurants posted first-quarter earnings from continuing operations of 78 cents a share, compared with the average analyst estimate of 87 cents.
Fuelcell Energy Inc. (FCEL) jumped 25 percent, the most since May 31, to $1.29. The maker of low-pollution power plants reported sales that exceeded analysts’ estimates and a record backlog of orders in its fiscal third quarter.
General Motors Co. (GM) rose 6.6 percent, the most since Aug. 11, to $22.86. The automaker expects to grow at double the market pace in India this year, helped by the diesel variant of the Beat model, Karl Slym, managing director of the local unit, said in an interview in New Delhi. Separately, the shares were added to Citigroup Inc.’s “Top Picks Live” list.
MGIC Investment Corp. (MTG) rallied 26 percent to $2.88 in the third-biggest climb in the Russell 2000 Index. The largest U.S. guarantor of home loans led a rally of mortgage insurers after reporting $1.3 billion in new policy sales and a decline in delinquent loans in August at its main subsidiary.
Radian Group Inc. (RDN) , the No. 2 mortgage insurer, climbed 15 percent to $3.49. American International Group Inc. (AIG) , the bailed-out insurer that backs mortgages through its United Guaranty Unit, advanced 8.9 percent to $25.39. Genworth Financial Inc. (GNW) , which sells life insurance and mortgage protection, jumped 8 percent to $6.52.
Nasdaq OMX Group Inc. (NDAQ) rose 8.6 percent, the most since Aug. 11, to $23.56. The second-largest U.S. equity exchange operator had its rating raised to “buy” from “hold” at Deutsche Bank AG and had its third-quarter earnings estimate raised at Sandler O’Neill & Partners LP, which cited higher volumes in options and equities. Larger rival NYSE Euronext (NYX) rose 8.5 percent to $27.23.
Nvidia Corp. (NVDA) rallied 8.1 percent to $14.25 the highest price since Aug. 3. The maker of graphics chips said fiscal 2013 revenue may be as much as $5 billion, compared with the average analyst estimate of $4.47 billion in a Bloomberg survey.
Another chipmaker, Advanced Micro Devices Inc. (AMD) , also advanced, adding 7.8 percent to $6.76.
Office Depot Inc. (ODP) increased 14 percent, the most since May 2009, to $2.61. The second-largest U.S. office-supply chain said its operating profit is “on track to be up slightly” this quarter from a year earlier.
Petroleum Development Corp. (PETD) rose 26 percent, the most since 1990, to $27.49. The oil and gas company said it will acquire acreage targeting wet gas and oil phases of the Utica Shale play in Ohio.
Stratasys Inc. (SSYS) gained 17 percent, the most since Oct. 26, to $24.59. The maker of software used by the automotive industry to design prototypes was raised to “buy” from “neutral” at Dougherty & Co.
Urban Outfitters Inc. (URBN) dropped 2 percent to $25.26 for the second-biggest retreat in the S&P 500. The clothing retailer said in a filing that “thus far during the third quarter of fiscal 2012, comparable retail segment net sales are low single-digit negative.”
Vasco Data Security Inc. (VDSI US) fell 14 percent, the most in the Russell 2000 Index, to $5.77. The maker of security software was cut to “hold” from “buy” at Wunderlich Securities Inc., which cited a “likely delay in operating margin leverage.”
VeriSign Inc. (VRSN) rose 7.6 percent, the most since May 2009, to $34.50. The biggest operator of computers that direct Internet traffic canceled appearances at two investment conferences, fueling speculation that the company is in talks to be acquired.
Walter Energy Inc. (WLT) rallied 21 percent to $90.98, the largest jump in the Russell 1000 Index. Anglo American Plc, a miner of coal in Australia, South Africa and Colombia, may be considering a bid for the southern Appalachia producer of steelmaking coal, according to the Times of London, which didn’t cite anyone.
Other coal producers also gained. Alpha Natural Resources Inc. (ANR) rose 11 percent to $33.44. Patriot Coal Corp. (PCX) jumped 14 percent to $15.17. James River Coal Co. (JRCC) rose 11 percent to $10.56.
Westport Innovations Inc. (WPRT) surged 19 percent, the most since November 2008, to $27.24. The developer of natural- gas engine technologies said it will work with Royal Dutch Shell Plc to strengthen sales of liquefied natural gas-powered vehicles and fuels in North America.
Yahoo! Inc. (YHOO US) climbed 5.4 percent, the most since Aug. 29 to $13.61. The company ousted Chief Executive Officer Carol Bartz and announced a strategic review to help the most- visited U.S. Web portal revive growth and lure users who have defected to rivals in Web search and social networking.
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