Cablevision, Clearwire, Time Warner Cable: 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.
AutoChina International Ltd. (AUTC) slumped 30 percent to $19.92, the lowest price since August 2009. The car seller said yesterday near the end of the trading day that it plans to appeal the Nasdaq Stock Market’s decision to delist it due to its failure to file financial results on time and an investigation by the U.S. Securities and Exchange Commission. The shares fell 40 percent yesterday.
Clearwire Corp. (CLWR) surged 7.1 percent, the most since Aug. 31, to $2.73. The money-losing wireless broadband provider said it will partner with China Mobile Ltd. on the TD- LTE technology for mobile devices and on worldwide data roaming.
Gleacher & Co. (GLCH US) rallied 21 percent to $1.28 for the second-biggest increase in the Russell 2000 Index. The New York-based investment bank said it’s offering to buy back as much as 10 million shares at a price range of $1.30 to $1.55.
Hartford Financial Services Group Inc. (HIG) gained 4.8 percent to $18.18, the highest price since Sept. 1. The insurance company was raised by Credit Suisse to “outperform” from “neutral” with a price estimate of $27 a share.
Hertz Global Holdings Inc. (HTZ) rose 13 percent, the most since April 2010, to $11.37. Avis Budget Group Inc. (CAR US), the U.S. auto-rental chain, said it will abandon its $1.55 billion bid to acquire Tulsa, Oklahoma-based Dollar Thrifty Automotive Group Inc. (DTG) , citing market conditions. Richard Broome, a spokesman for Hertz, the company is still seeking Federal Trade Commission approval and divesting its Advantage brand that overlaps with Dollar Thrifty.
Insituform Technologies Inc. (INSU) declined 6.3 percent, the most since Aug. 18, to $14.49. The pipeline rehabilitator was cut to “underperform” from “market perform” by Oppenheimer & Co.
Jakks Pacific Inc. (JAKK) surged 22 percent, the most in the Russell 2000, to $19.57. Oaktree Capital Management LP, an investment company that oversees $80 billion, said funds it manages plan to buy the toymaker for about $670 million, or $20 a share, after Malibu, California-based Jakks refused to enter “meaningful” talks.
Majesco Entertainment Co. (COOL) retreated 13 percent, the most since Aug. 8, to $2.32. The video game publisher said 2011 earnings-per-share will be less than analysts forecast, and revenue could be as low as $120 million, compared with the average projection for $126 million, data compiled by Bloomberg show.
Ralcorp Holdings Inc. (RAH) slumped 7.1 percent, the most since Aug. 4, to $79.11. ConAgra Foods Inc. (CAG) said it would withdraw its $5.18 billion offer for cereal-maker Ralcorp by Sept. 19 if the company doesn’t enter negotiations, ending a pursuit that began in March.
Time Warner Cable Inc. (TWC) gained 4.3 percent, the most intraday since Nov. 4, to $64.65. The second-largest U.S. cable-television operator’s customer additions were stronger in August than the company had expected when it reported second quarter results, said Chief Executive Officer Glenn Britt at the Bank of America Merrill Lynch Media, Communications & Entertainment Conference in Beverly Hills, California.
Cablevision Systems Corp. (CVC) rose 7 percent to $17.83 for the biggest gain in the Standard & Poor’s 500 Index.
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