Celanese, FedEx, Forward Air, Mylan, NYSE: 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.
Commodity shares declined as copper tumbled to a one-year low and oil and gold futures slipped on concern raw-material demand will falter amid an economic slowdown. Alcoa Inc. (AA) fell 6.7 percent to $10.11. Allegheny Technologies Inc. (ATI) lost 13 percent to $36.87. Cliffs Natural Resources Inc. (CLF) retreated 10 percent to $55.19. Freeport-McMoRan Copper & Gold Inc. (FCX) slumped 9.7 percent to $32.14. AK Steel Holding Corp. (AKS) sank 11 percent to $6.74. U.S. Steel Corp. (X US) erased 11 percent to $21.99.
Denbury Resources Inc. (DNR) slipped 9.2 percent to $11.80. Tesoro Corp. (TSO) decreased 11 percent to $19.12. Chevron Corp. (CVX) lost 4.4 percent to $90.17. Murphy Oil Corp. (MUR) tumbled 8.3 percent to $44.05. Nabors Industries Ltd. (NBR) tumbled 8.2 percent to $14.35. Noble Corp. (NE) retreated 8.5 percent to $30.58.
CarMax Inc. (KMX) dropped 11 percent, the most since November 2008, to $24.41. The largest U.S. seller of used cars reported second-quarter earnings of 49 cents per share excluding some items, missing the average analyst estimate by 4.1 percent.
Celanese Corp. (CE) sank 8.4 percent to $35.60, the lowest price since Nov. 17. The producer of acetyl chemicals will raise the price of all vinyl acetate/ethylene (VAE) emulsions in the Americas by 3 cents per wet pound.
DuPont Co. (DD US) fell 6.6 percent, the most since Aug. 8, to $41.65. The U.S. federal Chemical Safety Board found a lack of safe equipment design, ineffective mechanical integrity programs and failure to investigate near misses at a DuPont plant.
FedEx Corp. (FDX) fell 8.2 percent, the most since March 6, to $66.58. The operator of the world’s biggest cargo airline cut its full-year profit forecast as volumes declined amid a slowing economic recovery. Per-share earnings for the year will be $6.25 to $6.75, 10 cents lower than the previous range.
Forward Air Corp. (FWRD) sank 12 percent, the most since October 2008, to $24.58. The trucking contractor was cut to “underperform” from “buy” at Bank of America Corp.
Goodrich Corp. (GR) surged 10 percent to $120.60 for the biggest gain in the S&P 500. United Technologies Corp. (UTX) agreed to buy Goodrich for $16.5 billion, adding the maker of aircraft landing gear and jet-turbine casings to take advantage of a record surge in commercial plane orders. Goodrich stockholders will get $127.50 a share.
Logitech International SA (LOGN) sank 12 percent, the most since April 1, to $7.72. The world’s biggest maker of computer mice cut profit forecasts for a second time in two months, putting pressure on interim Chief Executive Officer Guerrino De Luca to find a successor.
Mylan Inc. (MYL US) lost 5.6 percent, the most since Aug. 18, to $18.32. The U.S. generic-drug maker lost a court ruling, blocking it from selling a generic version of Warner Chilcott Plc (WCRX)’s Doryx antibiotic.
NYSE Euronext (NYX) fell 5.2 percent to $24.37, the lowest price since February 2010. The owner of the New York Stock Exchange agreed to make a “goodwill payment” to compensate option traders for losses caused by a technical glitch on July 29 that led to almost two hours of incorrect equity-index price displays.
PharmAthene Inc. (PIP) surged 30 percent to $2.94, the second-biggest gain in the Russell 2000 Index. The developer of biological and chemical defense products won a court ruling that requires Siga Technologies Inc. (SIGA) to share profits from sales of a smallpox drug that may total more than $400 million. Siga fell 43 percent to $2.69, the biggest decline in the Russell 2000.
Salesforce.com Inc. (CRM) fell 7.4 percent, the most since Aug. 18, to $117.34. The supplier of online customer- management software said it bought Assistly for $50 million. The acquisition will cut full-year earnings by 2 cents a share.
Scholastic Corp. (SCHL) advanced 6.8 percent, the most since July 21, to $27.68. The children’s publishing company reported a first-quarter loss of 77 cents per share, beating the average analyst estimate by 26 percent, Bloomberg data show.
Steelcase Inc. (SCS) dropped the most since its initial public offering in 1998, sinking 20 percent to $5.45. The maker of office furniture reported second-quarter earnings that fell short of analyst projections and forecast third-quarter revenue may be as low as $690 million. Analysts forecast an average of $704.3 million, data compiled by Bloomberg show.
Viacom Inc. (VIA/B) sank 6.6 percent, the most since Aug. 8, to $50.75. Philippe P. Dauman, the chief executive officer of the owner of the MTV network and Paramount Pictures, said the company expects quarterly advertising sales growth in the high single digits. The company had aimed for double-digit domestic ad revenue growth in its fourth fiscal quarter.
Vical Inc. (VICL) soared 12 percent, the most since Aug. 29, to $2.72. The San Diego-based drugmaker announced animal data demonstrating improvement in the treatment of the skin cancer melanoma with its drug Allovectin.
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