Harleysville, MannKind, United Continental: 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.
U.S. airlines rallied after jet fuel prices declined and a report by JPMorgan Chase & Co. said their profits would hold up in a mild recession.
United Continental Holdings Inc. (UAL) gained 6.3 percent to $20.46. JetBlue Airways Corp. (JBLU) advanced 2.2 percent to $4.20. Delta Air Lines Inc. (DAL) surged 7.8 percent to $8.17. US Airways Group Inc. (LCC) rose 7 percent to $6.13.
Silver producers slumped after futures for the metal plunged as much as 12 percent as investors sold precious metals to cover losses in other assets.
First Majestic Silver Corp. (FR) erased 7.3 percent to $16.93. Silver Wheaton Corp. (SLW) slipped 8.9 percent to $32.31. Coeur d’Alene Mines Corp. (CDE) fell 5.3 percent to $22.62. Hecla Mining Comp. (HL US) declined 6.6 percent to $5.69. Silver Standard Resources Inc. (SSRI) sank 7 percent to $20.95. Endeavour Silver Corp. (EDR) retreated 10 percent to $9.81.
American Medical Alert Corp. (AMAC) surged the most in the Nasdaq Composite Index, rising 48 percent to $8.40. Tunstall Healthcare Group Ltd. agreed to buy the personal emergency response systems maker for $8.55 per share.
American Superconductor Corp. (AMSC) jumped 14 percent to $5.08 for the biggest gain since Aug. 23. The maker of wind- turbine components and transmission lines said it has signed contracts worth almost $100 million worldwide since April 1.
Bank of America Corp. (BAC US) advanced 4.1 percent to $6.31, the most in the Dow Jones Industrial Average. The largest U.S. bank by assets is in talks to divest a stake in the biggest U.S. Pizza Hut franchisee for more than $800 million and has agreed to sell about $880 million in commercial mortgages, according to people with knowledge of the situations.
Cavium Inc. (CAVM US) slid 7.2 percent, the most since Aug. 18, to $28.95. The chipmaker said it expects revenue in the third quarter to be 4 percent to 6 percent lower than in the second quarter.
Christopher & Banks Corp. (CBK) lost 16 percent to $3.70, the second-biggest decline in the Russell 2000 Index. The Plymouth, Minnesota-based women’s clothing retailer said second- quarter performance didn’t meet its expectations.
E-Commerce China Dangdang, Inc. (DANG US) surged 13 percent, the most since Aug. 11, to $5.52. The biggest Internet book retailer in China named Justin Changqing Xiong as head of technology and said it will open two more fulfillment centers.
Finish Line Inc. (FINL) jumped 10 percent, the most since March 2010, to $20.34. The athletic apparel retailer reported second-quarter earnings and sales that beat the average analyst estimate, according to data compiled by Bloomberg.
Harleysville Group Inc. (HGIC) soared 24 percent, the most since at least 1986, to $31.32. The insurer is in talks to be acquired by Columbus, Ohio-based rival Nationwide Mutual Insurance, people with knowledge of the negotiations said.
Hewlett-Packard Co. (HPQ) declined 2.1 percent to $22.32 for the second-biggest retreat in the Dow Jones Industrial Average. The world’s largest personal-computer maker replaced Chief Executive Officer Leo Apotheker with Meg Whitman, asking the former head of EBay Inc. to turn around a computer maker plagued by slowing growth and management missteps.
MannKind Corp. (MNKD) soared 18 percent, the most since Aug. 12, to $3.74. The biotechnology company plans to sell $370 million in debt to help fund development and product trials.
Morgan Stanley (MS US) rose 5.1 percent to $13.72, the first gain in six days. The New York-based bank, whose shares dropped yesterday on concern French losses will mount, faces less than $2 billion of risks linked to the country, according to Brad Hintz, a Sanford C. Bernstein & Co. analyst.
Newpark Resources Inc. (NR) slipped 4.5 percent to $6.32, the lowest price since Feb. 16. The drilling-services company was cut to “accumulate” from “buy” at Global Hunter Securities.
Nike Inc. (NKE) advanced 5.3 percent, the most since Aug. 23, to $88.64. The world’s largest sporting-goods company reported first-quarter profit that topped analysts’ estimates as revenue surged in North America, its largest market.
Pandora Media Inc. (P US) gained 7 percent, the most since Aug. 26, to $10.75. The online music company that went public in June was boosted to “overweight” from “equalweight” at Morgan Stanley. (MS)
PNM Resources Inc. (PNM) advanced 17 percent, the most since March 2008, to $16.02. The New Mexico electricity distributor agreed to sell First Choice Power and a stake in Optim Energy, exiting businesses in Texas. The company plans to use the money to buy back debt and its stock.
Range Resources Corp. (RRC) dropped 11 percent, the most in the S&P 500 Index, to $58.53. The natural gas producer fell for a second day, after climbing to the highest price since June 2008 on speculation that it was approached about a takeover by non-U.S. suitors. Analysts at JPMorgan Chase & Co. and Capital One Southcoast expressed skepticism about the rumors.
Tidewater Inc. (TDW) fell the second-most in the Russell 1000 Index, slumping 8.9 percent to $46.05. The operator of supply ships for oil drillers reduced its sales forecast for the fiscal second quarter, citing a dispute with Saudi Aramco over performance standards of charted vessels and delays in other projects.
To contact the reporter on this story: Kaitlyn Kiernan in New York at Kkiernan2@bloomberg.net.
To contact the editor responsible for this story: Nick Baker at firstname.lastname@example.org.