AIG, Alcoa, DreamWorks, Humana, Trex, Valero: 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.
Solar stocks declined after the U.K. government proposed a reduction of as much as 55 percent for the price paid for solar power and Suntech Power Holdings Co. (STP US) said it may reduce some of its manufacturing output in the first quarter of next year because of a seasonal dip in demand. Suntech dropped 11 percent to $2.74. SunPower Corp. (SPWRA) retreated 5.3 percent to $10.02. First Solar Inc. (FSLR) slumped 7.8 percent to $49.77. MEMC Electronic Materials Inc. (WFR) declined 9.8 percent to $5.99.
Steel producers declined as Jefferies Group Inc. said data from last week pointed to “a significant correction in spot iron ore prices, expectations of notably lower scrap prices in November, and signs of a slight pullback in demand.”
American International Group Inc. (AIG) lost 6.3 percent, the most since Oct. 3, to $24.69. The U.S. Treasury may delay a second round of share sales in the bailed-out insurer due to unfavorable market conditions, the Wall Street Journal reported, citing people familiar with the matter.
B&G Foods Inc. (BGS) jumped 8.3 percent to $21.22, the highest price since at least May 2007. The food seller and distributor will acquire Culver Specialty Brands from Unilever NV for $325 million in cash. The six brands, including Mrs. Dash and Molly McButter, generated about $90 million in sales in the year ended Sept. 30., according to New Jersey-based B&G.
DreamWorks Animation SKG Inc. (DWA) lost 7.8 percent, the most since Aug. 8, to $18.55. The independent film studio’s “Puss in Boots” movie opened with $34 million this weekend, the lowest debut for the studio in five years, the Los Angeles Times reported.
Humana Inc. (HUM) jumped 5.7 percent, the most in the S&P 500, to $84.89. The second-largest U.S. Medicare managed- care provider boosted its 2011 profit forecast and issued an outlook for next year that was higher than some analysts expected.
Momenta Pharmaceuticals Inc. (MNTA) rallied 21 percent to $14.80 for the biggest gain in the Russell 2000 Index. The Cambridge, Massachusetts-based biotechnology company said it obtained a preliminary injunction against Amphastar Pharmaceuticals Inc., Watson Pharmaceuticals Inc. (WPI) and International Medical Systems Ltd., barring the companies from selling their generic Lovenox.
NPS Pharmaceuticals Inc. (NPSP) tumbled 33 percent, the most in the Russell 2000, to $5.17. The Bedminster, New Jersey- based company said three patients in a trial of its experimental short bowel syndrome therapy, Gattex, got cancer and two of them died.
Shaw Group Inc. (SHAW) climbed 4.9 percent to $23.26, the highest price since Sept. 16. The engineering company whose customers include refineries and power producers said it’s considering selling its energy & chemicals business unit. The unit lost $42.3 million in the fiscal fourth quarter, the most among the company’s five revenue-generating business segments.
Southern Copper Corp. (SCCO) decreased 5.5 percent, the most since Sept. 28, to $30.68. Grupo Mexico SAB (GMEXICOB MM) dropped its July 2010 proposal to merge its Southern Copper and Asarco units, citing “recent discussions” and other developments. Grupo Mexico owns 81 percent of Phoenix-based Southern Copper, the biggest producer of the metal in Peru.
Trex Co. (TREX US) rose 9.1 percent, the most since May 28, to $18.48. The maker of composite decking and fencing materials said it broke even excluding some items in the third-quarter, beating the average analyst forecast, which was for a loss of 1 cent a share, according to a Bloomberg survey.
Valero Energy Corp. (VLO) retreated 7.9 percent, the most since Aug. 18, to $24.60. Reliance Industries Ltd. (RIL IN), India’s biggest company by market value, said it isn’t considering an acquisition of the largest independent refiner in the U.S. The U.K.’s Daily Mail reported Oct. 24 that Reliance was poised to launch a $48-a-share cash bid for Valero.
Yahoo! Inc. (YHOO US) fell 5.6 percent, the most since Aug. 4, to $15.64. The U.S. Web portal exploring strategic options is leaning toward selling its Asian assets and redistributing the proceeds to shareholders, rather than selling itself to a group of buyers, according to five people familiar with the situation.
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