Dendreon, Priceline.com, Targacept, WMS: 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.
Amylin Pharmaceuticals Inc. (AMLN) fell 11 percent, the most since March 3, to $9.73. The San Diego-based drugmaker agreed to end a diabetes partnership with Eli Lilly & Co. (LLY) and will assume responsibility for development of the injectable drug Byetta. Amylin will make an upfront payment of $250 million to Lilly and future revenue-sharing payments of $1.2 billion plus interest.
Babcock & Wilcox Co. (BWC) climbed 6.5 percent to $24.03, the highest price since Aug. 3. The maker of nuclear components to support U.S. defense programs had third-quarter adjusted earnings that exceeded analyst projections, data compiled by Bloomberg show.
DealerTrack Holdings Inc. (TRAK) soared 14 percent, the most since May 10, to $25.87. The maker of software for car dealerships forecast adjusted earnings in 2011 of at least 94 cents a share, exceeding the average analyst estimate by 10 cents.
Dendreon Corp. (DNDN) climbed 8.8 percent, the third- biggest increase in the Russell 1000 Index, to $7.28. Gregory Schiffman, chief financial officer of the maker of the prostate- cancer drug Provenge, bought more than $200,000 of shares yesterday.
DryShips Inc. (DRYS) advanced 9.9 percent to $2.99, the highest price since Sept. 20. The Greek owner of deep-water drilling rigs and vessels that haul iron ore and coal reported third-quarter earnings excluding some items of 16 cents a share, beating the average analyst estimate by 13 percent.
Dynegy Inc. (DYN) gained 27 percent, the most since Aug. 13, to $3.76. The third-largest independent U.S. power producer put a group of businesses into bankruptcy to complete a debt restructuring agreement.
Hologic Inc. (HOLX) rose 9.9 percent, the most since March 2009, to $17.84. The Bedford, Massachusetts-based maker of x-ray systems forecast revenue in 2012 of much as $1.93 billion, more than the average analyst estimate of $1.91 billion.
Hornbeck Offshore Services Inc. (HOS) declined 9.4 percent, the most since Aug. 8, to $32.14. The provider of marine transportation to the offshore oil and gas industry said it started a public offering of 6.75 million shares.
International Flavors & Fragrances Inc. (IFF) fell 10 percent, the most in the Standard & Poor’s 500 Index, to $55.03. The maker of scents and tastes for food, beverages and personal care and household products reported third-quarter earnings excluding some items of $1 a share, falling short of the average analyst estimate of $1.04.
Kennedy-Wilson Holdings Inc. (KW) lost 6.7 percent, the most since December 2007, to $11.14. The real estate company reported a third-quarter loss of 13 cents a share excluding some items, wider than the average estimate of a 5-cent loss by two analysts in a Bloomberg survey. The Beverly Hills, California- based company also said it plans to sell six million shares in a public offering.
LSB Industries Inc. (LXU) declined 15 percent, the most since March 2009, to $34.41. The maker of chemical and climate- control products reported third-quarter sales of $176.8 million, missing the average analyst estimate of $186.7 million.
McCormick & Schmick’s Seafood Restaurants Inc. (MSSR) surged 27 percent, the most since April 4, to $8.63. Landry’s Inc. (LNY US), the owner of the Rainforest Cafe and Bubba Gump Shrimp Co. chains, agreed to buy the seafood restaurant chain operator for $8.75 a share, or about $131.6 million, to add to its stable of brands in an all-cash deal.
Priceline.com Inc. (PCLN) rose 8.6 percent, the most since Aug. 5, to $552.85, the highest price since May 2. The biggest U.S. online travel agency by stock market value reported third-quarter adjusted earnings of $9.95 a share, topping the average analyst estimate of $9.30.
Rackspace Hosting Inc. (RAX) gained 7.5 percent, the most since Aug. 9, to $44.88. The web-based IT system delivery company reported third-quarter revenue of $264.6 million, beating the average analyst estimate of 261.7 million. The San Antonio-based company was raised to “buy” from “hold” at Kaufman Brothers LP, with a 12-month price estimate of $49 a share.
Republic Airways Holdings Inc. (RJET) rallied 61 percent, the most since May 2004, to $4.34. The Indianapolis- based airline reached agreements that cut lease payments on some planes, defer deliveries of others and let it return two to lessors in an expanded restructuring of its Frontier Airlines unit.
Rockwell Automation Inc. (ROK) jumped 6.5 percent, the second-most in the S&P 500, to $74.33. The Milwaukee-based maker of factory-automation software reported fourth-quarter earnings excluding some items of $1.39, beating the average analyst estimate by 15 percent.
Signet Jewelers Ltd. (SIG) advanced 7.6 percent to $45.93, the highest price since July 14. The retailer of jewelry and watches will replace Varian Semiconductor Equipment Associates Inc. (VSEA) in the Standard & Poor’s MidCap 400 Index after the close of trading on Nov. 10. Varian is being acquired by Applied Materials Inc. (AMAT) in a deal expected to be completed around that date.
Targacept Inc. (TRGT) plunged 60 percent, the most in the Russell 2000 Index, to $7.61. The developer of an experimental depression treatment with AstraZeneca Plc (AZN) said the drug failed to meet the main goal of a late-stage clinical trial. AstraZeneca shares slipped 2.7 percent to $46.08.
Toll Brothers Inc. (TOL) rallied 7.4 percent to $19.43, the highest price since Aug. 1. The largest U.S. luxury-home builder said fourth-quarter revenue increased 6 percent, beating the average analyst estimate, amid strong sales at its East Coast communities.
Urban Outfitters Inc. (URBN) lost 3.2 percent, the most since Oct. 7, to $26.34. The clothing retailer said third- quarter comparable retail segment net sales decreased 3 percent and comparable store sales fell 7 percent.
Vertex Pharmaceuticals Inc. (VRTX) dropped 8.3 percent to $30.45, the lowest price since June 2009. The drugmaker was cut to “neutral” from “outperform” at Robert W. Baird & Co.
WMS Industries Inc. (WMS) fell 17 percent, the most in the Russell 1000 Index, to $18.26. The maker of Monopoly and Wizard of Oz slot machines was cut to “underperform” from “buy” at Credit Agricole Securities USA Inc. and had its price lowered at Sterne, Agee & Leach Inc.
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