Ashland, Best Buy, Morgan Stanley, Salix: 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.
Banks fell, following declines in European lenders, as Italian bond yields rose to levels that drove Ireland, Portugal and Greece to seek international bailouts.
Morgan Stanley (MS US) declined 9 percent to $15.76. Citigroup Inc. (C) slid 8.2 percent to $28.85. JPMorgan Chase & Co. (JPM) slumped 7.1 percent to $32.54. Bank of America Corp. (BAC) fell 5.7 percent to $6.16.
Goldman Sachs Group Inc. (GS) lost 8.2 percent to $99.67, after saying it had losses on trading on 21 days in the third quarter, the most since the fourth quarter of 2008. Goldman Sachs relied on trading for 62 percent of revenue so far this year.
Adobe Systems Inc. (ADBE) decreased 7.7 percent, the most since Aug. 10, to $28.08. The largest maker of graphic- design software shares said it will cut 750 jobs as it lessens its focus on older products and shifts investment to programs for digital publishing and Web advertising.
Ashland Inc. (ASH) dropped 9.4 percent, the most since October 2009, to $50.04. The maker of Valvoline motor oil plans to restore margins in its consumer and water units, Chief Executive Officer James O’Brien said during the company’s fourth-quarter earnings call.
Autodesk Inc. (ADSK) fell 8.5 percent, the biggest decline since Aug. 19, to $32.54. The maker of design software was cut to “neutral” from “buy” at Bank of America Merrill Lynch.
Best Buy Co. (BBY US) rose 1.4 percent, the only gain in the Standard & Poor’s 500 Index, to $27.22. The world’s largest consumer-electronics retailer may post its first monthly comparative sales gains in six quarters, according to Cleveland Research, citing channel checks.
Blue Nile Inc. (NILE) tumbled 33 percent, the most intraday since it went public in May 2004, to $32.82. The online retailer of diamonds and fine jewelry forecast fourth-quarter earnings to be between 41 cents and 43 cents a share, missing the average analyst estimate of 45 cents. The Seattle-based company also said Chief Executive Officer Diane Irvine will resign.
Computer Sciences Corp. (CSC) had the biggest retreat in the Standard & Poor’s 500 Index, sliding 15 percent to $27.90. The provider of computer services to companies and U.S. government agencies cut its full-year earnings forecast.
General Motors Co. (GM) sank 11 percent, the most since its initial public offering in November 2010, to $22.31. The automaker reported that Europe operations lost $292 million before interest and taxes in the third quarter and said it no longer expects to achieve its target to break even in the region, citing “deteriorating economic conditions.”
Hyperdynamics Corp. (HDY) plunged 25 percent, the most intraday since May 2009, to $4.06. The oil and gas exploration company reported loss excluding some items in the first quarter of 3 cents a share, missing the average analyst estimate of a loss of 2 cents.
Intralinks Holdings Inc. (IL) plunged 37 percent, the most in the Russell 2000 Index, to $5.50. The software maker forecast fourth-quarter profit excluding some items of 13 cents a share at most. Analysts projected 15 cents, on average, according to a Bloomberg survey.
Kit Digital Inc. (KITD) gained 34 percent, the most since December 2008, to $11.21. The provider of software for online video forecast higher 2012 adjusted per-share profit than analysts estimated.
Maidenform Brands Inc. (MFB) fell 26 percent, the most since its July 2005 IPO, to $17.91. The maker of women’s undergarments cut its full year earnings forecast to $1.77 at most, below the average analyst estimate of $2.17, citing slowing consumer traffic and higher costs.
Principal Financial Group Inc. (PFG) declined 7.5 percent, the most since Aug. 10, to $23.26. The seller of life insurance and 401(k) products was cut to “underweight” from “equal weight” at Morgan Stanley (MS), which said the company is struggling to meet its goals.
Ralph Lauren Corp. (RL US) declined 5.7 percent, the most since Sept. 30, to $149.94. The clothing retailer said it expects third-quarter sales to grow at a percentage rate of “low-teens.” Analysts, on average, estimated an increase of 15 percent.
Rovi Corp. (ROVI) tumbled 39 percent, the most since it went public in 1997, to $28.23. The maker of technology for home-entertainment systems had its rating cut at Collins Stewart LLC, Brean Murray Carret & Co., and Credit Agricole Securities USA. Collins Stewart cited “disappointing results” and 2011 and 2012 forecasts that were “well below expectations.”
Salix Pharmaceuticals Ltd. (SLXP) rose 6 percent, the most since March 2010, to $36.72. The Morrisville, North Carolina-based drugmaker said it will acquire privately held Oceana Therapeutics for $300 million in a deal that it says will add to earnings “modestly” in 2012.
SodaStream International Ltd. (SODA) jumped 5.6 percent, the most since Oct. 28, to $36.03. The producer of soda makers reported third-quarter earnings excluding some items of 37 euro cents a share, topping the average analyst estimate of 27 cents, Bloomberg data show. The company boosted its 2011 net income forecast to 24 million euros from 20 million euros.
STEC Inc. (STEC) fell 12 percent, the most since July 29, to $10.26. The maker of flash-memory drives forecast fourth- quarter revenue to be no more than $57 million, falling shorting of the average analyst estimate of $72.1 million.
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