Autodesk, Bob Evans, Rambus, Western Digital: 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.
Gulf Coast refiners fell on the outlook for less favorable pricing after Enbridge Inc. (ENB) said it would reverse the direction of the Seaway pipeline to eliminate a bottleneck that had lowered the cost of West Texas Intermediate versus other oils.
Tesoro Corp. (TSO) slid 9.8 percent to $24.22. Valero Energy Corp. (VLO) declined 9.3 percent to $22.56. HollyFrontier Corp. (HFC US) lost 10 percent to $24.82. CVR Energy Inc. (CVI) retreated 16 percent to $18.38.
Abercrombie & Fitch Co. (ANF) fell the most in the Standard & Poor’s 500 Index, slumping 14 percent to $48.10. The teen-clothing retailer reported third-quarter earnings excluding some items of 57 cents a share, missing the average analyst estimate by 20 percent, according to Bloomberg data.
Amtech Systems Inc. (ASYS) dropped 17 percent, the second-biggest drop in the Russell 2000 Index, to $8.62. The maker of products for manufacturing computer chips and solar cells forecast a loss in the first quarter. Analysts in a Bloomberg survey expected a profit.
Autodesk Inc. (ADSK) rose 4.5 percent to $35.58 for the third-biggest advance in the S&P 500. The maker of design software reported third-quarter profit of 44 cents a share, exceeding the 41-cent average analyst estimate.
Bob Evans Farms Inc. (BOBE US) dropped 6.1 percent, the most since Aug. 10, to $31.63. The family-restaurant chain owner reported second-quarter earnings that missed the average analyst projection.
Chemed Corp. (CHE) fell 12 percent, the most since April 2008, to $50.65. A hospice-chain unit of the health-care company owner was accused by a former manager of defrauding the federal government by conspiring with health insurers to enroll Medicare patients who weren’t dying, according to a lawsuit unsealed last week in U.S. District Court in Dallas. The unit, Vitas Healthcare Corp., has attracted government scrutiny as its Medicare-covered patients have doubled to 1.1 million over the last decade. Vitas spokeswoman Kal Mistry said the company “cannot comment on pending litigation.”
InvenSense Inc. (INVN US) rallied 19 percent to $8.90 on the first day of trading. The supplier of motion-processing equipment used in Nintendo Co. video-game devices sold 10 million shares at $7.50 each at an initial public offering.
NovaGold Resources Inc. (NG) climbed 24 percent, the most since January 2009, to $10.95. The developer of gold and base-metal properties in Alaska and British Columbia will explore options to sell a share of the Galore Creek Project, an undeveloped copper and gold mine that NovaGold owns with Tech Resources Ltd. (TCK US).
Rambus Inc. (RMBS) fell 61 percent, the most since its 1997 initial public offering, to $7.11. The designer of high speed memory chips lost a $3.95 billion jury trial over its allegations that Micron Technology Inc. (MU) and Hynix Semiconductor Inc. conspired to prevent its memory chips from becoming an industry standard. Micron surged 23 percent, the most since October 1987, to $6.74.
Tessera Technologies Inc. (TSRA) surged 20 percent, the most since May 2009, to $17.42. The owner of patents related to packaging that protects silicon wafers said Samsung Electronics Co. (005930 KS) renewed its license agreement to 2017.
Velti Plc (VELT US) advanced 5.1 percent to $9.20, the highest price since Aug. 31. The mobile phone marketing company increased its full year revenue forecast to at least $180 million from at most $177 million after agreeing to buy Mobile Interactive Group Ltd. for at least $25 million.
Western Digital Corp. (WDC) surged 7.1 percent to $26.82 for the second-biggest increase in the S&P 500. The U.S. maker of hard-disk drives may win European Union approval for its purchase of Hitachi Ltd.’s storage business as soon as next week, according to two people familiar with the matter.
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