CVS, Juniper, Progenics, PulteGroup, Sprint: U.S. Equity Movers
Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses, the prices are as of 4 p.m. in New York.
Financial companies advanced amid expectations the U.S. economy will avoid a recession as a report showed builders broke ground in November on the most houses since April 2010. Bank of America Corp. (BAC) rose 3.7 percent to $5.17. Citigroup Inc. (C) gained 4.6 percent to $25.95. JPMorgan Chase & Co. (JPM) rose 4.9 percent to $32.22, the second-biggest gain in the Dow Jones Industrial Average. Morgan Stanley (MS) advanced 4.5 percent to $14.80.
Homebuilders also rose. D.R. Horton Inc. (DHI) increased 5.7 percent to $12.43. Ryland Group Inc. (RYL) rose 7.8 percent to $15.30. PulteGroup Inc. (PHM) rallied 10 percent to $6.17, the biggest gain in the Standard & Poor’s 500 Index.
AT&T Inc. (T) advanced 1.3 percent, the most since Nov. 30, to $29.12. The second-largest U.S. wireless operator abandoned a $39 billion takeover bid for T-Mobile USA after underestimating opposition from regulators, thwarting its ambitions to become the biggest U.S. wireless carrier, ahead of Verizon Wireless.
Sprint Nextel Corp. (S) , the third-largest U.S. wireless operator, rose 9.3 percent to $2.36. Juniper Networks Inc. (JNPR) , a maker of networking equipment, surged 8.9 percent to $19.74. Cisco Systems Inc. (CSCO) , the world’s biggest maker of networking equipment, jumped 4 percent to $18.41.
Cameron International Corp. (CAM) gained 7.9 percent, the most since Nov. 30, to $49.13. The maker of oilfield equipment approved a stock buyback plan of up to $500 million.
Cobalt International Energy Inc. (CIE) rose 37 percent to $13.85, the biggest gain in the Russell 1000 Index. The deep- water oil explorer, whose biggest investors include Goldman Sachs Group Inc. (GS) , said oil was struck at an exploration well off the coast of Angola.
ConAgra Foods Inc. (CAG) gained 4.1 percent, the most since December 2009, to $26.19. The maker of Hebrew National hot dogs and Orville Redenbacher’s popcorn reported second-quarter earnings excluding some items of 47 cents a share, compared with the average estimate of 43 cents a share.
CVS Caremark Corp. (CVS) rose 8.9 percent to $39.80, the highest price since July 2008. The largest U.S. distributor of prescription drugs boosted its quarterly dividend to 16.25 cents a share from 12.5 cents a share.
F5 Networks Inc. (FFIV) rose 6.7 percent, the most since Nov. 30, to $109.39. The software maker was raised to “outperform” from “market perform” at Oppenheimer & Co. by Ittai Kidron, technology analyst. The 18-month price estimate is $125 a share.
Jefferies Group Inc. (JEF) rose 23 percent, the most since November 2008, to $14.50. The investment bank that’s been battling speculation about its financial strength reported fourth-quarter profit that beat analysts’ estimates on a recovery in fixed-income trading.
Navistar International Corp. (NAV) rose 6.5 percent to $38.91 for its biggest gain since Nov. 30. The maker of International brand trucks posted adjusted fourth-quarter profit of $3.37 a share, beating analysts’ estimate of $3.09 a share on improved truck results.
Prestige Brands Holdings Inc. (PBH) rose 20 percent, the most since April 2009, to $11.20. The maker of Comet cleaner and Murine eye and ear solutions agreed to buy 17 over-the-counter medicine brands from GlaxoSmithKline Plc (GSK) for $660 million.
Progenics Pharmaceuticals Inc. (PGNX) surged 31 percent to $8.49, the biggest gain in the Russell 2000. The developer of an injected constipation treatment said an oral version of the drug helped patients in a late-stage trial.
Salix Pharmaceuticals Ltd. (SLXP) , which licenses the medication, climbed 8.6 percent to $46.94.
Red Hat Inc. (RHT) fell 8.9 percent to $41.95, the biggest decline in the S&P 500. The software maker that specializes in the Linux operating system and other open-source programs reported fiscal third-quarter billings and deferred revenue that missed some analysts’ predictions.
Targacept Inc. (TRGT) fell 36 percent, the biggest decline in the Russell 2000 Index, to $4.99. The developer of an experimental depression treatment with AstraZeneca Plc (AZN) said the drug failed to meet the main goal of a second trial.
Zimmer Holdings Inc. (ZMH) rose 6.3 percent, the most since Jan 27, to $50.70. The world’s biggest maker of artificial hip and knee joints rose after closely held rival Biomet Inc. said sales of artificial hips climbed 7 percent in the quarter ended Nov. 30, while demand for knees rose 2 percent. The increase was greater than in the previous three months, suggesting a market may be improving, said Derrick Sung, an analyst with Sanford C. Bernstein & Co. in New York.
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