Emcore, Freeport-McMoRan, Molycorp, Tesoro: 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.
Oil refiners fell as the price of crude declined for the first time in seven days.
Tesoro Corp. (TSO) dropped 4.2 percent, the second-biggest decline on the Standard and Poor’s 500 Index, to $23.07. Nabors Industries Ltd. (NBR) fell 4.1 percent to $17.41. Weatherford International Ltd. (WFT) retreated 3.9 percent to $13.83.
Gold producers declined as the precious metal dropped for a fifth straight session, the longest losing streak since October 2009, on prospects for slower demand in India and China, the world’s biggest consumers of bullion.
Arctic Cat Inc. (ACAT) climbed 21 percent to $22.93, the highest price since April 2006. The snowmobile maker reported a cash buyback of 6.1 million Class B shares from Suzuki Motor Corp.
Emcore Corp. (EMKR) gained 6.4 percent, the most since Dec. 9, to 92 cents. The solar-power company projected first-quarter revenue of $36 million to $38 million and said it has made agreements that allow the company to improve its liquidity position while processing and receiving insurance claims related to this year’s floods in Thailand.
Endeavour International Corp. (END) rose 12 percent to $8.91, the highest price since Oct. 31. The Houston-based oil and gas exploration company was raised to “market outperform” from “market perform” at Rodman & Renshaw Capital Group Inc. The price estimate is $12.50 a share.
Molycorp Inc. (MCP) slumped 14 percent, the biggest decline in the Russell 1000 Index, to $24.04. The price estimate for the owner of the largest rare-earth deposit outside China was cut to $39 a share from $57 by JPMorgan Chase & Co., which cited pressure on rare earth prices.
To contact the editor responsible for this story: Nick Baker at firstname.lastname@example.org