Dendreon, Marathon, Oclaro, SunTrust Banks: 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.
Financial shares rallied after Deutsche Bank AG said it remained positive on banks. Bank of America Corp. (BAC US) jumped 8.6 percent to $6.31 for the biggest increase in the Standard & Poor’s 500 Index. SunTrust Banks Inc. (STI) climbed 5.4 percent to $19.66. JPMorgan Chase & Co. (JPM) added 2.1 percent to $35.69.
American Eagle Outfitters Inc. (AEO) fell 11 percent, the most since May 2010, to $13.52. The Pittsburgh-based retailer reduced its forecast for adjusted fourth-quarter earnings to no more than 35 cents a share, below analysts’ average estimate of 43 cents.
Barnes & Noble Inc. (BKS) tumbled 17 percent, the most since Aug. 19, to $11.24. The largest U.S. bookstore chain projected a wider annual loss than analysts projected and saying it may spin off the Nook e-reader business, its fastest-growing unit.
Children’s Place Retail Stores Inc. (PLCE) sank 6.6 percent, the most since Aug. 8, to $49.58. The youth-apparel chain cut its fourth-quarter earnings forecast to no more than 90 cents a share, compared with a prior minimum of $1.19 a share, citing unseasonably warm weather, rebates to clear winter apparel and record high apparel costs.
Dendreon Corp. (DNDN) surged 40 percent, the most since April 2009, to $10.62. The maker of the prostate-cancer drug Provenge said fourth-quarter product revenue more than tripled from a year earlier.
Hot Topic Inc. (HOTT US) gained 6.7 percent, the most since Oct. 4, to $7.01. The teen retailer forecast fourth-quarter earnings between 17 cents and 19 cents a share. That compares with its previous estimate of 16 cents to 20 cents a share and the average analyst prediction of 17 cents.
LSI Corp. (LSI US) rose the second-most in the S&P 500, rallying 7.7 percent to $6.70. The maker of chips used in computer disk drives was raised to “outperform” from “neutral” at Wedbush Securities, which cited better-than-estimated hard drive disk shipments last quarter.
Marvell Technology Group Ltd. (MRVL) advanced 7.3 percent, the most since May 27, to $15.23. The maker of the processor that runs BlackBerry smartphones said its Foresight platform will power Google TV.
MetroPCS Communications Inc. (PCS US) sank 8.9 percent to $8.01 for the biggest drop in the S&P 500. The Texas-based pay-as-you-go wireless carrier said it added 197,000 net new users in the fourth quarter. Analysts predicted 223,000, the average of five estimates compiled by Bloomberg.
Monsanto Co. (MON) rose 5.5 percent, the most since Oct. 6, to $76.68. The world’s largest seed company posted first-quarter earnings that exceeded estimates as Latin American farmers grew more genetically modified corn and said U.S. orders are ahead of last year. Net income climbed to 23 cents a share, compared with a previous forecast of as much as 20 cents a share.
Oclaro Inc. (OCLR) climbed 16 percent, the most since Aug. 15, to $3.40. The maker of telecommunications equipment reported preliminary sales of $86 million for the fiscal second quarter. That beat the average analyst estimate of $80.8 million in a Bloomberg survey.
Orchard Supply Hardware Stores Corp. (OSH US) dropped the most in the Russell 1000 Index, losing 25 percent to $16.72. The California hardware stores operator forecast 2011 comparable store sales to be down 0.3 percent to 0.9 percent and a net loss for the year of $15 million to $17 million, according to a statement today.
Seagate Technology Plc (STX) added 6.4 percent, the most since Oct. 21, to $17.90. The world’s largest maker of computer disk drives reported preliminary second-quarter revenue of $3.1 billion to $3.2 billion, compared with the average analyst estimate of $2.79 billion.
Tesoro Corp. (TSO) fell 5.9 percent, the most since Dec. 6, to $22.60. The largest independent refiner on the U.S. West Coast said it lost 55 cents to 80 cents a share in the fourth quarter, missing analysts’ forecasts for a profit, as crude oil prices rose.
Marathon Petroleum Corp. (MPC) , another refiner, declined 5.5 percent to $31.92.
Zumiez Inc. (ZUMZ) soared 18 percent to $30.95, the highest price since December 2010. The retailer said fourth-quarter earnings may be as much as 58 cents a share, compared with the average analyst estimate of 54 cents.
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