Frontline, Overseas Shipholding: 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.
Abraxas Petroleum Corp. (AXAS) slumped 7.1 percent, the most since Dec. 13, to $3.27. The San Antonio, Texas-based oil and natural gas explorer was cut to neutral from buy at SunTrust Robinson Humphrey. The company yesterday posted fourth-quarter adjusted earnings that missed the average analyst estimate.
Chemtura Corp. (CHMT) rose 11 percent to $17.64, the highest price since July 27. The maker of additives for plastics was raised to outperform from market perform at Oppenheimer & Co., meaning the stock is expected to beat the Standard & Poor’s 500 Index over the next 12 to 18 months.
Cogo Group Inc. (COGO US) surged 60 percent, the most since July 2004, to $3.10. Jeffrey Kang, chief executive officer of the provider of software to Chinese makers of phones and consumer electronics, offered to acquire 30 percent of the company’s assets for as much as $82 million.
Cytori Therapeutics Inc. (CYTX) increased 11 percent to $3.13, the highest price since March 1. The stem-cell company’s PureGraft 850 system, a device that uses a patient’s own body fat for grafting, was granted 510(k) clearance by the Food and Drug Administration.
Deer Consumer Products Inc. (DEER) fell 10 percent to $3.25, the lowest price since May 2009. The designer and manufacturer of home and kitchen electronics delayed the filing of its 2011 10-K annual financial report.
Discovery Laboratories Inc. (DSCO) slid 19 percent, the most since February 2011, to $2.85. The drugmaker that develops treatments for respiratory diseases said it sold 16 million shares at $2.80.
Dole Food Co. (DOLE US) advanced 12 percent, the most since its initial public offering in October 2009, to $11.13. The global fruit producer reported a fourth-quarter adjusted loss from continuing operations of 2 cents a share, beating the 12-cent loss projected by analysts on average.
Frontline Ltd. (FRO) rose 24 percent, the most since 2000, to $7.65. The world’s biggest operator of supertankers and Overseas Shipholding Group Inc. (OSG US) rallied after a dearth of tankers lifted charter costs for the ships, said Wells Fargo Securities LLC. Overseas Shipholding climbed 12 percent to $12.75.
Kosmos Energy Ltd. (KOS) rose 5.9 percent, the most since Feb. 3, to $13.93. The U.S. oil explorer that discovered Ghana’s massive offshore Jubilee field said the Enyenra-4A well showed “a very positive result.”
OncoGenex Pharmaceutical Inc. (OGXI) dropped 21 percent, the most since December 2009, to $13.81. The drugmaker that develops cancer therapies announced a proposed public offering of its stock.
Perfect World Co. (PWRD) rallied 28 percent, the most since its IPO in July 2007, to $16.01. The Beijing-based online game developer reported fourth-quarter profit that beat Oppenheimer & Co.’s estimate by 84 percent, according to Bloomberg data.
Primo Water Corp. (PRMW) slid 29 percent to $2.06, the lowest price since it went public in November 2010. The provider of bottled water and water dispensers said that, excluding some items, it expects to have a loss of as much as 9 cents a share in the first quarter. Analysts estimated profit of 2 cents a share, according to a Bloomberg survey.
SunPower Corp. (SPWR) rallied 6.8 percent to $7.81, the highest price since Feb. 28. The solar company gained after Renesola Ltd. (SOL) , a Chinese maker of solar products, reported fourth-quarter sales that exceeded analysts’ estimates and forecast at least a 39 percent increase in shipments this year.
Transocean Ltd. (RIG) rose 4.6 percent to $58.70, the highest price since Oct. 28. The owner and operator of the Deepwater Horizon drilling rig that exploded reported deepwater dayrate contracts that exceeded analyst forecasts in a fleet status report. The company was also upgraded to buy from neutral at Global Hunter Securities.
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