Ampio, Domino’s, Morgan Stanley: 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.
Abovenet Inc. (ABVT) surged 13 percent to $83.74, the highest intraday price since at least 2003. The operator of fiber-optic networks agreed to be bought by Zayo Group LLC for $2.2 billion, or $84 a share.
Ampio Pharmaceuticals Inc. (AMPE) rallied 43 percent, the most in the Russell 2000 Index, to $3.82. The drug company announced “positive” results from a clinical study of Optin, a treatment for diabetic macular edema, and said it will request a meeting with Food and Drug Administration.
Domino’s Pizza Inc. (DPZ) rose 3.4 percent to $41.30 and, the highest price since it went public in July 2004. The pizza-delivery chain completed its recapitalization and declared a special dividend of $3 a share.
DreamWorks Animation SKG Inc. (DWA) added 2.9 percent to $18.83, the highest price since Feb. 28. The maker of the “Kung Fu Panda” films was raised to overweight from neutral at Piper Jaffray Cos., meaning the stock will beat its peers over the next 12 months.
Dynegy Inc. (DYN) lost the most in the Russell 2000 Index, dropping 22 percent to 70 cents. Seneca Capital Investments LP said it cut its stake in the third-largest independent U.S. power producer.
Gap Inc. (GPS) rose 2.7 percent to $26.08, the highest price since April 2010. The largest U.S. apparel chain was raised to outperform from market perform by BMO Capital Markets, citing a “meaningful improvement” to spring products and potential for global expansion. The rating means the stock is forecast to beat the market.
Kohl’s Corp. (KSS) fell 3.3 percent, the most since Feb. 23, to $48.72. The U.S. department-store chain was cut to “neutral” from “buy” at Cleveland Research Inc., which said sales may be lower than expectations.
Lions Gate Entertainment Corp. (LGF) advanced 7.9 percent to $14.25, the highest price since at least November 1998. The film and television studio is scheduled to release the first of four planned “Hunger Games” films on March 23, and gained as investors anticipate the movies’ success.
Morgan Stanley (MS) rose 2.7 percent to $20.06, the highest price since Feb. 9. The owner of the world’s largest brokerage is planning its first corporate bond sale since October after the cost to protect its bonds from default dropped by almost 50 percent in the past four months.
Sprint Nextel Corp. (S) declined 4.5 percent to $2.76 for the biggest retreat in the Standard & Poor’s 500 Index. The third-largest U.S. wireless carrier was downgraded by Sanford C. Bernstein amid concern the company won’t sell enough iPhones to afford its “punishing” commitment with Apple Inc.. (AAPL)
Suncoke Energy Inc. (SXC) (SXC US) gained 4.8 percent, the most since Feb. 1, to $14.55. The U.S. coke producer spun off from Sunoco Inc. in January was raised to “buy” at Goldman Sachs Group Inc. because its contracts are less exposed to commodity price fluctuations than other coal companies.
United Parcel Service Inc. (UPS) increased 3.4 percent to $81.11, the highest price since July 2006. The world’s largest package-delivery company raised its offer for TNT Express NV by 5.6 percent to 5.16 billion euros ($6.8 billion).
U.S. Steel Corp. (X) rose the most in the S&P 500, gaining 6.4 percent to $31.64. The country’s largest producer of the metal by volume should benefit from a recovery in steel prices, UBS AG said in a note.
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