AOL, Evercore, McMoRan, Shutterfly: 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.
AOL Inc. (AOL) surged 43 percent, the most since November 2009, to $26.40. The Internet company, under shareholder pressure to make strategic changes as revenue declines, agreed to sell and license more than 800 patents to Microsoft Corp. (MSFT) in a deal worth $1.06 billion.
Centene Corp. (CNC) declined 15 percent, the most since March 2008, to $42.97. The provider of managed care services to Medicaid patients said that its Buckeye Community Health Plan wasn’t selected to participate in Ohio’s Medicaid program, effective in January 2013. The decision won’t be material to 2012 earnings, according to the company.
ClickSoftware Technologies Ltd. (CKSW) fell 16 percent, the most since October 2009, to $10.56. The maker of software to schedule deliveries and maintenance online said it had revenue of about $21.6 million in the first quarter, missing the average analyst estimate of $23.4 million.
Evercore Partners Inc. (EVR) fell 6.4 percent, the most since Oct. 3, to $26.05. The investment bank founded by Roger Altman was cut to neutral from buy on slower-than-expected merger-and-acquisition business in the first quarter and the drop in Evercore’s publicly announced pipeline.
Great Wolf Resorts Inc. (WOLF US) advanced 13 percent to $7.44, the highest price since May 2008. The water-parks operator got a $234 million, or $7 a share, takeover offer from KSL Capital Partners LLC, topping a bid from Apollo Global Management LLC for a second time and extending a private-equity bidding contest.
InterMune Inc. (ITMN) declined 16 percent, the most since Dec. 15, to $12.90. The Brisbane, California-based drug company was cut to sector perform from outperform, by RBC Capital Markets, which cited valuation. The rating means the stock’s return is expected be in line with the sector average in the next 12 months.
MagicJack VocalTec Ltd. (CALL) rose 11 percent, the most since Jan. 31, to $23.07. The developer of software for making phone calls over the Internet forecast first quarter-earnings excluding some items of 26 cents a share, double the average of two estimates, according to data compiled by Bloomberg.
McMoRan Exploration Co. (MMR US) fell 3.2 percent to $9.41, the lowest price since Oct. 4. The New Orleans-based oil producer reported complications at the Davy Jones No. 1 well in the Gulf of Mexico that prevented the company from obtaining a measurable flow rate of natural gas.
MetroPCS Communications Inc. (PCS US) fell 3.7 percent to $8.52, the lowest price since Jan. 17. The Texas-based pay-as-you-go wireless carrier was cut to neutral from outperform at Macquarie Group Ltd.
Molina Healthcare Inc. (MOH) plunged 27 percent, the most since July 2005, to $25.65. The managed health-care provider wasn’t selected for new contracts in Ohio’s expanded Medicaid program. The company generated nearly $1 billion of its $4.6 billion of premiums in the state during 2011, according to Cantor Fitzgerald LP.
Office Depot Inc. (ODP) slipped 2.5 percent to $3.17, the lowest price since March 7. The second-largest U.S. office-supply chain recalled 307,000 desk chairs in the U.S. and 12,000 in Canada after receiving 11 reports of chairs breaking, resulting in reports of injuries.
Shutterfly Inc. (SFLY) decreased 4.3 percent, the most since Feb. 21, to $28.21. The operator of a website that offers photo-related products dropped after Facebook Inc. (FB) agreed to buy the Instagram photo-sharing application for about $1 billion.
Titan Machinery Inc. (TITN) rallied 6.5 percent to $29.10, the highest price since July 7. The owner of full-service agricultural and construction equipment stores was raised to outperform from neutral at Robert W. Baird & Co., meaning the stock is expected to beat the broader U.S. equity market on a total return, risk-adjusted basis in the next 12 months.
Zhongpin Inc. (HOGS US) fell 4.7 percent, the most since March 14, to $10.04. The food processor was cut to neutral from buy at Roth Capital Partners, citing a probe by the Securities and Exchange Commission. The SEC on April 6 said it froze assets of six Chinese citizens in an insider trading case involving the stock.
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