Hewlett-Packard, McKesson, Oaktree: 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.
Hospital companies rose after HCA Holdings Inc. (HCA) and Tenet Healthcare Corp. (THC) said a settlement of a 13- year-old lawsuit over Medicare payments would boost revenues and HCA reported higher admissions. HCA gained 3.1 percent to $27.57. Tenet jumped 5.3 percent to $5.35. Community Health Systems Inc. (CYH) climbed 4.7 percent to $22.39.
Commodity stocks advanced amid signs that the Federal Reserve and Bank of Japan will stimulate growth. Alpha Natural Resources Inc. (ANR) added 9.9 percent to $16.08 for the biggest gain in the Standard & Poor’s 500 Index. Peabody Energy Corp. (BTU) jumped 7.5 percent to $29.34. Cliffs Natural Resources Inc. (CLF) climbed 6.6 percent to $71.16. U.S. Steel Corp. (X) rose 7.5 percent to $29.37. Valero Energy Corp. (VLO) increased 4.8 percent to $24.93.
Avid Technology Inc. (AVID) fell 17 percent, the most since Oct. 28, to $8.50. The maker of software for digital audio and video production said first-quarter revenue was about $152 million, missing the average analyst estimate of $161.3 million.
Cytec Industries Inc. (CYT) climbed 11 percent to $64.06, the highest price since December 2007. The maker of reinforced plastics used in aircraft agreed to buy Umeco Plc (UMC) for 550 pence in cash per share, valuing the U.K. supplier for Airbus planes and McLaren racing cars at 274 million pounds ($437 million).
Forum Energy Technologies Inc. (FET) rallied 8.8 percent to $21.75 on its first day of trading. The oilfield-equipment maker controlled by Houston financier L.E. Simmons raised $379 million after selling shares at the top end of its pricing range.
Fusion-io Inc. (FIO) gained 15 percent, the most since Sept. 23, to $28.31. The developer of flash-memory technology may be working on a new manufacturing contract with Cisco Systems Inc. (CSCO US), Piper Jaffray Cos. said in a note following conversations with people in the industry.
Hewlett-Packard Co. (HPQ) rose the most in the Dow Jones Industrial Average, advancing 7.2 percent to $25.10. Gartner Inc. said the global personal-computer industry unexpectedly grew in the first quarter and the Palo Alto, California-based company remained a market leader.
Illumina Inc. (ILMN) slipped 5.8 percent, the most since Oct. 7, to $49.51. Roche Holding AG (ROG) , which bid $51 a share to buy the maker of DNA analysis equipment, said publicly available information doesn’t justify a higher price.
McKesson Corp. (MCK) rose 3.9 percent to $91.34, the highest price since October 1998. The largest U.S. drug distributor won a drug supply contract valued at as much as $31.6 billion over as many as eight years.
MRC Global Inc. (MRC) added 0.2 percent to $21.04 on the first day of trading. The energy products and services company owned by Goldman Sachs Group Inc. (GS US) went public at the low end of the proposed price range. MRC and Goldman Sachs sold 22.73 million shares at $21 each to raise $477.3 million in an initial public offering.
Oaktree Capital Group LLC (OAK) fell 1.4 percent to $42.39 on the first day of trading. The world’s largest distressed-debt investor raised $380.2 million in an initial public offering after bringing in about 27 percent less than the firm originally sought.
Pacira Pharmaceuticals Inc. (PCRX) (PCRX US) fell 3.9 percent to $9.73, the lowest price since Jan. 26. The specialty pharmaceutical company is selling shares in a public offering, its second sale since its initial public offering in February 2011.
Rowan Cos. (RDC) had the second-biggest gain in the S&P 500, rallying 9.7 percent to $33.99. The offshore drilling contractor planning to move its legal headquarters to the U.K. said it will delay the proposed move until next month, allowing more time to do necessary paperwork to stay in the S&P 500.
Wabtec Corp. (WAB) (WAB US) rose 7.1 percent, the most since Aug. 9, to $76.36. The maker of brake systems raised its forecast for annual earnings to $4.80 a share, excluding some items, from $4.30 a share. Analysts had forecast $4.37 on average.
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