Bank of America, Edwards Lifesciences: 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 retreated as American consumer confidence dropped and the cost of insuring against a Spanish default approached a record high. Bank of America Corp. (BAC US) declined 5.3 percent to $8.68 for the biggest loss in the Dow Jones Industrial Average. SunTrust Banks Inc. (STI) slipped 4.1 percent to $22.58. First Horizon National Corp. (FHN) fell 4.3 percent to $9.77.
AVI BioPharma Inc. (AVII) fell 5.5 percent to $1.04 for the biggest decline since April 5. The biotechnology company said Chief Scientific Officer Peter Linsley plans to resign effective June 1.
Cheniere Energy Inc. (LNG) rose 7.4 percent to $16.86, the highest price since April 2008. The natural gas importer that lost $1.2 billion in a decade is poised to become the sole U.S. exporter of fuel from the shale bonanza that’s turned the nation into the world’s biggest gas producer. The government may decide as soon as next week on Cheniere’s request to build a $10 billion Louisiana plant that would be the largest in the U.S. to liquefy gas and load it onto ocean-going tankers.
Coinstar Inc. (CSTR) climbed 7.3 percent to $65.78, the highest price since December 2010. The owner of the Redbox movie-rental kiosks said first-quarter sales and profit exceeded its previous projection and lifted its earnings forecast for 2012 to at least $4.40 a share from a previous prediction of no more than $4.30, exceeding the average analyst estimate of $4.15.
Consol Energy Inc. (CNX) dropped 3 percent, the most since March 22, to $33.70. The coal company was cut to neutral from outperform at Credit Suisse Group AG, meaning the firm expects the stock to perform in line with the market over the next 12 months.
Edwards Lifesciences Corp. (EW) had the second-biggest loss in the S&P 500, sliding 5.6 percent to $68.55 after falling 5.6 percent earlier, its biggest intraday decline since Feb. 3. The maker of products to treat late-stage cardiovascular disease had its first-quarter earnings estimate lowered to 47 cents a share from 49 cents at JPMorgan Chase & Co. (JPM)
First Horizon National Corp. (FHN US) declined 4.3 percent, the most since March 22, to $9.77. Tennessee’s biggest bank was downgraded to sell from neutral at Compass Point Research & Trading LLC.
Google Inc. (GOOG) fell 4.1 percent, the most since Jan. 20, to $624.60. The world’s largest Internet search company unveiled a plan that lets the company issue new shares without diluting the founders’ voting power, raising concern among corporate-governance watchdogs.
IGate Corp. (IGTE) surged 11 percent, the most since Aug. 9, to $19.12. The outsourcing adviser reported first- quarter profit excluding some items of 38 cents a share, beating the average analyst estimate of 32 cents in a Bloomberg survey.
Cognizant Technology Solutions Corp. (CTSH) , a provider of technology consulting and outsourcing, fell 3.9 percent to $73.80.
Joe’s Jeans Inc. (JOEZ) rose 10 percent to $1.37, the highest price since April 4. The Commerce, California-based maker of denim clothing said retail same-store sales rose 22 percent in the first quarter.
Network Engines Inc. (NEI) slid 25 percent, the most since July 2010, to $1.07. The provider of server-based application platforms’ largest customer, EMC Corp. (EMC) (EMC US), plans a transition away from products that represent about $21 million in quarterly revenue, Network Engines said in a statement on PR Newswire. The switch is expected to begin as early as the end of this year, the company said.
Pendrell Corp. (PCO) fell 17 percent, the most since June 2009, to $2.17 when shares were halted for news. Boeing Co. won a partial reversal in a lawsuit in which a jury awarded $604 million to the intellectual property company formerly known as ICO Global Communications Holdings Ltd. over claims that the aerospace company breached a contract to build a satellite communications network.
Powerwave Technologies Inc. (PWAV) fell the most in the Russell 2000 Index, plunging 39 percent to $1.32. The maker of wireless communications gear said it had $40 million to $45 million of revenue in the first quarter, missing the average analyst estimate of $51.9 million, data compiled by Bloomberg show.
Primo Water Corp. (PRMW) climbed 10 percent, the most since Feb. 6, to $1.77. The provider of bottled water and water dispensers said it expects to obtain a total of as much as $35 million in financing from two lenders.
Talbots Inc. (TLB) plunged 15 percent, the most since Dec. 1, to $2.67. The women’s apparel maker said first-quarter sales will decline from a year earlier.
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