First Solar, NRG Energy, Whirlpool: 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.
Commodity shares advanced as the International Monetary Fund raised its global growth forecast. Cabot Oil & Gas Corp. (COG) climbed 3.5 percent to $30.58. Newfield Exploration Co. (NFX) added 4.5 percent to $33.78. Alpha Natural Resources Inc. (ANR) increased 3.9 percent to $16.13.
Cheniere Energy Inc. (LNG) rose 3.6 percent to $17.60, the highest price since April 2008. The liquefied natural-gas company won federal approval to build the largest U.S. natural- gas export terminal as drillers who extract the fuel from shale formations struggle to find domestic buyers to absorb a glut.
Cobalt International Energy Inc. (CIE) rose 4.1 percent, the most since April 3, to $27.44. Morgan Stanley said the deep- water oil explorer’s 7.2 percent decline yesterday was an overreaction to concern over the company’s compliance with the Foreign Corrupt Practices Act. The company has “no risk of losing its interest” in some Angola blocks under U.S. law, analysts including Evan Calio wrote in a note. The company denied breaking any laws after the Financial Times reported Angolan officials own stakes in its local partner.
Coca-Cola Co. (KO) rose the most since Aug. 23, rallying 2.1 percent to $73.95. The world’s largest soft-drink maker reported first-quarter profit that topped analysts’ estimates, helped by pricing increases and demand in North America.
Comerica Inc. (CMA) added 3.5 percent, the most since March 15, to $31.95. The Dallas-based bank reported first- quarter profit of 66 cents a share, beating analysts’ estimates for a sixth straight quarter, according to Bloomberg data.
First Solar Inc. (FSLR) rallied 10 percent to $22.96 for the biggest gain in the Standard & Poor’s 500 Index. The largest thin-film panel maker will cut 30 percent of its workforce, about 2,000 jobs, as demand in Europe slows faster than the company can expand in emerging markets in Asia.
MEMC Electronic Materials Inc. (WFR) climbed 8.4 percent to $3.74.
NRG Energy Inc. (NRG) rose 4.8 percent, the most since Jan. 25, to $15.03. The Princeton, New Jersey-based power producer was boosted to buy from hold by Deutsche Bank AG.
SRS Labs Inc. (SRSL) surged 37 percent, the most in the Russell 2000 Index, to $9.39. The maker of audio-enhancement products agreed to be bought by DTS Inc. (DTSI) in a cash- and-stock transaction valued at $9.50 per share, or $148 million.
Starwood Property Trust Inc. (STWD) decreased 2.7 percent to $20.37, the lowest price since March 1. The real estate investment company will sell 20 million shares in a public offering. Proceeds from the sale will be used to originate and purchase commercial mortgage loans and other assets, and for other general corporate purposes.
Teekay Tankers Ltd. (TNK) gained 6.8 percent, the most since March 28, to $5.80. The owner of crude-oil tankers agreed to buy a fleet of 13 double-hull conventional oil and product tankers from Teekay Corp. (TK US) for $455 million.
Terex Corp. (TEX) rose 6 percent to $23.51, the biggest gain since March 13. The maker of cranes and construction equipment was lifted to outperform from market perform at Wells Fargo & Co., meaning the stock’s return is expected to beat the market over the next 12 months.
Whirlpool Corp. (WHR) fell 4.3 percent to $68 for the second-biggest decline in the Russell 1000 Index. The U.S. International Trade Commission voted in favor of LG Electronics Inc. in a refrigerator case, finding refrigerators imported from South Korea and Mexico didn’t cause “material injury” to the U.S. industry. Whirlpool, based in Benton Harbor, Michigan, is the world’s largest appliance maker.
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