Chesapeake, Knology, IBM, Seagate: 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.
Cenveo Inc. (CVO) rose 9.3 percent, the most since March 1, to $2.83. The specialty printing and envelope maker was rated buy at CRT Capital, with a share-price forecast of $4.75.
Chesapeake Energy Corp. (CHK) declined 5.5 percent to $18.06, the lowest price since July 2009. Chief Executive Officer Aubrey McClendon borrowed as much as $1.1 billion by pledging his 2.5 percent stake in every Chesapeake well as collateral, Reuters reported, citing documents from five states detailing loans. McClendon told Reuters that the loan covenants don’t involve the natural gas company and are private transactions.
Clearwire Corp. (CLWR) slumped 6.9 percent to $1.76 the lowest price since Jan. 31. The unprofitable wireless-broadband wholesaler declined after Verizon Wireless said it will sell some of its spectrum. Any sale of good quality spectrum makes Clearwire’s holdings less valuable, Christopher King, an analyst at Stifel Nicolaus & Co., said in an interview.
Cree Inc. (CREE) fell 6.1 percent, the most since Dec. 19,to $29.97. The maker of energy-efficient lighting reported third-quarter earnings excluding some items of 20 cents a share, missing the average analyst estimate by 1 cent.
Genworth Financial Inc. (GNW) declined 24 percent, the most in the Standard & Poor’s 500 Index, to $5.87. The life insurer and mortgage guarantor postponed the initial public offering of its Australian unit backing home loans to early 2013 after “elevated” losses in the nation this year.
Halliburton Co. (HAL) climbed 4.6 percent, the most since Dec. 20, to $34.17. The world’s largest provider of hydraulic fracturing services said first-quarter profit increased as rising crude prices drove producers to expand drilling in North America.
Intel Corp. (INTC) erased 1.5 percent, the second biggest drop in the Dow Jones Industrial Average, to $27.95. The world’s largest semiconductor maker posted the slowest sales growth since the third quarter of 2009 as the European slump weighed on orders.
International Business Machines Corp. (IBM) fell 3.5 percent to $200.13 for the biggest loss in the Dow Jones Industrial Average. The world’s biggest computer-services provider reported first-quarter revenue was $24.67 billion, falling short of the average analyst estimate of $24.79 billion.
Intuitive Surgical Inc. (ISRG) gained 7.2 percent to $584.52 for the biggest increase in the S&P 500. The maker of a robotic system to perform surgery reported first-quarter adjusted profit of $3.50 a share, surpassing the average analyst estimate of $3.12.
Ivanhoe Mines Ltd. (IVN) jumped 16 percent, the most since Sept. 27, to $13.64. The developer of the $6 billion Oyu Tolgoi copper and gold mine in Mongolia said its majority shareholder Rio Tinto Group signed an agreement to ensure funding of the project’s construction.
Knology Inc. (KNOL) rose 7.5 percent, the most since Feb. 28, to $19.40. The cable company with customers mainly in the southeastern U.S. agreed to be bought by closely held cable operator WideOpenWest LLC for about $750 million, or $19.75 a share.
Polaris Industries Inc. (PII) increased 10 percent to $80.50, the highest price since at least 1987. The snowmobile maker raised its 2012 earnings per share forecast to $3.85 to $4. The average analyst estimate is $3.89.
Seagate Technology Plc (STX) rose 3.8 percent to $28.96, the highest price since October 2003. The world’s largest maker of computer disk drives reported third-quarter profit that beat analysts’ estimates.
Western Digital Corp. (WDC) , a rival of Seagate, added 5.2 percent to $41.56.
SXC Health Solutions Corp. (SXC) climbed 11 percent, the most since December 2010, to $89.36. The provider of pharmacy benefit management services and health-care information technology agreed to buy Catalyst Health Solutions Inc. (CHSI) in a transaction valued at $4.4 billion. Catalyst surged 34 percent to $85.23 for the biggest increase in the Russell 1000 Index.
THQ Inc. (THQI) surged 27 percent, the most since 1994, to 57 cents. The publisher of wrestling and martial arts video games said it expects to report a smaller fourth-quarter loss than anticipated, helped by rising sales of the “Saints Row: The Third” video game.
United Rentals Inc. (URI) rose 12 percent, the most since Oct. 4, to $45.75. The construction-equipment rental company posted first-quarter revenue of $656 million, exceeding the average analyst estimate of $611.4 million.
Willbros Group Inc. (WG) rallied 8.5 percent to $4.33, the highest price since Feb. 28. Peter Arbour, a vice president at the oil-industry contractor, bought 10,000 shares, according to a regulatory filing.
Wynn Resorts Ltd. (WYNN) gained 4.4 percent, the most since Feb. 21, to $130.28. A potential approval of the casino operator’s proposed resort in the Cotai area of Macau would add $30 a share in the company’s net present value, according to an estimate by JPMorgan Chase & Co.
Yahoo! Inc. (YHOO) rose 3.2 percent, the most since Dec. 21, to $15.49. The largest U.S. Web portal reported earnings and sales that exceeded estimates as it benefited from growth in the online advertising market under newly appointed Chief Executive Officer Scott Thompson.
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