Abercrombie, J.C. Penney, Legg Mason: 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.
Automakers and auto-parts suppliers gained as Warren Buffett’s Berkshire Hathaway Inc. disclosed it bought a stake in General Motors Co. (GM) (GM US) and Goldman Sachs Group Inc. said the industry has “significant” potential to gain from volume and margin growth. GM, the largest U.S. automaker, climbed 2.3 percent to $21.91. Goodyear Tire & Rubber Co. (GT) , the biggest U.S. tiremaker, jumped 4.9 percent to $10.69.
Abercrombie & Fitch Co. (ANF) fell 13 percent to $39.50, the lowest price since October 2010. The teen-clothing retailer reported first-quarter revenue that missed analysts’ estimates and said same-store sales will decline this fiscal year amid weakness in Europe.
Arena Pharmaceuticals Inc. (ARNA) dropped 6.4 percent to $5.67. The San Diego-based drugmaker said it will sell shares in a public offering, its first since July 2009. It didn’t specifying the size of the deal.
J.C. Penney Co. (JCP) plunged 20 percent, the most since at least 1980, to $26.75. The fourth-largest U.S. department-store company reported a first-quarter loss and said it will discontinue its quarterly dividend after sales fell more than anticipated.
Legg Mason Inc. (LM) rose 7.5 percent, the most since Nov. 30, to $24.05. The Baltimore-based money manager said it will repurchase $1.25 billion in convertible senior notes held by a fund managed by KKR & Co. to reduce its total debt. The company said its board authorized an additional $1 billion in share buybacks.
Medallion Financial Corp. (TAXI) dropped 12 percent, the most since March 2009, to $10. The company that originates loans for taxicab medallion purchases said it will sell 3.5 million shares in a public offering. Proceeds will be used to make loans and investments in portfolio companies and for general corporate purposes including repaying debt.
OraSure Technologies Inc. (OSUR) soared 20 percent, the most since February 2009, to $10.95. U.S. regulatory advisers backed the diagnostic device maker’s bid to bring to market the first at-home HIV test that lets people get results without using a doctor or laboratory.
Sina Corp. (SINA) rallied 11 percent, the most since Feb. 28, to $57.41. The operator of the Twitter-like Weibo microblog in China was raised to overweight from equalweight at Barclays Plc, which said Weibo will make “meaningful” contribution to revenue starting in the second half of this year.
Staples Inc. (SPLS) fell 5.7 percent to $13.91, the lowest price since Dec. 30. The world’s largest office-supply retailer reported first-quarter sales of $6.1 billion, missing the average analyst estimate of 6.19 billion. Staples said international business remains soft and it expects continued slow growth in the U.S. economy.
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