Stocks on the Move: Dr Pepper, Texas Instruments
By Lu Wang
Dec. 9 (Bloomberg) -- Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 11:15 a.m. in New York.
3M Co. (MMM) rose the most in the Dow Jones Industrial Average, adding 2.8 percent to $79.25. The maker of 55,000 products from Post-It Notes to safety equipment was upgraded to "buy" from "hold" by Citigroup Inc. analyst Jeffrey Sprague, who cited the company's ability to grow faster than peers over the next 9 to 12 months while delivering better financial returns. The 2011 target price is $92 a share.
AK Steel Holding Corp. (AKS) gained 3.9 percent to $20.05 for the third-biggest gain in the Standard & Poor's 500 Index. The steelmaker said it will boost prices for its carbon steel products by $30 per ton because of rising demand and higher costs.
U.S. Steel Corp. (X) rose 3.4 percent to $45.72.
CKE Restaurants Inc. (CKR) fell 3.5 percent to $8.35 after sliding earlier to 8.20, the lowest intraday price since June 1. The owner of the Carl's Jr. and Hardee's hamburger chains posted earnings excluding some items of 12 cents a share in the third quarter, trailing the average analyst estimate by 22 percent, according to Bloomberg data.
Comtech Telecommunications Corp. (CMTL) advanced 9.3 percent to $33.30 and jumped 11 percent earlier, the most intraday since December 2008. The provider of mobile-data communications equipment to the U.S. Army posted profit excluding some items of 33 cents a share in the fiscal first quarter, topping the average analyst estimate by 44 percent.
Cooper Cos. (COO) rose the most in the Russell 1000 Index, rallying 12 percent to $37.95. The maker of optical lenses, surgical instruments and diagnostic products forecast 2010 earnings excluding some items of at least $2.45 a share, exceeding the average analyst estimate of $2.43 in a Bloomberg survey.
EnCana Corp. (ECA) rose 3.5 percent to $28.30 and advanced 4.1 percent earlier, the most intraday since Nov. 9. Canada's largest natural-gas producer said it has received approval from the Toronto Stock Exchange to buy back as many as 37.5 million shares, representing 5 percent shares outstanding.
Hi-Tech Pharmacal Co. (HITK) rose 9.8 percent to $23.97 and advanced 14 percent earlier, the most intraday since Sept. 9. The maker of eye and ear medicines posted profit excluding some items of 55 cents a share in the fiscal second quarter, topping the 32-cent estimate from FTN Equity.
Jackson Hewitt Tax Service Inc. (JTX) rallied 15 percent to $4.75 and climbed as much as 20 percent, the most intraday since June 5. The second-biggest U.S. tax-filing firm reported a narrower-than-expected loss in the second quarter and said it expects to operate in as many as 1,900 Wal-Mart Stores Inc. (WMT) stores next year.
Men's Wearhouse Inc. (MW) slid 12 percent to $19.19 after sinking as much as 16 percent, the most intraday since January 2008. The apparel retailer forecast a fourth-quarter loss of at least 15 cents a share.
MedAssets Inc. (MDAS) fell 3.9 percent to $19.15 and slumped as much as 8.7 percent, the most intraday since April 30. The Alpharetta, Georgia-based provider of technology-enabled products and services for hospitals and health systems said its 2010 cash earnings per share excluding some costs will be 96 cents at most, less than the average analyst estimate of $1.00, according to Bloomberg data.
Movado Group Inc. (MOV) sank 17 percent to $8.97 and declined 20 percent earlier, the most intraday since December 2008. The Paramus, New Jersey-based watchmaker reported profit excluding some items of 13 cents a share in the third quarter, below analysts' average estimates of 62 cents, according to Bloomberg data.
PepsiCo Inc. (PEP) fell 3.8 percent to $61.10 after sliding as much as 4.3 percent, the most intraday since April 20. The world's second-largest soft-drink maker will keep most of Dr Pepper Snapple Group Inc.'s (DPS) distribution held by two bottlers it agreed to buy. The agreement includes a $900 million upfront payment to Dr Pepper.
Photronics Inc. (PLAB) fell 10 percent to $4.41 and dropped as much as 19 percent, the most intraday since May 27. The maker of imaging technology reported sales of $94.7 million in the fourth quarter, trailing the average analyst estimate of $96.7 million from a Bloomberg survey.
Rambus Inc. (RMBS) rose 3.3 percent to $21.97. The European Commission ended its antitrust probe of Rambus Inc. after the U.S. memory-chip designer agreed to cut patent royalty rates for some products.
Repligen Corp. (RGEN) slumped 15 percent to $3.96 and tumbled as much as 21 percent, the most intraday since October 2008. The developer of treatments for autism and immune-system diseases said a clinical trial of RG1068 during pancreatic magnetic resonance imaging failed to achieve "the pre-specified statistical outcome for the primary endpoint."
Sprint Nextel Corp. (S) rose the most in the S&P 500, jumping 9.7 percent to $4.29. The third-largest U.S. mobile carrier was boosted to "buy" from "hold" at Citigroup Inc.
RealNetworks Inc. (RNWK) had the biggest gain in Russell 2000 Index, rallying 16 percent to $4. The seller of Internet music and video games was raised to "neutral" from "underweight" at JPMorgan by equity analyst Vasily Karasyov.
Texas Insruments Inc. (TXN) fell 2.6 percent to $25.65 for the fifth-steepest retreat in the S&P 500. The second- largest U.S. chipmaker maintained the top end of its sales forecast during a mid-quarter update, disappointing some investors.
Valassis Communications Inc. (VCI) climbed 12 percent to $18.31 and jumped 13 percent earlier, the most intraday since Oct. 29. The distributor of advertisements through newspaper inserts and mailings forecast 2010 earnings excluding some items of $2.48 a share. Analysts, on average, estimated $1.53, according to Bloomberg survey.
Vanda Pharmaceuticals Inc. (VNDA) rose 3.8 percent to $11.49 and gained 7.4 percent earlier, the most intraday since Oct. 13. The Rockville, Maryland-based drugmaker was rated new "buy" at Jefferies Group Inc., which cited the sale of Vanda's U.S. and Canadian rights for its schizophrenia drug Fanapt to Novartis AG (NVS).
To contact the reporter on this story: Lu Wang in New York at