Stocks on the Move: FactSet, GenCorp, Hyatt, Qwest
Dec. 15 (Bloomberg) -- Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 10:05 a.m. in New York.
Allied Irish Banks Plc. (AIB) tumbled 9.8 percent to $3.58 after sinking earlier to $3.55, the lowest intraday price since July 10. Moody's Investors Service said the outlook for the Irish banking system remains negative.
Array BioPharma Inc. (ARRY) surged 28 percent to $2.87 and rallied 38 percent earlier, the most intraday since January 2004. The Boulder, Colorado-based drug research company will receive at least $60 million from Amgen Inc. (AMGN), the world's biggest biotechnology company, for exclusive rights to experimental drugs for Type 2 diabetes.
Best Buy Co. (BBY) fell the most in the Standard & Poor's 500 Index, declining 7.7 percent to $41.90. The world's largest electronics retailer said its fourth quarter gross profit rate will be lower than it anticipated as the chain relies on less profitable notebook computers and televisions to drive sales.
CBS Corp. (CBS) fell 2.6 percent to $13.69. The owner of the most-watched U.S. television network was downgraded to "neutral" from "buy" by analysts at UBS AG with a price target of $15 per share. The analysts said the CBS share price already reflects expectations for increasing advertising demand in 2010.
Conseco Inc. (CNO) lost 4.1 percent to $4.74. The life insurer said it may raise as much as $234.1 million selling shares and use part of the proceeds to repay debt. More stock may dilute the value of existing shares.
FactSet Research Systems Inc. (FDS) slipped 6.8 percent to $70.86 for the second-biggest retreat in the Russell 1000 Index. The provider of financial data to investment managers and banks forecast second-quarter profit excluding some items of 75 cents a share at most. Analysts, on average, estimated 75 cents, according to a Bloomberg survey.
Host Hotels & Resorts Inc. (HST) had the second-biggest loss in the S&P 500, falling 5.3 percent to $10.39. The real estate trust that owns hotels in Mexico and Europe said it proposed to offer in a private placement $300 million of exchangeable senior debentures and plans to use the money to repay debt.
Hyatt Hotels Corp. (H) rose 2.7 percent to $30.31 and climbed earlier to $30.50, the highest intraday price since Nov. 6. The Abu Dhabi Investment Authority, one of the world's top two sovereign wealth funds, acquired a 10.9 percent stake in Hyatt. The shares were rated "buy" in new coverage at Goldman Sachs Group Inc., Citigroup Inc. and Deutsche Bank AG and "overweight" at JPMorgan Chase & Co.
JA Solar Holdings Co. (JASO) gained 11 percent to $5.93, the highest intraday price since June 11. The manufacturer of solar products said that based on current customer orders and product deliveries, it expects fourth-quarter 2009 shipments to exceed the high end of its prior forecast. The company was raised to "hold" from "sell" at ThinkEquity LLC by equity analyst Colin Rusch.
GenCorp Inc. (GY) lost 10 percent to $7.60 and slumped 12 percent earlier, the most intraday since Aug. 17.
The maker of spacecraft parts said it plans to offer as much as $125 million of convertible subordinated debentures in a private placement.
MetroPCS Communications Inc. (PCS) rose 4.7 percent to $7.19 after advancing earlier to $7.36, the highest intraday price since Oct. 15. The pay-as-you-go mobile-phone carrier was rated new "outperform" at Sanford C. Bernstein & Co. by equity analyst Craig Moffett. The target price is $10 per share.
News Corp. (NWS) increased 2 percent to $15.42 and climbed earlier to $15.55, the highest intraday price since June 2008. The owner of the Wall Street Journal was raised to "buy" from "hold" at Deutsche Bank AG.
Qwest Communications International Inc. (Q) rose 3.2 percent to $4.21 and increased earlier to $4.23, the highest intraday price since June 17. The local phone provider in 14 U.S. states was upgraded to "buy" from "neutral" by analysts at UBS AG with a price target $5.50 per share. The analysts cited Qwest's attractive valuation, improving revenue trends and a stable cash flow.
Starlims Technologies Ltd. (LIMS) surged 46 percent to $13.84 and jumped 46 percent earlier, the most intraday since May 2007. The Israeli maker of laboratory information management systems agreed to be bought by Abbott Laboratories for $14 a share, or about $123 million in cash.
Starwood Hotels & Resorts Worldwide Inc. (HOT) added 1.1 percent to $36.03 and rose earlier to $36.34, the highest intraday price since Oct. 19. The third-largest U.S. lodging company was raised to "buy" from "underperform" at Bank of America Corp.'s Merrill Lynch Global Research, which said in a report "we believe there will be a strong cyclical recovery in lodging earnings beginning in late 2010."
Transition Therapeutics Inc. (TTHI) slumped 51 percent to $3.92 and dropped 56 percent earlier, the most intraday since March 2002. The biopharmaceutical company said it's amending a mid-stage clinical trial along with partner Elan Corp. (ELN) on a compound being developed to treat Alzheimer's disease after higher rates of serious side effects were reported among patients taking two higher doses.
Wells Fargo & Co. (WFC) rose 1.7 percent to $25.93. The San Francisco-based bank announced a $10.4 billion share sale to help repay the Troubled Asset Relief Program. Wells Fargo, which ranks fourth by assets and deposits in the U.S., plans to return all of the $25 billion that taxpayers invested last year, according to a company statement issued yesterday.
Weyerhaeuser Co. (WY) jumped 6.9 percent to $45.45 after rallying as much as 10 percent, the most intraday since April 9. The biggest U.S. lumber producer said it plans to become a real estate investment trust to boost profitability in its timberlands business.
To contact the reporter on this story: Lu Wang in New York at