Stocks on the Move: Citigroup, FedEx, LDK Solar
Dec. 17 (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 a.m. in New York.
Allegheny Technologies Inc. (ATI) rose the most in the Standard & Poor's 500 Index, jumping 6.5 percent to $40.73. The specialty-metals producer said it will earn at least 20 cents a share in the fourth quarter. Analysts surveyed by Bloomberg had estimated profit of 3 cents on average.
A123 Systems Inc. (AONE) advanced 8.1 percent to $19.81 after rising earlier to $20.50, the highest intraday price since Nov. 2. SAIC Motor Corp., China's biggest automaker, said it will set up a $20 million venture with A123 to make batteries for electric vehicles.
A-Power Energy Generation Systems Ltd. (APWR) climbed 7.9 percent to $20.15 and jumped earlier to $20.56, the highest intraday price since September 2008. The Chinese power system manufacturer said it signed an agreement in which it will supply turbines for a 600 megawatt wind farm in West Texas.
Cedar Fair LP (FUN) surged 24 percent to $11.23 and rallied as much as 24 percent, the most intraday since October 2008. The operator of the Cedar Point amusement park agreed to be purchased for $11.50 a share, or 27 percent more than yesterday's closing price, by Apollo Global Management LLC.
Citigroup Inc. (C) had the second-steepest retreat in the S&P 500, dropping 7.5 percent to $3.19. The recipient of the biggest U.S. bank bailout sold 5.4 billion shares at $3.15 apiece, less than the $3.25 the government paid when it acquired a one-third stake in the company in September.
Delta Petroleum Corp. (DPTR) added 6.3 percent to $1.36 and advanced earlier to $1.48, the highest intraday price since Oct. 27. The oil and gas producer backed by billionaire Kirk Kerkorian said it signed a settlement agreement with the U.S. government concerning Lease 452 located offshore of California that will result in $65 million payment to the company.
Discover Financial Services (DFS) dropped 8 percent to $15.11 for the biggest loss in the S&P 500. The credit-card lender that took $1.2 billion from the U.S. bank bailout fund said profit fell 16 percent in the fourth quarter as credit-card defaults increased.
EZchip Semiconductor Ltd. (EZCH) fell 8 percent to $10.63 and declined earlier to $10.55, the lowest intraday price since March 10. The maker of network processors sold 3.86 million shares at $10.50 each from funds affiliated with Goldman Sachs and JK&B Capital.
FedEx Corp. (FDX) lost 5.3 percent to $85.20 and fell 5.4 percent earlier, the most intraday since May 21. The second- largest U.S. package-shipping company forecasts earnings for the quarter ending in February won't exceed 70 cents a share. Analysts expected 84 cents, based on the average of 17 estimates compiled by Bloomberg.
General Growth Properties Inc. (GGWPQ) rose 6.1 percent to $9.35. The mall owner seeking to emerge from bankruptcy next year said it will consider all offers for the company and may sell shares to the public to raise capital.
GeoEye Inc. (GEOY) tumbled the most in Russell 2000 Index, sliding 18 percent to $25.95. The provider of satellite imagery said it detected "an irregularity" in the equipment GeoEye-1 uses to point the antenna that transmits imagery to receiving stations on the ground.
Goldman Sachs Group Inc. (GS) fell 1.7 percent to $162.27. Meredith Whitney Advisory Group projects the New York- based bank will earn $19.57 a share in 2009, $19.65 in 2010 and $20.60 in 2011. Those estimates were reduced from $19.95, $21.73 and $24.04, respectively.
Morgan Stanley (MS) lost 2.4 percent to $29.60. Meredith Whitney cut its earnings projection for 2010 to $2.60 a share from $2.63, while the 2011 forecast was reduced to $2.75 from $3.28.
Harley-Davidson Inc. (HOG) fell 5 percent to $25.55 after dropping as much as 7 percent, the most intraday since Oct. 15. The biggest U.S. motorcycle maker was added to Goldman Sachs Group Inc.'s "conviction sell" list as the brokerage cited "near-term downside on retail sales" in a report to clients. The bank has a six-month price estimate of $23 on the shares.
LDK Solar Co. (LDK) dropped 11 percent to $8.16 after sinking as much as 13 percent, the most intraday since Nov. 2. The Chinese manufacturer of polysilicon wafer said it will sell 18.9 million shares and use $120 million it expects to pay down short-term debt.
Lincoln National Corp. (LNC) had the second-biggest advance in the S&P 500, adding 3.9 percent to $24. The insurer was raised to "overweight" from "equal weight" by Morgan Stanley, which said the company is generating "very solid new business."
MetroPCS Communications Inc. (PCS) fell 6.4 percent to $7.20 and declined 7 percent earlier, the most intraday since Nov. 5. The pay-as-you-go mobile-phone was rated "sell" in new coverage by analysts at Deutsche Bank AG, who said the Dallas- based company is the "most challenged" U.S. wireless carrier because of increased prepaid competition and the weak economy.
Leap Wireless International Inc. (LEAP), MetroPCS's smaller rival that was rated "hold" in new coverage by Deutsche Bank, slid 5.2 percent to $16.53.
Pier 1 Imports Inc. (PIR) added 3.9 percent to $5.18 and rose earlier to $5.55, the highest intraday price since September 2008. The U.S. retailer of imported furniture reported third-quarter profit excluding some items of 2 cents a share, beating the 5 cent average loss estimate by analysts in a Bloomberg survey.
Rite Aid Corp. (RAD) rose the most in the Russell 1000 Index, climbing 12 percent to $1.49. The third-largest U.S. drugstore chain posted a third-quarter loss excluding some items of 6 cents a share, 65 percent narrower than the average analyst estimate, according to Bloomberg data.
Valence Technology Inc. (VLNC) rallied 18 percent to $1.09 and jumped as much as 29 percent, the most intraday since March 10. The maker of rechargeable lithium polymer batteries said it will ship $1.4 million of its U-Charge systems over the next two quarters to Smith Electric Vehicles U.S. for use in electric trucks.
To contact the reporter on this story: Nikolaj Gammeltoft in New York at .