Stocks on the Move: Boeing, ConAgra, Jabil Circuit
Dec. 22 (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.
American International Group Inc. (AIG) rose 5.5 percent to $29.60 for the second-biggest gain in the Standard & Poor's 500 Index. The insurer rescued by the U.S. government halted preparations for an initial public offering of its Chartis property-casualty unit, people familiar with the matter said.
Amkor Technology Inc. (AMKR) jumped 9.5 percent to $7.13 after rallying as much as 13 percent, the most intraday since July 30. The provider of packaging and tests for semiconductors boosted its fourth-quarter sales forecast, saying revenue will increase about 6 percent from the previous quarter. The Chandler, Arizona-based company had said sales would be little changed.
Boeing Co. (BA) rose the most in the Dow Jones Industrial Average, adding 1.9 percent to $55.34. The world's second-largest commercial-aircraft maker said it acquired Finmeccanica SpA's half of a venture that joins sections of the 787 Dreamliner's fuselage, giving the planemaker greater control over the delayed jet's assembly.
Clarient Inc. (CLRT) advanced 11 percent to $2.76 and climbed earlier to $2.93, the highest intraday price since Nov. 3. The provider of technologies and services for cancer treatment said it bought privately held Applied Genomics Inc. in a stock transaction valued at as much as $17.6 million.
Commercial Metals Co. (CMC) fell the most in the Russell 1000 Index, sliding 9.5 percent to $15.54. The largest Texas- based steel recycler reported a first-quarter loss that was larger than analysts estimated.
ConAgra Foods Inc. (CAG) rose 2.2 percent to $22.30. The maker of Hebrew National hot dogs and Orville Redenbacher's popcorn could announce a stock buyback of as much as $660 million, given the company's operating cash flow, said Credit Suisse Group AG analyst Robert Moskow. Such a share repurchase would boost ConAgra earnings per share by 6 percent and would probably lift the stock by a similar amount, he wrote in a note.
EnerNOC Inc. (ENOC) rose 10 percent to $30.74 and advanced as much as 11 percent, the most intraday since Nov. 6. The electricity demand-reduction service was rated "buy" in new coverage by Bank of America Corp.
Frontline Ltd. (FRO) fell 2.8 percent to $28.27. The world's largest operator of supertankers fell after a survey showed an expanding fleet competing for cargoes of Middle East crude. "The order book on the tanker side is already large and now there's more capacity coming onto the market," Petter Narvestad, an Oslo-based analyst at Fondsfinans ASA who has a "sell" recommendation on Frontline, said in an interview.
Jabil Circuit Inc. (JBL) jumped 7.9 percent to $16.21 for the biggest gain in the S&P 500. The St. Petersburg, Florida-based electronics manufacturer posted first-quarter profit excluding some items of 32 cents a share, beating the average analyst estimate by 13 percent.
Navistar International Corp. (NAV) rose 7.2 percent to $38.07 and climbed 8.5 percent earlier, the most intraday since May 18. The maker of International-brand trucks reported 4.4 percent more revenue than analysts estimated in the fourth quarter, according to Bloomberg data.
Progress Software Corp. (PRGS) gained 7.7 percent to $27.89 and surged earlier to $28.39, the highest intraday price since September 2008. The maker of business programs posted earnings excluding some items of 61 cents a share in the fourth quarter, beating the 55-cent estimate forecast by two analysts in a Bloomberg survey.
Saia Inc. (SAIA) fell 7.8 percent to $13.42 and slumped as much as 11 percent, the most intraday since May 13. The trucking company said its borrowing availability under a revised revolving credit agreement was permanently reduced from $160 million to $120 million.
Sauer-Danfoss Inc. (SHS) had the second-biggest advance in Russell 2000 Index, rising 22 percent to $11.14. Danfoss A/S said it offered to buy the stake that it doesn't already own in the maker of mobile hydraulic systems for $10.10 a share.
Take-Two Interactive Software Inc. (TTWO) fell 3.9 percent to $9.06 and sank 4.6 percent earlier, the most intraday since Dec. 4. The maker of the "Grand Theft Auto" video games" forecast a wider first-quarter loss after announcing the sale of its Jack of All Games unit to Synnex Corp.
TD Ameritrade Holding Corp. (AMTD) rose 3.6 percent to $19.37 and climbed 3.8 percent earlier, ,the most intraday since Oct. 29. The third-largest brokerage for individual investors by assets was raised to "outperform" from "market perform" at Keefe, Bruyette & Woods by equity analyst Joel Jeffrey. The 12- month price estimate is $22.50 a share.
YRC Worldwide Inc. (YRCW) rallied 28 percent to $1.14 for the biggest gain in Russell 2000 Index. The largest U.S. trucker by sales, seeking to avoid bankruptcy by exchanging equity for debt, said it has obtained banks' approvals for the plan.
To contact the reporter on this story: Lu Wang in New York at firstname.lastname@example.org