Bristol-Myers, Cameron, Dendreon, Kellogg: 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.
Education stocks dropped after the Web site Inside Higher Ed reported that U.S. Education Department official Robert Shireman criticized the agencies that handle accreditation of for-profit colleges.
DeVry Inc. (DV) declined 4.8 percent to $63.51. Apollo Group Inc. (APOL) fell 6.1 percent to $57.73. ITT Educational Services Inc. (ESI) slipped 6.6 percent to $103.37. Career Education Corp. (CECO) retreated 12 percent to $29.28. Corinthian Colleges Inc. (COCO) slid 5.5 percent to $15.98.
Akamai Technologies, Inc. (AKAM) rose 19 percent to $39.63, the highest since May 2008. The largest supplier of software and services to make Web sites load faster posted first quarter earnings that beat analyst estimates and authorized a $150 million extension of its share buyback program. Its rating was raised to “buy” from “hold” at Citigroup Inc. and its price estimate raised to $40 from $30 at JMP Securities LLC.
Assurant Inc. (AIZ) rose 7.8 percent to $36.33, the highest price since October 2008. The provider of homeowner and health insurance posted first-quarter profit excluding some items of $1.32 a share, topping the average analyst estimate by 27 percent.
ATS Medical Inc. (ATSI US) had the biggest gain in Russell 2000 Index, surging 54 percent to $3.99. The maker of mechanical heart valves agreed to be bought by Medtronic Inc. (MDT US) for $4 a share in cash.
Baidu Inc. (BIDU) climbed 14 percent to $709.87, the highest price since it went public in August 2005. The operator of China’s biggest search engine forecast sales growth that exceeded analysts’ estimates after customer gains accelerated on Google Inc.’s (GOOG US) decision to move its Chinese site offshore.
Bristol-Myers Squibb Co. (BMY) rose 4.2 percent, the most since Nov. 16, to $25.37. The drugmaker posted first-quarter profit that beat the average estimate of analysts surveyed by Bloomberg. The company also said quarterly results were better than its own expectations.
Cameron International Corp. (CAM) declined 13 percent, the most since December 2008, to $38.70. The second-largest U.S. maker of oilfield equipment provided the so-called blowout preventers for the Transocean Ltd. rig in the Gulf of Mexico that caught fire and sank last week.
Dendreon Corp. (DNDN) gained 26 percent to $50.18. The Seattle-based drug company won approval for its first product, a vaccine to fight prostate cancer, after a three-year battle with U.S. regulators.
Eastman Kodak Co. (EK US) dropped 17 percent, the most since January 2009, to $6.94. The photography company forecast a full-year loss after posting first-quarter profit that missed the average analyst estimate by 7.1 percent.
E*Trade Financial Corp. (ETFC) declined 5.4 percent, the most since Feb. 4, to $1.74. Citadel Investment Group LLC plans to reduce its stake in the online brokerage by about one-fifth, 2 1/2 years after the hedge-fund operator injected funds to help the company avoid bankruptcy.
First Solar Inc. (FSLR) gained 18 percent to $150.87 for the second-biggest rally in the Standard & Poor’s 500 Index. The world’s largest manufacturer of thin-film solar power modules raised its full-year profit forecast to as much as $7.30 a share, topping the average analyst estimate of $6.12. The company was upgraded to “buy” at Bank of America Merrill Lynch and Deutsche Bank and to “outperform” at Robert W. Baird & Co.
FMC Technologies Inc. (FTI) rose 8.7 percent to $73.32, the highest since July 2008. The Houston-based provider of technology for oil and natural gas fields boosted its full-year forecast after posting higher first-quarter profit than analysts estimated.
Geomet Inc. (GMET) jumped 7 percent, the most since April 14, to $1.38. The Houston-based natural gas producer reported first-quarter profit of 2 cents a share excluding some items, compared with the average analyst estimate of a loss of 2 cents.
GrafTech (GTI US) surged 28 percent, the most since October 2008, to $17.26. The maker of products used in steel and aluminum production said it agreed to acquire Seadrift Coke LP and C/G Electrodes for $692 million and reported first-quarter profit of 25 cents excluding some items, topping the 20-cent average analyst estimate compiled by Bloomberg.
Green Mountain Coffee Roasters Inc. (GMCR) fell 11 percent, the most since October 2008, to $77.53. The company forecast third-quarter profit of as much as 54 cents a share excluding some items, trailing the 57-cent average analyst estimate.
Harman International Industries Inc. (HAR) had the biggest retreat in the S&P 500, tumbling 22 percent to $39.98. The maker of audio systems for homes and vehicles forecast operating profit margin of 7 percent to 10 percent in fiscal 2013, “weaker than elevated market expectations,” JPMorgan Chase & Co. said in a note.
Illumina Inc. (ILMN) gained 13 percent to $42.52, the highest price since Oct. 19. The maker of DNA analysis equipment reported first-quarter profit of 21 cents a share excluding some items, topping the 19-cent average analyst estimate compiled by Bloomberg.
IRobot Corp. (IRBT) jumped 33 percent, the most since its initial public offering in November 2005, to $20.22. The maker of Roomba home vacuums and battlefield bomb-disposers boosted its earnings forecast for the year and reported first-quarter profit of 24 cents a share, topping the 6-cent average analyst estimate compiled by Bloomberg.
IStar Financial Inc. (STAR) rallied 14 percent, the most since September, to $6.50. The commercial real estate lender whose shares have more than doubled this year said repayments by borrowers improved. The company lowered the amount set aside to cover bad loans and increased cash in the first quarter.
Kellogg Co. (K) advanced 4.6 percent, the most in a year, to $55.01. The largest U.S. breakfast-cereal maker posted first-quarter profit that exceeded analysts’ estimates after sales climbed in North America.
Motorola Inc. (MOT US) rose 3.5 percent, the most in two weeks, to $7.16. The handset maker that’s rebuilding its mobile-phone business around Google Inc.’s (GOOG US) Android software forecast second-quarter earnings of as much as 9 cents excluding some items, topping the 4-cent average analyst estimate compiled by Bloomberg. The company also reported first-quarter profit of 2 cents a share excluding some items, compared with the average analyst estimate of a loss of 1 cent.
Openwave Systems Inc. (OPWV US) slumped 14 percent, the most since Oct. 30, to $2.35. The maker of software for mobile phones reported a third-quarter loss of 2 cents a share excluding some items, compared with the average analyst estimate of a profit of 1 cent a share.
O’Reilly Automotive Inc. (ORLY) climbed 7 percent to $49.60 to the highest since its initial public offering in 1993. The third-biggest U.S. auto-parts chain posted first-quarter profit excluding some items of 70 cents a share, exceeding the average analyst estimate by 19 percent.
Palm Inc. (PALM US) surged 26 percent, the most since January 2009, to $5.84. The maker of the Pre smartphone agreed to be bought by Hewlett-Packard Co. (HPQ), the world’s biggest maker of personal computers, for $5.70 a share, or $1.2 billion, representing a 23 percent premium over Palm’s closing price yesterday. Hewlett-Packard (HPQ US) lost 0.8 percent to $52.85.
Vanda Pharmaceuticals Inc. (VNDA) slid 8.8 percent to $8.76, after dropping to $8.76 earlier, the lowest intraday price since May 11. The biopharmaceutical company’s shares were downgraded to “reduce” from “buy” at Madison Williams by equity analyst David Moskowitz. The 12-month price estimate is $7.00 per share.
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