Cascade, DuPont, FuelCell, Newmont, Tenet Healthcare: 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.
Mining stocks rose after gold climbed to a record in New York and London as investors sought an alternative to currencies on mounting concern over Europe’s debt crisis.
Oil drillers fell after Businessinsider.com said Diamond Offshore Drilling Inc.’s (DO US) Ocean Saratoga rig is leaking oil into the Gulf of Mexico. Diamond Offshore dropped 3.8 percent to $56.94. Transocean Ltd. (RIG US), whose Deepwater Horizon rig caught fire April 20 and triggered the biggest U.S. oil spill on record, slumped 5.8 percent to $46.33. Anadarko Petroleum Corp. (APC US) slid 4.5 percent to $42.80.
Diamond spokesman Les Van Dyke referred questions on the report to Taylor Energy, the petroleum explorer that leased the Ocean Saratoga. Taylor Energy officials didn’t respond to telephone messages seeking comment.
Atwood Oceanics Inc. (ATW US) fell 6.5 percent to $24.32, the lowest price since July 2009. The Houston-based offshore driller was cut to “sell” from “neutral” at Goldman Sachs Group Inc. by analyst Daniel Boyd.
BP Plc (BP US) slumped 5.7 percent to $34.68, the lowest price since March 2009. The commander of the U.S.’s spill- response team said it is unknown how much crude oil continues to leak from the company’s Gulf of Mexico well. BP is also under pressure from U.S. lawmakers to reduce dividends.
Cascade Corp. (CASC US) rose the most in Russell 2000 Index, rallying 16 percent to $32.01. The maker of equipment for forklifts posted profit excluding some items of 51 cents a share in the first quarter, more than double the average analyst estimate, according to Bloomberg data.
Corning Inc. (GLW US) had the biggest gain in the S&P 500, advancing 6.6 percent to $17.05. The world’s biggest maker of glass for flat-panel televisions was raised to “outperform” from “market perform” at Sanford C. Bernstein & Co. Inc.
DuPont Co. (DD US) rose 4.1 percent to $34.49 for the biggest gain the Dow Jones Industrial Average. The third-largest U.S. chemical maker reaffirmed its 2010 forecast of earnings of $2.50 to $2.70 a share. The average estimate of analysts surveyed by Bloomberg was a profit of $2.63 a share.
Durect Corp. (DRRX US) gained 12 percent, the most since Sept. 25, to $2.70. The maker of drug-delivery systems said Hospira Inc. (HSP US) will make an upfront payment of $27.5 million to license its posidur, a long-acting version of the anesthetic bupivacaine currently in Phase III clinical trials.
FuelCell Energy Inc. (FCEL US) dropped 8.9 percent, the most since May 20, to $2.06. The maker of pollution-free power plants reported second-quarter earnings per share of 20 cents, trailing the average analyst estimate by 36 percent.
Evergreen Energy Inc. (EEE US) plummeted 18 percent to 12 cents.
Hooker Furniture Corp. (HOFT US) plunged 14 percent, the most since November 2008, to $12.08. The furniture retailer reported first-quarter earnings per share of 13 cents, 41 percent below the average of a Bloomberg survey of two analysts’ estimates.
Inverness Medical Innovations Inc. (IMA US) fell the most in the Russell 1000 Index, sinking 18 percent to $28.08. The maker of rapid medical tests forecast 2010 cash earnings per share of $2.60 at a conference. The company earlier declined to confirm its outlook.
New York & Co. (NWY US) fell the most in the Russell 2000 Index, slumping 30 percent to $2.31. The women’s clothing retailer said its second-quarter loss will be wider than it forecast in May.
Pep Boys - Manny, Moe & Jack (PBY US) dropped 12 percent, the most since December 2008, to $9.40. The automotive-parts retailer and service chain reported first-quarter sales of $510 million, missing the average analyst estimate of $518.5 million in a Bloomberg survey.
SmartHeat Inc. (HEAT US) rose 9.9 percent, the most since May 10, to $6.05. The provider of clean technology products and services in China said it has won contracts to supply custom plate heat exchanger units to three Chinese cities at a value of $10 million and that it expects to meet or exceed its financial projections for 2010.
Talbots Inc. (TLB US) dropped 9.5 percent, the most since Nov. 19, to $12.20. The women’s clothing chain said customer traffic fell in the first quarter.
Tellabs Inc. (TLAB US) fell the most in the Standard & Poor’s 500 Index, sliding 6.6 percent to $6.37. The maker of telecommunications equipment was downgraded to “equal weight” from “overweight” by Morgan Stanley.
Tenet Healthcare Corp. (THC US) fell 6.1 percent to $4.80, the lowest since June 1. The health-care facility company scrapped a preliminary bid for Healthscope Ltd., Australia’s second-largest hospital operator.