Fifth Third, H&R Block, Orexigen, Zions: 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.
Regional banks advanced as rising yields on U.S. Treasury securities maturing in 10 years or more indicated that lending will become more profitable, Brian Klock, an analyst at Keefe Bruyette & Woods Inc. in New York, said in an e-mail.
Regions Financial Corp. (RF US) rose 5.3 percent to $6.33, leading gains in all 11 regional banks in the Standard & Poor’s 500 Index. Zions Bancorporation (ZION US) gained 5.5 percent to $22.45. Fifth Third Bancorp (FITB US) advanced 6.5 percent to $13.93. SunTrust Banks Inc. (STI US) climbed 3.7 percent to $26.45.
Life insurers gained after Standard and Poor’s lifted the industry’s outlook to “stable” from “negative,” saying the companies may sidestep credit-rating downgrades next year following stock and bond sales. Lincoln National Corp. (LNC US) rose the most in the S&P 500, jumping 7.5 percent to $27.24. Hartford Financial Services Group Inc. (HIG US) rose 3.5 percent to $25. MetLife Inc. (MET US) increased 3.9 percent to $42.79. Prudential Financial Inc. (PRU US) rose 3.4 percent to $55.46.
American Public Education Inc. (APEI US) rose 4.3 percent to $36.71, the highest price since Aug. 5. The operator of the American Military University was raised to “outperform” from “sector perform” at RBC Capital Markets.
AeroVironment Inc. (AVAV US) gained 15 percent, the most since May 2009, to $26.93. The maker of low-flying drones for U.S. military forces reported second-quarter profit excluding some items of 1 cent a share, beating the average analyst estimate for a loss of 6 cents a share, according to a Bloomberg survey.
Cooper Cos. (COO US) rose 6.3 percent to $56.93, the highest price since November 2006. The maker of contact lenses and medical devices forecast profit excluding some items of at least $3.30 a share in fiscal 2011. That topped the average estimate of $3.20 from analysts in a Bloomberg survey.
Gentex Corp. (GNTX US) jumped the most in the Russell 1000 Index, rallying 9.4 percent to $29.43. The supplier of vehicle mirrors had its share-price estimate increased to $40 from $28 at Soleil Securities Corp.
Green Dot Corp. (GDOT US) dropped 13 percent to $54.61 for the biggest retreat in the Russell 1000 Index. The largest U.S. provider of reloadable prepaid debit cards said existing stockholders are selling 4.3 million shares at $61 each.
H&R Block Inc. (HRB US) fell the most in the S&P 500, dropping 6.1 percent to $12.72. The largest U.S. tax preparer hasn’t settled a legal dispute over refund-anticipation loans with HSBC Holdings Plc, and a favorable outcome appears “less likely,” Oppenheimer & Co. analyst Scott Schneeberger wrote in a note to clients.
Ivanhoe Mines Ltd. (IVN US) tumbled 14 percent, the most since November 2008, to $24.99. The Vancouver-based miner with operations in Asia and Australia gave Rio Tinto Group the right to boost its stake to 49 percent, making a takeover of the company unlikely, Raymond Goldie, an analyst at Salman Partners Inc., said in a note.
JetBlue Airways Corp. (JBLU US) slid 4 percent to $6.69 for the biggest loss since Nov.9. The carrier cut its forecast for benchmark revenue measures this quarter because average fares and close-in bookings trailed its projections.
KKR Financial Holdings LLC (KFN US) lost 5.1 percent, the most since July 2, to $9. The specialty-finance company plans to sell 18 million of its common shares in an underwritten public offering.
McDonald’s Corp. (MCD US) fell the most in the Dow Jones Industrial Average, declining 2 percent to $78.74. The world’s largest restaurant chain said U.S. comparable-store sales climbed 4.9 percent. The estimate was 5 percent.
Mitcham Industries Inc. (MIND US) rose 11 percent to $10.15, the highest price since September 2008. The seller of seismic-data equipment said its third-quarter profit was 7 cents a share, beating the average analyst estimate by 23 percent, according to Bloomberg data.
Men’s Wearhouse Inc. (MW US) dropped 18 percent, the most since January 2008, to $23.65. The retailer of men’s suits and attire said its fourth-quarter loss excluding some items may be as much as 22 cents a share, wider than the average analyst estimate of a 5 cent loss per share, according to a Bloomberg survey.
Momenta Pharmaceuticals Inc. (MNTA US) fell 1.8 percent to $14.90, the lowest price since Oct. 25. The biotechnology company said it priced a public offering of 4 million shares at $14.35 each.
Orexigen Therapeutics Inc. (OREX US) rose 84 percent to $8.77 for the biggest advance in the Russell 2000 Index. The biotechnology company won the backing of a panel of outside advisers to the U.S. Food and Drug Administration for Contrave, a new diet pill that may be the first prescription weight-loss drug approved in more than a decade.
Competitor Vivus Inc. (VVUS US) rallied 15 percent to $9. The Mountain View, California-based drugmaker was raised to “buy” from “underperform” at Bank of America Corp. Arena Pharmaceuticals Inc. (ARNA US) rose 11 percent to $1.57.
Powell Industries Inc. (POWL US) fell 10 percent, the most since May 2009, to $32.75. The maker of electricity and process- control products forecast 2011 earnings excluding some items of $1.75 a share at most, trailing the average estimate of $1.80 from analysts in a Bloomberg survey.
Starwood Property Trust Inc. (STWD US) fell 4.1 percent, the most since July 16, to $20.25. The commercial real estate lender and investor founded by Barry Sternlicht will sell 20 million shares in a secondary public offering. Additional stock can dilute the value of existing shares.
Taser International Inc. (TASR US) rose 19 percent, the most since Jan. 6, to $4.88. The world’s largest maker of stun guns said it received five “significant” follow-on orders that are expected to be shipped in the fourth quarter.
W&T Offshore Inc. (WTI US) dropped 12 percent, the most since April 2009, to $17.28. BP Plc (BP US) said it exercised its right to buy out Royal Dutch Shell Plc’s interests in two fields in the Gulf of Mexico, preempting the sale to W&T Offshore.
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