Alcoa, Neuralstem, Sino-Forest, Talbots Inc.: U.S. Equity Movers
Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 2 p.m. in New York.
Alcoa Inc. (AA) rose 2.4 percent, the most in the Dow Jones Industrial Average, to $15.99. The largest U.S. aluminum producer’s Chief Sustainability Officer Kevin Anton said non- commercial building demand for aluminum will pick up in the second half of the year after contracting in the first half. Anton spoke today at an American Metal Market conference in New York.
Cablevision Systems Corp. (CVC) rose 6.1 percent to $36.21 after climbing as much as 6.2 percent, the most intraday since Nov. 18. The New York-area cable-television provider said its board of directors approved the spinoff of AMC Networks Inc., the former Rainbow Media, as a separate publicly traded company at the end of June.
G-III Apparel Group Ltd. (GIII) dropped 16 percent to $32.50 and slipped 17 percent earlier, the most intraday since December 2008. The clothing manufacturer which has licenses with Kenneth Cole Productions Inc. (KCP) and the Timberland Co. (TBL) estimated second-quarter profit of as little as 18 cents a share. The average of analyst projections in a Bloomberg survey is 22 cents a share.
Intel Corp. (INTC) rose 1.9 percent to $22.25, the second-biggest gain in the Dow. The world’s largest chipmaker may be forming a “foundry relationship” with Apple Inc. (AAPL) , Citigroup Inc. said in a note to clients.
Mitcham Industries Inc. (MIND) climbed 4.5 percent to $15.14 after rallying as much as 13 percent, the most intraday since June 2010. The seller of seismic-data equipment reported first-quarter revenue of $26.5 million, beating the average analyst estimate by 23 percent, according to Bloomberg data.
Neuralstem Inc. (CUR) rallied 5.4 percent to $1.18 after surging 13 percent, the most intraday since April 20. The biotherapeutics company said it will license NSI-189, a compound for major depression, to Summit Pharmaceuticals International Corp. in Japan.
Pep Boys - Manny, Moe & Jack (PBY US) declined 16 percent to $11.36 and slumped 20 percent earlier, the most intraday since December 2008. The Philadelphia-based auto-parts retailer reported first-quarter earnings of 23 cents a share, missing the 30-cent average of analyst estimates in a Bloomberg survey.
Sino-Forest Corp. (SNOFF) slipped 30 percent to $4.25. Carson Block, the short seller whose assertions of financial manipulation by Sino-Forest preceded a 71 percent plunge in the forestry company’s shares last week, said he will release more research “pretty soon.” Separately, Sino-Forest had its credit ratings put on review for possible downgrade by Moody’s Investors Service.
Skyworks Solutions Inc. (SWKS) rose 7.9 percent to $25.12 and advanced 8.5 percent earlier, the most intraday since April 29. The wireless semiconductor company that agreed to buy Advanced Analogic Technologies Inc. (AATI) affirmed its outlook for “above market growth,” excluding recent acquisitions. The company estimates $345 million in revenue and adjusted earnings of 46 cents a share for the quarter.
Sprint Nextel Corp. (S) slumped 2.1 percent to $5.48 after erasing 5.2 percent, the most intraday since March 29. The third-largest U.S. wireless operator was cut to “sell” from “hold” at Stifel Nicolaus & Co., which said analysts’ expectations on the company’s planned Network Vision program to consolidate technologies to improve voice quality and data speeds may “very well prove to be overly aggressive.”
Talbots Inc. (TLB) plunged 39 percent, the most in the Russell 2000 Index, to $2.69. The women’s clothing retailer said fiscal second-quarter sales will decline “significantly” and profit margins would narrow on price markdowns and fewer customer visits.
Temple-Inland Inc. (TIN) soared 42 percent to $29.78 for the biggest increase in the Russell 1000 Index. International Paper Co. (IP) , the world’s largest pulp-and-paper maker, made a $3.31 billion hostile takeover bid for the company to expand production of containerboard used in shipping boxes. Temple-Inland, based in Austin, Texas, rejected the bid. International Paper shares rose 1.3 percent to $30.02.
Other paper and packaging product maker also gained. Weyerhaeuser Co. (WY) climbed 6.4 percent to $21.81 for the biggest gain in the Standard & Poor’s 500 Index. Boise Inc. (BZ) climbed 5.6 percent to $7.89. Louisiana-Pacific Corp. (LPX) added 1.6 percent to $7.63. Packaging Corp of America (PKG) jumped 6.6 percent to $28.60. KapStone Paper and Packaging Corp. (KS) increased 5.2 percent to $15.11. MeadWestvaco Corp. (MWV) rose 4.5 percent to $33.01.
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