Anadarko, Green Mountain, Kodak, Sun Life: 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.
Anadarko Petroleum Corp. (APC) gained 5.5 percent, the second most in the S&P 500, to $74.44. The holder of a 25 percent stake in the Macondo well that caused the biggest offshore U.S. oil spill was boosted to “outperform” from “market perform” by Raymond James & Associates. A $4 billion payment to BP Plc to settle all claims over last year’s spill removes a “significant overhang,” Raymond James said in a note.
Brigham Exploration Co. (BEXP US) jumped 21 percent, the most since July 2009, to $36.75. The Austin, Texas-based oil exploration and production company agreed to be bought by Statiuk ASA, Norway’s biggest oil and gas producer, for $36.50 a share.
Cree Inc. (CREE) declined 10 percent, the most since March 23, to $26.61. The maker of energy-efficient lighting will issue “disappointing guidance” when it reports first-quarter earnings tomorrow, Morgan Stanley (MS) said in a note. Expectations “are too high,” the note said.
El Paso Corp. (EP US) surged 25 percent to $24.45 for the biggest advance in the Standard & Poor’s 500 Index. Kinder Morgan Inc. (KMI US) agreed to buy El Paso for about $21.1 billion in cash and stock, creating the largest U.S. natural-gas pipeline network in the energy industry’s biggest transaction in more than a year. Kinder Morgan rose 4.8 percent to $28.19.
Oppenheimer & Co. cut El Paso Pipeline Partners (EPB) to “perform” from “outperform,” saying the parent company’s assets will no longer be captive to the unit. El Paso Pipeline tumbled 10 percent to $34.19.
Gannett Co. (GCI) fell the second-most in the S&P 500, sliding 8.7 percent to $9.99. The owner of 82 newspapers and 23 television stations reported third-quarter profit decreased 1.6 percent as circulation and print-advertising revenue declined.
Green Mountain Coffee Roasters Inc. (GMCR) dropped 10 percent, the most since Aug. 18, to $82.50. The seller of Keurig single-pack coffee packets slipped after David Einhorn, Chairman of Greenlight Capital Inc., said the company should improve its disclosure and has a “looming patent issue” on its single-serve K-Cups.
Halliburton Co. (HAL) erased 7.9 percent, the most since Aug. 18, to $34.48. The world’s second-largest oilfield services provider reported third-quarter per-share profit that beat the average analyst estimate by 3 percent, the smallest margin in three years, Bloomberg data show.
Interpublic Group of Cos. (IPG US) sank 7.1 percent to $7.44 for its biggest drop since Sept. 28. The New York-based advertising company was reduced to “hold” from “buy” at Deutsche Bank AG, which cited the impact of the economy on companies’ spending plans next year.
Navistar International Corp. (NAV) fell 5.6 percent to $39.19 for the biggest decline since Sept. 28. The maker of international brand trucks was cut to “sell” from “neutral” at Goldman Sachs Group Inc., which cited a “steeper downturn” in demand for U.S. military vehicles.
RealD Inc. (RLD) slid 6.7 percent, the most since Sept. 28, to $10.07. The supplier of 3-D technology’s sales may be hurt by an agreement between Imax Corp. (IMAX) and Eastman Kodak Co. (EK US), Rich Greenfield, an analyst with BTIG LLC said in a note. Kodak agreed to provide laser-projection technology to Imax for an upfront payment of more than $10 million and ongoing royalties. Kodak gained 4.8 percent to $1.30. Imax fell 4.3 percent to $16.64.
Sequenom Inc. (SQNM) rose 4.5 percent to $5.56, the highest price since Sept. 20. The San Diego-based company said its prenatal test for Down syndrome will be available in 20 U.S. cities today, two years after an earlier effort was delayed because employees mishandled research data.
Sun Life Financial Inc. (SLF) declined 9.9 percent, the most since August 2009, to $23.56. Canada’s third-largest insurance company said it expects to report a third-quarter loss as North American equities declined and interest rates plunged.
Wells Fargo & Co. (WFC) lost 8.4 percent, the most since Aug. 8, to $24.42. The largest U.S. home lender reported third-quarter revenue of $19.6 billion, missing the $20.2 billion estimate of 20 analysts surveyed by Bloomberg as margins narrowed.
Western Digital Corp. (WDC) fell 7.4 percent, the most since July 21, to $26.25. The maker of computer disk drives said production at its facilities in Thailand was suspended due to flooding. The interruption will have a “significant impact” on the company’s ability to meet customer demand this quarter, Western Digital said.
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