Energy Conversion, Jefferies, Patriot Coal: 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.
CVR Energy Inc. (CVI) advanced 3.6 percent to $23.05, the highest price since Nov. 10. The refining company formerly owned by Goldman Sachs Group Inc. said entities associated with billionaire Carl Icahn have invested in the company.
Diamond Foods Inc. (DMND) sank 10 percent, the most since Dec. 12, to $29.73. Federal prosecutors are coordinating with the U.S. Securities & Exchange Commission to investigate how the snack maker paid its walnut growers, the Wall Street Journal reported on its website, citing unidentified sources. Lucy Neugart, a spokeswoman for Diamond Foods, declined to comment.
Eastman Kodak Co. (EK US) slumped 23 percent to 52 cents for the second-biggest retreat in the Russell 2000 Index. The unprofitable imaging company is in advanced talks with Citigroup Inc. (C) to provide bankruptcy financing as the unprofitable imaging company prepares for a potential filing, said three people familiar with the matter.
Energy Conversion Devices Inc. (ENER US) surged 63 percent, the most since at least 1983, to 93 cents. The U.S. solar panel maker that suspended production last year made an interest payment that it had previously deferred on its 3 percent convertible notes due 2013, satisfying its current obligation on the debt.
Fusion-IO Inc. (FIO) jumped 5.3 percent to $27.83, the first gain in four days. Edward Parker, an analyst at Lazard Capital Markets, said the maker of flash-memory technology will is likely to report a “strong” second quarter, and that the competitive environment for the company is still “benign.”
Georgia Gulf Corp. (GGC US) surged 35 percent, the most in the Russell 2000 Index, to $32.93. Westlake Chemical Corp. (WLK US) offered to buy the maker of chemical and plastic products for about $1.03 billion, $30 a share, to expand output of PVC resins.
JDA Software Group Inc. (JDAS US) lost 13 percent, the most since June 2010, to $28.42. The maker of software used to track goods sent to retailers’ shelves reported fourth-quarter sales of $173 million, short of the average analyst forecast of $182.3 million, data compiled by Bloomberg show.
Jefferies Group Inc. (JEF US) rose 3.1 percent to $15.89, the highest price since Aug. 31. The investment bank extended gains as analysts said the firm is benefiting from steps taken to evade losses tied to European debt. The New York-based firm has posted gains for six consecutive trading days through yesterday and has risen 15 percent this month.
JPMorgan Chase & Co. (JPM) slumped 2.5 percent, the most since Dec. 19, to $35.92. The largest U.S. bank by assets said fourth-quarter profit fell 23 percent as trading revenue and investment-banking fees declined.
Metabolix Inc. (MBLX) tumbled 57 percent, the most in the Russell 2000 Index, to $2.54. The maker of biodegradable plastic and Archer Daniels Midland Co. (ADM US) will end a bio-plastics joint venture, Telles LLC, because its financial returns are “too uncertain,” Decatur, Illinois-based ADM said in a statement.
NYSE Euronext (NYX US) fell 3.1 percent, the most since Dec. 19, to $26.75. The owner of the New York Stock Exchange and Deutsche Boerse AG appealed directly to European Commission President Jose Barroso as they fought to salvage their merger, arguing that blocking the deal would “represent a serious missed opportunity at a critical juncture for Europe.”
Patriot Coal Corp. (PATCA) declined 13 percent, the most since Oct. 3, to $7.87. The U.S. mining company said it will idle production in West Virginia because of a weaker market for coal used by steelmakers.
Rovi Corp. (ROVI) had the biggest gain in the Russell 1000 Index, climbing 10 percent to $30.39. The maker of technology for home-entertainment systems said that, excluding some items, it may have earned as much as $2.50 a share in 2011. Analysts, on average, estimated $2.45, according to a Bloomberg survey.
Shutterfly Inc. (SFLY) lost 5.7 percent to $22.70 and touched $21.34 earlier, the lowest intraday price since May 2010. The Internet-based photo storage and printing company said Chief Financial Officer Mark Rubash is leaving the company on Feb. 24 to work for a medical technology company. Chief Executive Officer Jeff Housenbold and Brian Manca, head of accounting, will take over his responsibilities while the company is searching for a new CFO.
SodaStream International Ltd. (SODA) advanced 7.1 percent to $39.96, the highest price since Sept. 21. Business trends are “healthy” for the producer of soda makers, said Joseph Altobello, an analyst at Oppenheimer & Co., after recent meetings with management.
Tesla Motors Inc. (TSLA) slumped 19 percent, the most since its initial public offering in June 2010, to $22.79. The U.S. Electric carmaker said both its chief engineer and director of chassis engineering for the Model S luxury car left the company just months before the rechargeable sedan goes on sale.
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