Apple, Bio-Rad, Cherokee, Clovis, GM: 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.
Commodity producers declined as a report showed factory orders rose less than economists estimated and minutes from the Federal Reserve’s latest policy meeting damped expectations for more monetary stimulus.
Apple Inc. (AAPL) advanced 1.7 to a record price of $629.32. The world’s most valuable company could surge to $1,000 by 2014, Gene Munster, an analyst at Piper Jaffray Cos., said in a note to clients today. He raised his 12-month price target to $910 from $718. Brian White, an analyst at Topeka Capital Markets, yesterday set an estimate of $1,001.
Bio-Rad Laboratories Inc. (BIO) climbed 11 percent, the most since November 2008, to $114.25. The maker of laboratory equipment was granted global sales and distribution rights for Luminex Corp’s (LMNX US) Magpix multiplexing instrument. Separately, the company said its Chairman and Co-founder David Schwartz died at the age of 88.
Cherokee Inc. (CHKE) advanced 13 percent, the most since March 2009, to $12.67. The brand management company agreed with Tesco to re-introduce Cherokee brand casual clothing in the second half of this year.
Clovis Oncology Inc. (CLVS) fell 13 percent, the most since its initial public offering in November, to $20.86. The biopharmaceutical company may price an offering of as much as $75 million shares after the close of exchanges today.
Conn’s Inc. (CONN) surged 16 percent to $19.05 for the biggest gain in the Russell 2000 Index. The Beaumont, Texas- based consumer electronics retailer raised its fiscal 2013 earnings forecast to at least $1.20 a share, compared with the average analyst projection for $1.11, data compiled by Bloomberg show.
Constellation Brands Inc. (STZ) rose 2.3 percent to $24.50, the highest price since December 2007. The world’s largest wine company was raised to buy from neutral at Goldman Sachs Group Inc.
CVR Energy Inc. (CVI) gained 5.9 percent to $28.80, the highest price since Feb. 27. Billionaire investor Carl Icahn extended to April 30 the deadline for his unsolicited offer for the producer of refined products and fertilizer, after 55 percent of shares were tendered under his $30-a-share bid for the company.
General Motors Co. (GM) dropped 4.6 percent, the most since March 6, to $25.54. The automaker, with its premium brands losing ground, posted gains in U.S. vehicle sales that trailed analysts’ estimates.
Merge Healthcare Inc. (MRGE) fell 16 percent, the most since November 2008, to $4.95. The medical imaging provider entered a $2.75 million health-kiosk agreement with Higi LLC, controlled by Merge Chairman Michael W. Ferro Jr., according to a regulatory filing.
Mitek Systems Inc. (MITK) dropped 11 percent to $8.34, the lowest price since Feb. 2. USAA filed a suit against the software developer in U.S. District Court in San Antonio, alleging misappropriation of proprietary information, breach of contract and fraud, among other claims. Mitek, which has a software license agreement with the provider of financial services to members of the U.S. military, said the claims are “without merit.”
Molson Coors Brewing Co. (TAP) fell 5.4 percent, the most since May 3, to $43.18. The U.S. maker of Carling lager agreed to buy StarBev LP for 2.65 billion euros ($3.54 billion) to add beer brands such as Staropramen and provide a route into central and eastern Europe.
Navidea Biopharmaceuticals Inc. (NAVB) declined 11 percent, the most since Aug. 10, to $2.94. The Dublin, Ohio- based developer of diagnostics for cancer said the U.S. Food and Drug Administration’s review of Lymphoseek was extended three months after the company submitted updated information, at the FDA’s request.
Solazyme Inc. (SZYM) rose 12 percent, the most since Nov. 16, to $16.03. The maker of oil products from genetically modified algae formed a joint venture with Bunge Ltd. (BG) for a commercial-scale renewable tailored oils production facility in Brazil.
Uranium Energy Corp. (UEC) fell 12 percent, the most since Oct. 3, to $3.38. The developer of a mine in Texas said it plans to sell as many as 5.6 million shares at $3.60 each.
Urban Outfitters Inc. (URBN) gained 2.3 percent to $30.22, the highest price since Aug. 3. The operator of its namesake, Anthropologie and Free People brands was raised to neutral from sell at Citigroup Inc.
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