Stocks & Markets
Stocks on the Move: Citi, Exxon, Visa, XTO
Amazon.com Inc. (AMZN) fell 3 percent to $130.12 and slid earlier to $129.35, the lowest intraday price since Nov. 20. The largest Internet retailer may slide if the company is unable to sustain the sales and earnings forecasts reflected in the price of its shares, Barron's reported, without citing anyone.
Apollo Group Inc. (APOL) added 6.1 percent to $60.03 after rising earlier to $61.04, the highest intraday price since Oct. 29. The Phoenix-based agreed to settle a whistleblower lawsuit brought by two former employees over the way it paid recruiters for its University of Phoenix subsidiary.
Brookdale Senior Living Inc. (BKD) added 5.4 percent to $18.27 and climbed earlier to $18.45, the highest intraday price since Nov. 5. The operator of assisted living homes for seniors was added to Goldman Sachs Group Inc.'s "conviction buy-list" with a target price of $22.
California Micro Devices Corp. (CAMD) surged 52 percent to $4.65 and jumped as much as 53 percent, the most intraday since April 2001. The chipmaker agreed to be bought by ON Semiconductor Corp. (ONNN) for $4.70 a share.
Charles Schwab Corp. (SCHW) slid 4.1 percent to $17.68 after dropping as much as 4.2 percent, the most intraday since Oct. 15. The largest independent U.S. brokerage by client assets, forecast less profit in the fourth quarter than analysts estimated because of lower interest rates and less trading.
China Petroleum & Chemical Corp. (SNP) jumped 6.2 percent to $88.12 and climbed 7.4 percent earlier, the most intraday since May 4. The company known as Sinopec rose on speculation that it may buy oil and gas assets from its state- run parent.
Citigroup Inc. (C) fell 6.1 percent to $3.71 and sank earlier to $3.70, the lowest intraday price since Aug. 11. The recipient of the biggest U.S. bank bailout struck a deal with regulators to repay $20 billion to taxpayers. Citigroup will raise the funds with a sale of $20.5 billion of equity and debt.
Gannett Co. (GCI) increased 5 percent to $13.82 after rising earlier to $14.15, the highest intraday price since Oct. 21. The USA Today publisher was raised to "buy" from "hold" at Benchmark & Co., which cited "a steadily improving outlook, a sound long-term management strategy and an attractive stock valuation."
GTx Inc. (GTXI) declined 4.9 percent to $3.70 and slipped as much as 7.5 percent, the most intraday since Nov. 16. The developer of a drug to prevent broken bones in prostate- cancer patients said it will cut 28 percent of its staff after the drug was delayed by the U.S. Food and Drug Administration.
Hansen Medical Inc. (HNSN) jumped 6.3 percent to $2.84. The maker of medical robotics settled litigation against Luna Innovations Inc. (LUNA) under an agreement that will give Hansen Medical a 9.9 percent stake in Luna and rights to certain Luna technology.
Luna surged 73 percent to $2.55.
Lionbridge Technologies Inc. (LIOX) rose 10 percent to $2.20 after advancing as much as 20 percent, the most intraday since Aug. 12. The provider of translation services and software announced a three-year contract with an unidentified biotechnology company and said fourth-quarter revenue will "be at the high-end or above" its earlier projection of $98 million to $102 million.
Oshkosh Corp. (OSK) tumbled 12 percent to $36.24 after sinking as much as 19 percent, the most intraday since April 30. BAE Systems Plc and Navistar International Corp.'s (NAV) protests of the Army's armored-vehicle production contract with Oshkosh, valued at as much as $3 billion, were upheld by the U.S. Government Accountability Office.
Philip Morris International Inc. (PM) added 3 percent to $49.95 and advanced 3.7 percent earlier, the most intraday since July 23. The largest U.S. tobacco company was added to Goldman Sachs' "conviction buy-list" with a 12-month price target of $62. Goldman said investors are underestimating the growth prospects of the tobacco company.
Sun Microsystems Inc. (JAVA) jumped 9.5 percent to $9.15 after climbing as much as 11 percent, the most intraday since April 20. Oracle Corp. (ORCL) pledged to continue investing in Sun's competing database software after its planned $7.4 billion purchase of the computer maker was threatened by European Union antitrust regulators. Oracle rose 1.5 percent to $23.11. Teradyne Inc. (TER) gained 6.7 percent to $10.26 and increased earlier to $10.35, the highest intraday price since Oct. 20. The maker of automatic test equipment for electronics manufacturers was raised to "overweight" from "neutral" at Piper Jaffray.
Titan International Inc. (TWI) fell 9.5 percent to $8.41 after erasing as much as 13 percent, the most intraday since May 13. The supplier of wheels and tires for farm equipment and military and all-terrain vehicles said in a regulatory filing that the U.S. Securities and Exchange Commission is reviewing some of its financial filings from the past two years.
Visa Inc. (V) rose 3.3 percent to $83.99 after jumping earlier to $85.91, the highest intraday price since June 2008. The world's biggest electronic payments network was among stocks that will join the Standard & Poor's 500 Index after the close of trading on Dec. 18. The stock was raised to "outperform" from "neutral" at Robert W. Baird & Co.
Stocks that will be dropped from the S&P 500 fell. MBIA Inc. (MBI), the largest bond insurer, lost 7.6 percent to $3.39 for the steepest retreat in the benchmark. Ciena Corp. (CIEN), a maker of networking gear, erased 4.3 percent to $11.01. Convergys Corp. (CVG), an operator of customer- service call centers, fell 3.8 percent to $10.62. Dynegy Inc. (DYN), a power producer, slipped 4.1 percent to $1.89.
XTO Energy Inc. (XTO) surged 15 percent to $47.69 for the biggest rally in the S&P 500. Exxon Mobil Corp. (XOM) agreed to buy XTO Energy in an all-stock transaction valued at $31 billion. Exxon agreed to issue 0.7098 common shares for each common share of XTO, or about $51.69 a share. Exxon fell the most in the Dow Jones Industrial Average, sliding 3.9 percent to $69.98.
Other energy stocks also advanced. Cabot Oil & Gas Corp. (COG) climbed 9.3 percent to $41.91. Chesapeake Energy Corp. (CHK) added 6.4 percent to $24.50. Range Resources Corp. (RRC) jumped 9.7 percent to $47.57. EOG Resources Inc. (EOG) increased 5.4 percent to $90.70. Southwestern Energy Co. (SWN) added 7.5 percent to $44.55. Devon Energy Corp. (DVN) rose 5 percent to $67.07. Exco Resources Inc. (XCO) gained 5.7 percent to $20.25.
Cheniere Energy Inc. (LNG) rallied 14 percent to $2.19. Denbury Resources Inc. (DNR) increased 4.7 percent to $13.95. Pioneer Natural Resources Co. (PXD) added 5.6 percent to $43.03. Quicksilver Resources Inc. (KWK) jumped 9 percent to $14.37. Newfield Exploration Co. (NFX) climbed 8.5 percent to $44.68.
To contact the reporter on this story: Lu Wang in New York at email@example.com