Bloomberg News

Cablevision, G-III, Sino-Forest, Talbots: U.S. Equity Movers

June 07, 2011

June 7 (Bloomberg) -- 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.

Cablevision Systems Corp. (CVC US) rose 4.5 percent, the most since Nov. 18, to $35.65. 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 US) dropped 12 percent, the most since January 2009, to $33.98. The clothing manufacturer which has licenses with Kenneth Cole Productions Inc. (KCP US) and the Timberland Co. (TBL US) 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 US) rose 1.1 percent to $22.06, the biggest gain in the Dow Jones Industrial Average. The world’s largest chipmaker may be forming a “foundry relationship” with Apple Inc. (AAPL US), Citigroup Inc. said in a note to clients.

Mitcham Industries Inc. (MIND US) climbed 5 percent, the most since April 14, to $15.22. 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.

Pep Boys - Manny, Moe & Jack (PBY US) declined 17 percent, the most since December 2008, to $11.20. 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 US) slipped 31 percent to $4.15, the lowest price since October 2006. 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 US) rose 7.7 percent, the most since April 29, to $25.08. The wireless semiconductor company that agreed to buy Advanced Analogic Technologies Inc. (AATI US) 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.

Talbots Inc. (TLB US) plunged 41 percent, the most in the Russell 2000 Index, to $2.63. 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 US) soared 40 percent to $29.49 for the biggest increase in the Russell 1000 Index. International Paper Co. (IP US), 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.

Other paper and packaging product maker also gained. Weyerhaeuser Co. (WY US) climbed 5 percent to $21.53 for the biggest gain in the Standard & Poor’s 500 Index. Boise Inc. (BZ US) climbed 5.6 percent to $7.89. Packaging Corp of America (PKG US) jumped 6.2 percent to $28.49. KapStone Paper and Packaging Corp. (KS US) increased 4.6 percent to $15.03. MeadWestvaco Corp. (MWV US) rose 3.4 percent to $32.68.

--With assistance from Lu Wang, Whitney Kisling and Rita Nazareth in New York. Editors: Joanna Ossinger, Stephen Kleege

To contact the reporter on this story: Nikolaj Gammeltoft in New York at ngammeltoft@bloomberg.net

To contact the editor responsible for this story: Michael Regan at mregan12@bloomberg.net


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