Bloomberg News

Cabot, Cogo, Frontline, Molycorp: U.S. Equity Movers

June 08, 2011

(Corrects to reflect that Impax Laboratories fell 10 percent.)

June 8 (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.

Analogic Corp. (ALOG US) gained 3 percent, the most since March 11, to $51.83. The medical and airport-security device maker reported third-quarter earnings of 54 cents a share excluding some items, surpassing the 48-cent average analyst projection.

Abercrombie & Fitch Co. (ANF US) fell 5.2 percent to $66.28, the seventh straight decline, the longest streak since June 2010. The teen retailer said rising costs will hurt profit margins in the second quarter.

Bob Evans Farms Inc. (BOBE US) climbed 11 percent, the most since June 2009, to $32.91. The restaurant owner and sausage maker was raised to “buy” from “hold” at Miller Tabak & Co., on anticipation of higher sales and lower costs.

Cabot Oil & Gas Corp. (COG US) climbed 4.3 percent to $58.31 for the biggest advance in the Standard & Poor’s 500 Index. The Houston-based natural gas producer was boosted to “buy” from “hold” at Canaccord Genuity, which cited “significantly higher” expected output at Marcellus Shale fields.

Ciena Corp. (CIEN US) dropped the most in the Russell 1000 Index, sinking 16 percent to $20.29. The maker of network gear for the biggest U.S. phone companies said third-quarter revenue may be as low as $435 million. The average analyst estimate is for $454.2 million, according to a Bloomberg survey.

JDS Uniphase Corp. (JDSU US) fell 5.5 percent to $17.40 for the biggest retreat in the S&P 500.

Cogo Group Inc. (COGO US) slumped 16 percent, the most since July 2008, to $5.31. The provider of software to Chinese makers of phones and consumer electronics was downgraded to “neutral” from “buy” at Ticonderoga Securities LLC.

Comtech Telecommunications Corp. (CMTL US) declined 9.4 percent to $24.24, the lowest price since Sept. 9. The provider of mobile-data communications equipment reported third-quarter revenue was $131.1 million. Analysts estimated $144.6 million, according to the average compiled by Bloomberg.

Frontline Ltd. (FRO US) sank 7.4 percent, the second- biggest drop in the Russell 1000, to $15.83. The world’s largest operator of supertankers fell after OPEC members failed to reach consensus on oil-production quotas.

Impax Laboratories Inc. (IPXL US) plunged 10 percent, the most since Oct. 29, to $21.14. The maker of generic drugs was cut to “neutral” from “overweight” at JPMorgan Chase & Co., which said it sees “few near-term opportunities to drive shares meaningfully higher.”

Layne Christensen Co. (LAYN US) rose 10 percent, the most since June 2010, to $30.20. The water- and mining-services company reported first-quarter earnings of 51 cents a share excluding some items, beating the average analyst estimate of 28 cents.

LDK Solar Co. (LDK US) fell 7.5 percent to $6.57 for its biggest decline since May 25. The Chinese maker of solar panels said second-quarter sales will be no more than $760 million, falling short of the $797.33 million average projection of analysts surveyed by Bloomberg.

Molycorp Inc. (MCP US) retreated 9.4 percent, the most since Jan. 6, to $53.21. The owner of the largest rare-earth deposit outside China said it plans to offer $200 million of convertible senior notes due 2016.

Pharmasset Inc. (VRUS US) rallied 10 percent to $119.54, the highest intraday price since went public in April 2007. The developer of drugs to treat viral infections said it is expanding its Electron trial of PSI-7977 for treating chronic hepatitis C.

QuinStreet Inc. (QNST US) plunged 24 percent, the most since it went public in February 2010, to $11.16. The Internet advertising company said 2012 revenue won’t exceed $475 million. Analysts estimate $480.1 million on average, Bloomberg data show.

Rentrak Corp. (RENT US) rallied 14 percent, the second- biggest gain in the Russell 2000 Index, to $22.20. The media information services company signed a contract to provide television ratings data to three Lockwood Broadcast Group stations in Sherman, Texas.

Ulta Salon Cosmetics & Fragrance Inc. (ULTA US) rose 13 percent, the most since Sept. 3, to $55.90. The beauty products retailer said second-quarter earnings will be 31 cents to 33 cents a share, exceeding a 30-cent average forecast from analysts surveyed by Bloomberg.

Visa Inc. (V US) slumped 3.9 percent, the most since Dec. 16, to $76.71, while Mastercard Inc. (MA US) fell 1.5 percent to $270. The U.S. Senate rejected a six-month delay of a Federal Reserve rule capping debit-card swipe fees set by Visa and MasterCard.

Westport Innovations Inc. (WPRT US) declined 15 percent, the most since February 2009, to $19.76. The developer of natural-gas engine technologies agreed to buy Emer SpA of Italy for $39.6 million, plus the assumption of about $77.6 million of debt.

--With assistance from Lu Wang, Whitney Kisling and Inyoung Hwang in New York. Editor: 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: Nick Baker at nbaker7@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus