Bloomberg News

Cabot, Capital One, Pandora, Southern Union: U.S. Equity Movers

June 16, 2011

June 16 (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. New York time.

Actuant Corp. (ATU US) rose 5.5 percent, the most since July 22, to $24.07. The industrial-tools maker raised its 2011 earnings estimate to at least $1.60 a share, higher than the average analyst estimate of $1.57 a share, Bloomberg data show.

Cabot Oil & Gas Corp. (COG US) climbed 3.8 percent to $60.43, the highest price since July 2008. The Houston-based natural gas producer had its share-price estimate increased to $105 from $61 by Bank of America Corp., which said the company’s well results and backlogs point to significant upside.

Capital One Financial Corp. (COF US) climbed 2.4 percent to $49 for its biggest gain since May 17. The year’s top performer in the KBW Bank Index is nearing a deal to buy ING Direct USA from ING Groep NV for about $9 billion, people with knowledge of the matter said. Capital One would win control of the largest U.S. online bank and its $81.6 billion of deposits, which may help diversify its funding base and increase mortgage lending after closing a home-loan-origination unit in 2007.

Finisar Corp. (FNSR US) tumbled 16 percent, the second- biggest retreat in the Russell 2000 Index, to $14.84. The maker of fiber-optic transmission gear reported fourth-quarter revenue of $236.9 million, missing the average analyst estimate of $243 million.

Rivals JDS Uniphase Corp. (JDSU US) and Ciena Corp. (CIEN US) declined 5.8 percent to $15.57 and 4.7 percent to $17.26, respectively.

Insituform Technologies Inc. (INSU US) declined 13 percent, the most since March 2007, to $18.68. The pipeline rehabilitator reduced its full-year forecast, saying it now expects to earn $1.40 a share at most. Analysts, on average, estimated $1.70, according to a Bloomberg survey.

Kroger Co. (KR US) rose 4.5 percent, the most in the Standard & Poor’s 500 Index, to $25.09. The largest U.S. grocery-store chain increased its full-year earnings forecast to as much as $1.95 a share. Analysts, on average, estimated profit of $1.90 a share.

Safeway Inc. (SWY US), another grocer, added 3.5 percent to $22.72.

MediaMind Technologies Inc. (MDMD US) surged 37 percent, the most intraday since it went public in August, to $21.91. The maker of software for digital ad campaigns is being acquired by DG Fastchannel Inc. (DGIT US) for $22 a share in cash.

Moody’s Corp. (MCO US) slipped 4.8 percent, the most since June 2010, to $38.27. The bond-rating company was cut to “neutral” from “buy” at Lazard Capital Markets Ltd.

Odyssey Marine Exploration Inc. (OMEX US) advanced 8 percent to $3.37 for its biggest gain since May 24. The explorer of sunken treasure priced an offering of 4.8 million shares at $3.05 each, according to a regulatory filing.

Pandora Media Inc. (P US) plunged 24 percent to $13.26. The online-radio company whose shares began trading this week was rated a “sell” by BTIG LLC, which said the stock is too expensive relative to its estimated earnings and the company faces competitors in the coming year.

Parkvale Financial Corp. (PVSA US) soared 83 percent, the most since September 1989, to $20.10. The bank holding company agreed to be bought by F.N.B. Corp. (FNB US) for $22.48 a share, or $130 million in stock.

Southern Union Co. (SUG US) soared 18 percent to $33.21 for the biggest gain in the Russell 1000 Index. Energy Transfer Equity LP (ETE US) said it agreed to buy Houston-based Southern Union for $4.2 billion to expand its natural gas pipeline network to a length of 44,000 miles. Energy Transfer rose 8.2 percent to $45.96.

Winnebago Industries Inc. (WGO US) slid 20 percent, the most since October 2008, to $8.76. The biggest U.S. maker of motor homes reported third-quarter sales of $135.6 million, trailing the average analyst estimate by 11 percent, Bloomberg data show.

--With assistance from Lu Wang, Whitney Kisling, Inyoung Hwang and Rita Nazareth 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


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