Bloomberg News

Excel Trust, Frontline, Western Digital: U.S. Equity Movers

June 23, 2011

June 23 (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.

Energy stocks declined after oil tumbled to the lowest price in four months. The International Energy Agency said its members would release crude from strategic reserves.

Chevron Corp. (CVX US) slipped 1.7 percent to $99.36. Exxon Mobil Corp. (XOM US) fell 1.7 percent to $78.44. Nabors Industries Ltd. (NBR US) dropped 0.9 percent to $23.90. Frontline Ltd. (FRO US), the world’s largest operator of supertankers, had the biggest loss in the Russell 1000 Index, erasing 7.9 percent to $15.47.

Airline stocks rose after the price of oil dropped. AMR Corp. (AMR US) rose 5.2 percent to $6.05. United Continental Holdings Inc. (UAL US) advanced 4.8 percent to $25.14. U.S. Airways Group Inc. (LCC US) gained 5.1 percent to $8.91. Delta Air Lines Inc. (DAL US) rose 3.7 percent to $9.94. Republic Airways Holdings Inc. (RJET US) gained 4.7 percent to $4.67. Southwest Airlines Co. (LUV US) gained 3.5 percent to $11.41.

Bed Bath & Beyond Inc. (BBBY US) rose 5.3 percent, the most since April 7, to $56.93. The home furnishings retailer said profit will rise 15 percent to 20 percent in the year ending February 2012, increasing its estimate from a range of 10 percent to 15 percent.

Bristol-Myers Squibb Co. (BMY US) jumped 5.7 percent to $29.33 for the second-biggest gain in the Standard & Poor’s 500 Index. The pharmaceutical company’s blood thinner apixaban, being developed with Pfizer Inc. (PFE US), prevented more strokes with less major bleeding than traditional treatment in patients with irregular heartbeats in a key study. Pfizer rose 1.8 percent to $20.65.

Discovery Communications, Inc. (DISCA US) dropped 2.5 percent, the most since March 1, to $40.64. UBS AG cut the owner of the Discovery Channel and Animal Planet cable channels to “neutral” from “buy.”

Excel Trust Inc. (EXL US) sank 7.7 percent to $10.94 for the biggest decline since its April 2010 initial public offering. The retail-focused real estate investment trust announced it would start sale of 12.5 million shares of common stock and use the proceeds to fund acquisitions and repay debt.

Flow International Corp. (FLOW US) fell the most in the Russell 2000 Index, sinking 16 percent to $3.39. The maker of Dynamic high-pressure water jets for cutting industrial materials reported fourth-quarter profit excluding some items of 1 cent a share, trailing the average analyst estimate by 60 percent, Bloomberg data show. Roth Capital Partners cut the stock’s rating to “neutral” from “buy.”

Genesco Inc. (GCO US) gained 12 percent, the most since July 2008, to $50.62. The owner of Journeys and Johnston & Murphy shoe stores acquired Schuh Group Ltd., a UK footwear retailer, for 100 million pounds and said the deal will add to earnings in the current fiscal year, excluding some expenses. Genesco also said that same store sales not including Schuh increased 14 percent in the second quarter through June 18.

H.B. Fuller Co. (FUL US) increased 7.7 percent, the most since Jan. 12, to $23.64. The adhesives maker reported second- quarter earnings of 50 cents a share, beating the average analyst estimate of 46 cents a share.

Herman Miller Inc. (MLHR US) jumped 11 percent, the most since June 2009, to $26.75. The maker of ergonomically designed furniture posted fourth-quarter profit of 30 cents a share, beating the average estimate of 26 cents a share from four analysts in a Bloomberg survey.

Red Hat Inc. (RHT US) climbed 3.6 percent to $45.27, the highest price since May 20. The largest seller of the Linux operating system said revenue for fiscal year 2012 will be as much as $1.09 billion. Analysts had estimated $1.07 billion, according to the average forecast in a Bloomberg survey.

Rite Aid Corp. (RAD US) rose 6.3 percent, the most since April 26, to $1.17. The drugstore chain reported a first quarter loss of 7 cents a share excluding some items, beating analysts’ average estimate of a loss of 12 cents a share, according to Bloomberg data.

St. Jude Medical, Inc. (STJ US) fell 2.6 percent to $47.40, the lowest price since March 17. The medical device-maker’s implant to treat migraines didn’t slash pain levels by the threshold requested by U.S. regulators, though patients getting the therapy reported significant benefits, researchers said.

TreeHouse Foods Inc. (THS US) slumped 7.5 percent, the most since Aug. 5, to $54.10. The Westchester, Illinois-based food company forecast second-quarter earnings excluding some items of 44 cents a share at most, missing the average analyst estimate of 71 cents in a Bloomberg survey.

Western Digital Corp. (WDC US) jumped 7.1 percent to $37.01, The biggest gain in the S&P 500. Morgan Stanley named the maker of computer disk drives a long research tactical idea.

-- With assistance from Lu Wang and Cecile Vannucci in New York. Editor: Michael Regan

CVX US XOM US NBR US FRO US AMR US UAL US LCC US DAL US RJET US LUV US BBBY US BMY US DISCA US <Equity> CN EXL US <Equity> CN FLOW US <Equity> CN GCO US <Equity> CN FUL US <Equity> CN MLHR US <Equity> CN RHT US <Equity> CN RAD US <Equity> CN STJ US <Equity> CN THS US <Equity> CN WDC US <Equity> CN

To contact the reporter on this story: Victoria Stilwell in New York at vstilwell@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.


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