Bloomberg News

Accenture, First Solar, Home Depot, Nike: U.S. Equity Movers

June 28, 2011

June 28 (Bloomberg) -- Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 1:50 p.m. in New York.

Abiomed Inc. (ABMD US) fell 4 percent to $15.77 after sinking as much as 7.1 percent, the most intraday since April 14. The maker of heart devices received a warning letter from the U.S. Food and Drug Administration for marketing its Impella Recover LP cardiac support system device without proper approval.

Accenture Plc (ACN US) climbed 3.8 percent to $60 after rising to $60.98 earlier, the highest intraday price since it went public in July 2001. The world’s second-largest technology- consulting firm will replace Marshall & Ilsley Corp. (MI US) in the S&P 500 after the close of trading on July 5, S&P said.

Northwest Bancshares Inc. (NWBI US) rose 2.1 percent to $12.44. The Warren, Pennsylvania-based bank holding company will be added to the Standard & Poor’s Small-Cap 600 Index after the July 1 close, replacing Amerigroup Corp. (AGP US).

First BanCorp (FBP US) gained 24 percent to $4.50 and rallied 30 percent earlier, the most intraday since Sept. 1. The Puerto Rico lender said two funds managed by Oaktree Capital Management LP agreed to buy a 24.9 percent stake for $175.5 million. The company also agreed to sell $164 million of shares to institutional investors and other private equity firms, First BanCorp said.

First Republic Bank (FRC US) slid 4.4 percent to $31.30 for the biggest retreat in the Russell 1000 Index. The former Bank of America Corp. unit said some shareholders, including certain executives, are offering to sell 10 million shares.

First Solar Inc. (FSLR US) gained 5 percent to $122.47 after jumping as much as 5.8 percent, the most intraday since May 31. The world’s largest maker of thin-film solar modules has taken on a “robust project opportunity” that will insulate it from further price declines, Jefferies Group Inc. wrote in a note. While First Solar may cut its full-year forecast when it reports quarterly earnings in August, that would make the “sentiment trough” ad the stock is more likely to rise going forward, the note said.

Holly Corp. (HOC US) rose 7.8 percent to $66.86 and climbed 8.2 percent earlier, the most intraday since Feb. 25. The independent U.S. refiner was rated “buy” in new coverage by UBS AG, which said the company’s acquisition of Frontier Oil Corp. will boost its business in the Rocky Mountain region and southwestern U.S.

Home Depot Inc. (HD US) climbed 2.3 percent to $36.02 and rose to $36.28, the highest intraday price since May 31. The largest U.S. home-improvement retailer said in a conference today that it is targeting about $3.5 billion in share repurchases for 2011.

LinkedIn Corp. (LNKD US) jumped the most in the Russell 1000 Index, rallying 10 percent to $84.19. Morgan Stanley started covering the U.S. social-media company and rated it “overweight” with a 12-month price projection of $88 a share. JPMorgan Chase & Co. also initiated the company’s coverage with an “overweight” rating and an $85 share-price estimate.

Monster Worldwide Inc. (MWW US) rose the most in the Standard & Poor’s 500 Index, advancing 9.1 percent to $14.81. The online career recruiter’s new product capabilities, including a professional networking application on Facebook, are “under-appreciated,” Oppenheimer & Co. said in a note.

Motorola Mobility Holdings Inc. (MMI US) declined 3.4 percent to $22.04, the most in the S&P 500. BMO Capital Markets cut the handset maker to “underperform” from “market perform” and lowered the share-price estimate to $19 from $26, citing increasing competition in the smart phone industry and the company’s “lack of global reach.”

Nike Inc. (NKE US) had the second-biggest gain in the S&P 500, jumping 8.1 percent to $88.21. The world’s largest sporting-goods company reported fourth-quarter profit that surpassed analysts’ estimates as sales climbed in North America.

OmniVision Technology Inc. (OVTI US) increased 11 percent the most intraday since Feb. 25, to $34.04. The maker of image sensors for camera phones was raised to “buy” from “hold” by Canaccord Genuity Corp., which said strong demand will drive sales and profit growth in the third quarter.

Pfizer Inc. (PFE US) rose 1.6 percent to $20.50, the most since June 23. The world’s biggest drugmaker said the U.S. Food and Drug Administration accepted the company’s filing for review of axitinib for patients with advanced kidney cancer.

Westport Innovations Inc. (WPRT US) rallied 12 percent to $24.05 and jumped 13 percent earlier, the most intraday since April 4. The developer of natural-gas engine technologies said it will work with General Motors Co. to develop natural gas controls, emissions and performance strategies. Westport will also open a new technical center in Michigan.

--With assistance from Cecile Vannucci and Lu Wang in New York. Editor: Stephen Kleege

To contact the reporters on this story: Whitney Kisling in New York at wkisling@bloomberg.net; 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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