Bloomberg News

Chevron, Gold Resource, Marathon Oil, SAIC: U.S. Equity Movers

July 05, 2011

July 5 (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.

Gold producers rose after RBC Capital Markets LLC said it sees potential for a second-half rally in the stocks:

Yamana Gold Inc. (AUY US) gained 6.6 percent to $12.17. Barrick Gold Corp. (ABX US) increased 2.7 percent to $45.98. Goldcorp Inc. (GG US) climbed 4 percent to $49.31. Eldorado Gold Corp. (EGO US) advanced 7.1 percent to $15.44. Newmont Mining Corp. (NEM US) rose 1.2 percent to $54.37.

Energy producers gained as oil climbed as much as 2.7 percent on signs of economic growth in the U.S. and China, the world’s two biggest oil consumers.

Chevron Corp. (CVX US) rose 1 percent to $105.12 for the biggest gain in the Dow Jones Industrial Average. Marathon Oil Corp. (MRO US) advanced 3.4 percent to $34.07.

Advanced Energy Industries Inc. (AEIS US) plunged 12 percent to $13.27 after losing 13 percent, the most intraday since Nov. 1. The maker of power conversion systems cut its revenue forecast for the second quarter, saying price declines for solar panels are causing some customers to delay orders.

Ameron International Corp. (AMN US) rallied 28 percent to $85.08 for the second-biggest gain in the Russell 2000 Index. The maker of fiberglass-composite pipe for moving oil, chemicals and fluids, agreed to be bought by National Oilwell Varco Inc. (NOV US) for $772 million, or $85 a share.

Clearwire Corp. (CLWR US) rose 2.4 percent, the most since June 22, to $3.91. The provider of wireless broadband services was raised to “outperform” from “neutral” at Credit Suisse, which cited network sharing negotiations with Sprint Nextel Corp. (S US) that may “create significant value for both parties.”

Gold Resource Corp. (GORO US) dropped 6.1 percent to $22.63 for its biggest decline since June 13. The company may be overvalued as production delays at its Mexican mine and the absence of independent drilling studies keep its earnings growth outlook unclear, Barron’s said, without citing anyone.

Immucor Inc. (BLUD US) rose the most in the Russell 2000 Index, surging 30 percent to $26.99. The maker of blood screening systems agreed to be acquired by TPG Capital for $27 a share in cash in a deal valued at $1.97 billion.

Medtronic Inc. (MDT US) lost 3 percent, the most since Aug. 24, to $37.96. The world’s biggest maker of heart-rhythm devices was cut to “market perform” from “outperform” at Wells Fargo & Co., which said a report in The Spine Journal may cause a “significant reduction” in the company’s spine biologics franchise sales.

Netflix Inc. (NFLX US) climbed 8.1 percent to $289.63 for the biggest advance in the Standard & Poor’s 500 Index. The mail-order and online movie-rental service said it will offer movies streaming in Latin America and the Caribbean this year.

NetScout Systems Inc. (NTCT US) plummeted 19 percent, the most since March 2009, to $17.14. The maker of software to manage computer networks cut its full-year revenue forecast to a range of $1.07 to $1.19 a share, compared with the average analyst estimate of $1.19 a share.

Papa John’s International Inc. (PZZA US) lost 4.7 percent, the most since May 5, to $32.20. The Louisville, Kentucky-based pizza maker was cut to “neutral” from “buy” at SunTrust Robinson Humphrey.

PMI Group Inc. (PMI US) gained 4.5 percent to $1.16 for its biggest increase since June 17. The U.S. mortgage insurer said its risk-to-capital ratio was out of compliance with standards in 16 states as of June 30 and that the company received waivers to continue selling coverage in a majority of those states.

RADVision Ltd. (RVSN US) decreased 8.2 percent to $7.21, the lowest price since Oct. 28. The maker of video-conferencing systems revised its second-quarter loss estimate to at least 27 cents a share, wider than the 12 cent average of two analyst estimates in a Bloomberg survey. The company cited lower-than- estimated revenue from its video business, which includes $1.5 million of revenue from Cisco Systems Inc. (CSCO US)

Rite Aid Corp. (RAD US) fell 5.2 percent, the most since March 14, to $1.27. Jean Coutu Group Inc. (PJC US) will sell about 25 million shares of the drugstore chain, about 10 percent of its stake, according to a filing.

SAIC Inc. (SAI US) had the second-biggest decline in the S&P 500, sliding 4.7 percent to $16.20. The defense contractor specializing in computer services was reduced to “negative” from “neutral” by Susquehanna International Group, which cited the prospect of “even steeper cuts” in government spending on information technology.

Satcon Technology Corp. (SATC US) had the biggest retreat in the Russell 2000 Index, slumping 23 percent to $1.95. The maker of solar-power and fuel-cell inverters said preliminary second-quarter sales missed its forecast and it will cut 15 percent of its workforce.

Sino-Forest Corp. (SNOFF US) surged 75 percent, the most since January 2003, to $5.45. Wellington Management Co. said it owned an 11.5 percent stake in the Chinese tree-plantation company accused by a short seller of overstating timber holdings.

St. Joe Co. (JOE US) fell 9.1 percent, the most since Oct. 14, to $18.97. The real-estate operating company received a notice of order from the U.S. Securities and Exchange Commission on June 24 related to an informal inquiry into real-estate impairments.

Zalicus Inc. (ZLCS US) climbed 13 percent, the most since May 10, to $2.63. The developer of treatments for pain and immune-inflammatory diseases was rated “outperform” in new coverage at Oppenheimer & Co., which said the company has a pipeline of “promising” candidates for future drugs.

Zion Oil & Gas Inc. (ZN US) tumbled 18 percent, the most since February 2009, to $4.86. The company’s Ma’anit-Joseph #3 well in Israel has “little chance” to contain hydrocarbons in commercial quantities, according to a regulatory filing.

--With assistance from Whitney Kisling, Inyoung Hwang, Matthew Leising, Cecile Vannucci and Lu Wang in New York. Editors: Jeff Sutherland, Stephen Kleege

To contact the reporters on this story: Nikolaj Gammeltoft in New York at ngammeltoft@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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