Bloomberg News

Dendreon, Eaton Vance, Esterline, Netflix: U.S. Equity Movers

September 02, 2011

Sept. 2 (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.

Bank of America Corp. (BAC US) was the worst performer in the Dow Jones Industrial Average, losing 8.3 percent to $7.25. The largest U.S. lender, JPMorgan Chase & Co. (JPM US) and Goldman Sachs Group Inc. (GS US) are among firms that may be sued by the U.S. Federal Housing Finance Agency over faulty mortgage loans, according to six people with knowledge of the matter.

JPMorgan fell 4.6 percent to $34.63. Goldman Sachs slid 4.6 percent to $107.06.

Dendreon Corp. (DNDN US) fell 7.8 percent to $10.96, the lowest price since Aug. 12. The drugmaker had its price estimate cut to $14 from $20 by Robert W. Baird & Co. Oncologists said they haven’t been reimbursed yet for the Seattle-based company’s prostate cancer drug because of Medicare and regional carrier issues, according to Baird’s note.

Eaton Vance Corp. (EV US) fell 7 percent, the most since Aug. 8, to $22.27. The mutual fund manager was downgraded to “Sell” from Neutral” at Ticonderoga Securities.

Esterline Technologies Corp. (ESL US) erased 13 percent, the most since February 2009, to $64.16. The aerospace and defense parts supplier forecast adjusted earnings in 2011 to be no more than $4.55 a share, falling short of the average analyst estimate of $5.07.

Finisar Corp. (FNSR US) rallied 8.7 percent to $20.21, the highest price since July 26. The maker of fiber-optic transmission gear forecast adjusted second-quarter earnings of as much as 24 cents a share, topping the average analyst estimate of 20 cents.

H&R Block Inc. (HRB US) lost 12 percent to $13.41, the biggest decline in the S&P 500. The biggest U.S. tax preparer reported first-quarter revenue was $267.6 million, missing the average analyst estimate of $276.2 million.

Liz Claiborne Inc. (LIZ US) gained 9.1 percent to $5.52, the highest price since Aug. 5. The owner of Juicy Couture and Kate Spade said it agreed to sell its Mexx business to cut losses from the unit and meet targets. Liz Claiborne will sell Mexx to a joint venture with The Gores Group LLC in exchange for 18.75 percent of the common equity of the venture and $85 million in cash, the New York-based company said in a statement today.

Netflix Inc. (NFLX US) slumped 8.6 percent, the second- biggest drop in the S&P 500, to $213.11. Starz LLC, the premium cable channel controlled by billionaire John Malone’s Liberty Media Corp., said it ended contract renewal talks with the company after failing to come to terms for films online.

Peabody Energy Corp. (BTU US) fell 3.9 percent to $45.79 for its biggest decline since Aug. 18. The largest U.S. coal producer said a roof fall that stopped production at its North Goonyella coking coal mine in Australia may cut third-quarter earnings by as much as $125 million.

--With assistance from Rita Nazareth in New York. Editors: Stephen Kleege, Joanna Ossinger

To contact the reporters on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net; Jeff Kearns in New York at jkearns3@bloomberg.net

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


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