Bloomberg News

Bayer, Citigroup, Manitowoc, Whirlpool: U.S. Equity Movers

September 06, 2011

Sept. 6 (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.

The biggest U.S. banks declined after FBR Capital Markets & Co.’s Paul Miller said mortgage repurchase losses may total $121 billion, up from a previous estimate of $54 billion to $106 billion. Bank of America Corp. (BAC US) declined 3.6 percent to $6.99. The lender’s losses could reach $66 billion in some scenarios, Miller wrote. JPMorgan Chase & Co. (JPM US) dropped 3.4 percent to $33.44.

Citigroup Inc. (C US) fell 2.5 percent to $27.70. Gary Foster, a former Citigroup vice president accused of embezzling $22.9 million from the bank, pleaded guilty to one count of bank fraud in federal court in Brooklyn, New York.

Bayer AG (BAYRY US) slumped 11 percent, the most since October 2008, to $53.41. U.S. Food and Drug Administration staff recommended against approving Xarelto, a blood thinner being marketed by the German pharmaceutical company and Johnson & Johnson (JNJ US), to prevent stroke in people with the most common abnormal heart rhythm.

Blyth Inc. (BTH US) surged 22 percent, the most since April 2010, to $64.80. The maker of candles and decorations boosted its fiscal year 2012 forecast, saying it expects to earn at least $3.30 a share. The company had projected profit of $3 a share at most.

Manitowoc Co. (MTW US) declined 4.3 percent to $9.47, the lowest price since Aug.23. The maker of overhead cranes had its share-price estimate reduced to $23 from $28 at Robert W. Baird & Co.

Pharmasset Inc. (VRUS US) rose 9.9 percent to $70.53, the highest price since it went public in April 2007. The pharmaceutical company reported 91 percent sustained virologist response at 12 weeks in a Phase 2b Proton trial for hepatitis C genotype 1. William Blair & Co. raised the price estimate on the shares to $73 from $71.

PulteGroup Inc. (PHM US) slid 3.9 percent to $4.21, falling for a fourth day. The largest U.S. homebuilder was removed from Goldman Sachs Group Inc.’s “conviction buy” list.

Shaw Group Inc. (SHAW US) rose 7.8 percent, the most since Nov. 29, to $23.53. The power-plants builder will sell its 20 percent stake in Westinghouse Electric to Toshiba Corp., Japan’s biggest maker of nuclear reactors, removing $1.7 billion in debt from its balance sheet as it exercises an option to dispose of its holding.

Sunoco Inc. (SUN US) advanced 5.3 percent, the most since Aug. 15, to $38.03. The Philadelphia-based company that has owned refineries for 117 years said it will sell or shut its last two facilities and begin a “comprehensive” strategic review.

Temple-Inland Inc. (TIN US) surged 25 percent to $30.85, the biggest jump in the Russell 1000 Index. International Paper Co. (IP US) agreed to buy the maker of cardboard boxes for $32 a share.

International Paper rose 8.9 percent to $27.77, the largest gain in the S&P 500.

Whirlpool Corp. (WHR US) dropped 4.4 percent to $55.82, the lowest price since Aug. 22. The world’s largest appliance maker was cut to “neutral” from “buy” at Goldman Sachs Group Inc., which cited a possible “sharp earnings deceleration from 2011 to 2013.”

--With assistance from Whitney Kisling, Nikolaj Gammeltoft, Rita Nazareth, David McLaughlin and Inyoung Hwang in New York. Editor: Stephen Kleege

To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net.

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


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