Bloomberg News

Berkshire, ImmunoGen, United Therapeutics: U.S. Equity Movers

September 26, 2011

Sept. 26 (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.

Banks advanced amid speculation that the European Central Bank may restart covered-bond purchases next week and cut interest rates next month. Deutsche Bank AG (DB US) jumped 12 percent to $35.15. Bank of America Corp. (BAC US) increased 4.6 percent to $6.60. JPMorgan Chase & Co. (JPM US) advanced 7 percent to $31.65. First Horizon National Corp. (FHN US) rose 7.1 percent to $6.51.

UBS AG (UBS US) advanced 8 percent to $12.15. The largest Swiss bank’s Chief Executive Officer Oswald Gruebel quit this weekend, and interim CEO Sergio Ermotti said one of his first priorities was to complete a review of “operational risk infrastructure.”

American Eagle Outfitters Inc. (AEO US) rose 7.8 percent, the most since Feb. 10, to $12.04. Chairman Jay Schottenstein disclosed Sept. 23 that he bought $1 million worth of shares in the Pittsburgh-based teen-apparel retailer. His purchase signals that executives are confident in the company’s future, said Betty Chen, an analyst at San Francisco-based Wedbush Securities.

Berkshire Hathaway Inc. (BRK/B US) advanced the second-most in the Standard & Poor’s 500 Index, rallying 8.6 percent to $72.09. The company led by billionaire investor Warren Buffett will repurchase shares for as much as 110 percent of their book value, saying the stock is undervalued after falling 17 percent this year.

Boeing Co. (BA US) rose 4.2 percent, the most since Aug. 12, to $62.01. The planemaker hands over the first 787 Dreamliner today to end more than three years of delays for a plane that the company says will become a benchmark for decades for technology and passenger amenities.

Clorox Co. (CLX US) declined 4.3 percent to $66.44 for the fourth-biggest drop in the S&P 500. Carl Icahn, the bleach maker’s largest investor, withdrew his director slate for the company after concluding that shareholders wouldn’t support the move.

Eastman Kodak Co. (EK US) slumped 27 percent to $1.74, the the biggest decline since January 2009. The cost to protect the 131-year-old camera maker debt from default rose to the highest level in more than a month after the company drew down $160 million from its revolving bank line.

ImmunoGen Inc. (IMGN US) climbed 6.7 percent, the most since Aug. 15, to $10.95. The maker of anticancer drugs had its “buy” rating reiterated by Canaccord Genuity analyst George Farmer, who said phase 2 trial results for its T-DM1 drug for metastatic breast cancer were “striking” and support “benefit and commercial potential.”

Odyssey Marine Exploration Inc. (OMEX US) rallied 7.5 percent to $2.86, gaining for a third day. The explorer of sunken treasure confirmed the discovery of the SS Gairsoppa shipwreck, which was carrying 7 million total ounces of silver.

Safeway Inc. (SWY US) rose 5.4 percent, the most since January 2010, to $16.93. Longbow Research raised its recommendation on the grocer to “neutral” from “sell” with a price estimate of $17 a share.

United Therapeutics Corp. (UTHR US) fell 5.8 percent to $38.35, the lowest price since May 2009. Novartis AG (NOVN VX) announced positive Phase III data for oral, once-daily Gleevec, which RBC Capital Markets LLC analyst Michael Yee said “could come to market now” as a competitor to the Silver Spring, Maryland-based drugmaker’s Tyvaso treatment.

--With assistance from Whitney Kisling, Sarah Mulholland, Kaitlyn Kiernan, Inyoung Hwang and Nikolaj Gammeltoft in New York. Editor: Stephen Kleege

To contact the reporter on this story: Joanna Ossinger in New York at jossinger@bloomberg.net

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


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