Oct. 13 (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.
Akamai Technologies Inc. (AKAM US) gained 4.8 percent to $24.49, the highest price since July 27. The operator of a server network that lets businesses deliver data quickly entered a strategic alliance to allow its customers access to Evidon Inc.’s privacy and compliance services.
Broadcom Corp. (BRCM US) gained 2.3 percent to $37.02, the highest price since Aug. 1. The supplier of communications chips for Apple Inc.’s mobile devices was raised to “outperform” from “neutral” at Robert W. Baird & Co., which cited rebounding order trends in the mobile phone supply chain since August.
Clearwire Corp. (CLWR US) rallied 27 percent, the biggest gain in the Russell 1000 Index, to $1.65. The money-losing wireless broadband provider said third-quarter revenue more than doubled to about $332 million. Analysts projected $321.6 million, according to the average estimate in a Bloomberg survey.
Hanover Insurance Group Inc. (THG US) declined 5.7 percent, the most since Aug. 8, to $34.18. The insurer said it estimates that severe weather, including Hurricane Irene, had an impact of $1.57 to $1.65 a share on its commercial and personal-lines segments during the third quarter.
JPMorgan Chase & Co. (JPM US) fell 4.8 percent, the second- biggest decline in the Dow Jones Industrial Average, to $31.60. The second-largest U.S. bank reported an approximately 33 percent profit decline excluding a $1.9 billion accounting benefit as earnings from investment banking and trading slumped. The firm said the investment-banking division will face similar market conditions for the rest of the year.
Morgan Stanley (MS US) sank 4.4 percent to $15.14. Bank of America Corp. (BAC US) declined 5.5 percent, the most in the Dow Jones average, to $6.22. Citigroup Inc. (C US) lost 5.3 percent to $27.64.
KV Pharmaceutical Co. (KV/A US) jumped 27 percent, the most in the Russell 2000 Index, to $1.65. The maker of the Makena drug to prevent premature births advanced after a doctors’ group said the medicine isn’t identical to lower-cost compounds and that doctors should be free to choose the version they want.
Legg Mason Inc. (LM US) slipped 4.7 percent, the most since Oct. 3, to $25.62. The Baltimore-based money manager was cut to “neutral” from “outperform” at Macquarie Securities Inc., which said the stock was overvalued compared with other companies in the industry.
Lindsay Corp. (LNN US) fell 5.5 percent, the most since Oct. 3, to $56.93. The maker of GrowSmart irrigation equipment reported fourth-quarter earnings excluding certain items of 59 cents a share, missing the average analyst estimate by 2 cents.
Mead Johnson Nutrition Co. (MJN US) rose 2.6 percent to $73.73 for the biggest gain since Sept. 14. The maker of Enfamil baby formula raised its full-year profit forecast on higher sales in emerging markets.
Owens-Illinois Inc. (OI US) climbed 8.5 percent, the most since July 2009, to $18.05. Atlantic Investment Management Inc. increased its stake in the world’s biggest maker of glass bottles to 5.1 percent from 3.87 percent since June 30.
Range Resources Corp. (RRC US) rose 8.8 percent, the most since Aug. 9, to $68.44. The holder of 1.2 million net acres in the Marcellus Shale natural-gas field surged on speculation that it may be the subject of a takeover bid. “The takeover speculation has been around for a while,” and hasn’t proved to be true, said Ryan Cournoyer, a New York-based managing director at Global Hunter Securities LLC. It’s more likely the company will form a joint venture to develop its acreage, he said.
A spokesman for Range Resources didn’t immediately respond to phone messages and an e-mail seeking comment.
Smith Micro Software Inc. (SMSI US) tumbled 12 percent, the most since Aug. 3, to $1.44. The communications-software provider for wireless carriers and phone makers forecast third- quarter revenue of $12.6 million, below the average analyst estimate of $17.1 million in a Bloomberg survey.
Spirit Airlines Inc. (SAVE US) gained 9.5 percent to $15.90, its highest price since its initial public offering in May. The discount airline reported that its September traffic rose 9.8 percent year-to-year on a capacity increase of 3.4 percent.
TransAlta Corp. (TAC US) slid 5.4 percent, the most since June 2009, to $21.60. One of the Canada’s largest publicly traded electricity producer’s two largest shareholders sold 12.9 million shares at C$22 a share on the Pure Trading platform at 4:33 p.m. Toronto time, according to Bloomberg data.
TriQuint Semiconductor Inc. (TQNT US) rallied 25 percent, the most since October 2002, to $7.39. The chipmaker rallied after a report on the iFixit website showed its parts are included Apple Inc.’s newest version of the iPhone. Apple doesn’t discuss which companies supply parts for its phones. Brandi Frye, a spokeswoman for TriQuint, declined to comment.
Vertex Pharmaceuticals Inc. (VRTX US) rallied 9.1 percent, the most since Aug. 9, to $43.88. The seller of the hepatitis C treatment Incivek gained after IMS Health Inc. said its report on sales of the drug was incomplete. IMS may have underestimated prescriptions for the drug, said Mark Schoenebaum, an analyst at ISI Group Inc.
Walter Energy Inc. (WLT US) rose 13 percent, the most since Sept. 7, to $75.22. Anglo American Plc and BHP Billiton Ltd. may bid for the U.S. producer of steel-making coal, the U.K.’s Independent reported, without citing anyone. Telephone and e- mail messages left for Susan Knight, a Walter spokeswoman, weren’t immediately returned.
Zep Inc. (ZEP US) dropped 16 percent, the most in the Russell 2000, to $14.79. The maker of specialty chemical products reported fourth-quarter earnings that trailed analysts’ estimates by 35 percent.
--With assistance from Kaitlyn Kiernan, Nikolaj Gammeltoft, Inyoung Hwang and Whitney Kisling in New York. Editor: Stephen Kleege
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