Bloomberg News

Adobe, Apple, AVI BioPharma, DTS, Navistar: U.S. Equity Movers

October 14, 2011

Oct. 14 (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.

Adobe Systems Inc. (ADBE US) rose 3.9 percent to $26.81, the highest price since Aug. 3. The world’s largest maker of graphic-design software is best positioned to take advantage of HTML5, Roger McNamee, co-founder of private equity firm Elevation Partners LP, told CNBC.

Apple Inc. (AAPL US) gained 3.3 percent to $422, a record high price. The world’s biggest company by market value’s iPhone 4S became available for purchase today in the U.S., Australia, Canada, France, Germany, Japan and the U.S. Sales may reach as much as 4 million units this weekend, according to Boston-based Yankee Group.

AVI BioPharma Inc. (AVII US) dropped 14 percent, the most since April 1, to 90 cents. The biotechnology company’s proposal for full clinical development of its influenza drug candidate didn’t qualify for a Department of Defense contract award.

Depomed Inc. (DEPO US) plunged 21 percent, the most in the Russell 2000 Index, to $4.94. The maker of an experimental drug to treat menopausal hot flashes said the medicine failed to meet one of four objectives in a late-stage study.

DTS Inc. (DTSI US) fell 3.8 percent to $25.76, the lowest price since Oct. 3. The maker of decoders used in surround-sound systems was cut to “neutral” from “buy” at Collins Stewart LLC, which cut the 12-month price estimate to $30 from $40 and said the Blu-ray market is showing “indications of secular maturity.”

Freeport-McMoRan Copper & Gold Inc. (FCX US) gained 4.3 percent to $36.77, the highest price since Sept 20. Stabilizing copper inventory worldwide and rising demand from China are “favorable” for the world’s largest publicly traded copper producer, Morgan Stanley said in a note.

FXCM Inc. (FXCM US) declined 12 percent, the most since May 16, to $12.01. The foreign-exchange trading services provider was cut to “sell” from “neutral” by Citigroup Inc.

Google Inc. (GOOG US) advanced 5.9 percent, the most since July 15, to $591.68. The owner of the world’s most popular search engine reported sales and profit that beat estimates as businesses spent more on advertising to online consumers.

HollyFrontier Corp. (HFC US) rose 8.1 percent, the most since Aug. 9, to $34.62. The refining company was boosted to “market outperform” from “market perform” at Howard Weil Inc., which said the shares’ price is below the historical average relative to earnings.

Harman International Industries Inc. (HAR US) climbed 9.6 percent, the most in the Standard & Poor’s 500 Index, to $37.47. Relational Investors LLC, the money manager run by activist investor Ralph Whitworth, boosted its stake in the maker of audio systems for homes and vehicles to 3.86 percent and urged the company to add independent directors.

J.B. Hunt Transport Services Inc. (JBHT US) jumped 8.7 percent, the most since March 2009, to $42.28. The trucking company reported third-quarter earnings of 57 cents a share, beating the average analyst estimate of 56 cents, Bloomberg data show.

Microchip Technology Inc. (MCHP US) fell the most in the S&P 500, sinking 5.3 percent to $33.45. The maker of analog chips reported second-quarter profit and sales that missed its forecasts, citing weaker-than-expected demand.

National CineMedia Inc. (NCMI US) tumbled 19 percent, the most since May 2009, to $12.01. The theater advertising company cut its annual revenue forecast to no more than $435 million, missing the average analyst projection of $466.2 million, according to data compiled by Bloomberg.

Navistar International Corp. (NAV US) climbed 7.3 percent, the most since May 2010, to $41.51. Billionaire Carl Icahn has taken a 9.8 percent stake in the maker of international brand trucks, making him the second-biggest shareholder, according to a regulatory filing.

Ubiquiti Networks Inc. (UBNT US) rallied 17 percent to $17.50 on the first day of trading. The provider of wireless- network equipment raised $105.6 million in an initial public offering, the first U.S. IPO in more than a month, after selling shares at the low end of a reduced range.

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

To contact the reporter on this story: Kaitlyn Kiernan in New York at kkiernan2@bloomberg.net

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


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