Bloomberg News

BioMimetic, Jaguar Mining, St. Jude, Tekelec: U.S. Equity Movers

October 19, 2011

Oct. 19 (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.

Abbott Laboratories (ABT US) jumped 1.5 percent to $53.25, the highest price since July 12. The maker of nutritional drinks, heart stents and prescription drugs, said it will split into two companies with one focusing on medical products and the other on research-based medicines. It reported third-quarter earnings excluding some items of $1.18 a share to beat the average analyst estimate by 1 cent.

Agnico-Eagle Mines Ltd. (AEM US) sank 19 percent, the most since October 2008, to $46.51. Canada’s fifth-largest gold producer said it was suspending mining operations and gold production at its Goldex mine in Val d’Or, Quebec, effective immediately.

Apollo Group Inc. (APOL US) rallied 7.9 percent, the second-most in the Standard & Poor’s 500 Index, to $46.74. The operator of for-profit schools forecast revenue in 2012 of as much as $4.3 billion, higher than a previous prediction of no more than $4.25 billion and exceeding the average analyst estimate of $4.21 billion.

Apple Inc. (AAPL US) slipped 5.6 percent, the most since December 2008, to $398.62. The world’s largest technology company missed quarterly earnings estimates for the first time in at least six years after it sold fewer iPhones than analysts projected.

BioMimetic Therapeutics Inc. (BMTI US) gained 12 percent, the most since Aug. 9, to $3.36. The orthopedic drug-device company received approval from the Australian Therapeutic Goods Administration for its Augment bone graft, clearing the way for commercialization of the product in the country.

Checkpoint Systems Inc. (CKP US) plunged 21 percent, the second-most in the Russell 2000 Index, to $11.31. The maker of anti-theft tags for retailers said it earned $880 million at most in the third quarter, below the average analyst estimate of $912 million.

Comerica Inc. (CMA US) slid 11 percent, the most in the S&P 500, to $23.13. The Dallas-based bank that posted annual profits throughout the financial crisis cut its fourth-quarter net interest margin forecast to 3.15 percent from at least 3.35 percent for the second half of the year.

Cree Inc. (CREE US) fell 12 percent, the most since Jan. 19, to $24.31. The maker of energy-efficient lighting forecast second-quarter adjusted earnings of no more than 28 cents a share. Analysts surveyed by Bloomberg project 33 cents on average. Chief Operating Officer Stephen Kelley resigned.

Intel Corp. (INTC US) rose 3.2 percent, the second-most in the Dow Jones Industrial Average, to $24.24. The world’s biggest chipmaker forecast fourth-quarter sales that exceeded some analysts’ estimates, citing strong demand for laptop computers in emerging markets.

Intuitive Surgical Inc. (ISRG US) rallied 9.1 percent to $417.62, the highest price since it went public in June 2000. The maker of a robotic system to perform surgery posted third- quarter earnings of $3.05 a share, exceeding the average analyst projection for $2.76 a share, data compiled by Bloomberg show.

Jaguar Mining Inc. (JAG US) fell 21 percent, the most since August 2010, to $4.21. The gold producer with operations in Brazil was cut to “neutral” from “overweight” at JPMorgan Chase & Co., which said lower production and mechanical failures at the company’s Paciencia mine are likely to hurt fourth- quarter earnings.

JetBlue Airways Corp. (JBLU US) fell 6.7 percent to $4.32 for the biggest intraday decline since Oct. 3. The airline said Chief Financial Officer Ed Barnes quit and Mark Powers, a senior vice president, was named interim CFO. No reason was given for the resignation.

M&T Bank Corp. (MTB US) fell 5.6 percent, the most since Aug. 10, to $72.79. The regional bank that counts Warren Buffett’s Berkshire Hathaway Inc. (BRK/B US) among its largest shareholders posted earnings and sales that missed the average analyst projections, according to data compiled by Bloomberg.

ON Semiconductor Corp. (ONNN US) slumped 16 percent, the most since October 2008, to $6.81. The maker of chips that help computers manage power said flooding of its Thailand manufacturing plants will reduce revenue by as much as $60 million in each of the next three to four quarters.

Western Digital Corp. (WDC US) slipped 9.3 percent, the second most in the S&P 500, to $24.44. The maker of computer disk drives said Oct. 17 it expects a significant impact on overall operations due to the flooding in Thailand.

Powerwave Technologies Inc. (PWAV US) tumbled 42 percent, the most in the Russell 2000 Index, to 85 cents. The maker of wireless communication gear said revenue was no more than $79 million in the third quarter. That trailed the average estimate of $168.4 million by analysts in a Bloomberg survey. The company cited a “significant” slowdown in spending by North American network operators.

Sonic Corp. (SONC US) declined 5.7 percent to $6.90, the lowest price since Oct. 7. The operator of drive-in restaurants posted fourth-quarter profit that fell short of the average analyst projection, data compiled by Bloomberg show.

St. Jude Medical Inc. (STJ US) jumped 4.3 percent to $38.95, the highest price since Sept 27. The maker of devices to treat irregular heartbeats reported third-quarter earnings excluding some items of 78 cents a share, exceeding the average estimate of 76 cents in a Bloomberg survey of 25 analysts.

Tekelec (TKLC US) surged 23 percent, the most in the Russell 2000 Index, to $9.21. The maker of telecommunications- signaling systems reported preliminary third-quarter profit that was better than analysts estimated and said it won a new $20 million contract.

Travelers Cos. (TRV US) rose 5.7 percent to $54.39 for the biggest gain in the Dow average. The lone insurer in the Dow reported an increase in third-quarter policy sales and said it was increasing rates for commercial clients.

United Rentals Inc. (URI US) gained 10 percent to $23.22, the highest price since July 28. The construction-equipment rental company had third-quarter earnings excluding some items of 92 cents, beating the average analyst estimate of 76 cents. Revenue of $713 million also exceeded forecasts, Bloomberg data show.

Yahoo! Inc. (YHOO US) advanced 3 percent to $15.94, the highest price since June 2. The U.S. Web portal exploring strategic options after firing Chief Executive Officer Carol Bartz reported third-quarter profit that beat estimates as the market for online advertising expanded.

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

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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