Bloomberg News

Accretive Health, Capital One, GE, Synaptics: U.S. Equity Movers

October 21, 2011

Oct. 21 (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.

Accretive Health (AH US) surged 12 percent, the most since Nov. 22, to $22.66. The company that helps hospitals collect medical bills was raised to “buy” from “neutral” at Goldman Sachs Group Inc. after the shares fell below a 12-month price estimate or $31. “The overwhelming need for hospitals to improve profitability will accelerate traction for billing and collection outsourcing specialists,” Sebastian Paquette, a Goldman Sachs analyst, wrote in a note.

Acme Packet Inc. (APKT US) slumped 20 percent, the most since July 2008, to $30.37. The maker of devices to transmit phone calls and video said third-quarter earnings excluding some items were 21 cents a share, missing the average analyst estimate by 1 cent, Bloomberg data show.

Altera Corp. (ALTR US) rose 12 percent, the most since February 2008, to $37.05. The maker of programmable semiconductors forecast fourth-quarter sales that were “slightly better than expectations,” Barclays Plc said in a note.

Biogen Idec Inc. (BIIB US) gained 7.1 percent to $108.84, the highest price since June 29. The pharmaceutical company said its experimental multiple sclerosis drug BG-12 “significantly” reduced relapses in a clinical trial.

Calix Inc. (CALX US) slumped 18 percent, the most since its initial public offering, in March 2010 to $6.82. The communications software developer reported third-quarter profit excluding some items of 7 cents a share, trailing the average analyst estimate by 1 cent in a Bloomberg survey.

Capital One Financial Corp. (COF US) advanced 6.9 percent, the most since Aug. 11, to $42.69. The credit-card issuer seeking approval to purchase ING Groep NV’s U.S. online bank said profit advanced 1.3 percent as lending increased and fewer borrowers defaulted.

Chipotle Mexican Grill Inc. (CMG US) gained 8.3 percent, the most since October 2010, to $333.49. The Denver-based restaurant chain reported a 25 percent gain in third-quarter profit as traffic and prices increased.

General Electric Co. (GE US) dropped 1.9 percent, the most in the Dow Jones Industrial Average, to $16.31. The world’s largest maker of jet engines reported third-quarter profit that failed to beat analyst forecasts for the first time since 2008, as tighter profit margins in industrial businesses from energy to aviation overshadowed growth led by the finance unit.

Harman International Industries Inc. (HAR US) rose the most in the S&P 500, jumping 21 percent to $43. The maker of audio systems for homes and vehicles reported first-quarter sales and profit that beat analysts’ estimates.

Honeywell International Inc. (HON US) advanced 5.8 percent to $51.28, the highest price since Aug. 3. The diversified technology and manufacturing company reported third-quarter earnings climbed 44 percent, driven by a recovery in commercial aerospace, and increased its full-year forecast.

LyondellBasell Industries NV (LYB US) climbed 13 percent, the most intraday since emerging from bankruptcy protection last year, to $31.02. The chemical maker said it plans to pay a special dividend of as much as $2.6 billion as it refinances debt.

McDonald’s Corp. (MCD US) rose 3.7 percent to $92.32, the highest price since at least 1980. The world’s biggest restaurant chain said third-quarter was $1.45 a share, beating the $1.43-average of analyst estimates in a Bloomberg survey as lower-priced items boosted U.S. store sales.

MGIC Investment Corp. (MTG US) sank 5.7 percent to $2.30 for the biggest decline since Oct. 17. The largest U.S. mortgage insurer reported a third-quarter net loss of 82 cents a share, its fifth straight quarterly loss, as the cost of claims from mortgage defaults rose amid a deepening U.S. housing slump.

Rival mortgage insurers declined. Radian Group Inc. (RDN US) fell 6.8 percent to $2.45. PMI Group Inc. (PMI US) slid 15 percent to 31 cents, before trading was halted for pending news.

Premiere Global Services Inc. (PGI US) rose 14 percent, the most since Aug. 29, to $8.77. The provider of business communications and data services increased its full-year profit and sales forecasts.

SanDisk Corp. (SNDK US) increased 9.4 percent to $49.76, the highest price since April 27. The maker of flash-memory cards had third-quarter earnings of $1.20 a share, beating the $1.06 average of analysts surveyed by Bloomberg. Revenue matched estimates, data show.

Seagate Technology Plc (STX US) surged 28 percent, the most since at least December 2002, to $15.42. The world’s largest maker of computer disk drives reported first-quarter earnings excluding some item of 34 cents a share, beating the average analyst estimate by 8.3 percent, Bloomberg data show. The company had its rating raised at ThinkEquity Partners and Robert W. Baird & Co.

Synaptics Inc. (SYNA US) rallied 19 percent, the most since January 2005, to $32.18. The maker of touch pads for digital music players and electronic devices reported first-quarter profit that exceeded analysts’ estimates and said it will buy back as much as $100 million of its stock.

--With assistance from Whitney Kisling, Nikolaj Gammeltoft and Lu Wang in New York. Editor: 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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