Bloomberg News

Ford, Medco, Rentech, SLM, Salesforce.com: U.S. Equity Movers

October 26, 2011

Oct. 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. in New York.

Amazon.com Inc. (AMZN US) slid the second-most in the Standard & Poor’s 500 Index, losing 13 percent to $198.40. The world’s largest Internet retailer reported third-quarter profit plunged and missed analyst estimates after the company ramped up spending on new products such as the Kindle Fire tablet. The company also said it may post a fourth-quarter operating loss.

Bemis Co. (BMS US) fell 11 percent, the most since October 2000, to $28.02. The maker of packaging and pressure-sensitive materials said it expects fourth-quarter earnings to be no more than 42 cents a share, below the average analyst forecast of 54 cents a share in a Bloomberg survey.

Biogen Idec Inc. (BIIB US) rallied 9.4 percent to $116.92, the highest price since its initial public offering in September 1991. The world’s largest maker of multiple sclerosis medicines said its experimental MS pill BG-12 was safe and reduced the risk of patients relapsing in a second late-stage clinical trial.

Boeing Co. (BA US) soared 4.5 percent, the most in the Dow Jones Industrial Average, to $66.56. The planemaker topped profit estimates for the quarter when it delivered the first 787 Dreamliner. Earnings of $1.46 a share beat the $1.10 average of analysts’ estimates in a Bloomberg survey after the company improved productivity and delivered more planes and military equipment.

Cheniere Energy Inc. (LNG US) surged the most in the Russell 2000 Index, gaining 69 percent to $10.32. BG Group Plc, the U.K.’s third-largest oil and gas producer, agreed to buy 3.5 million tons a year of liquefied natural gas from the Houston- based company’s terminal at Sabine Pass in Louisiana. The 20- year contract is Cheniere’s first long-term sales agreement for exports from the proposed plant.

Clearwire Corp. (CLWR US) rallied 20 percent, the second- biggest gain in the Russell 1000 Index, to $1.96. The money- losing wireless broadband provider surged after partner Sprint Nextel Corp. (S US) said the two companies are negotiating to extend a network-sharing agreement beyond 2012.

Sprint slumped 7 percent to $2.51. The third-largest U.S. wireless carrier said it needs as much as $7 billion in new capital to pay for new handsets and a network upgrade after posting its 16th straight quarterly loss.

C.H. Robinson Worldwide Inc. (CHRW US) declined 8.2 percent, the most since December 2008, to $68.75. The transportation-services company’s rating was cut at Bank of America Corp., JPMorgan Chase & Co., Robert W. Baird & Co. and BB&T Corp. after its third-quarter earnings and revenue were in line with the average analyst estimate.

DeVry Inc. (DV US) slumped 17 percent to $38.36 for the biggest loss in the S&P 500. The for-profit education company reported first-quarter earnings of 83 cents a share, missing the average analyst estimate by 13 percent, Bloomberg data show.

Express Scripts Inc. (ESRX US) rose 13 percent, the most since April 2009, to $43.66. The drug benefits manager had third-quarter adjusted earnings of 79 cents a share, exceeding the average analyst projection by 2 cents, data compiled by Bloomberg show.

Medco Health Solutions Inc. (MHS US) advanced 11 percent to $52.13. The drug-benefits manager seeking to merge with rival Express Scripts said third-quarter profit beat analysts’ estimates on greater use of generic drugs.

F5 Networks Inc. (FFIV US) jumped 14 percent to $101.26 for the second-biggest gain in the S&P 500. The software maker said fourth-quarter adjusted earnings were $1.06 a share, exceeding the average projection of 98 cents a share.

First Solar Inc. (FSLR US) rose 6.6 percent to $46.11, rebounding from a record 25 percent decline yesterday. The biggest manufacturer of thin-film solar cells slashed its forecasts for sales and profit in 2011 after ousting Rob Gillette as chief executive, saying it needed a shift in strategy to survive falling prices for solar panels. An analyst at Jefferies Group Inc. wrote potential takeover discussions cannot be ruled out after yesterday’s slide.

Ford Motor Co. (F US) retreated 4.5 percent, the most since Aug. 18, to $11.87. The second-biggest U.S. automaker lowered its automotive operating margin forecast because of losses on commodity bets.

Human Genome Sciences Inc. (HGSI US) fell the most in the Russell 1000, losing 22 percent to $9.88. The Rockville, Maryland-based drugmaker reported a third-quarter loss of 45 cents a share, excluding some items, wider than the average analyst estimate of a loss of 36 cents a share. Human Genome was cut to “hold” from “buy” at Brean Murray Carret & Co.

IRobot Corp. (IRBT US) advanced 17 percent, the most since April 2010, to $33.24. The maker of robots that vacuum and wash floors boosted its 2011 earnings forecast to $1.32 a share at least, topping the average analyst estimate of $1.10 in a Bloomberg survey.

Itron Inc. (ITRI US) rose 9.8 percent, the most since May 2009, to $35.73. The maker of utility meters reported third- quarter sales that beat analysts’ estimates and said it plans to buy back as much as $100 million shares.

Manitowoc Co. (MTW US) jumped 22 percent, the most since Feb. 1, to $10.56. The maker of overhead cranes reported third- quarter sales and profit that topped analysts’ estimates.

McKesson Corp. (MCK US) gained 7.4 percent to $81.75, the highest price since July 22. The drug distributor said second- quarter earnings beat the average analyst projection by 18 percent, according to data compiled by Bloomberg.

MF Global Holdings Ltd. (MF US) sank 8.6 percent to $1.70, the lowest price since July 2007. The futures broker hired investment bank Evercore Partners and is exploring strategic options, including a potential sale of the company, according to a person with knowledge of the matter. Diana DeSocio, an MF Global spokeswoman declined to comment.

Onyx Pharmaceuticals Inc. (ONXX US) advanced 9.6 percent, the most since Dec. 7, to $39.46. Bayer AG announced positive results from its phase III trial evaluating regorafenib, a treatment for patients with metastatic colorectal cancer. The California-based company will receive royalties from Bayer for worldwide sales of the drug.

Panera Bread Co. (PNRA US) climbed 15 percent to $133.64, the highest price since at least June 1991. The St. Louis-based restaurant chain boosted its full-year forecast for per-share earnings to at least $4.63 a share, exceeding the average analyst projection of $4.58. The company also boosted its 2012 estimates to higher than analyst forecasts.

Questcor Pharmaceuticals Inc. (QCOR US) jumped 21 percent to $40.43, the highest price since at least February 1988. The drug company reported third-quarter revenue was $59.8 million, exceeding the average analyst estimate of $53.2 million.

RadioShack Corp. (RSH US) sank the most since February 2009, sliding 12 percent to $11.70. The consumer-electronics retailer reported third-quarter adjusted earnings of 15 cents a share, missing the 35-cent average analyst estimate. The Fort Worth, Texas-based company was cut to “neutral” from “conviction buy” at Goldman Sachs Group Inc.

Rentech Inc. (RTK US) surged 18 percent, the most since November 2009, to $1.42. The renewable-fuels developer said its Rentech Nitrogen Partners LP unit is offering 15 million units for $19 to $21 each in an initial public offering.

Salesforce.com Inc. (CRM US) fell 4.6 percent, the most since Sept. 22, to $123.56. The supplier of online customer- management software’s fair value is down 75 percent, Whitney Tilson, the co-founder of T2 Partners LLP, said on CNBC.

SLM Corp. (SLM US) rose 4.6 percent, the most since Oct. 18, to $12.93. The student-loan maker known as Sallie Mae’s 13 percent decline on Oct. 25 was “overdone,” Barclays Plc said today, adding “we would be a buyer.”

Thermo Fisher Scientific Inc. (TMO US) dropped 9.2 percent, the most since July 2010, to $48.36. The world’s largest maker of laboratory instruments reduced its 2011 forecast, saying it expects to earn $4.17 a share at most. Analysts, on average, forecast $4.20, according to a Bloomberg survey.

Valassis Communications Inc. (VCI US) slumped 7.8 percent, the most since Sept. 28, to $18.04. The company that offers mass- and targeted-mail services and collects data on shoppers reduced its 2011 earnings projection to $3.56 a share from $3.71.

Valero Energy Corp. (VLO US) climbed 15 percent, the most since November 2008, to $25.15. Reliance Industries Ltd. (RIL IN) may be poised to launch a cash offer of $48 a share for Valero Energy, the biggest U.S. refinery, U.K.’s Daily Mail reported, citing market speculation.

--With assistance from Inyoung Hwang, Nikolaj Gammeltoft, Kaitlyn Kiernan and Lu Wang in New York. Editors: Stephen Kleege, Joanna Ossinger

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net

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


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