Bloomberg News

B&G Foods, Education Management, Shaw Group: U.S. Equity Movers

November 01, 2011

Oct. 31 (Bloomberg) -- Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 10:45 a.m. in New York.

Solar stocks declined after the U.K. government proposed a reduction of as much as 55 percent for the price paid for solar power and Suntech Power Holdings Co. (STP US) said it may reduce some of its manufacturing output in the first quarter of next year because of a seasonal dip in demand. Suntech dropped 8.8 percent to $2.81. SunPower Corp. (SPWRA US) retreated 7.7 percent to $9.77. First Solar Inc. (FSLR US) slumped 8.8 percent, the most in the Standard & Poor’s 500 Index, to $49.25. MEMC Electronic Materials Inc. (WFR US) declined 7.5 percent to $6.14.

Steel producers declined as Jefferies Group Inc. said data from last week pointed to “a significant correction in spot iron ore prices, expectations of notably lower scrap prices in November, and signs of a slight pullback in demand.”

AK Steel Holding Corp. (AKS US) sank 7.3 percent to $8.50. U.S. Steel Corp. (X US) lost 4.6 percent to $26.57. Nucor Corp. (NUE US) slid 2.8 percent to $38.22.

B&G Foods Inc. (BGS US) jumped 9.9 percent to $21.54, the highest intraday since at least May 2007. The food seller and distributor will acquire Culver Specialty Brands from Unilever NV for $325 million in cash. The six brands, including Mrs. Dash and Molly McButter, generated about $90 million in sales in the year ended Sept. 30., according to New Jersey-based B&G.

DreamWorks Animation SKG Inc. (DWA US) lost 7.7 percent to $18.57, after falling 10 percent, the most intraday since May 2010. The independent film studio’s “Puss in Boots” movie opened with $34 million this weekend, the lowest debut for the studio in five years, the Los Angeles Times reported.

Education Management Corp. (EDMC US) advanced 5.3 percent to $20.98, the third-biggest advance in the Russell 1000 Index. The for-profit educator’s buyback program, which was set to be completed at the end of 2011, will be extended to June 30, 2012.

Humana Inc. (HUM US) jumped 7.4 percent, the most in the S&P 500, to $86.31. The second-largest U.S. Medicare managed- care provider boosted its 2011 profit forecast and issued an outlook for next year that was higher than some analysts expected.

Momenta Pharmaceuticals Inc. (MNTA US) rallied 21 percent to $14.77 for the biggest gain in the Russell 2000 Index. The Cambridge, Massachusetts-based biotechnology company said it obtained a preliminary injunction against Amphastar Pharmaceuticals Inc., Watson Pharmaceuticals Inc. (WPI US) and International Medical Systems Ltd., barring the companies from selling their generic Lovenox.

NPS Pharmaceuticals Inc. (NPSP US) tumbled 38 percent, the most in the Russell 2000 Index, to $4.82. The Bedminster, New Jersey-based company said three patients in a trial of its experimental short bowel syndrome therapy, Gattex, got cancer and two of them died.

Shaw Group Inc. (SHAW US) climbed 4.8 percent to $23.25, after rising to $23.93, the highest intraday since Sept. 16. The engineering company whose customers include refineries and power producers said it’s considering selling its energy & chemicals business unit. The unit lost $42.3 million in the fiscal fourth quarter, the most among the company’s five revenue-generating business segments.

Southern Copper Corp. (SCCO US) decreased 4.3 percent, the most intraday since Oct. 13, to $31.08. Grupo Mexico SAB (GMEXICOB MM) dropped its July 2010 proposal to merge its Southern Copper and Asarco units, citing “recent discussions” and other developments. Grupo Mexico owns 81 percent of Phoenix- based Southern Copper, the biggest producer of the metal in Peru.

Yahoo! Inc. (YHOO US) fell 5.1 percent to $15.71 and slipped 6.7 percent earlier, the most intraday since Sept. 29. The U.S. Web portal exploring strategic options is leaning toward selling its Asian assets and redistributing the proceeds to shareholders, rather than selling itself to a group of buyers, according to five people familiar with the situation.

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

To contact the reporter on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net

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


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