Bloomberg News

AMR, Caterpillar, Clearwire, JPMorgan, MBIA: U.S. Equity Movers

November 30, 2011

Nov. 30 (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.

Banks advanced after China said it will require less reserve capital from its lenders and the Federal Reserve and five other central banks agreed to cut the cost of emergency dollar funding in response to Europe’s sovereign debt crisis.

JPMorgan Chase & Co. (JPM US) jumped 8.4 percent, the most in the Dow Jones Industrial Average, to $30.97. Morgan Stanley (MS US) rose 11 percent to $14.79. Citigroup Inc. (C US) increased 8.9 percent to $27.48. Bank of America Corp. (BAC US) climbed 7.3 percent to $5.44. Goldman Sachs Group Inc. (GS US) gained 7.9 percent to $95.86.

Commodity stocks climbed. U.S. Steel Corp. (X US) rallied 15 percent to $27.30, the most in the Standard & Poor’s 500 Index. Alpha Natural Resources Inc. (ANR US) jumped 15 percent to $24. Alcoa Inc. (AA US) rose 7.6 percent to $10.02. Freeport- McMoRan Copper & Gold Inc. (FCX US) climbed 8.6 percent to $39.60. AK Steel Holding Corp. (AKS US) rose 13 percent to $8.46. Allegheny Technologies Inc. (ATI US) gained 10 percent to $50.22. Peabody Energy Corp. (BTU US) increased 14 percent to $39.23.

Caterpillar Inc. (CAT US), the world’s largest construction and mining-equipment maker, rose 8.1 percent, the second-most in the Dow average, to $97.88.

Adeona Pharmaceuticals Inc. (AEN US) jumped 16 percent to 96 cents, the highest price since June 7. The drug developer said a clinical study on its zinc therapy in the treatment of amyotrophic lateral sclerosis showed “positive” results.

Advanced Analogic Technologies Inc. (AATI US) surged 32 percent, the most since May 27, to $5.75. The maker of power- management chips will be bought by Skyworks Solutions Inc. (SWKS US) for $5.80 a share under a revised merger agreement. Skyworks rose 12 percent to $16.31.

AMR Corp. (AMR US) rallied 23 percent to 32 cents for the biggest advance in the Russell 1000 Index. The shares of American Airlines’ parent tumbled 84 percent yesterday after the company announced a bankruptcy filing.

Anadarko Petroleum Corp. (APC US) rose 5.9 percent, the most since Oct. 18, to $81.27. The oil and natural gas company was lifted to “overweight” from “equalweight” at Barclays Plc.

Cisco Systems Inc. (CSCO US) gained 5.4 percent, the most since Nov. 10, to $18.64. Deutsche Bank recommended buying the world’s biggest maker of networking equipment, saying checks suggest datacenter information technology rollouts remain “robust.”

Clearwire Corp. (CLWR US) advanced 13 percent, the most since Oct. 26, to $1.78. The wireless network operator is likely to reach a funding agreement with Sprint Nextel Corp. (S US) by year-end, and possibly in time to meet a debt payment deadline tomorrow, Reuters reported, citing people familiar with the situation. Sprint Nextel gained 8 percent to $2.70.

Leap Wireless International Inc. (LEAP US) jumped 16 percent, the most since November 2008, to $9.07. The prepaid wireless carrier was boosted to “outperform” from “sector perform” at RBC Capital Markets.

MBIA Inc. (MBI US) surged 19 percent, the most since September 2009, to $9.70. The bond insurer was rated “buy” in new coverage at BTIG LLC, which said the shares may triple as investors betting against MBIA are forced to buy shares to cover their positions as the company nears settlements over loan losses during the financial crisis.

McDermott International Inc. (MDR US) rose 11 percent, the most since Oct. 5, to $11.31. The offshore oil and gas contractor was rated “buy” in new coverage by Stifel Nicolaus & Co.

Seadrill Ltd. (SDRL US) jumped 6.5 percent, the most since Aug. 9, to $34.88. The owner of the second-largest ultra- deepwater fleet, predicted a “solid” performance next year on higher demand for new rigs.

Sotheby’s (BID US) increased 17 percent, the most since March 2009, to $31.41. The auction house gained after rival Christie’s International wrapped up a six-day Hong Kong auction marathon that raised more than HK$2.84 billion ($370 million).

--With assistance from Lu Wang, Inyoung Hwang and Kaitlyn Kiernan in New York. Editor: Stephen Kleege

To contact the reporter on this story: Nikolaj Gammeltoft in New York at ngammeltoft@bloomberg.net

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


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