Dec. 6 (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.
Clearwire Corp. (CLWR US) rose 11 percent to $2.50, the highest price since Sept. 29. MetroPCS Communications Inc. said at a UBS AG event it would consider the money-losing wireless broadband provider in heavy traffic areas.
Darden Restaurants Inc. (DRI US) slumped 12 percent, the most in the Standard & Poor’s 500 Index, to $41.82. The operator of the Red Lobster and LongHorn Steakhouse chains cut its estimate of 2012 per-share earnings from continuing operations, saying they will rise 7 percent at most. The previous forecast was for an increase of at least 12 percent.
Eli Lilly & Co. (LLY US) advanced 3.9 percent to $38.86, the highest price since Nov. 8. Shares of the drugmaker could rise more than 50 percent should its drug for Alzheimer’s disease succeed, Sanford C. Bernstein & Co. said in a note to clients.
Frontline Ltd. (FRO US) rallied 18 percent, the most since October 2000, to $4.20. The operator of crude oil vessels plans to split the company to withstand the worst daily returns from supertankers since 1999.
Fusion-IO Inc. (FIO US) slumped 9.1 percent, the second- biggest drop in the Russell 1000, to $29.22. The lock-up period for the maker of flash-memory technology that had its initial public offering in July expired yesterday, allowing company executives and investors with majority stakes to commence trading shares.
LinkedIn Corp. (LNKD US) rallied 4.7 percent to $73.20, the highest price since Nov. 17. The biggest professional-networking website was raised to “overweight” from “equalweight” at Morgan Stanley, which designated the stock as a “research tactical idea,” saying its valuation is “much more compelling.” LinkedIn fell 27 percent last month.
MetroPCS Communications Inc. (PCS US) added 7.8 percent to $9 for the biggest gain in the S&P 500. The pay-as-you-go U.S. wireless carrier was raised to “outperform” from “market perform” at William Blair & Co., which said the stock’s price doesn’t reflect the company’s “fundamentals and healthy balance sheet.”
ModusLink Global Solutions Inc. (MLNK US) climbed 13 percent, the most since June 2009, to $5.04. Shareholder Handy & Harman Ltd. bought 498,000 shares of the supply-chain management firm on Dec. 1, according to a regulatory filing.
Orbitz Worldwide Inc. (OWW US) gained 14 percent to $3.99, the highest price since Feb. 16. The online travel company was raised to “buy” from “hold” at Benchmark & Co.
Peregrine Pharmaceuticals Inc. (PPHM US) surged 21 percent to $1.21 for the second-biggest increase in the Russell 2000 Index. The developer of antibodies to treat cancer and viral infections said preliminary phase II trial results showed higher tumor response rates for patients taking its bavituximab.
Protalix BioTherapeutics Inc. (PLX US) fell 13 percent, the most since Aug. 8, to $5.39. The biotechnology company said the U.S. Food and Drug Administration delayed a decision on its Gaucher disease protein.
Tesoro Corp. (TSO US) dropped 6.1 percent to $23.31 for the biggest decline since Nov. 16. The oil refiner said it has “no intent” to resume dividend payments or buy back shares next year. Credit Suisse Group AG cut the stock to “neutral” from “outperform.”
--With assistance from Lu Wang, Nikolaj Gammeltoft and Whitney Kisling in New York. Editors: Stephen Kleege, Joanna Ossinger
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