Bloomberg News

Amazon.com, Best Buy, IDT, Pandora, Seaspan: U.S. Equity Movers

December 13, 2011

Dec. 13 (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) slumped 4.8 percent to $180.51, the lowest price since Aug. 22. Goldman Sachs Group Inc. said the company’s 2012 estimates “need material” downward revisions due to operating expense seasonality.

Best Buy Co. (BBY US) decreased 15 percent, the most in the Standard & Poor’s 500 Index, to $23.73. The world’s largest consumer-electronics retailer reported third-quarter profit that trailed analysts’ estimates, hurt by Black Friday promotional costs.

Cabot Microelectronics Corp. (CCMP US) rallied 14 percent, the most since July 2004, to $45.99. The maker of chemicals used to produce chips announced a one-time dividend of $15 a share and said it will boost its stock buyback to $150 million.

Endocyte Inc. (ECYT US) slumped 65 percent to $3.57, the lowest price since its Feb. 4 initial public offering. The biopharmaceutical company said a clinical study of its ovarian cancer treatment was “inconclusive” on its overall survival advantage.

Ivanhoe Mines Ltd. (IVN US) fell 23 percent, the most since October 2008, to $16.01. Rio Tinto Group (RIO US), the world’s third-biggest mining company, said it won’t seek full control of its Mongolian project partner Ivanhoe Mines after an arbitrator ruled in its favor in a shareholding dispute.

Forest Oil Corp. (FST US) dropped 13 percent, the most since Oct. 3, to $14.04. The Denver-based oil and gas company forecast capital spending of $600 million at most in 2012. That’s lower than the average analyst estimate of $631 million.

IDT Corp. (IDT US) declined 19 percent, the most since March 2009, to $10.70. The U.S. long-distance telephone service provider slashed its quarterly dividend to 13 cents a share from 23 cents as it swung to a loss in the fiscal first quarter.

Pandora Media Inc. (P US) rallied 6.5 percent, the most since Oct. 6, to $10.57. The company said it had November audience gains from September in each of the top 10 U.S. radio markets.

Pantry Inc. (PTRY US) slumped 9.8 percent to $10.71, the lowest price since July 2008. The owner of the Kangaroo Express convenience-store chain reported fourth-quarter profit and sales that trailed analysts’ estimates.

Seaspan Corp. (SSW US) surged 16 percent, the most since December 2008, to $12.16. The operator of a fleet of containerships said it’s offering to buy back 10 million of its Class A common shares for $15 each.

Synovis Life Technologies Inc. (SYNO US) rose 51 percent, the most since 1987, to $27.78. Baxter International Inc. (BAX US) said it will buy the St. Paul, Minnesota-based company and its line of soft-tissue repair products for $325 million.

Urban Outfitters Inc. (URBN US) rallied 5.3 percent to $27.87 for the biggest gain in the S&P 500. The clothing retailer that operates chains including Anthropologie said fourth-quarter same-store sales are up in the “mid single- digit” percentage range, according to a filing.

--With assistance from Inyoung Hwang and Nikolaj Gammeltoft in New York. Editor: Stephen Kleege

To contact the reporters on this story: Lu Wang in New York at lwang8@bloomberg.net; Ksenia Galouchko in New York at kgalouchko1@bloomberg.net

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


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