Bloomberg News

CVS, Juniper, Progenics, PulteGroup, Sprint: U.S. Equity Movers

December 20, 2011

Dec. 20 (Bloomberg) -- Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses, the prices are as of 4 p.m. in New York.

Financial companies advanced amid expectations the U.S. economy will avoid a recession as a report showed builders broke ground in November on the most houses since April 2010. Bank of America Corp. (BAC US) rose 3.7 percent to $5.17. Citigroup Inc. (C US) gained 4.6 percent to $25.95. JPMorgan Chase & Co. (JPM US) rose 4.9 percent to $32.22, the second-biggest gain in the Dow Jones Industrial Average. Morgan Stanley (MS US) advanced 4.5 percent to $14.80.

Homebuilders also rose. D.R. Horton Inc. (DHI US) increased 5.7 percent to $12.43. Ryland Group Inc. (RYL US) rose 7.8 percent to $15.30. PulteGroup Inc. (PHM US) rallied 10 percent to $6.17, the biggest gain in the Standard & Poor’s 500 Index.

AT&T Inc. (T US) advanced 1.3 percent, the most since Nov. 30, to $29.12. The second-largest U.S. wireless operator abandoned a $39 billion takeover bid for T-Mobile USA after underestimating opposition from regulators, thwarting its ambitions to become the biggest U.S. wireless carrier, ahead of Verizon Wireless.

Sprint Nextel Corp. (S US), the third-largest U.S. wireless operator, rose 9.3 percent to $2.36. Juniper Networks Inc. (JNPR US), a maker of networking equipment, surged 8.9 percent to $19.74. Cisco Systems Inc. (CSCO US), the world’s biggest maker of networking equipment, jumped 4 percent to $18.41.

Cameron International Corp. (CAM US) gained 7.9 percent, the most since Nov. 30, to $49.13. The maker of oilfield equipment approved a stock buyback plan of up to $500 million.

Cobalt International Energy Inc. (CIE US) rose 37 percent to $13.85, the biggest gain in the Russell 1000 Index. The deep- water oil explorer, whose biggest investors include Goldman Sachs Group Inc. (GS US), said oil was struck at an exploration well off the coast of Angola.

ConAgra Foods Inc. (CAG US) gained 4.1 percent, the most since December 2009, to $26.19. The maker of Hebrew National hot dogs and Orville Redenbacher’s popcorn reported second-quarter earnings excluding some items of 47 cents a share, compared with the average estimate of 43 cents a share.

CVS Caremark Corp. (CVS US) rose 8.9 percent to $39.80, the highest price since July 2008. The largest U.S. distributor of prescription drugs boosted its quarterly dividend to 16.25 cents a share from 12.5 cents a share.

F5 Networks Inc. (FFIV US) rose 6.7 percent, the most since Nov. 30, to $109.39. The software maker was raised to “outperform” from “market perform” at Oppenheimer & Co. by Ittai Kidron, technology analyst. The 18-month price estimate is $125 a share.

Jefferies Group Inc. (JEF US) rose 23 percent, the most since November 2008, to $14.50. The investment bank that’s been battling speculation about its financial strength reported fourth-quarter profit that beat analysts’ estimates on a recovery in fixed-income trading.

Navistar International Corp. (NAV US) rose 6.5 percent to $38.91 for its biggest gain since Nov. 30. The maker of International brand trucks posted adjusted fourth-quarter profit of $3.37 a share, beating analysts’ estimate of $3.09 a share on improved truck results.

Prestige Brands Holdings Inc. (PBH US) rose 20 percent, the most since April 2009, to $11.20. The maker of Comet cleaner and Murine eye and ear solutions agreed to buy 17 over-the-counter medicine brands from GlaxoSmithKline Plc (GSK US) for $660 million.

Progenics Pharmaceuticals Inc. (PGNX US) surged 31 percent to $8.49, the biggest gain in the Russell 2000. The developer of an injected constipation treatment said an oral version of the drug helped patients in a late-stage trial.

Salix Pharmaceuticals Ltd. (SLXP US), which licenses the medication, climbed 8.6 percent to $46.94.

Red Hat Inc. (RHT US) fell 8.9 percent to $41.95, the biggest decline in the S&P 500. The software maker that specializes in the Linux operating system and other open-source programs reported fiscal third-quarter billings and deferred revenue that missed some analysts’ predictions.

Targacept Inc. (TRGT US) fell 36 percent, the biggest decline in the Russell 2000 Index, to $4.99. The developer of an experimental depression treatment with AstraZeneca Plc (AZN US) said the drug failed to meet the main goal of a second trial.

Zimmer Holdings Inc. (ZMH US) rose 6.3 percent, the most since Jan 27, to $50.70. The world’s biggest maker of artificial hip and knee joints rose after closely held rival Biomet Inc. said sales of artificial hips climbed 7 percent in the quarter ended Nov. 30, while demand for knees rose 2 percent. The increase was greater than in the previous three months, suggesting a market may be improving, said Derrick Sung, an analyst with Sanford C. Bernstein & Co. in New York.

--With assistance from Ksenia Galouchko. Editors: Stephen Kleege, Joanna Ossinger

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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