Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 2 p.m. in New York.
American International Group Inc. (AIG:US) fell 17 percent to $1.34 and earlier retreated 19 percent, the most intraday since March 20. The insurer bailed out by the U.S. agreed to sell preferred stock and warrants for common shares to the government in return for access to $29.8 billion.
AMR Corp. (AMR:US) declined 11 percent to $4.66, the steepest intraday decline in three weeks. Alliances headed by United Airlines and American Airlines are being investigated by European Union regulators over concerns carriers within each group are illegally cooperating on trans-Atlantic routes and prices.
ArcelorMittal (MT:US) slumped 13 percent to $25.39 for the biggest intraday loss since Feb. 23. The world’s largest steelmaker may cut the size of a planned steel plant in India by half and indefinitely defer a second facility as the global recession curbs sales of cars and homes, according to a company official who declined to be identified because the plan is confidential.
Other steelmakers also declined. U.S. Steel Corp. (X:US) slipped 9.3 percent to $27.19. AK Steel Holding Corp. (AKS:US) fell 13 percent to $10.37.
Asyst Technologies Inc. (ASYT:US) fell the most in Russell 2000 Index, sliding 79 percent to 7.7 cents. The U.S. maker of factory automation equipment said it’s filing for protection under Chapter 11 of the U.S. bankruptcy code, which enables companies to reorganize.
Bank of America Corp. (BAC:US) dropped 20 percent to $8.48 for the biggest loss in the Dow Jones Industrial Average. The largest U.S. bank by assets said it had to boost reserves by $6.4 billion in the first quarter to cover increased losses on consumer, credit-card and commercial real estate loans.
BB&T Corp. (BBT:US) fell 12 percent to $20.56 and earlier retreated 17 percent, the most intraday since Dec. 1. The largest U.S. commercial bank by deposits that hasn’t cut its dividend was downgraded by Fox-Pitt Kelton Cochran Caronia Waller to “underperform” from “in line” on concern credit losses may increase and the company may reduce its payout.
Biogen Idec Inc. (BIIB:US) lost 3.7 percent to $48.25 and earlier dropped 4.4 percent, the most intraday since March 5. The company said a patient taking its multiple sclerosis drug Tysabri was diagnosed with a life-threatening brain illness, the sixth case reported since July.
Capital One Financial Corp. (COF:US) dropped 18 percent to $14.66 and earlier sank 20 percent, the most in three weeks. The McLean, Virginia-based credit-card lender was downgraded to “neutral” from “buy” by Goldman Sachs Group Inc.
Citigroup Inc. (C:US) fell 19 percent to $2.97 for the second-steepest decline in the Dow average. Credit losses at the New York-based bank are growing at a “rapid rate,” undermining Chief Executive Officer Vikram Pandit’s efforts to stabilize it, according to Goldman Sachs Group Inc.
Discovery Laboratories Inc. (DSCO:US) tumbled 51 percent to 89 cents and earlier plunged 61 percent, the most intraday since it went public in August 1995. The company said it was conserving cash because it failed to win U.S. approval for its leading experimental drug, Surfaxin. Brean Murray Carret & Co. downgraded the stock to “hold” from “buy.”
Eaton Corp. (ETN:US) fell 10 percent to $40.47 and earlier lost 11 percent, the most intraday since Oct. 15. The Cleveland- based maker of circuit breakers and fuel pumps posted a $52 million first-quarter loss and cut its profit forecast as sales sagged worldwide.
Fair Isaac Corp. (FIC:US) fell 17 percent, the most intraday since Jan. 29, to $15.12. The maker of software that creates credit scores used by U.S. banks was cut to “sell” from “hold” by Wedbush Morgan Securities, which said scoring business may drop this quarter amid rising unemployment.
Gannett Co. (GCI:US) slid 15 percent to $3.21, the first decline in four days. Moody’s Investors Service said it’s reviewing the credit rating for the largest U.S. newspaper publisher for possible downgrade, citing concern that worsening advertising sales may force the company to renegotiate some debt to avoid a covenant violation.
KeyCorp (KEY:US) tumbled 13 percent to $7.87 and earlier retreated 16 percent for the biggest intraday loss since March 5. The second-largest bank based in Ohio was cut from the “Conviction Buy” list at Goldman Sachs Group Inc., which cited “uncertainty” surrounding the government’s stress test.
Lennar Corp. (LEN:US) slid 17 percent to $7.72 and earlier dropped 19 percent, the most intraday since Jan. 9. The fourth- biggest U.S. home builder by revenue said it has may sell as much as $275 million in Class A common stock.
Pepsi Bottling Group Inc. (PBG:US) rallied 22 percent to $30.67 for the second-biggest advance in the Standard & Poor’s 500 Index. PepsiCo Inc. (PEP:US), the world’s second-largest soft-drink maker, offered the equivalent of $29.50 per share for stock it doesn’t already own in its biggest bottler, Pepsi Bottling and $23.27 for PepsiAmericas Inc. (PAS:US) shares. PepsiAmericas gained 24 percent to $24.71.
Quicksilver Resources Inc. (KWK:US) fell 21 percent to $6.86 for the steepest intraday slide since Nov. 20. The Fort Worth, Texas-based gas producer said its lenders increased the interest rates on $1.2 billion loans as part of an amendment of a borrowing agreement.
Sierra Wireless Inc. (SWIR:US) sank 16 percent to $4.93 for the biggest intraday decline since Dec. 2. The Canadian maker of wireless modems was cut to “market perform” at Raymond James Financial Inc. after the stock more than doubled in U.S. trading since March 13.
S&T Bancorp Inc. (STBA:US) fell 23 percent to $18.98 and earlier retreated 26 percent, the most intraday since at least 1992. The bank holding company posted a loss excluding some items of 8 cents a share in the first quarter. On that basis, analysts expected the company to earn 49 cents, based on the average estimate in a Bloomberg survey.
Sun Microsystems Inc. (JAVA:US) rallied the most in the S&P 500, rising 37 percent to $9.16. Oracle Corp. (ORCL:US) agreed to buy Sun for about $7.4 billion in cash, stepping in after International Business Machines Corp.’s (IBM:US) talks to buy the server maker collapsed. Oracle slipped 2.1 percent to $18.66.
Comments
Post a Comment
Please comment on my blog or drop a twitter msg.