Eagle Materials, Fannie Mae, OfficeMax: U.S. Equity Movers

By Lynn Thomasson

Aug. 20 (Bloomberg) -- The following companies are having unusual price changes in U.S. markets. Stock symbols are in parentheses, and prices are as of 11:15 a.m. in New York.

Aluminum Corp. of China (ACH US) rose the most in a month, gaining 6.1 percent to $21.25. China's largest aluminum producer plans to invest 2 billion yuan ($292 million) to build its largest copper-processing plant in the southwestern Yunnan province, according to a statement on its Web site.

Analog Devices Inc. (ADI US) lost 5.8 percent, the most since May 2007, to $30.29. The maker of semiconductors for companies including Cisco Systems Inc. (CSCO US) reported third- quarter profit and sales that fell short of analysts' estimates.

Eagle Materials Inc. (EXP US) gained 13 percent to $27.31 for the steepest advance since 2006. Ash Grove Cement Co. said it bought a 5 percent stake in the maker of gypsum wallboard, calling it an ``attractive investment opportunity.'' Ash Grove paid $53.4 million for 2.19 million shares, according to a government filing.

Fannie Mae (FNM US) dropped for a fourth day, losing 11 percent to $5.38. Freddie Mac (FRE US) tumbled 11 percent to $3.71. Freddie Mac executives are scheduled to meet with U.S. Treasury Department officials today, the Wall Street Journal reported. The two sides may explore whether the Treasury could clarify its intentions in a way that would reassure investors, the paper said.

Fannie Mae hasn't asked the U.S. Treasury for help in funding the mortgage-finance company and the government hasn't offered, Chief Executive Officer Daniel Mudd told National Public Radio.

Freeport-McMoRan Copper & Gold Inc. (FCX US) rose the most in a week, adding 3.9 percent to $87.96. Morgan Stanley advised investors to buy the world's largest publicly traded copper producer, citing the stock's valuation following a 28 percent drop from the beginning of July through yesterday. There is not a ``significant'' surplus in the copper market, Morgan Stanley analysts wrote.

Hewlett-Packard Co. (HPQ US) climbed the most in the Dow Jones Industrial Average, adding 5.1 percent to $45.90. The world's largest personal-computer maker reported quarterly profit that exceeded analysts' estimates as new designs attracted notebook buyers.

ITT Educational Services Inc. (ESI US) rose the most since June 19, adding 7 percent to $89.15. The for-profit college was raised to ``buy'' from ``neutral'' by Bank of America Corp. analysts.

Mentor Graphics Corp. (MENT US) rose 7.8 percent, the most in two months, to $11.25. The world's largest maker of programs for creating computer chips reported a second-quarter loss of 1 cent a share before one-time items, smaller than analysts' average estimate of 11 cents.

Novatel Wireless Inc. (NVTL US) plunged the most since 2002, sliding 24 percent to $6.35. The maker of wireless data-access cards for personal computers reported second-quarter profit of 9 cents a share, excluding one-time items. Analysts expected 14 cents, the average of eight estimates in a Bloomberg survey.

OfficeMax Inc. (OMX US) lost 11 percent, the most since July 8, to $12.23. Chief Financial Officer Don Civgin resigned from the third-largest U.S. office supplies retailer to become Allstate Corp.'s (ALL US) new finance chief.

Suntech Power Holdings Co. (STP US) added 12 percent to $41.44, the highest since June 24. The world's third-largest maker of solar-power cells said second-quarter profit rose 58 percent, beating estimates, as the average selling price for its renewable energy equipment climbed.

VeriFone Holdings Inc. (PAY US) climbed 24 percent, the most since going public in April 2005, to $18.31. The biggest maker of electronic-payment equipment restated results and gave an annual forecast that beat analysts' estimates.

To contact the reporter on this story: Lynn Thomasson in New York at lthomasson@bloomberg.net.