Chipotle, Diodes, Ford, Lehman, PharmaNet: U.S. Equity Preview

By Elizabeth Campbell

Sept. 12 (Bloomberg) -- The following companies may have unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 9 a.m. in New York, unless otherwise specified.

Chipotle Mexican Grill Inc. (CMG US) declined 17 percent to $59.20. The fast-food chain that McDonald's Corp. sold to the public in 2006 said third-quarter profit is ``slightly below'' a year earlier because of the sluggish economy and higher food costs.

Diodes Inc. (DIOD US) fell 6.7 percent to $19.50. The maker of electronic components for computers and DVD players said third-quarter results will be at the low end of its previous forecast because of ``continued global economic weakness,'' according to a statement released by Business Wire.

Ford Motor Co. (F US): The second-largest U.S. automaker has about 4,200 more North American production employees than it needs, a person familiar with the situation said. The oversupply suggests the company will continue to push factory workers to accept buyouts and early retirement offers to cut its workforce in the region by another 7 percent. The shares increased 4.7 percent to $4.68 in regular trading yesterday.

Foster Wheeler Ltd. (FWLT US) rose 4.5 percent to $40.01. The designer of oil refineries said it may repurchase up to $750 million of its shares. Buybacks may boost the value of remaining shares.

Lehman Brothers Holdings Inc. (LEH US) lost 15 percent to $3.58. Chief Executive Officer Richard Fuld is seeking buyers for the investment bank amid signs that the U.S. government may balk at providing the funding that enabled Bear Stearns Cos. to sell itself and avoid bankruptcy.

Longs Drug Stores Corp. (LDG US): Pershing Capital Management LP, activist investor Bill Ackman's hedge fund, said it doesn't support CVS Caremark Corp.'s (CVS US) $2.7 billion purchase of the company because the value of Longs exceeds the price CVS is offering. Longs fell 0.5 percent to $71.73 in regular trading. CVS rose 2.2 percent to $37.66 in regular trading.

Pharmacyclics Inc. (PCYC US): The maker of an experimental cancer drug rejected by U.S. regulators said Chief Executive Officer Richard A. Miller and four directors resigned. The shares fell 11 percent to $2.04 in regular trading.

PharmaNet Development Group Inc. (PDGI US) declined 45 percent to $12.70. The company, which contracts with drugmakers to conduct clinical trials, forecast a 2008 loss after previously estimating profit.

To contact the reporter on this story: Elizabeth Campbell in New York at ecampbell11@bloomberg.net.