By Elizabeth Campbell
Oct. 27 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading today. Stock symbols are in parentheses, and share prices are as of 10:10 a.m. in New York.
Some regional banks gained after accepting U.S. Treasury funds as part of the second half of the $250 billion package to help struggling lenders and unfreeze credit markets.
Capital One Financial Corp. (COF US) added 4.5 percent to $36.90. KeyCorp (KEY US) rose 6.4 percent to $10.77. Huntington Bancshares Inc. (HBAN US) gained 16 percent to $9.26. City National Corp. (CYN US) rose 6.4 percent to $49.59. First Niagara Financial Group Inc. (FNFG US) increased 5.2 percent to $14.54. First Horizon National Corp. (FHN US) advanced 26 percent to $10.89. SunTrust Banks Inc. (STI US) added 3.8 percent to $36.43.
Caterpillar Inc. (CAT US) fell for a fifth day, sliding 1.4 percent to $32.82. The world's largest maker of bulldozers and excavators was lowered to ``neutral'' from ``buy'' at Merrill Lynch & Co., which said the stock is likely to stay ``range- bound'' in the coming two quarters as falling commodity prices lead to delays or cancellation of projects.
CB Richard Ellis Group Inc. (CBG US) added 10 percent to $4.88 and earlier rose 12 percent in the biggest intraday climb since Oct. 10. William Blair & Co. analyst Brandon Dobell upgraded the world's biggest commercial property brokerage to ``outperform'' from ``market perform.'' The company's franchise ``is worth much more than $4 to $5 per share over most, if not all, investment horizons,'' Dobell wrote in a report.
Developers Diversified Realty Corp. (DDR US) rose 9.7 percent to $8.86, poised for its biggest gain since Oct. 10. Merrill Lynch & Co. upgraded the shopping-center owner that lost half its market value last week to ``buy'' from ``neutral.'' Developers Diversified is taking steps that should enable to repay debt maturing this year and next year, Merrill analyst Steve Sakwa wrote in a report.
General Motors Corp. (GM US) fell for a fourth day, dropping 3.4 percent to $5.75. A merger of GM and Cerberus Capital Management LP's Chrysler LLC is a good idea because it would eliminate excess production capacity, Barron's said, citing John Casesa, managing partner of Casesa Shapiro Group.
Loews Corp. (L US) lost 8.8 percent to $28.54 and earlier dropped to $28, the lowest price in two weeks. The holding company run by New York's Tisch family said it plans to inject $1.25 billion into CNA Financial Corp. (CNA US) after the insurer reported a third-quarter loss because of falling prices for commercial insurance, hurricane claims and investment declines.
Loews owns 90 percent of CNA, the Chicago-based business insurer. CNA shares slid 11 percent to $15.71.
Onyx Pharmaceuticals Inc. (ONXX US) lost 2.8 percent to $24.85 and earlier slipped to $23.90, the lowest intraday price since March 2007. The drugmaker was cut to ``underweight'' from ``overweight'' at Morgan Stanley.
Penn National Gaming Inc. (PENN US) added 11 percent to $14.12 and earlier rose 12 percent in the biggest intraday gain since Oct. 21. The U.S. owner of 19 casinos and racetracks reported profit, excluding some items, of 50 cents a share, beating the average analyst estimate of 34 cents a share, according to Bloomberg data.
Pfizer Inc. (PFE US) fell a second day, declining 1.4 percent to $16.34. The drugmaker's experimental pill for rheumatoid arthritis helped relieve joint swelling and pain with side effects similar to older treatments that are taken as shots, a study found.
Pilgrim's Pride Corp. (PPC US) gained 13 percent to $2.45, and earlier rose as much as 21 percent, the most since Oct. 9. The world's largest chicken company said lenders extended a temporary waiver of some conditions of its credit facilities and will continue to provide the Pittsburg, Texas-based company liquidity through Nov. 26.
Spectra Energy Corp. (SE US) lost 2.6 percent and earlier fell to $16.08, the lowest intraday price since Oct. 10. The second-biggest U.S. pipeline company by market value said it plans to expand two natural-gas lines in its Transportation North operations in northern British Columbia. The shares fell 3.5 percent to $17.16.
Thoratec Corp. (THOR US) plunged 16 percent to $20.92 after falling as much as 20 percent earlier, the steepest intraday drop since February 2006. The company said five people died while using its mechanical heart that is smaller than a D-cell battery and urged doctors and patients to check the devices for damage.
Savient Pharmaceuticals Inc. (SVNT US) plunged 70 percent to $3.53 and earlier slid 71 percent in the biggest intraday loss since January 1990. The developer of a treatment for severe gout reported cardiovascular ``adverse events'' during clinical trials for the drug.
Verizon Communications Inc. (VZ US) rose 7.7 percent to $27.01, and earlier advanced 9.7 percent in the biggest intraday gain since July 2002. The second-largest U.S. phone company said third-quarter profit advanced 31 percent on an increase in subscribers and sales of more expensive services. Sales rose 4.1 percent to $24.8 billion, topping the average analyst estimate of $24.5 billion, according to Bloomberg data.
To contact the reporter on this story: Elizabeth Campbell in New York at ecampbell11@bloomberg.net
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