CIT Group, EBay, Hershey, Peabody Energy: U.S. Equity Movers

By Whitney Kisling and Elizabeth Campbell

Oct. 16 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 9:40 a.m. in New York.

Bank of New York Mellon Corp. (BK US) increased 6.1 percent to $31.03. The world's largest custodian of financial assets said third-quarter earnings, excluding some items, were 72 cents a share. Analysts estimated a profit of 69 cents a share, according to a Bloomberg survey.

CIT Group Inc. (CIT US) fell the most in the Standard & Poor's 500 Index, losing 8.1 percent to $4.30. The century-old commercial lender posted a sixth straight quarterly loss after writing down the value of a unit that lends to companies to fund equipment purchases. The third-quarter loss was $297 million before preferred dividends, or $1.11 a share. Analysts surveyed by Bloomberg had an average estimate for a 19-cent profit.

Credit Suisse Group AG America depositary receipts (CS US) jumped 9.4 percent to $41.11. Switzerland's second-biggest bank raised 10 billion francs ($8.83 billion) in capital by selling treasury shares and bonds. The company had a ``pleasant'' result in the third quarter for its private banking business, Chief Executive Officer Brady Dougan said in an SF1 television interview.

EBay Inc. (EBAY US) fell 7.4 percent to $14.20 and earlier fell to $14.12, the lowest intraday price since October 2002. The world's biggest Internet auctioneer forecast its first quarterly sales decline in the final months of this year and said 2008 earnings would be lower than earlier predicted.

Amazon.com Inc. (AMZN US) lost 3.3 percent to $47.11. The world's largest Internet retailer had its target price lowered at Bank of America Corp. on ``macroeconomic concerns'' after EBay lowered its forecast.

FalconStor Software Inc. (FALC US) slumped 12 percent to $3.30, the lowest intraday price since November 1998. The New York-based software-only storage operator cut its forecast for the fourth quarter and the full year, citing ``difficult economic conditions.'' The company said third-quarter profit excluding some items should break even. Analysts estimated earnings of 6 cents a share, according to a Bloomberg survey.

Hershey Co. (HSY US) added 7.6 percent to $35.47 and earlier gained 8.3 percent for the biggest intraday rise since Sept. 22. The largest U.S. chocolate maker said third-quarter profit climbed after price increases helped counter higher costs for cocoa, packaging and transportation. Excluding some one-time items, profit met the average estimate of 15 analysts surveyed by Bloomberg. Hershey reiterated its full-year forecast.

Merrill Lynch & Co. (MER US) rose 5.9 percent to $19.31. The investment bank being taken over by Bank of America Corp. (BAC US) reported a loss for the third quarter of $5.15 billion, or $5.58 a share, compared with the average estimate of $5.18 a share, according to a Bloomberg survey of 15 analysts. That marks the fifth straight quarterly loss after the company posted at least $9.5 billion in writedowns.

Nokia Oyj ADRs (NOK US) climbed 7.1 percent to $16.18. The world's biggest maker of mobile phones may increase market share in the fourth quarter, Chief Executive officer Olli-Pekka Kallasvuo said in a CNBC interview. He spoke after Nokia posted a slide in third-quarter profit from falling prices and a slip in market share for high-end devices.

Peabody Energy Corp. (BTU US) rose the most in the S&P 500, adding 13 percent to $27.30. The largest U.S. coal producer boosted its 2008 earnings forecast after third-quarter profit rose more than 11-fold on increased output and higher prices.

Massey Energy Co. (MEE US), the fourth-largest U.S. coal producer, climbed 9.9 percent to $21.57.

To contact the reporters on this story: Whitney Kisling in New York at wkisling@bloomberg.net; Elizabeth Campbell in New York at ecampbell11@bloomberg.net