By Elizabeth Campbell
Nov. 14 (Bloomberg) -- The following companies may have unusual price changes in U.S. trading today. Stock symbols are in parentheses, and share prices are as of 9 a.m. in New York, unless otherwise specified.
Abercrombie & Fitch Co. (ANF US) fell 8.6 percent to $20.50. The U.S. teen-apparel retailer with more than 1,000 stores lowered its annual earnings forecast and said profit fell after consumers cut back on spending on higher-end jeans and coats as they faced tighter credit.
AmerisourceBergen Corp. (ABC US): The third-largest U.S. drug distributor said it authorized a $500 million share buyback program to begin immediately. The stock rose 6.4 percent to $30.29 in regular trading yesterday.
Estee Lauder Cos. (EL US): The maker of Clinique and Bobbi Brown cosmetics was cut to ``sell'' from ``neutral'' at Goldman Sachs Group Inc. The company is more vulnerable to lower discretionary consumer spending and emerging-market demand than its peers, Goldman said. The shares added 3.4 percent to $31.83 in regular trading yesterday.
Glacier Bancorp Inc. (GBCI US) slumped 5.3 percent to $16.79. The bank holding company that provides commercial banking in Montana, Idaho, Utah and Washington priced an offering of 5.5 million of common shares at $15.50. The company had previously said it would sell 4 million shares.
Google Inc. (GOOG US) lost 5.3 percent to $295.58. The owner of the most popular U.S. search engine may have slower sales growth as consumers maker fewer searches for new products in the cooling economy, the Wall Street Journal reported in its ``Heard on the Street'' column.
Hewitt Associates Inc. (HEW US) added 8.5 percent to $26.49. The provider of payroll, benefit and consulting services forecast fiscal 2009 earnings of $2.35 to $2.45 a share, more than the average analyst estimate of $2.26, according to Bloomberg data. The company also authorized a $300 million share buyback program.
J.C. Penney Co. (JCP US) dropped 6.3 percent to $18.07. The third-largest U.S. department-store company said profit fell for the fifth consecutive quarter and forecast earnings below analysts' estimates as shoppers lowered spending on home goods and jewelry.
Kohl's Corp. (KSS US) fell 5.2 percent to $28.97. The fourth-largest U.S. department-store company said profit fell for the fifth quarter in a row and lowered its annual earnings forecast.
Lee Enterprises Inc. (LEE US) fell 9.7 percent to $1.58 in trading after the official close of exchanges yesterday. The publisher of the St. Louis Post-Dispatch said fiscal fourth- quarter earnings declined 70 percent as advertising sales dwindled and the company may take additional charges to reflect the declining value of intangible assets such as goodwill.
MGM Mirage (MGM US) fell 4.2 percent to $10.32. The casino company majority-owned by billionaire Kirk Kerkorian said Chairman and Chief Executive Officer Terry Lanni will retire this month.
Nokia Oyj (NOK US) lost 12 percent to $12.43. The world's largest maker of mobile phones said industrywide handset sales will be lower this year than previously anticipated.
Qualcomm Inc. (QCOM US), the biggest maker of mobile-phone chips, slid 3.8 percent to $33.50.
Nordstrom Inc. (JWN US) fell 10 percent to $11.63. The U.S. department-store chain with more than 100 namesake locations slashed its 2008 earnings forecast for the third time this year as sales declined amid the global financial crisis.
Pfizer Inc. (PFE US) lost 20 cents to $16.53. The world's largest drugmaker received a ``buy'' recommendation in new coverage at Bank of America Corp, which said the company has a strong cash position and is gaining market share in Asia.
Schering-Plough Corp. (SGP US) was also rated a new ``buy'' at Bank of America, which said the pharmaceutical company is facing the least risk from generic competitors. Schering-Plough lost 2.7 percent to $15.76.
Sun Microsystems Inc. (JAVA US) slumped 8.1 percent to $3.75. The world's fourth-largest maker of server computers said it will cut as many as 6,000 workers amid the global credit crisis. The reduction will remove $700 million to $800 million from annual expenses, the company said in an e-mailed statement. The moves will cost as much as $600 million in the 12 months.
Wynn Resorts Ltd. (WYNN US) fell 2.8 percent to $43.49. The casino company run by Steve Wynn said it will issue 5 million shares of common stock for general purposes, including the repayment of debt.
To contact the reporter on this story: Elizabeth Campbell in New York at ecampbell11@bloomberg.net
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