By Lu Wang
Dec. 4 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 10:25 a.m. in New York.
Homebuilders rose after Toll Brothers Inc. (TOL US), the largest U.S. luxury homebuilder, reported its fourth-quarter loss narrowed and sales topped some analysts’ estimates.
Toll Brothers climbed 8.9 percent to $20.95.
Beazer Homes USA Inc. (BZH US) surged 23 percent to $2.17. Centex Corp. (CTX US) increased 12 percent to $11.37. D.R. Horton Inc. (DHI US) added 14 percent to $8.29.
KB Home (KBH US) advanced 7.3 percent to $13.91. Lennar Corp. (LEN US) rose 14 percent to $8.84. Meritage Homes Corp. (MTH US) rallied 11 percent to $12.79. Pulte Homes Inc. (PHM US) jumped 8.2 percent to $12.05. Standard Pacific Corp. (SPF US) climbed 9.3 percent to $1.88.
Retailers gained as J.C. Penney Co. (JCP US) and Nordstrom Inc. (JWN US) reported November sales that declined less than some analysts estimated. J.C. Penney added 7.1 percent to $19.81. Nordstrom jumped 9.4 percent to $11.92. Wal-Mart Stores Inc. (WMT US, one of a handful of U.S. retailers to post November sales gains, advanced 2.5 percent to $55.76.
Macy’s Inc. (M US) climbed 12 percent to $8.26. Limited Brands Inc. (LTD US) rose 7.4 percent to $9.39. Office Depot Inc. (ODP US) increased 7.4 percent to $2.03. Tiffany & Co. (TIF US) rallied 10 percent to $21.15. Home Depot Inc. (HD US) gained 4.1 percent to $23.70.
Adobe Systems Inc. (ADBE US) dropped 7 percent to $20.97, and fell to $20.67 earlier, the lowest intraday price since Nov. 21. The biggest maker of design software cut its forecast for fourth-quarter sales to as much as $915 million. Analysts on average predicted $926.8 million, according to a Bloomberg survey.
Alcoa Inc. (AA US) fell the most in the Dow Jones Industrial Average, losing 4.1 percent to $8.91. The largest U.S. aluminum producer may be forced to halt is dividend payment as the drop in aluminum prices constrains cash flow, according to JPMorgan Chase & Co.
Amazon.com Inc. (AMZN US) added 6.8 percent to $48.30, after climbing to $49.67, the highest price since Nov. 10. The world’s largest Internet retailer was raised to “overweight” from “equal weight” at Barclays Plc, as rival retailers closed stores and struggled to find inventory.
Cirrus Logic Inc. (CRUS US) fell 22 percent to $3.32 and retreated earlier to $3.29, the lowest price since June 2003. The graphics chipmaker reduced its forecast, saying it expects revenue of up to $45 million in the fiscal third quarter. That trailed the average analyst estimate of $52.9 million in a Bloomberg survey.
Diamond Foods Inc. (DMND US) tumbled 20 percent to $42.21 and earlier slumped 22 percent for the biggest intraday loss since its initial public offering in July 2005. The seller of Diamond and Emerald nuts and snacks was cut to “neutral” from “buy” at Merrill Lynch & Co., which said share-price appreciation will slow.
Dynamex Inc. (DDMX US) fell 20 percent to $13.09 and slipped earlier to $12.70, the lowest level since March 2004. The provider of same-day delivery services in the U.S. and Canada posted fiscal first-quarter profit and sales that missed analysts’ estimates, according to a Bloomberg survey. The company also said it expects 2009 sales to be as much as 12 percent below last year.
General Motors Corp. (GM US) slid 3.5 percent to $4.73 for the fourth-biggest drop in the Dow average. The largest U.S. automaker is exploring whether a reorganization negotiated with workers, creditors and lenders would avert a liquidation, a person familiar with the matter said.
Intersil Corp. (ISIL US) dropped 11 percent to $8.06, after falling to $7.53, the lowest price since its 2000 IPO. The semiconductor maker said it expects fourth-quarter profit of as much as 12 cents a share, excluding some items. That missed the 13-cent average estimate from analysts in a Bloomberg survey.
I2 Technologies Inc. (ITWO US) fell 18 percent to $6.31 and slumped earlier to $5.90, the lowest price since June 2004. The supplier of software to manage business supply chains said it ended talks to be acquired by JDA Software Group Inc. (JDAS US)
Jefferies Group Inc. (JEF US) fell 6.1 percent to $10.92. The brokerage specializing in mid-size companies said it expects to report a fourth-quarter loss of about $400 million as it cuts jobs and shuts offices. The stock rose 5 percent to $11.63 in regular trading.
Jo-Ann Stores Inc. (JAS US) dropped 9.5 percent to $12.48. The largest U.S. fabric retailer cut its full-year profit forecast to a range of 75 cents to 85 cents a share. Analysts, on average, expected the company to earn $1.07, according to a Bloomberg survey.
MannKind Corp. (MNKD US) rose 8.3 percent to $3.15, and gained as much as 17 percent earlier, the steepest intraday climb since Sept. 23. The company staking its future on inhaled insulin said its Afresa drug worked against diabetes without causing adverse lung effects in the last studies for U.S. regulatory approval. The company plans to file to the Food and Drug Administration early next year for permission to sell the drug.
Merck & Co. (MRK US) posted the third-biggest decline in the Dow average, sliding 3.7 percent to $25.48. The pharmaceutical company that makes the cervical cancer preventative shot Gardasil said net income in 2009 may miss analysts’ expectations as it works to offset falling sales of its top-selling products with job reductions and spending cuts.
Red Hat Inc. (RHT US) rose 6 percent to $11.09 and earlier increased to $11.68, the highest intraday price since Nov. 12. The world’s largest seller of Linux software was raised to “buy” from “hold” at Jefferies Group Inc., which said the company is “well-positioned to buffer the ‘09 spending storm.”
SanDisk Corp. (SNDK US) fell the most in the Standard & Poor’s 500 Index, dropping 12 percent to $7.92. Toshiba Corp. (6502 JP), Japan’s biggest chipmaker, said it doesn’t plan to acquire its semiconductor-production partner SanDisk.
Synopsys Inc. (SNPS US) rose 18 percent to $17.86 and jumped 20 percent earlier for the biggest intraday gain since April 1997. The maker of semiconductor-design software said that, excluding some items, it earned 43 cents a share in the fourth quarter. That topped the average analyst estimate by 14 percent, according to Bloomberg data.
Williams-Sonoma Inc. (WSM US) climbed 8.9 percent to $8.35 and earlier rose to $8.91, the highest intraday price since Nov. 10. The biggest U.S. gourmet-cookware chain posted a third- quarter loss smaller than the average analyst estimate and reiterated its earnings forecast for the rest of the year.
To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net
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