By Whitney Kisling
Dec. 3 (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 8:40 a.m. in New York, unless otherwise specified.
Constellation Brands Inc. (STZ US) increased 1.6 percent to $12.36. The world’s largest winemaker said it settled some foreign-currency hedges, gaining about $50 million after taxes to pay down debt.
Constellation Energy Group Inc. (CEG US) rallied 20 percent to $30.24. Electricite de France SA, the world’s biggest operator of atomic reactors, offered $4.5 billion for half of the U.S. power marketer’s nuclear business. EDF owns 9.5 percent of Constellation, which agreed earlier this year to be bought by Berkshire Hathaway Inc.’s MidAmerican Energy Holding Co. for $4.7 billion.
Freeport-McMoRan Copper & Gold Inc. (FCX US) fell 18 percent to $17.79. The world’s largest publicly traded copper producer cut its production and sales forecast by 5 percent next year and 11 percent in 2010 after a “sharp decline” in prices for the metal. The company also suspended its annual dividend of $2 a share.
General Electric Co. (GE US) declined 2.3 percent to $17.20. The Fairfield, Connecticut-based company whose products include power-plant turbines and locomotives may buy a 54.4 stake in Indo Tech Transformers Ltd., an Indian maker of power and distribution transformers, the Times of India reported, without saying where it got the information. GE would pay a “substantial premium” to Indo Tech’s closing price yesterday.
General Motors Corp. (GM US) fell 4.5 percent to $4.63. The largest U.S. automaker and Chrysler LLC said they need $11 billion just to survive until next month, when President-elect Barack Obama takes office.
Grey Wolf Inc. (GW US) gained 20 percent to $5.34. The U.S. provider of contract land drilling for oil and gas delayed a shareholder meeting to Dec. 23 to approve an acquisition by Precision Drilling Trust, Canada’s largest driller. The companies said the delay doesn’t affect the deal’s conclusion, which they announced in August.
Infineon Technologies AG American depositary receipts (IFX US) fell 30 percent to $1.43. Europe’s second-largest chipmaker reported a wider-than-estimated loss and forecast revenue will drop this fiscal year on sliding orders from automakers and mobile-phone manufacturers.
Lockheed Martin Corp. (LMT US): The world’s largest defense company won a contract valued at as much as $1.09 billion to build the next series of weather satellites for the National Aeronautics and Space Administration. The stock rose 3.6 percent to $73.63 in regular trading yesterday.
Marvell Technology Group Ltd. (MRVL US) gained 9.8 percent to $5.59. The maker of chips for mobile phones which gets most of its revenue from the Asia-Pacific region posted third-quarter earnings excluding some items of 23 cents, beating the average analyst estimate by 11 percent.
Motorola Inc. (MOT US) fell 4.9 percent to $4.06. The mobile-phone maker may have its credit rating lowered by Moody’s Investors Service because of the company’s “prolonged” decline in performance amid the global financial crisis.
OmniVision Technologies Inc. (OVTI US) tumbled 19 percent to $4.45. The maker of image sensors for camera phones forecast an unexpected loss and revenue that trails analysts’ estimates for the third quarter ending in January.
Research in Motion Ltd. (RIMM US) fell 7.2 percent to $34.65. The maker of the BlackBerry smart phone reported preliminary third-quarter sales and profit that missed its forecasts, as product delays crimped orders for phones.
Apple Inc. (AAPL US), the maker of the iPhone, lost 2.7 percent to $89.99.
Strayer Education Inc. (STRA US) slid 2.5 percent to $223.51. The for-profit provider of university courses was cut to “underweight” from “equal weight” at Morgan Stanley, which said the stock trades at a premium to the industry and is more exposed to a “weakening economy” than peers.
To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net
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