By Lu Wang
April 9 (Bloomberg) -- Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 11:45 a.m. in New York.
Banks climbed after Wells Fargo & Co., the second-biggest U.S. home lender, said first-quarter net income was about $3 billion and that results at Wachovia Corp., acquired about three months ago, were exceeding expectations.
Wells Fargo (WFC US) climbed 19 percent to $17.75. Bank of America Corp. (BAC US) gained 19 percent to $8.41. JPMorgan Chase & Co. (JPM US) rose 14 percent to $31.31. Citigroup Inc. (C US) advanced 9.3 percent to $2.95.
SunTrust Banks Inc. (STI US) gained 19 percent to $12.88. Fifth Third Bancorp (FITB US) jumped 20 percent to $3.17. U.S. Bancorp (USB US) increased 9.3 percent to $15.69.
A-Power Energy Generation Systems Ltd. (APWR US) rallied 29 percent to $5.75 and earlier jumped 39 percent, the most intraday since Oct. 13. The Chinese wind turbine manufacturer said fourth-quarter profit tripled to $10 million.
Apple Inc. (AAPL US) climbed 2.5 percent to $119.27 and earlier rose to $119.88, the highest intraday price since Sept. 26. Credit Suisse Group AG raised its fiscal second quarter earnings estimate for the company by 12 percent to $1.09 per share, citing better-than-expected demand for both Macintosh computers and iPhones. The firm also raised its price target for the stock by 11 percent to $133
Autoliv Inc. (ALV US) rose 10 percent to $24.09 and earlier jumped to $25.25, the highest intraday price since Oct. 15. The world’s largest maker of vehicle air bags was upgraded to “buy” from “hold” at Societe Generale SA.
Cash America International Inc. (CSH US) gained 18 percent to $20.31 and earlier rallied 21 percent, the most intraday since September 1999. The world’s largest pawn shop operator said first-quarter profit was at least 76 cents a share, topping its earlier forecast. The result also exceeded the average estimate of 66 cents in a Bloomberg survey of analysts.
Charlotte Russe Holding Inc. (CHIC US) gained 14 percent to $10.45 and earlier climbed to $10.72, the highest intraday price since Sept. 30. The retailer of clothing for young women said it probably had a fiscal second-quarter per-share profit of 2 cents to 5 cents excluding costs to pay severance and conduct a strategic review. The company had previously said it would have a loss of at least 10 cents on that basis.
Clearwater Paper Corp. (CLW US) rose 16 percent to $9.20 and earlier climbed 16 percent, the most intraday since March 19. The maker of pulp and paperboard was raised to “buy” from “neutral” by D.A. Davidson & Co.
Costco Wholesale Corp. (COST US) fell 3.1 percent to $46.22 and earlier lost 4.5 percent, the most intraday since Feb. 4. The largest U.S. warehouse club reported its weakest monthly sales performance since November as gasoline prices declined and a stronger U.S. dollar ate into international revenue. Sales at stores open at least a year fell 5 percent in the five weeks ended April 5.
Excel Maritime Carriers Ltd. (EXM US) surged 12 percent to $6.66 and earlier climbed to $7.10, the highest intraday price since Feb. 13. Profit from operations excluding some charges and one-time items was $1.71 per share, beating the $1.66 per share estimate of Cantor Fitzgerald LP analyst Natasha Boyden.
FuelCell Energy Inc. (FCEL US) rose 12 percent to $2.94 and earlier rallied 13 percent, the most intraday since March 11. The maker of pollution-free power plants said it won final approval by Connecticut utility authorities to install 27.3 megawatts of the plants around the state.
General Motors Corp. (GM US) rose 3.6 percent to $2. The biggest foreign automaker in China said it expects to double its annual sales in the country to over 2 million vehicles over the next five years.
Gymboree Corp. (GYMB US) jumped 21 percent to $26.47 and earlier advanced 24 percent, the most intraday since Nov. 20. The children’s clothing retailer boosted its first-quarter earnings forecast to at least 50 cents a share from an earlier projection of 25 cents at most.
Hospitality Properties Trust (HPT US) fell the most in the Russell 1000 Index, sliding 21 percent to $10.78. The real estate investment trust with interest in hotels suspended its dividend, citing market conditions.
Moog Inc. (MOG/A US) slid 9.9 percent to $22.91 and earlier slumped 15 percent, the most intraday since at least February 1988. The maker of flight-control systems reduced its earnings forecast for 2009, saying it expects profit excluding a change to be around $2.20 a share. The company previously projected $2.80.
Movado Group Inc. (MOV US) fell 9.8 percent to $7.50 and earlier lost 14 percent, the most intraday since March 5. The watchmaker said it isn’t in compliance with one of the financial covenants in its credit agreements.
Nordstrom Inc. (JWN US) rose 14 percent to $21.21 and earlier advanced to $21.66, the highest intraday price since Oct. 8. The luxury department-store chain said March sales at stores open at least one year dropped 13.5 percent. Analysts surveyed by Retail Metrics Inc. expected a decline of 14 percent.
Shaw Group Inc. (SGR US) dropped 5.2 percent to $27.57 and earlier lost 8.3 percent, the most intraday since March 2. The builder of power plants said 2009 per-share profit will be $2.10 to $2.30, excluding Westinghouse results. The Baton Rouge, Louisiana-based company had previously forecast a profit of $2.50 to $2.70 a share.
Textron Inc. (TXT US) surged 52 percent to $13.86 for the biggest jump in the Standard & Poor’s 500 Index. Kuwait’s Al- Watan newspaper reported a United Arab Emirates consortium is preparing to buy the maker of Cessna aircraft and Bell helicopters for $21 a share. Textron spokeswoman Karen Gordon Quintal declined to comment.
Wal-Mart Stores Inc. (WMT US) dropped 4.3 percent to $50.35 for the biggest decline in the Dow Jones Industrial Average. The world’s largest retailer reported comparable-store sales in March that rose less than some analysts estimated. Revenue from U.S. stores open at least a year advanced 1.4 percent in the five weeks ended April 3, missing the 3.2 percent average estimate compiled by Retail Metrics Inc.
Other retailers that reported worse-than-expected sales also declined. Abercrombie & Fitch Co. (ANF US) lost 10 percent to $23.04. BJ’s Wholesale Club Inc. (BJ US) slid 5 percent to $32.37.
Wynn Resorts Ltd. (WYNN US) rose 9.9 percent to $30.42. The casino company had its share-price estimate increased to $30 from $27 by Sanford C. Bernstein & Co., which said Wynn will be able to meet its debt covenants.
To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net
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