By Lu Wang - Nov 29, 2011 10:30 PM GMT+0700
Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 10:05 a.m. in New York.
AMR Corp. (AMR) plunged 85 percent to 25 cents for the biggest retreat in the Russell 1000 Index. American Airlines’ parent filed for bankruptcy after failing to secure cost-cutting labor agreements and sitting out a round of mergers that dropped it from the world’s largest airline to No. 3 in the U.S. Rivals gained. United Continental Holdings Inc. (UAL) added 5 percent to $17.40. Delta Air Lines Inc. (DAL) rose 2.7 percent to $7.63. JetBlue Airways Corp. (JBLU) climbed 3.3 percent to $3.80.
Central European Distribution Corp. (CEDC) surged 40 percent, the most in the Russell 2000 Index, to $4.75. Russian Standard Corp. reported a 9.9 percent stake in the vodka producer.
Corning Inc. (GLW) slipped 10 percent to $13.31 for the biggest intraday decline since May 2010. The maker of glass for flat-panel televisions cut its fourth-quarter sales forecast for its Gorilla Glass and said it expects earnings to drop more than estimated.
Dillard’s Inc. (DDS) dropped 4.3 percent to $47.57 after sinking as much as 4.4 percent, the most intraday since Nov. 11. The Arkansas-based department-store chain was cut to “neutral” from “buy” at Sterne Agee & Leach Inc., which cited margin erosion concerns and cut its 12-month price estimate to $47 a share from $58.
Hillenbrand Inc. (HI) rose 3.5 percent to $21.87 and climbed to $22.46 earlier, the highest intraday price since July 26. The coffin maker said profit is fiscal 2012 will be at least $1.82 a share, more than the average analyst estimate of $1.77.
GameStop Corp. (GME) rose 3 percent to $23.03 and increased to $23.07 earlier, the highest intraday price since Nov. 16. The world’s largest video-game retailer may find its best hope with a private equity buyer as short sellers boost their bearish wagers against the company to the highest level in America, according to Robert W. Baird & Co. and Sterne Agee & Leach Inc.
Inhibitex Inc. (INHX) jumped 15 percent to $13.10 and advanced to $13.25 earlier, the highest intraday price since it went public in June 2004. The biopharmaceutical company said a clinical trial of its INX-189 hepatitis C treatment in combination with ribavirin showed an “increase in antiviral activity.”
Idenix Pharmaceuticals Inc. (IDIX) , which is also developing a hepatitis treatment, rose 8.5 percent to $7.70.
Research In Motion Ltd. (RIM) jumped 7.1 percent to $17.65 and climbed 7.6 percent earlier, the most intraday since Oct. 5. The BlackBerry maker was raised to “market perform” from “underperform” at Stanford C. Bernstein & Co., which said shareholder activism may lead to management change or a takeover.
Seagate Technology Plc (STX) gained 5.9 percent to $16.94 and advanced to $17.20 earlier, the highest intraday price since Nov. 16. The world’s largest maker of computer disk drives forecast higher sales than analysts estimated.
Western Digital Corp. (WDC) , also a maker of computer drives, rose the most in the Standard & Poor’s 500 Index, climbing 4.7 percent to $27.79.
Susser Holdings Corp. (SUSS) fell 8.7 percent to $22.97 and slumped 9.5 percent earlier, the most intraday since Feb. 24. The operator of convenience stores in Texas, New Mexico and Oklahoma said it will offer 3.5 million shares, raising money to build new facilities and for general corporate purposes including debt reduction.
Thor Industries Inc. (THO) declined 4.4 percent to $23.28 after reaching $22.25 earlier, the lowest intraday price since Oct. 4. The recreational-vehicle maker reported first- quarter earnings of 41 cents a share, missing the average analyst estimate by 1 cent.
Tiffany & Co. (TIF) slid 9.7 percent to $66.45 and tumbled as much as 13 percent, the most intraday since January 2008. The world’s second-largest luxury jewelry retailer forecast fourth-quarter earnings of at most $1.58 a share, missing the average analyst estimate of $1.63 a share. The company cited “continued short-term economic challenges” and “recent sales weaknesses” in Europe.
Transocean Ltd. (RIG) fell 5.8 percent to $43.30 and slipped to $43.02 earlier, the lowest intraday price since June 2010. The world’s largest offshore driller said it would sell shares to help refinance its acquisition of Aker Drilling ASA.
To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net
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