Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 9:55 a.m.
Apple Inc. (AAPL US) advanced 1 percent to $301.39, the highest intraday price on record. The company is making a version of its iPhone model that Verizon Communications Inc. (VZ US) will sell. The network is already testing its systems to see if it can handle the subsequent data load, the Wall Street Journal reported, citing people familiar with the matter.
Big Lots Inc. (BIG US) slipped 2.3 percent to $33.11, the most intraday since Sept. 30. The seller of overstocked items was cut to “market perform” from “market outperform” at JMP Securities LLC by equity analyst Peter Keith.
Clearwire Corp. (CLWR US) rose 10 percent to $7.44 after rising as much as 11 percent earlier, the most intraday since May 6. The high-speed wireless carrier is seeking to raise $2.5 billion to $5 billion in a wireless spectrum auction that has attracted telephone and cable companies, said people with direct knowledge of the sale. AT&T Inc. (T US), Verizon Communications Inc. (VZ US), Deutsche Telekom AG (DTE GR), Time Warner Cable Inc. (TWC US) and Clearwire’s majority owner, Sprint Nextel, are among potential buyers of the spectrum, the people said.
Sprint Nextel Corp. (S US) advanced 2.4 percent to $4.70 after rising to $4.78 earlier, the highest intraday price since July 29.
CSX Corp. (CSX US) gained 4 percent to $59.53, the highest intraday price since May 6. The second-largest publicly traded U.S. railroad reported third-quarter profit excluding some items of $1.08 a share, beating the average analyst estimate of $1.04. The railroad is “actively hiring” workers as the economy slowly improves and may add as many as 3,000 next year, Chief Executive Officer Michael Ward told CNBC.
General Electric Co. (GE US) rose 0.6 percent to $17.29 after rising to $17.34 earlier, the highest intraday price since May 19. The company, whose equipment generates a third of the world’s electricity, said its lighting unit may draw as much as 75 percent of sales from LED products within the next decade, compared with less than 10 percent now, the division’s chief Michael Petras said in an interview.
Linear Technology Corp. (LLTC US) fell 4.3 percent to $30.20, the most intraday since Aug. 11. The maker of integrated circuits reported fiscal first-quarter profit excluding some items of 59 cents a share, missing the average analyst estimate of 60 cents.
Masco Corp. (MAS US) slipped 2.5 percent to $11.53 after falling to $11.22 earlier, the most intraday since Sept. 7. The insulation installer was cut to “sell” from “neutral” at Goldman Sachs Group Inc.
MGM Resorts International (MGM US) declined 8.7 percent to $12.43, the most intraday since June 29. The biggest casino operator on the Las Vegas Strip plans to raise more than $500 million by selling stock, and said its founder and biggest shareholder will reduce his stake.
Myriad Genetics Inc. (MYGN US) rose 4.3 percent to $19.46, the highest intraday price since May 4. The maker of a test for detecting inherited breast cancer was raised to “outperform” from “sector perform” at RBC Capital Markets Corp. by equity analyst Michael Yee. The firm said Myriad may be a takeover target over the longer term for Roche Holding AG (ROG VX), AstraZeneca Plc (AZN LN), Sanofi-Aventis SA (SAN FP), or a diagnostic company. The 12-month price estimate is $23 as Yee expects Myriad management to reiterate its 2011 forecast.
Office Depot Inc. (ODP US) gained 2.8 percent to $5.16, the highest intraday price since June 21. The second-largest U.S. office-supply chain said it’s in talks to sell its existing Israel stores to New Hamashbir Lazarchan Ltd. for $47 million.
Williams Cos. (WMB US) led advancing shares in the S&P 500, rising 6.9 percent to $20.96 and earlier jumped 11 percent, the most intraday since March 10, 2009. Citigroup Inc. maintained its $28.50 price estimate and “buy” rating for the U.S. natural-gas pipeline operator. The company is Citigroup’s top pick in the integrated natural gas space, equity analyst Faisel Khan wrote in a note to clients.
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Apple Inc. (AAPL US) advanced 1 percent to $301.39, the highest intraday price on record. The company is making a version of its iPhone model that Verizon Communications Inc. (VZ US) will sell. The network is already testing its systems to see if it can handle the subsequent data load, the Wall Street Journal reported, citing people familiar with the matter.
Big Lots Inc. (BIG US) slipped 2.3 percent to $33.11, the most intraday since Sept. 30. The seller of overstocked items was cut to “market perform” from “market outperform” at JMP Securities LLC by equity analyst Peter Keith.
Clearwire Corp. (CLWR US) rose 10 percent to $7.44 after rising as much as 11 percent earlier, the most intraday since May 6. The high-speed wireless carrier is seeking to raise $2.5 billion to $5 billion in a wireless spectrum auction that has attracted telephone and cable companies, said people with direct knowledge of the sale. AT&T Inc. (T US), Verizon Communications Inc. (VZ US), Deutsche Telekom AG (DTE GR), Time Warner Cable Inc. (TWC US) and Clearwire’s majority owner, Sprint Nextel, are among potential buyers of the spectrum, the people said.
Sprint Nextel Corp. (S US) advanced 2.4 percent to $4.70 after rising to $4.78 earlier, the highest intraday price since July 29.
CSX Corp. (CSX US) gained 4 percent to $59.53, the highest intraday price since May 6. The second-largest publicly traded U.S. railroad reported third-quarter profit excluding some items of $1.08 a share, beating the average analyst estimate of $1.04. The railroad is “actively hiring” workers as the economy slowly improves and may add as many as 3,000 next year, Chief Executive Officer Michael Ward told CNBC.
General Electric Co. (GE US) rose 0.6 percent to $17.29 after rising to $17.34 earlier, the highest intraday price since May 19. The company, whose equipment generates a third of the world’s electricity, said its lighting unit may draw as much as 75 percent of sales from LED products within the next decade, compared with less than 10 percent now, the division’s chief Michael Petras said in an interview.
Linear Technology Corp. (LLTC US) fell 4.3 percent to $30.20, the most intraday since Aug. 11. The maker of integrated circuits reported fiscal first-quarter profit excluding some items of 59 cents a share, missing the average analyst estimate of 60 cents.
Masco Corp. (MAS US) slipped 2.5 percent to $11.53 after falling to $11.22 earlier, the most intraday since Sept. 7. The insulation installer was cut to “sell” from “neutral” at Goldman Sachs Group Inc.
MGM Resorts International (MGM US) declined 8.7 percent to $12.43, the most intraday since June 29. The biggest casino operator on the Las Vegas Strip plans to raise more than $500 million by selling stock, and said its founder and biggest shareholder will reduce his stake.
Myriad Genetics Inc. (MYGN US) rose 4.3 percent to $19.46, the highest intraday price since May 4. The maker of a test for detecting inherited breast cancer was raised to “outperform” from “sector perform” at RBC Capital Markets Corp. by equity analyst Michael Yee. The firm said Myriad may be a takeover target over the longer term for Roche Holding AG (ROG VX), AstraZeneca Plc (AZN LN), Sanofi-Aventis SA (SAN FP), or a diagnostic company. The 12-month price estimate is $23 as Yee expects Myriad management to reiterate its 2011 forecast.
Office Depot Inc. (ODP US) gained 2.8 percent to $5.16, the highest intraday price since June 21. The second-largest U.S. office-supply chain said it’s in talks to sell its existing Israel stores to New Hamashbir Lazarchan Ltd. for $47 million.
Williams Cos. (WMB US) led advancing shares in the S&P 500, rising 6.9 percent to $20.96 and earlier jumped 11 percent, the most intraday since March 10, 2009. Citigroup Inc. maintained its $28.50 price estimate and “buy” rating for the U.S. natural-gas pipeline operator. The company is Citigroup’s top pick in the integrated natural gas space, equity analyst Faisel Khan wrote in a note to clients.
http://jodnet.blogspot.com
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