The following is a list of companies whose shares had unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 4 p.m. New York time.
Energy stocks dropped. The price of crude oil declined 1.3 percent in New York following an Energy Department report showing U.S. oil and gasoline stockpiles increased.
Exxon Mobil Corp. (XOM US), the world's largest oil company, lost $3.02, or 3.5 percent, to $82.82. Chevron Corp. (CVX US) retreated $2.32, or 2.8 percent, to $80.97. ConocoPhillips (COP US) fell $2.03, or 2.5 percent, to $78.20. Valero Energy Corp. (VLO US), the biggest U.S. oil refiner, lost $1.82, or 2.4 percent, to $74.92.
Financial firms slid as a worsening crisis at two Bear Stearns Cos. (BSC US) hedge funds raised concern that losses will snowball in the market for mortgage bonds. Bear Stearns shares fell $3.59, or 2.5 percent, to $143.20. Lehman Brothers Holdings Inc. (LEH US) retreated $1.46, or 1.8 percent, to $79.84. Citigroup Inc. (C US) lost 82 cents, or 1.5 percent, to $53.44. Moody's Corp. (MCO US), the inventor of credit ratings, slid $2.76, or 4.1 percent, to $64.24.
Airgas Inc. (ARG US) rose for a second day, gaining $2.26, or 5 percent, to $47.76. The largest packaged-gas distributor in the U.S. boosted its first-quarter profit forecast on demand from manufacturers and non-residential builders. The company was raised to ``buy'' from ``hold'' by BB&T Capital Markets analyst Holden Lewis.
Brush Engineered Materials Inc. (BW US) declined $10.23, or 20 percent, to $40.44. The maker of metals used in electronics lowered its forecast and now expects 2007 earnings to be $2 to $2.55 a share, a reduction from its earlier estimate of $2.20 to $2.75 a share. Brush also said it expects second-quarter earnings to be on the ``low end'' of a previously announced 50- to 65- cents-a-share estimate.
CarMax Inc. (KMX US) rose $2.42, or 10 percent, to $25.61. The biggest U.S. used-car retailer posted a 15 percent gain in first-quarter profit on rising sales of late-model used vehicles.
Chart Industries Inc. (GTLS US) climbed $1.91, or 7.7 percent, to $26.64. The maker of equipment used to produce and store industrial gases was upgraded to ``overweight'' from ``equal weight'' at Morgan Stanley, which cited the ``strong outlook'' for global spending on natural gas infrastructure.
Clarcor Inc. (CLC US) gained $5.03, or 15 percent, to $39.33. The maker of engine filters said it expects to earn $1.72 to $1.80 a share this year. Six analysts had estimated $1.70, on average, according to a Bloomberg survey.
Coley Pharmaceutical Group Inc. (COLY US) lost $5.03, or 59 percent, to $3.46. Pfizer Inc., the world's largest drugmaker, said it stopped development on an experimental lung cancer treatment it was developing with Coley. The drug was in the final stages of testing for U.S. regulatory approval and didn't appear to work better than the standard therapy.
Darden Restaurants Inc. (DRI US) fell $3.41, or 7.3 percent, to $43.44. The owner of the Olive Garden and Red Lobster chains reported a fourth-quarter loss due to costs related to getting rid of its Smokey Bones Barbeque & Grill restaurants. Excluding the costs, earnings were 67 cents a share, missing the 70-cent average estimate from analysts in a Bloomberg survey.
Forward Air Corp. (FWRD US) gained $1.94, or 5.9 percent, to $34.90. Shares of the trucking company were raised to ``peer perform'' from ``underperform'' by Bear Stearns & Co. analyst Edward Wolfe.
FSI International Inc. (FSII US) fell 55 cents, or 14 percent, to $3.43. The maker of equipment for chip factories said it had a loss of 19 cents a share in the fiscal third quarter. The average estimate from three analysts in a Bloomberg survey was for a loss of 12 cents.
Fuel Tech Inc. (FTEK US) rose $5.28, or 18 percent, to $33.97. The maker of air-pollution control products said it will team up with Japan's Itochu Corp. (8001 JP) to sell its technology in China.
Home Depot Inc. (HD US) rose $1.76, or 4.6 percent, to $40.03. The world's largest home-improvement retailer agreed to sell its contractor-supplies unit to three buyout firms and plans to buy back as much as $22.5 billion of stock.
KBR Inc. (KBR US) fell $1.23, or 4.3 percent, to $27.69. A Justice Department team probing allegations of kickbacks and bribes to KBR Inc. employees on the Army's largest Iraq contract will continue indefinitely, and more prosecutions are expected, said U.S. Attorney for the Central District of Illinois Rodger Heaton. The three-year-old task force has filed criminal charges against three former KBR employees, among others. No charges have been brought against high-ranking corporate officials or the corporation itself.
Littelfuse Inc. (LFUS US) fell $3.54, or 9 percent, to $35.74. The maker of Wickmann and Teccor circuit protectors cut its second-quarter and full-year sales and earnings forecasts because of decreased demand from telecommunications customers.
LSI Industries Inc. (LYTS US) added $2.08, or 14 percent, to $17.35. The lighting fixtures maker boosted its fiscal 2007 earnings forecast to as much as 92 cents a share from an earlier prediction of as much as 88 cents. Analysts expected 87 cents, according to the average estimate compiled by Bloomberg.
Matrix Service Co. (MTRX US) fell $5.03, or 17 percent, to $24.08. The provider of maintenance and construction services to oil refiners said higher costs related to productivity will reduce earnings in the fiscal fourth quarter.
MGM Mirage (MGM US) dropped $5.90, or 6.8 percent, to $80.60. Billionaire investor Kirk Kerkorian abandoned efforts to buy two of MGM Mirage's Las Vegas casino complexes after the company disclosed plans to build another resort in the city. Kerkorian's Tracinda Corp. owns a 56 percent of MGM Mirage.
Nuveen Investments Inc. (JNC US) jumped $8.98, or 17 percent, to $63.14. The largest U.S. closed-end fund company agreed to be acquired by Madison Dearborn Partners LLC for $5.75 billion in the biggest leveraged buyout in the asset-management industry.
Other asset managers also gained. Federated Investors Inc. (FII US), the fourth-largest U.S. manager of money-market assets, climbed $1.10, or 2.8 percent, to $40.16. Franklin Resources Inc. (BEN US), manager of the Franklin and Templeton mutual funds, added 46 cents, or 0.3 percent, to $134.91. Eaton Vance Corp. (EV US), whose second-quarter profit dropped because of costs to start the largest-ever closed-end stock fund, rose 12 cents, or 0.3 percent, to $45.01.
PetroChina Co. (PTR US) American depositary receipts, each representing 100 H shares, rose $4.45, or 3.1 percent, to $147.10. The world's second-largest oil company by market value is planning to sell shares to raise as much as $6 billion in Shanghai for overseas acquisitions, increased oil drilling and refinery construction. Beijing-based PetroChina said it plans to offer a maximum of 4 billion shares.
Regency Energy Partners LP (RGNC US) rose for a second day, climbing $1.87, or 6.2 percent, to $31.87. General Electric Co. (GE US), the world's second-biggest company by market value, said yesterday that it bought control of the natural-gas processor from HM Capital Partners LP for $603 million.
3D Systems Corp. (TDSC US) dropped $1.16, or 4.6 percent, to $23.83. The maker of systems to create three-dimensional models said it sold 1.25 million shares in a private placement for $17.50 each. Proceeds from the sale, which amounted to about 6 percent of the shares outstanding prior to the offering, will be used in part to fund the launch of its previously announced V- Flash 3-D Modeler, the company said.
Western Union Co. (WU US) dropped $1.24, or 5.5 percent, to $21.21. A venture between Verizon Communications Inc.'s (VZ US) Verizon Wireless and mobile payment company Obopay Inc. that will let customers use their phones to shop and transfer money may hurt Western Union, the biggest U.S. money-transfer business, and MoneyGram International Inc. (MGI US), UBS AG analyst Adam Frisch wrote in a note. The cell phone transactions will be more convenient and cheaper than the traditional methods of Western Union, Frisch wrote.
source:www.bloomberg.com
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