Market Movers for November 12th 2009
Biggest Gainers
3Com (COMS) surges on takeover. 3Com (COMS) surged 31 percent to $ 7.46 after the Hewlett-Packard (HPQ) offered to buy 3Com for $ 2.7 billion.
Advanced Micro Devices Inc. (AMD) jumped the most in the Standard & Poor’s 500 Index, rising 22 percent to $6.48. The world’s second-biggest computer-chip maker will get $1.25 billion from Intel Corp. (INTC US) under an agreement to end all outstanding legal disputes between the companies, including antitrust litigation and patent cross license disputes.
China Automotive Systems Inc. (CAAS) climbed 11 percent to $16.25, the highest price since January 2004. The maker of steering components for cars posted third-quarter earnings excluding some items of 22 cents a share, beating the average analyst estimate by 44 percent.
Dow Chemical Co. (DOW) climbed 7.1 percent to $28.60 after it said cost cuts and rising sales after the acquisition of Rohm & Haas Co. will boost earnings more than analysts estimate.
Playboy Enterprises Inc. (PLA) jumped 42 percent to $4.07, the biggest gain in the Russell 2000. The men’s magazine publisher is in talks to sell itself to Iconix Brand Group Inc. (ICON), according to two people close to the situation. Iconix lost 3.8 percent to $11.69.
Biggest Decliners
Aegon NV (AEG US) lost 7.6 percent to $ 7.51 its biggest decline since Oct. 30. The Dutch owner of U.S. insurer Transamerica Corp. reported a decline in third-quarter underlying pretax earnings, which exclude investment swings.
Brocade Communications Systems Inc. (BRCD) dropped 13 percent to $8.08 after ratings downgrades at Piper Jaffray Cos., ThinkEquity LLC and Lazard Capital Markets Ltd. The analysts cited the loss of a potential partnership with Hewlett-Packard (HPQ), which some investors had speculated would buy Brocade.
Green Mountain Coffee Roasters Inc. (GMCR) fell 10 percent, the most since October 2008, to $68.35. The Waterbury, Vermont-based roaster said it will probably earn 15 cents a share at most in the first quarter.
Northwest Pipe Co. (NWPX) dropped 14 percent, the most since Dec. 1, to $26.74. The steel-pipe maker delayed filing its quarterly report, citing an internal investigation of its accounting for revenue. Boening & Scattergood cut the stock to “neutral” from “outperform.”