Bank of America, Gannett, Gilead, Schwab: U.S. Equity Movers

Shares of the following companieshad unusual moves in U.S. trading. Stock symbols are inparentheses, and prices are as of 4 p.m. in New York.

Financial shares declined after Bank of America Corp. (BACUS) and Citigroup Inc. (C US) reported a drop in second-quarterearnings and said stock buybacks aren’t imminent.

Bank of America dropped the most in the Dow JonesIndustrial Average, sinking 9.2 percent to $13.98. Citigroupfell 6.3 percent to $3.90. Fifth Third Bancorp. (FITB US)slipped 8.2 percent to $12.17. Marshall & Ilsley Corp. (MI US)lost 7.3 percent to $7.62. SunTrust Banks Inc. (STI US)decreased 7.5 percent to $23.31. Comerica Inc. (CMA US) sank 6.8percent to $36.17.

AVI BioPharma Inc. (AVII US) rallied 11 percent, the mostsince Dec. 2, to $1.81. The biotechnology company focusing oncardiovascular and infectious diseases said it won a contractfrom the U.S. government with potential funding of as much as$291 million.

Charles Schwab Corp. (SCHW US) rose the most in theStandard & Poor’s 500 Index, climbing 4.1 percent to $15.14. Thelargest independent brokerage by client assets reported second-quarter profit that beat the average analyst estimate as revenuefrom earned interest offset a drop in trading.

Gannett Co. (GCI US) dropped 11 percent, the most sinceJune 3, to $13.50. The owner of USA Today and televisionstations said second-quarter revenue fell to $1.37 billion,missing the $1.39 billion average analyst forecast. Revenue atGannett has declined for the past three years.

Other newspaper publishers also retreated. New York TimesCo. (NYT US) fell 8.1 percent to $8.80. McClatchy Co. (MNI US)declined 8.5 percent to $3.44.

General Electric Co. (GE US) slipped 4.6 percent, the mostsince May 20, to $14.55. The world’s biggest maker of jetengines, power-generation equipment and locomotives reportedquarterly sales decreased 4.3 percent to $37.4 billion, trailingthe $38.3 billion average analyst estimate.

Gilead Sciences Inc. (GILD US) slid 8.5 percent, the mostsince April 21, to $31.94. Sanford C. Bernstein & Co. downgradedthe world’s largest maker of AIDS drugs to “market perform” from“outperform” citing increased competition in the HIV market.

Google Inc. (GOOG US) slid 7 percent, the most since April16, to $459.61. The owner of the world’s most popular searchengine reported second-quarter profit that missed analysts’estimates as the company ramped up spending.

Mattel Inc. (MAT US) fell 9.5 percent, the most since Feb.6, to $20.81. The world’s largest toymaker posted second-quarterprofit of 14 cents a share, missing the average analyst estimateof 15 cents.

People’s United Financial Inc. (PBCT US) fell 3.7 percent,the most since May 27, to $13.63. The Bridgeport-Connecticut-based lender agreed to buy LSB Corp. (LSBX US), the holdingcompany of RiverBank in Andover, Massachusetts, for $96 millionand Smithtown Bancorp Inc. (SMTB US), based in Hauppauge, NewYork, for about $60 million. LSB rallied 46 percent to $20.60.

Polycom Inc. (PLCM US) had the second-biggest decline inthe Russell 1000 Index, losing 10 percent to $28.75. The largestindependent maker of videoconferencing systems posted quarterlyearnings of 31 cents a share excluding some items, missing theaverage analyst estimate by 3.1 percent, according to datacompiled by Bloomberg.

RealD Inc. (RLD US) surged 22 percent to $19.51 on thefirst day of trading. The maker of 3-D movie projectors used toshow James Cameron’s “Avatar” priced its initial publicoffering above the forecast range yesterday, as demand fortechnology IPOs picked up.

Vivus Inc. (VVUS US) plunged 55 percent to $5.40 for thebiggest decline in Russell 2000 Index. The drugmaker was cut to“neutral” at JPMorgan Chase & Co. and “underperform” atJefferies Group Inc. Yesterday, the Mountain View, California-based company failed to win a U.S. panel’s backing to sell thefirst new prescription diet pill in more than a decade.

Orexigen Therapeutics Inc. (OREX US), which expects adecision on its Contrave drug by Jan. 31, slid 9.4 percent to$4.53.

JPMorgan raised competitor Arena Pharmaceuticals Inc. (ARNAUS) to “overweight” from “neutral,” saying its lorcaserin“has the best shot at approval.” The shares rallied 19 percentto $4.66 for the biggest gain in Russell 2000 Index.