Wednesday’s biggest gaining and declining stocks

Canadian Solar, Deere, Physicians Formula, Security National

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By MarketWatch

CHICAGO (MarketWatch) — Here are some of Wednesday’s biggest gaining and declining stocks:

Gainers

Abercrombie & Fitch Co. ANF +8.97%  shares rose 9% after the company said it would increase its existing share buyback plan by 10 million shares, and told investors that its inventory position greatly improved by the end of the second quarter.

Impac Mortgage Holdings Inc. IMH +87.05%  stock climbed 87% after the company reported a more than 11-fold increase in second-quarter profit on a 33% increase in sales of mortgage loans.

JDS Uniphase Corp. JDSU +8.24%  rose 8.2% after its report late Tuesday of better-than-expected fourth-quarter results.

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Shares of Physicians Formula Holdings Inc. FACE +14.40%   rallied 14% as the Azusa, Calif.-based company agreed to be acquired for $4.25 a share in cash by Swander Pace Capital in a deal valued at $65 million. The price is 15% above the skin-care firm’s closing level Tuesday.

Security National Financial SNFCA +34.23% shares rose 34%. The company reported second-quarter results after the close on Tuesday.

U.S. Silica Holdings Inc. SLCA +11.83% shares were up 12% after BB&T Markets started coverage at buy.

ValueVision Media Inc. VVTV +6.40%  rose 6.4% after the company’s second-quarter results surpassed most forecasts.

Decliners

Canadian Solar Inc. CSIQ -11.02%  shares fell 11%. The company earlier Wednesday posted a second-quarter loss and said that lower selling prices hurt despite higher sales volumes for its solar equipment and panels.

Citi Trends CTRN -14.99%  shares declined 15% after the urban-apparel retailer’s report of weaker-than-expected second-quarter results.

Reuters

Deere & Co. DE -6.28%   shares fell 6.3%. Deere reported an 11% increase in third-quarter earnings to a record $788 million, or $1.98 a share, from $712.3 million, or $1.69 a share, in the year-earlier period. Quarterly revenue increased 15% to $9.59 billion. Analysts surveyed by FactSet had, on average, expected earnings of $2.31 a share on revenue of $9.614 billion.

High-flying shares of gun makers Smith & WessonSWHC -11.89%  and Sturm Ruger RGR -5.59%   took a hit Wednesday morning after both were downgraded by KeyBanc Capital Markets. Smith & Wesson slid 12%, while Sturm Ruger fell 5.6%. KeyBanc questioned whether both companies can meet elevated investor expectations following a terrific run for the stocks.

Staples Inc. SPLS -14.60%  shares fell 15% after the office-supplies retailer posted second-quarter results. Earnings fell 32% from the year-earlier period bolstered by a tax refund as a big drop in international sales contributed to a larger-than-expected sales decline. The company also lowered its full-year forecast, saying it now expects sales to be flat with the prior year and per-share earnings to increase at a percentage rate in the low single-digits.

Shares of Wal-Mart de Mexico WMMVY -5.55%  declined 5.6% following a Reuters report that two U.S. congressmen said they have evidence the company has engaged in tax evasion and money laundering. Walmex said in a statement it has no knowledge it’s being investigated by Mexican authorities concerning the issues, but will cooperate with authorities if a probe were to be launched.