Washington Post and Penney are big market movers
- August 6, 2013 - 3:35 PM
NEW YORK — Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market:
The Washington Post Co., up $24.30 to $593
The newspaper company's shares hit five-year highs after announcing its sale to Amazon.com Inc. founder Jeff Bezos for $250 million.
American Eagle Outfitters Inc., down $2.40 to $17.57
Weak sales at the teen retailer lead to a profit warning for the second quarter, dragging almost the entire retail sector down.
J.C. Penney Company Inc., down 54 cents to $13.28
New worries about cash burn from J.P. Morgan and Citibank hit the retailer's stock. Citi's Deborah Weinswig says she believes Penney has plenty of cash to last this year "but 2014 is still in question, and JCP could face a cash crunch in 2015." Shares hit a 12 ½-year low.
IBM Corp., down $4.51 to $190.99
Credit Suisse downgrades IBM's stock, citing market share loss to competitors in several key software arenas, and more exposure to the UNIX and mainframe business than analysts had originally thought.
Molson Coors Brewing Co., up $3.18 to $53.26
The brewer beats profit expectations even as the economy in Europe and North American saps demand for beer. The $3.5 billion acquisition of StarBev in Europe pushed business volumes up 51 percent.
Fossil Group Inc., up $19.13 to $126.55
The accessory company breezes past Wall Street expectations for the second quarter as it defied trends of downward-sloping sales in Europe. Growth was strongest in countries like Germany and England, which have not seen the same economic devastation that is being experienced in Spain, Italy or Greece.
Regeneron Pharmaceuticals Inc., down $16.49 to $254.50
The drug developer is seeking regulatory approval for an additional use for its eye treatment Eylea a year sooner than it had expected, but investors focused on second-quarter sales, which came in a little light.
Dell Inc., up 5 cents to $13.73
The shares sail above a swoon for tech stocks after Carl Icahn reveals a bigger stake in the struggling computer maker, backing up his vow that the fight for control over the company with founder Michael Dell will go on.
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