Midday movers: Sony, Hormel Foods

Stocks are higher following a report showing inflation remains tame.

By MSN Money Partner Jun 18, 2013 1:52PM
copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Hedge-fund investor Dan Loeb's Third Point reportedly raised its stake in Sony (SNE) to 6.9% as it continues to pressure the Japanese company to sell a stake in its movie and music unit. Sony shares trading in New York rose 3% following the news. 

Among the notable gainers was Walter Energy (WLT), which rose nearly 16% after Morgan Stanley made positive comments about the likelihood that the company will be able to work with its banks to overcome balance sheet issues. 

Also higher was Russia's Mechel (MTL), which rose almost 14% after the company authorized the buy back of up to $100M of its New York traded shares. 

Among the noteworthy losers was GenMark (GNMK), which slid 8% after the company lowered its revenue outlook. 

Also lower were shares of Hormel Foods (HRL), which fell 4% after the company lowered its fiscal 2013 earnings per share guidance, citing weakness in its pork and prepared refrigerated foods businesses as well as higher costs. 
Tags: HRLSNEWLT
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