Midday movers: Washington Post, IBM, Fossil

Stocks are lower despite US exports surging to a record level in June.

By MSN Money Partner Aug 6, 2013 1:30PM
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Shares of The Washington Post Company (WPO) rose 4% after the company announced last night that it has agreed to sell its newspaper publishing businesses, including its flagship paper, to Jeff Bezos, the founder of Amazon.com (AMZN), for $250M. The company made clear that Bezos is the buyer in an individual capacity and that the sale is not being made to Amazon.

Shares of International Business Machines (IBM) slipped 2% after Credit Suisse downgraded the stock to "underperform" from "neutral" to reflect concerns regarding future organic growth and deteriorating free cash flow. 

Among the notable gainers were two fashion retailers: Fossil (FOSL) rose over 18% after its sales and earnings beat expectations, while Michael Kors (KORS) advanced 3% after its own results beat forecasts and its comparable store sales increased more than 27%. 

Another specialty retailer was among the day's worst performers, as American Eagle (AEO) tumbled 15% after the company last night sharply cut its second quarter profit guidance. Also lower were shares of Sony (SNE), which slid more than 5% after rejecting investor Third Point's recommendation to partially spin off its entertainment businesses.  
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