Midday movers: Lexmark, Movado, Brown Shoe

Investors bide their time until the Fed's Jackson Hole conference.

By MSN Money Partner Aug 28, 2012 12:47PM
Wall Street sign copyright Corbis SuperStockInformation provided by Theflyonthewall.com

Lexmark (LXK) plans to exit its remaining inkjet hardware business to improve profitability. The restructuring news, as well as the company's announcement that it plans an additional $100 million in share repurchases during the second half of its fiscal year, helped send shares up over 13%.

Sanderson Farms (SAFM) reported stronger-than-expected Q3 results and said market prices for chicken have increased over the past few weeks. Sanderson also reduced its egg production by 2% and will run its plants 6% below capacity due in large part to higher grain costs. Other chicken producers like Tyson Foods and (TSN) and Pilgrim's Pride (PPC) moved higher as well.

Among the notable gainers Tuesday were Movado (MOV), up more than 16%, after its results and guidance topped expectations, and PVH Corp. (PVH), up 6%, as it also benefited from a "beat and raise" quarterly report. 

Among the noteworthy losers were Brown Shoe (BWS), down 6%, after its Q2 revenue fell short of consensus, and Polypore (PPO), down 7%, after General Motors (GM) temporarily halted production of its Chevy Volt electric vehicle. 
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