Midday movers: Time Warner, Gap, SolarCity

Stocks are higher again following the weekly unemployment claims data, which may signal that Friday's monthly jobs report will be a strong one.

By MSN Money Partner Mar 7, 2013 2:26PM
Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com


Time Warner (TWX) shares rose 1.5% after the company said it plans to spin off its Time Inc. publishing division into an independent, publicly traded company by the end of this year. 

Shares of Meredith (MDP), which confirmed it had been in talks to potentially combine its media group with some of Time's publishing properties, fell over 7%.

Gap's (GPS) February sales data, which was scheduled to be reported after the market close Thursday, was leaked early. The company confirmed that its same-store sales rose 3% in the month and shares advanced a bit more than 3% near noon.

Among the notable gainers was Hot Topic (HOTT), which rose 29% to $13.89 after agreeing to be acquired by Sycamore Partners for $14.00 per share in cash. 

Also higher were shares of Immersion Corporation (IMMR), which rose nearly 42% after the company announced a multi-year license agreement with Samsung Electronics (SSNLF) and its stock was upgraded at Feltl. 

Among the noteworthy losers were shares of recent IPO SolarCity (SCTY), which declined 14% after its earnings report. Also lower was PetSmart (PETM), which slid 7% after being downgraded at Piper Jaffray following its earnings report.
 
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