Midday movers: News Corp, Apollo, Sapient
Stocks climb slightly as reports show that home prices rose in many U.S. cities, but consumer confidence fell.
News Corp. (NWSA) confirmed multiple reports that the company is considering a restructuring to separate its business into two distinct publicly traded companies, splitting its publishing assets from its entertainment businesses. Investors responded positively, sending shares up more than 6%.
Among the notable gainers Tuesday was Apollo Group (APOL), up more than 7%, following its better-than-expected earnings report, and Supernus Pharmaceuticals (SUPN), which saw its share price more than double after the company received a tentative approval letter from the FDA for its Trokendi XR drug.
Among the noteworthy losers were Valueclick (VCLK), down 9%, after being downgraded at Piper Jaffray, which cited slowing ad network growth, and Sapient (SAPE), down nearly 6%, following a downgrade to a "sell" rating at Goldman Sachs, which cited the company's high exposure to the financial segment and Europe.
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Excitement is growing about the company's new iPhone, expected this fall.
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