Midday movers: Best Buy, Lululemon, Navistar
The market gives back some of its earlier gains after Bernanke's testimony.
Best Buy (BBY) founder Richard Schulze suddenly resigned as chairman and gave up his seat on the company's board in order to "explore all available options" for his 20.1% stake in the company. Though Stifel Nicolaus wrote in a note to investors that Schulze's early resignation is a positive and the Star Tribune speculated Schulze may seek to take the company private, shares fell 90 cents, or 4.52%, to $18.99 near noon.
Pfizer (PFE) announced plans for a potential IPO of a minority ownership stake in its Animal Health business, resulting in the creation of a new standalone company to be called Zoetis.
Among companies reporting earnings Wednesday night and Thursday morning, J.M. Smucker (SJM) was notable as about the only significant advancer. Lululemon (LULU), Men's Wearhouse (MW), Annie's (BNNY) and Titan Machinery (TITN) all declined.
Among notable gainers Thursday are CACI International (CACI), up 11%, after an upgrade to "buy" at Lazard Capital, which cited the company's increased revenue guidance and buybacks, and Identive Group (INVE), up 29%, after providing additional details on its workforce reduction plans and announcing a government contract.
Noteworthy losers include Molina Healthcare (MOH), down 29%, after the company withdrew its FY12 guidance due to unexpected losses in Texas, and Navistar (NAV), down 20%, following its unexpected report of steep quarterly losses driven by higher warranty costs and engine certification speculation.
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