Midday movers: JC Penney, Herbalife

Stocks are higher, but not by much, as earnings season has yet to really pick up.

By MSN Money Partner Apr 9, 2013 1:06PM
Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

J.C. Penney (JCP) fired its CEO, Ron Johnson, which initially sent the retailer's shares higher in after-market trading Monday as the news broke. However, once the company confirmed that it replaced Johnson by bringing back his predecessor, Myron "Mike" Ullman, the stock reversed and the weakness continued into today's trading. Penney shares plunged 10% near noon following the change at the top.

Herbalife (HLF) shares were halted for the early hours of the session, before the company confirmed that KPMG had resigned as its auditor. The resignation was due to alleged insider trading by one of KPMG’s former partners, not any issues specific to Herbalife, but the multi-level-marketer's shares still slid about 1% once they resumed trading.

Alcoa (AA), the first Dow member to report it quarterly results in the latest earnings season, posted earnings per share, excluding a number of one-time special items, that beat consensus, though its revenue was slightly lower than expected.

Among the notable gainers was First Solar (FSLR), which advanced 7% as the company hosted its annual analyst meeting in New York. 

Also higher were shares of Unilife (UNIS), which rose 16% after it signed a customization and commercial supply agreement with an unnamed U.S. pharmaceutical company. Among the noteworthy losers was OCZ Technology (OCZ), which fell 8% after the company said it will not meet Nasdaq's deadline to become current in its periodic filings with the SEC. 

Also lower were shares of Tetra Tech (TTEK), which dropped 7% after saying it anticipates weaker than expected operating performance during the second half of this fiscal year, citing weakness in its business in Eastern Canada.
2Comments
Apr 9, 2013 1:17PM
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Absolutely no reason the market should be up other than continued manipulation.  With all the negative economic news around the globe this market should be down around 10,000 or so.
Apr 9, 2013 11:31PM
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You call that an increase!? I just bought penny stocks of INKA and they plummeted 1000% in one week. Would have never happened with a regular stock. And the best part the price is going up at an incredible speed. It is only 1.15
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