Midday movers: Nokia, Navistar, Take-Two
Stocks move up despite disappointing domestic economic data.
Shares of Nokia (NOK) rebounded a bit from Thursday's steep sell-off, gaining back about 6%. The troubled phone maker's shares were upgraded at both Citigroup and Oppenheimer, though the stock was also downgraded at Credit Suisse.
Among the notable gainers Friday are YPF SA (YPF), up 20%, after Carlos Slim reported an 8.4% stake in the company, and Navistar (NAV), up almost 8%, after hedge fund MHR Fund Management disclosed a 13.6% stake.
Noteworthy losers include II-VI (IIVI), down 11%, after giving a near-term and longer-term earnings view below consensus estimates, and Take-Two (TTWO), down more than 3%, as one of a number of video game makers falling after research firm NPD reported that U.S. video game sales plunged a greater than expected 28% in May.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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