Midday movers: Hewlett-Packard, Cree, JC Penney

Stocks rally 1% and the Dow eclipses its previous all-time closing high of 14,164.53 set in October 2007.

By MSN Money Partner Mar 5, 2013 2:09PM

Information provided by Theflyonthewall.com

The U.S. averages took their lead from overseas markets, which rallied on positive growth guidance from China.

Shares of JC Penney (JCP) slid over 9% after 10 million of its shares were sold in a block trade through Deutsche Bank.

Bloomberg and CNBC reported that the shares were sold by Vornado Realty Trust (VNO), Penney's second-biggest shareholder, and represented almost half of its stake in the department-store chain.

Nearly every member of the Dow Jones Industrial Average advanced, led by Hewlett-Packard (HPQ) and Bank of America (BAC), which both gained over 2%.

Among the notable gainers was Cree (CREE), up 15% after announcing the launch of a new lineup of low cost LED bulbs and increasing its guidance. Also higher were shares of Zoltek (ZOLT), which rose nearly 14% after the Quinpario Group disclosed a 10% stake in the company and said it sees an opportunity "to dramatically improve Zoltek's operational performance."

Among the noteworthy losers was Impax Laboratories (IPXL), which fell more than 25% after it announced the receipt of an FDA warning about continued manufacturing issues at one of its facilities and the stock was downgraded at Canaccord and Leerink.

Also lower was CommonWealth REIT (CWH), which slid almost 4% after it announced that a Massachusetts court denied requests to block a planned equity offering being opposed by several stakeholders.

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