J. C. Penney Shares Sees New 52-week Low as Fight with Macys Continues. Dow Breaks Record!
NEW YORK, March 6, 2013 /PRNewswire/ --
J. C. Penney Company, Inc. shares dropped to a new 52-week low of $14.92 yesterday in intra-day trading. Department store Macy's is suing Martha Stewart and her company along with competitor J. C. Penney for breach of contract for selling a J. C. Penney line. Martha Stewart testified in court on Tuesday to explain why her contract to sell product at J. C. Penney doesn't violate her current Macy's contract.
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Radian Group Inc. (NYSE: RDN) - RDN shares hit $10.95, representing a brand new 52-week high for the Company. The move came after the U.K. brokerage Barclay's lifted both Radian Group and MGIC Investment to "overweight" from "underweight." Barclay's pointed to recent developments saying that they have "all but eliminated" the risk those companies could be forced into "run-off." Barclay's analyst Mark DeVries moved his price targets on the Company to $14 from $4. Radian Group announced on Monday that it has completed its previously announced concurrent public offerings of 39.1 million shares of common stock and $400 million principal amount of convertible senior notes due 2019. Shares of RDN closed up 6.28% yesterday, at $10.49.
Apple Inc. (Nasdaq: AAPL) - AAPL shares saw a big rebound on Tuesday after the stock dropped to a new 52-week low on Monday. At its intra-day high of $435.19 yesterday, shares of APPL were up as much 3.86% from hitting a low of $419.00 the previous day. Tuesday was the first day the stock closed in the green after a sell off that lasted four days. The Company announced on Tuesday that it has added thousands of Japanese titles to iBooks. The Company remains as the largest firm on the S&P 500 with a market cap of about 407.5 billion. A director in the Company bought 562 shares on February 27th. The stock closed at $431.14 yesterday, up 2.64%.
Impax Laboratories Inc. (Nasdaq: IPXL) - IPXL was one of the biggest losers on the Nasdaq composite yesterday dropping 26% at the close. The stock hit a new 52-week low of $14.48, dropping the most it's ever done in almost three years. The drop came after regulators found that manufacturing issues persist at a company plant. The plant in Hayward, California, where the company is based, is barred by the FDA from producing new drugs. "We have committed significant resources in our efforts to meet FDA requirements and are clearly disappointed by this news," Impax Chief Executive Officer Larry Hsu said in a statement. The Company is the developer of the experimental drug Rytary for Parkinson's disease.
Cree, Inc. (Nasdaq: CREE) - Yesterday shares of CREE soared after the Company introduced a family of LED light bulbs that shine as bright as comparable incandescents while using 84% less energy. The new Cree LED bulbs are designed to last 25,000 hours, or 25 times longer than typical incandescent light bulbs. The LED bulbs turn on instantly and are free of toxic mercury, unlike compact fluorescent light bulbs. The Company is offering the new bulbs at aggressive prices, starting at less than $10 and will be sold exclusively at Home Depot stores with a 10-year limited warranty. CREE hit a new 52-week high of $52.15 on Tuesday.
MGIC Investment Corp. (NYSE: MTG) - One of the biggest movers on the NYSE was MGIC Investment Corp. on Tuesday. The stock saw gains of over 11% in pre-market trading. By the close, MTG was up 27.75% at $5.34. U.K. Barclay's has upgraded the stock from "underweight" to "overweight," and Barclay's analyst Mark DeVries upped his price target to $8 from $1. The stock traded 56,900,369 shares yesterday, a significant increase from its average of 6,720,930 shares.
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