J. C. Penney Shares Sees New 52-week Low as Fight with Macys Continues. Dow
NEW YORK, March 6, 2013
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 27^th. 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
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
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