MGM, JPMorgan, Apple, Clearwire big market movers

AP News
Posted: Oct 13, 2010 4:56 PM
MGM, JPMorgan, Apple, Clearwire big market movers

Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market:


MGM Resorts International, down $1.51 at $12.10

The casino and its largest shareholder, Kirk Kerkorian, together plan to issue or sell up to 79 million shares of common stock.

JPMorgan Chase & Co., down 56 cents at $39.84

The bank's quarterly profit rose 23 percent because it didn't need to reserve as much money to cover loan losses.

Office Depot Inc., up 8 cents at $5.10

The office products seller said it was in negotiations to sell its business in Israel for $47 million, less debt.

CSX Corp., up $2.40 at $59.66

Quarterly net income jumped 43 percent as the railroad's trains ran more efficiently, shipments rose and the company increased prices.

Great Atlantic & Pacific Tea Inc., down 68 cents at $3.30

A Wall Street Journal report said the grocer was seeking advice from bankers on how to restructure $1 billion in debt.


Apple Inc., up $1.60 at $300.14

The technology company's shares topped $300 for the first time because of strong iPad sales and a planned expansion into China.

Clearwire Corp., up 46 cents at $7.21

A Bloomberg report said the wireless data network company was planning to raise $2.5 billion to $5 billion from a wireless spectrum auction.

Linear Tech Corp., down 76 cents at $30.80

The circuit maker posted third-quarter net income that missed analyst expectations and forecast lower revenue in the fourth quarter.