Moody's, Kodak, Sears, Cree are big market movers

AP News
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Posted: Aug 18, 2011 5:18 PM
Moody's, Kodak, Sears, Cree are big market movers

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

NYSE

Moody's Corp., down $3.48 at $27.93

Published reports said the Justice Department is probing credit-ratings firms' involvement in mortgage-bond deals.

Eastman Kodak Co., up 36 cents $3.05

The Wall Street Journal said investment bank Lazard Ltd. has drawn interest from a buyer for Kodak's digital imaging patents.

Goodyear Tire & Rubber Co., down $1.59 at $11.75

Goldman Sachs cut its investment rating on the tire maker, saying that it expects weak earnings in the second half of the year.

J.M. Smucker Co., down $5.54 at $70.02

Higher prices weighed on the company's sales volume. A recent coffee price cut led Smucker to lower its revenue forecast.

MGM Resorts International, down $1.54 at $10

Kirk Kerkorian's Tracinda Corp. plans to cut its stake in the hotel company by nearly 23 percent. He will sell 20 million shares.

Nasdaq

Sears Holdings Corp., $4.91 at $55.23

The operator of Sears and Kmart stores lost more money in the second quarter because it marked down more goods.

Cree Inc., down $3.49 at $31.25

The maker of lighting products said its purchase of Rudd Lighting Inc. will reduce profit margins in the current quarter.

Hot Topic Inc., up 44 cents $7.39

The teen retailer was a rare gainer after it posted a quarterly loss that was narrower than a year ago and a bright outlook.