The Gap and Peabody are big market movers

AP News
Posted: Aug 09, 2013 4:28 PM

NEW YORK (AP) — Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and the Nasdaq Stock Market:


The Gap Inc., down $1.42 to $44.10

Susquehanna downgraded the Gap's stock after a 137 percent share appreciation since November 2011. But the downgrade comes with a hike on the firm's earnings-per-share projections and price target.

J.C. Penney, down 79 cents to $12.87

The next board meeting at J.C. Penney may look more like a cage match. Hedge fund manager Bill Ackman said he has lost confidence in the board and its chairman should be replaced. Chairman Thomas Engibous called Ackman's comments "misleading, inaccurate and counterproductive." Ackman is a major shareholder of J.C. Penney and sits on the company's board.

Molycorp Inc., down 72 cents to $6.69

Sliding prices for rare-earth materials led to the company posting a broader quarterly loss. However, CEO Constantine Karayannopoulos said prices have bottomed out and buyers are returning.

Peabody Energy Corp., up $1.30 to $17.90

Moody's Investors Service boosted its outlook for the coal industry to "Stable" from "Negative," saying that it doesn't expect industry conditions to worsen over the next 12 to 18 months.


BlackBerry Ltd., up 53 cents to $9.76

The mobile phone maker's shares jumped following a report that the company may be growing more amenable to going private. Reuters, citing sources familiar with the situation, reported that no deal is imminent and no formal exploration of a sale has begun. Inc., up $36.14 to $969.89

Shares in the travel website came close to $1,000, a feat that no stock on the Standard & Poor's 500 index has accomplished. The stock hasn't been this high since it had an adjusted closing price of $974.27 on April 30, 1999, a month after going public in the heady days of the dotcom boom.

Noodles & Co., down $4.96 to $42.31

The restaurant, which just began trading publicly, underwhelmed investors with its financial forecast. Despite confidence in the concept, Stifel analyst Paul Westra said that investors are overvaluing the company's growth prospects.

Beacon Roofing Supply Inc., down $1.75 to $37.94

The company fell well short of Wall Street expectations in its most recent quarter. It said the building season got off to a late start because of harsh rains and other weather-related problems.