JC Penney and Facebook are big market movers

AP News
|
Posted: Sep 25, 2013 4:23 PM

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

NYSE

J.C. Penney Co. Inc., down $1.78 to $10.12

The stock hit 12-year lows with fears growing over whether the troubled retailer will have enough cash to make it to the holiday season.

Hovnanian Enterprises Inc., up 7 cents to $5.27

Americans ramped up purchases of new homes in August, an indication higher mortgage rates are not slowing a recovery for builders.

Noble Corp., up 67 cents to $38.60

The drilling contractor will spin off older oil-drilling rigs into a separate company to drive higher valuation for its assets.

Carnival Corp., down $1.84 to $32.70

Wall Street weighed in on rough waters for the cruise operator, with Morgan Stanley downgrading and J.P. Morgan lowering its target.

Nasdaq

Mako Surgical Corp., up $13.29 to $29.46

Stryker will spend $1.41 billion to acquire fellow medical equipment maker Mako Surgical and all of its robotic technology.

Facebook, up $1.01 to $49.46

Canaccord Genuity jumps on board, initiating the social networking giant with a "Buy" rating, saying advertisers are on the way.

Clovis Oncology Inc., down $8.53 to $64.99

The biopharmaceutical company slumps after reports that its effort to sell itself is not garnering much interest from buyers.

Ascena Retail Group Inc., up $2.74 to $20.06

The owner of the dressbarn and Catherines retail chains posted very strong profit numbers from its latest quarter.