Chesapeake Energy and IBM are big market movers

AP News
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Posted: Jul 21, 2015 4:24 PM

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

NYSE

Chesapeake Energy Corp., down 98 cents to $9.29

With energy prices in decline, the driller axed its annual dividend and will redirect the money into its capital-spending program.

IBM Corp., down $10.15 to $163.07

Shareholders are punishing the tech company a day after it reported second-quarter profit fell 17 percent, and sales slid 13 percent.

Consol Energy Inc., up 89 cents to $17.55

Investor Southeastern Asset Management raised its stake in the coal and gas company to more than 21 percent, from 19.6 percent.

Harley-Davidson Inc., up $2.73 to $57.67

The maker of the iconic motorcycle overcame a strong dollar and beat Wall Street's second-quarter profit and sales expectations.

Verizon Communications Inc., down $1.13 to $46.97

The largest U.S. cellphone carrier added 1.1 million wireless postpaid customers, down from 1.4 million additions last year.

United Technologies Corp., down $7.77 to $102.71

The industrial conglomerate posted quarterly declines in revenue and profit due to the strong dollar and it reduced its 2015 outlook.

Nasdaq

Caesars Entertainment Corp., up $1.47 to $8.02

The casino presented a financial package to bondholders of its bankrupt operating division, getting a step closer to a restructuring deal.

CytRx Corp., down 76 cents to $3.04

The biopharmaceutical research company priced its common stock offering at $2.75 per share for gross proceeds of $25 million.