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Thursday’s movers: Apple gets more bad news

By Sue Chang and Saumya Vaishampayan, MarketWatch

SAN FRANCISCO (MarketWatch) — Apple Inc. remained under pressure Thursday after another analyst cut the stock’s price target while Apple’s effort to include Samsung Electronics’ Galaxy S4 in its federal lawsuit with the Korean company was rejected.

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Bloomberg News

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Tim Cook, CEO of Apple


/quotes/zigman/68270/quotes/nls/aapl AAPL

shares closed down 1.1% after analysts at Susquehanna lowered their price target to $440 from $480. The move is to “reflect our latest production checks, which indicate continuing mix challenges, and that current production won’t allow the new iPhones to be released before September,” Chris Caso of Susquehanna wrote in a report.

Meanwhile, Apple’s hopes of including Galaxy S4 in its patent case against Samsung were dashed after Magistrate Judge Paul Grewal of the U.S. District Court in San Jose, Calif., ruled that allowing it would put Samsung under “undue pressure,” CNET reported.

Dish Network Corp.

/quotes/zigman/109220/quotes/nls/dish DISH

shares gained 3.1% while Clearwire Corp.

/quotes/zigman/112837/quotes/nls/clwr CLWR

lost 2.1%. Late Wednesday, Dish said it was dropping its $4.40-a-share bid for the broadband-services company after Clearwire’s board had backed a rivaling offer from Sprint Nextel Corp.

/quotes/zigman/240259/quotes/nls/s S


Yelp Inc.

/quotes/zigman/9021597/quotes/nls/yelp YELP

fell 1.6% after closing the previous session at a record high of $34.87. The stock has gained on 55% of Thursdays in the past 15 months, according to MarketWatch’s Stocktoids.

News Corp.

/quotes/zigman/94858/quotes/nls/nwsa NWSA

shares added 1.7%. The media company, which owns Dow Jones Co., the publisher of MarketWatch, gained approval of a $139 million settlement related to its phone-hacking scandal, according to media reports.


/quotes/zigman/11635210/quotes/nls/dtv DTV

shares slid 0.6%. The company said Thursday its Latin American segment had reported more subscribers than it actually had, incorrectly inflating subscription numbers for 2012 and the quarter ended March 31. As a result, DirecTV expects a $25 million pretax charge in the second quarter.


Shares of Cablevision Systems Corp.

/quotes/zigman/221038/quotes/nls/cvc CVC

shares are up 5.6% while Time Warner Cable Inc.

/quotes/zigman/528868/quotes/nls/twc TWC

rose 4.4% on a report that the companies may be targets for acquisitions. Billionaire John Malone is reportedly keen on having Charter Communications

/quotes/zigman/121019/quotes/nls/chtr CHTR

, which he owns through Liberty Media Corp.

/quotes/zigman/13637761/quotes/nls/lmca LMCA

, buy Time Warner Cable or Cablevision, Bloomberg News said.

Shares of ConAgra Foods Inc.

/quotes/zigman/222950/quotes/nls/cag CAG

were up 5.1%. The owner of brands such as Swiss Miss and Hunt’s swung to a fourth-quarter profit and said it expects to earn $2.40 a share in fiscal year 2014.

J.C. Penney Co.

/quotes/zigman/237947/quotes/nls/jcp JCP

shares climbed 5.2% on positive analyst comments. Analysts at Sterne Agee said in a report published Tuesday that traffic trends at the retailer are improving. “The unwinding of the unsuccessful Ron Johnson-led strategies, particularly in pricing and merchandising, has started to help the company turn the tide,” Charles Grom of Sterne Agee said.

Owens-Illinois Inc.

/quotes/zigman/237351/quotes/nls/oi OI

shares advanced 5%. The stock of the bottle manufacturer is up 32% year to date.

Seagate Technology Inc.

/quotes/zigman/118457/quotes/nls/stx STX

shares rose 4.7% and Western Digital Corp.

/quotes/zigman/10322511/quotes/nls/wdc WDC

shares gained 3.2%. Both stocks were raised to buy from neutral at Longbow Research, according to 24/7 Wall St. financial blog.


Shares of Paychex Inc.

/quotes/zigman/76829/quotes/nls/payx PAYX

fell 3.7%, among the worst performers in the SP 500

/quotes/zigman/3870025 SPX

. The company, which provides payroll services, reported earnings Wednesday that missed analyst estimates.

U.S. listed shares of National Bank of Greece SA

/quotes/zigman/17426797/quotes/nls/nbg NBG

slumped 23%. On Wednesday, the Greek bank’s U.S. shares suffered the third largest percentage increase in short selling, according to 24/7 Wall St.


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Mystic Maggie

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