News Column

PetSmart and NQ Mobile are big market movers

July 3, 2014



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

NYSE

NQ Mobile Inc., down $2.18 to $4.58

The mobile Internet services company's auditor, PricewaterHouseCoopers, said it needs to expand the scope of its 2013 audit work.

Rite Aid Corp., up 40 cents to $7.57

The drugstore operator reported a 3.9 percent boost in June sales at stores open at least a year. The measure is a key indicator for retailers.

Lorillard Inc., up $3.26 to $64.41

CNBC reported that the tobacco company is back on track for a potential sale to competitor Reynolds American Inc.

Cliffs Natural Resources, up 70 cents to $16.42

The mining company said activist investor Casablanca Capital rejected its offer to let it choose three new directors for the board.

Nasdaq

PetSmart Inc., up $7.48 to $67.28

The pet supplies company is being asked to consider a sale by Janna Partners, a major shareholder and activist hedge fund.

Sun Bancorp Inc., up 18 cents to $4.27

The bank holding company will eliminate its home loans unit and cut 38 percent of its workforce as part of a restructuring plan.

Spectrum Pharmaceuticals Inc., up 18 cents to $8.90

The drug developer confirmed that the Food and Drug Administration granted accelerated approval for its lymphoma drug Beleodaq.

Iridium Communications Inc., up 37 cents to $8.86

The communications services company successfully completed a test on a new satellite launching and separation component.


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Source: Associated Press


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