Afternoon BUZZERS: Apple SINKS, Lexmark SURGES 15%
Shares of Lexmark International (NYSE:LXK) gained more than 15 percent this afternoon. The company announced it will cease to manufacture business inkjet hardware. The move is expected to cut around 1,700 jobs and save $95 million a year. “Our investments are focused on higher value imaging and software solutions, and we believe the synergies between imaging and the emerging software elements of our business will continue to drive growth across the organization,” explained chief executive Paul Rooke. Hewlett-Packard (NYSE:HPQ) shares also edged lower on the news.
PVH Corp (NYSE:PVH) shares jumped 5.45 percent in afternoon trading. The clothing retailer, known for its Calvin Klein and Tommy Hilfiger brands, raised its full year earnings outlook for the third time this year. It now expects to earn about $6.25 to $6.32 per share for the year, compared to the previous range of $5.90 to $6.00 per share.
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Apple (NASDAQ:AAPL) shares ticked slightly lower this morning, after reaching another all-time high yesterday. Apple is seeking bans on the sale of eight older-model Samsung smartphones, including the Galaxy S2 and the Droid Charge. While Apple’s lawsuit, which was ruled on last week, encompassed 28 different Samsung devices, many of those products are no longer widely available in the U.S. “The evidence and weight of the case are heavily in Apple’s favor,” said Jefferies & Co analyst Peter Misek. “We expect there’s a two-thirds chance of an injunction against Samsung products.”
Shares of Molycorp (NYSE:MCP) surged 11.55 percent this afternoon. The company announced late Monday that it is starting up operations at its Project Phoenix facilities in Mountain Pass, California. Molycorp’s on-site Combined Heat and Power plant will also begin supplying cheap and high efficient electrical power to its Mountain Pass facilities.
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