The New York Times (NYT) popped 9%. The company told analysts Wednesday that it is seeing strong results from its effort to charge subscriptions for its online content. Tim Seymour believes this very expensive stock is going higher.
Quantum Corporation (QTM) popped 13%. The data storage company forecast increased revenue for fiscal year 2012. “Their sales surprised everybody, sending the stock higher,” Stephen Weiss said. “Storage is working for them. It’s the place to be.”
Eastman Kodak (EK) popped 15%. There was double good news for EK Wednesday. Investigators at the U.S. International Trade Commission sided with the photography company in its patent dispute with Research in Motion and Apple. CEO Antonio Perez also disclosed his purchase of the company’s stock, telling employees that it reflects management’s faith in Kodak’s future. The stock is fundamentally and technically lousy, Joe Terranova said.
Starbucks (SBUX) popped 4%. News reports say the java giant was among a handful of companies making major advances to win market share in China.
DROPS (stocks that slid lower)
Sony (SNE) dropped 1%. CEO Howard Stinger said the company expects to lose money from the hacking of its PlayStation Network last month. Karen Finerman said in this space, she’d rather be in Apple.
Office Depot (ODP) dropped 6%. Office supply retailers are on the decline, and Brian Kelly believes stiff competition by online retailers is partly to blame. “You don’t need the box store anymore,” he said. “I would stay away from this sector.”
Hershey (HSY) dropped 3%. The candy-maker’s CEO, David West, is leaving to take the top job at Del Monte Foods.
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