By Sue Chang and Saumya Vaishampayan, MarketWatch
SAN FRANCISCO (MarketWatch) -- Investors appear torn over whether J.C. Penney Co.'s breakup with Martha Stewart is a good thing or not, with the stock weaving in and out of positive territory early Friday.
$JCP: J.C. Penney (JCP) edged up 0.1%, while Macy's Inc. (M) dropped 1.2%. Penney has ended its relationship with the Martha Stewart brand, according to a report in the New York Post. The move comes as a decision is due in a legal case between J.C. Penney and Macy's that involves the Martha Stewart brand .
$EBAY: EBay Inc.'s (EBAY) PayPal business attracted attention after the payment processor released a new version of its app for mobile devices on Thursday. The updated software allows people to pay certain restaurant bills using the device, or scan and redeem deals automatically, according to AllThingsD. Forty percent of eBay's revenue in 2012 came from PayPal, according to the auction website. EBay shares were up about 1%.
American Tower REIT (AMT) shares rose 4.4% after the company said it will buy MIP Tower Holdings LLC, a private real-estate investment trust, in a deal valued at about $4.8 billion. MIP Tower is the parent company of Global Tower Partners, which operates 5,400 cellular communications towers and has 800 property interests under third-party arrangements.
JDS Uniphase Corp. (JDSUD) shares advanced 3.6%. The telecommunications-equipment company's competitor Finisar Corp. late Thursday projected an upbeat outlook for the current quarter on the back of a strong rise in revenue during the first quarter. Shares of Finisar are up 5.7%.
Electronic Arts Inc. (EA) shares shed 3.3%. The video-game company's stock is benefitting from the anticipated release of several next-generation games consoles, including Microsoft Corp.'s (MSFT) Xbox One, scheduled for launch in late November. EA said it sold more than 1 million units of "Madden NFL 25" in the first seven days of release, making it the best-selling game in North America last month.
Smith & Wesson (SWB) shares slumped 8.9%. The gun maker late Thursday reported a fiscal first-quarter profit that surged 49% from a year earlier to $26.5 million, as revenue rose 26%. But shares came under pressure as the firm issued current-quarter guidance that missed estimates.
-Sue Chang; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-06-13 1037ETCopyright (c) 2013 Dow Jones & Company, Inc.
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|UPDATE: J.C. Penney rises after ditching Martha Stewart ()|
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