9-18-13 4:40 PM EDT | Email Article
 

By Sue Chang and Saumya Vaishampayan, MarketWatch

 

SAN FRANCISCO (MarketWatch) -- BlackBerry Ltd. shares slid on Wednesday on the heels of a report that it will lay off up to 40% of its 12,000 workers.

 

Top Tickers Trending

 

$BBRY: BlackBerry (RIMM) shares fell 1.5%. The Canadian company is preparing to reduce its staff by up to 40% by the end of the year, The Wall Street Journal reported. The wireless devices maker has gone through a series of layoffs in recent years in an effort to reduce costs.

 

The news overshadowed the unveiling of BlackBerry Z30, a smartphone with a 5-inch display, to capitalize on the growing popularity of devices with bigger screens known as "phablets." The Z30 is scheduled to hit retail stores in the U.K. and the Middle East next week.

 

$PCLN: Priceline.com Inc. (PCLN) took the crown to become the first S&P 500 stock to breach $1,000, beating out Google Inc. and Apple Inc. The stock also hit a record high of $1,001 along the way.

 

$SBUX: Starbucks Corp. (SBUX) shares recovered from earlier losses to rise 1.7%. Chief Executive Howard Schultz on Tuesday released a statement requesting customers to refrain from bringing firearms into Starbucks stores, unless they are law enforcement officers. "For those who champion 'open carry,' please respect that Starbucks stores are places where everyone should feel relaxed and comfortable. The presence of a weapon in our stores is unsettling and upsetting for many of our customers," said Schultz.

 

$AAPL: Apple (AAPL), gained 2.1% on generally favorable feedback for its new devices. AllThingsD reported Tuesday that early reviews of the iPhone 5S and 5C have been "largely glowing with a few minor quibbles."

 

$DLTR: Dollar Tree Inc. (DLTR) gained 3.6%. The discount retailer on Tuesday announced a common stock buyback program of up to $2 billion. "In our view, the financial implications are clearly positive," wrote analysts at J.P. Morgan led by Matthew Boss.

 

$REGN: Regeneron Pharmaceuticals Inc. (REGN) shares rose for a fourth session, adding 4.2%. Investors have been bidding up the stock ahead of the coming release of test results for a new cholesterol drug known as alirocumab.

 

Gainers

 

Adobe Systems Inc. (ADBE) shares jumped 9.2%, at one point touching a 52-week high of $52.67, on news that the number of paid subscribers to its cloud-computing business rose by 331,000 to 1.03 million, despite a lackluster fiscal third-quarter earnings report.

 

FedEx Corp. (FDX) shares rose 5%. The shipping company's fiscal first-quarter profit and revenue rose, beating analyst expectations. It also maintained its per-share earnings growth forecast at 7% to 13% for the full year.

 

Gold producer Newmont Mining Corp. (NEM) shares rallied 8.2% as gold futures gained after the Federal Reserve said it would not scale back its $85-billion-a-month in asset purchases for now.

 

Home builders were big winners in the wake of the Fed's decision not to taper its economic stimulus program as the real-estate market benefits from lower interest rates. Lennar Corp. (LEN) rose 6.5%, D.R. Horton Inc. (DHI) added 6.9% and PulteGroup Inc. (PHM) climbed 5.5%.

 

Salesforce.com Inc. (CRM) gained 5.2%. Salesforce.com said it deepened its partnership with Workday Inc. (WDAY) by cross-standardizing applications. Shares of Workday were up 3.8%.

 

Decliners

 

Shares of Charles Schwab Corp. (SCHW) slid 5.7%. The discount brokerage reported earlier this week that its daily trading volume slid 6% in August from July but rose 24% from a year earlier.

 

Express Scripts Holding Co. (ESRX) shares dropped 4.6% after Walgreen announced it is moving its health insurance coverage for employees to the Aon Hewitt Corporate Health Exchange starting in 2014. Analysts at Leerink Swann Research said Walgreen's decision will have limited impact on pharmacy benefit management companies such as Express Scripts. Shares of Aon PLC (AON) are up 5.6%.

 

WellPoint Inc. (WLP) shares lost 4.4% as Walgreen's move triggered uncertainties over how companies will deal with employees' health insurance going forward.

 

Electronic Arts Inc. (EA) shares fell 2.7%. The videogame company late Tuesday named 39-year-old Andrew Wilson as its new chief executive. The CEO suite has been unoccupied since John Riccitiello stepped down in March.

-Sue Chang; 415-439-6400; AskNewswires@dowjones.com

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires

09-18-13 1640ET

Copyright (c) 2013 Dow Jones & Company, Inc.
Copyright 2014 MarketWatch
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