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K12 and Alcoa are big market movers


October 09. 2013 4:36PM
Associated Press

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


NYSE


The Men's Wearhouse Inc., up $9.79 to $45.03


Jos. A. Bank proposed to acquire its bigger rival in a $2.3 billion deal. But Men's Wearhouse rejected the offer, calling it "opportunistic" and "inadequate."


Alcoa Inc., up 16 cents to $8.10


The aluminum maker swung to a third-quarter profit thanks to strong demand from auto makers and cost-cutting in the face of lower prices.


Yum Brands Inc., down $4.82 to $66.48


KFC's parent company saw profit fall 68 percent in the third quarter as sales slumped in China, which accounts for more than 40 percent of its operating profit.


K12 Inc., down $10.99 to $17.60


The online-education company said its fiscal first-quarter enrollment grew by just 5.7 percent and it issued a weak revenue outlook for all of 2014.


Ruby Tuesday Inc., up 31 cents to $7.55


B. Riley & Co. initiated coverage of the stock saying that the restaurant operator's "persistent erosion of sales has troughed," positioning it for a rebound.


Nasdaq


Netflix Inc., down $13.89 to $288.43


Shares of the online movie service slumped for a second day as investors dump high-flying tech stocks to avoid risk during the stalemate in Washington.


Ariad Pharmaceuticals Inc., down $11.31 to $5.83


Federal regulators suspended enrollment in all trials of the company's cancer drug Iclusig because of blood clots among participants.


Tower Group International Ltd., down 66 cents to $3.73


The insurer followed up its worst single-day loss with another serious decline after saying it would book hundreds of millions of dollars in charges.


Associated Press


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