GM, Wendy's, Adobe are big market movers

[November 10, 2011]  NEW YORK (AP) -- Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

General Motors Co., down $2.73 at $22.31

The automaker said its third-quarter net income fell 15 percent from a year earlier, due to losses in Europe and South America.

Wendy's Co., down 23 cents at $5.26

The fast-food company's third-quarter loss widened on higher costs that were incurred due to its selling of the Arby's chain.

Maidenform Brands Inc., down $6.21 at $17.91

The maker of women's underwear said its net income fell 20 percent as it spent more on promotions to counter weak consumer traffic.

Lions Gate Entertainment Corp., down 41 cents at $8.30

The movie studio reported a smaller second-quarter net loss, but its revenue fell due to the poor performance of some its films.

Nasdaq

DreamWorks Animation SKG Inc., down $1.42 at $18.38

A Janney Capital Markets analyst downgraded the film studio's stock to "Sell," citing the weak box office opening of "Puss in Boots."

Take-Two Interactive Software Inc., down 21 cents at $15.45

The developer of the "Grand Theft Auto" video game series reaffirmed its 2012 outlook despite reporting a second-quarter net loss.

Adobe Systems Inc., down $2.34 at $28.08

The software maker said that it is laying off 750 employees, or 7 percent of its workforce. It also cut its 2012 sales forecasts.

Rovi Corp., down $17.79 at $28.23

The TV listings data company said that its profit fell 95 percent in the third quarter as expenses increased from the prior year.

[Associated Press]

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