Hertz, Sony, Walt Disney are big market movers

[October 28, 2011]  NEW YORK (AP) -- Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

Hertz Global Holdings Inc., up 86 cents at $11.87

Citing current market conditions, the car rental company said it is dropping its bid for rival Dollar Thrifty Automotive Group Inc.

Sony Corp., up $1.45 at $22.06

The electronics company will buy a 50 percent stake in mobile phone maker Sony Ericsson from partner Ericsson for $1.46 billion.

OfficeMax Inc., up 22 cents at $5.49

Despite a drop in revenue, the office supplies retailer said that its third-quarter net income rose 7.8 percent as it cut costs.

Walt Disney Co., up $1.23 at $36.28

The media company will launch a free-to-air version of its Disney Channel in Russia that will reach about 40 million homes.

Time Warner Cable Inc., down $5.46 at $65.17

The New York-based cable company said that its third-quarter earnings slipped 1 percent as higher expenses offset rising revenue.

Skechers USA Inc., down 75 cents at $13.48

The footwear maker said that its third-quarter profit fell 77 percent, driven by weak revenue from its toning-shoe business.

Nasdaq

Urban Outfitters Inc., up $1.66 at $27.89

A Citi analyst upgraded the retailer's shares to "Buy" from "Neutral" citing a new strategy that may lead to higher profit in 2012.

Akamai Technologies Inc., up $3.67 at $27.45

The online content delivery company said its third-quarter income rose 6 percent as revenue grew on higher demand for streaming.

[Associated Press]

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