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Major Movers on April 9; JCP, CLF, HIMX, TTEK, FCN

Shares of JC Penney Company Inc. (NYSE: JCP) were hammered on Tuesday after the Company said that  its Chief Executive Officer Ron Johnson decided to leave the Company. Meanwhile, the Company has re-appointed ex-CEO Mike Ullman at the top position, on interim basis. The beleaguered department chain, whose shares slumped 44% last year which marked Johnson’s first full year as a CEO, tumbled another 25% through last week as his strategy to overhaul the chain’s business failed to generate customer’s traffic while sales kept dwindling. Johnson stint was for only about one and half years.

Shares of Cliffs Natural Resources Inc. (NYSE: CLF) jumped about 6.25% in early trading after Barron’s over the weekend said that sell-off in CLF looked overdone, having been the worst performing stock in the S&P 500 YTD. Barron’s said that shares could jump twofold in the next year should iron ore prices do not fall sharply and execution improves at Bloom Lake. Barron’s also pointed out that CLF could be a potential takeover target should valuations drop any further.

Shares of Himax Technologies Inc. (ADR) (NASDAQ: HIMX)  rallied about 9.25% by early trading after analysts at Bank of America in their research report,( released on Monday),  maintained “buy” rating on the stock and boosted the price target  from $3.80 a share to $8.00 a share.

In the research report, Bank of America analysts said, “Himax appears well-positioned to grow its earnings rapidly over the next 2-3 years after a multi-year decline. We think improved tech and better execution should capture growth in three areas (1) mobile display ICs, (2) large panel display ICs (driven by a better market), and (3) new products (LCOS, image sensors, timing controllers, and touch-screen ICs). Its LCOS technology appears to ready to ramp in late 2013 and 2014, including near-eye displays, game and mobile projection.”

In its recently concluded quarter ended February 7th, the Company posted earnings of 9 cents a share on revenue of $190.60 million while analysts were expecting earnings of 8 cents a share on revenue of $190.80 million.

Shares of Tetra Tech Inc. (NASDAQ: TTEK) plunged about 6.50 by early trade  after Company following closing bell on Monday that it expects weaker than expected operating performance in the second half of fiscal 2013, mainly due to Eastern Canadian operations. However, the Company maintained its earlier issued guidance on the fiscal second quarter.

Shares of FTI Consulting Inc. (NYSE: FCN) slumped 7.32% on Wednesday. FTI Consulting has appointed Deutsche Bank’s Jennie Younger to a senior role to oversee firm’s strategic communications affairs in London.

In Deutsche Bank, Younger served as global head of client marketing for investment banking and corporate banking. She joined Deutsche Bank as global head of communications and marketing for global banking in 2006.

At FTI Consulting she will take up the role of senior MD. Before joining Deutsche Bank , Younger was member of GSK’s corporate communications team and also served as a board member at GSK’s corporate responsibility committee. Prior to this job, Younger was head of investors relation at British Gas.


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