Gamestop, Ralph Lauren, Sprint are market moversStocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market:
Fidelity calls planned rules a dire threatFidelity Investments urged federal regulators not to tighten regulations on money market funds, or risk driving away customers. Boston-based Fidelity is the nation’s largest manager of money market funds, with $433 billion under management in 10.9 million accounts at the end of 2011.
Coinstar Inc.The owner of the Redbox movie-rental kiosks reported fourth-quarter profit that beat analyst estimates and said it will buy a competing service operated by NCR Corp. NCR’s stock jumped 11 percent to close at $21.19. Bellevue, Wash.-based Coinstar’s shares surged 14 percent, the most since October 2010.
McClatchy Co.The third-largest US newspaper company by daily circulation reported earnings that beat the forecasts, thanks to improved advertising revenue, particularly for digital sales. The stock rose 21 percent, the most since Dec. 9. McClatchy, based in Sacramento, Calif., had net income from continuing operations of $42 million, or 49 cents a share, versus $15.7 million, or 18 cents, a year earlier. Analysts on average had estimated 40 cents.
Amid some good news, stocks resume climbU.S. stocks advanced, sending the Dow Jones Industrial Average to its highest level since May 2008, as Greece made progress on measures to secure international aid. Seven out of 10 groups in the Standard & Poor’s 500 Index gained, helping the measure rebound from an earlier decline. McDonald’s Corp., the world’s biggest restaurant chain, added 1.4 percent ahead of its sales report. Yum! Brands Inc., owner of the KFC and Taco Bell fast-food chains, climbed 2.6 percent as earnings surged 30 percent. Anadarko Petroleum Corp., the biggest U.S. independent oil and natural-gas producer by market value, increased 5.2 percent as profit beat estimates.
