H-P jumps 9%, Apple gains ground, Nuance rebounds

NEW YORK (MarketWatch) — Hewlett Packard Co. was the biggest gainer in the S&P 500 Wednesday after the computer maker's earnings topped Wall Street expectations. Apple Inc. and J.C. Penney & Co. were also on the move.

Flickr/Bllq21 Enlarge Image Apple shares hit their highest level in nearly a year Tuesday. Gainers

H-P (HPQ)  shares rose 9.1%, marking its best day since May 23. The company said it earned $1.41 billion in the fourth quarter, or 73 cents a share, after losing $6.85 billion, or $3.49 a share, a year earlier. Adjusted profit of $1.01 per share beat analyst estimates of $1 per share, according to a Thomson Reuters survey. But revenue declined 2.8% to $29.13 billion, with sales slipping in nearly all business segments. Read more about what's boosting H-P.

J. C. Penney Co. Inc. (JCP)  shares jumped 7.7%. The retailer, which will leave the S&P 500 after trading closes on Friday, has seen its shares rise this week and said it expects sales to rise during the holiday season.

Shares of Compuware Corp. (CPWR)  climbed 1.9%. The Financial Times reported that private equity investors were considering making a bid for the software company, citing anonymous sources.

Crocs Inc. (CROX)  rose 2.2%. The shoe company was said to be in discussions with buyout firms, including Blackstone Group LP, according to Bloomberg, which cited anonymous sources. The talks appeared to be focused on the firm taking a minority stake in Crocs via which Blackstone could help map out a turnaround strategy.

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Decliners

Analog Devices Inc. (ADI)  sank nearly 3%. The semiconductor firm reported late Tuesday fourth-quarter adjusted earnings of 62 cents a share and sales of $678 million, with sales missing analyst expectations.

Newfield Exploration Co. (NFX)  shares shed 4.1%, along with other energy stocks.

Infoblox Inc. (BLOX)  skidded nearly 29%. The firm warned late Tuesday that its full-year 2013 revenue could come in below Wall Street expectations. The company projected sales of $270 million, compared to estimates of $276.9 million, according to FactSet.

Top Tickers Trending

$AAPL Investors were on alert for movements in the price of Apple Inc. (AAPL) . Shares closed up 2.4%, the third straight day of gains, for the highest close since Jan. 2.

$NUAN Nuance Communications Inc. (NUAN)  shares were up 2.3%, a day after they plunged 18% on disappointing earnings, which had tripped a short-sale circuit breaker. Activist investor Carl Icahn owns stock in the company.