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Market Update

Apple in $14 B Stock Buy Back; Gap, Expedia Rise, Cigna, LinkedIn Fall

Author: Bikram Pandey
Last Update: 12:35 PM ET February 07 2014

Apple Inc (AAPL) increased 1.6% to $520.90 after the popular gadget maker confirmed that the company bought back $14 billion of its shares in two weeks after weakness in share following the release of earnings.

Cigna Corp (CI) dropped 8% to $78.64 after the health insurance company said first-quarter profit is likely to fall and estimated full-year earnings to be lower than expected.

The Gap Inc (GPS) increased 5.9% to $42.06 after the apparel retailer said its fourth-quarter earnings are estimated between 65 cents and 66 cents a share, ahead of analysts’ estimate of 60 cents. Gap is scheduled to release quarterly results on Feb 27.

Expedia Inc (EXPE) soared 14% to $74.06 after the online travel agency reported adjusted December quarterly earnings jumped 46% to 92 cents a share. The adjusted earnings were ahead of consensus earnings estimate of at least 83 cents a share.

LinkedIn (LNKD) declined 6% or $13.50 to $209.99 after the social networking company estimated current quarter sales between $455 million and $460 million, lower than average estimate of at least $465 million by analysts.

Moody’s Corp (MCO) gained 4.4% to $80.18 after the second-largest rating service provider reported better than expected quarterly earnings. Weaker revenues in the bond rating were offset by an increase in structured-finance debt rating services.

News Corp (NWSA) soared 7.4% to $17.23 the media conglomerate of print and television properties reported fiscal second-quarter profit of 31 cents a share adjusted for one-time items. Analysts were looking for adjusted earnings not to exceed 21 cents a share.

Wyndham Worldwide Corp (WYN) declined 3% to $70.04 after the mid-price hotel franchise operator estimated current year earnings of $4.28 a share, lower than analysts’ expectation of at least $4.30.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc