Kimberly Clark (KMB) has been up as much as 6.6% since yesterday's close. The maker of Kleenex says it's considering a spinoff of its health care business. The unit sells surgical and anti-infection products for operating rooms. The plan at this point would be for a tax-free distribution of the new stock to existing Kimberly-Clark's shareholders. This morning's climb puts Kimberly Clark at a new 52-week high, with the stock entering today's regular session already up 27% in 2013.
Sony (SNE) began selling its new PlayStation 4 at midnight. The company claims the gaming system is 10-times more powerful than its predecessor. Its release also comes a week ahead of some tough competition: Microsoft's (MSFT) X-Box One. Shares of Sony have rallied 26% so far this year. Microsoft stock is up about 38% in the same time.
Vanda Pharmaceuticals (VNDA) has been up 23% in early trading. A government advisory panel has thrown its support behind Vanda's experimental drug to help blind people sleep. The jump follows a separate spike on Tuesday which already sent the stock up 89% in the past week. The stock is up 250-percent even prior to this morning’s gains.
American Apparel (APP) dropped more that 12% after yesterday's close despite an earnings beat. That's because the company has thrown out prior guidance citing costs of moving to a new distribution system. The retailer says the switchover has resulted in higher costs and fewer sales. As for the quarter gone by, American Apparel lost 1-cent per share when it was expected to lose 6-cents. It also had a slim beat on revenues at $164.5-million. Prior to the drop we're seeing now, the stock had been up in 2013, but by less than 1%.