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Corporate Summary

•    Share prices of J.C. Penney (NYSE:JCP) rose 17.47% to close at $35.37 after the mid-market U.S department store chain said it has hired Ron Johnson as chief executive who will be taking over from November. Johnson is a senior vice-president at Apple, and has been successfully running the software major’s retail stores for the last 11 years

•    GT Solar International, Inc. (NASDAQ:SOLR) closed 9.52% higher at $13.35 after the company hiked its first-quarter revenue and profit outlook for the year

•    Apple (NASDAQ:AAPL) settled its long-running patent dispute with Finnish mobile phone maker Nokia (NYSE:NOK), agreeing to pay Nokia for intellectual property used in its iPhone devices

•    Car hire group Avis Budget Group (NASDAQ:CAR) said it has concluded an agreement to acquire Avis Europe, its European counterpart in a deal worth around $1 billion

•    Share prices of Dollar Thrifty Automotive Group, Inc. (NYSE:DTG) slipped 9.32% to close at $72.43 after the fourth-largest US car rental operator raised concerns that Avis Budget (NASDAQ:CAR) might stop its bid for the company

•    Technology giant Hewlett-Packard (NYSE:HPQ) announced the exit of two of its senior executives. Following this development, shares rose marginally to close at $34.73

•    Intel Corporation (NASDAQ:INTC) announced a partnership with Entropic Communications (NASDAQ:ENTR) which will allow the company to develop an advanced video gateway

•    RBC Capital initiated coverage on shares of Morgan Stanley (NYSE:MS) with an "Underperform" rating and a target price of $24.00

•    UBS AG (NYSE:UBS) upgraded Ferrellgas Partners L.P. (NYSE:FGP) to “Neutral” rating from “Sell” rating with a target price of $22.00, down from $24.00

•    Keybanc upgraded Kaydon Corporation (NYSE:KDN) to “Buy” rating from “Hold” rating with a target price of $40.00

•    Analysts at BMO Capital Markets upgraded The Fresh Market Inc (NYSE:TFM) to “Market perform” rating from “Underperform” rating

•    Canaccord Genuity upgraded Petroleum Development Corporation (NASDAQ:PETD) to “Buy” rating from “Hold” rating with a target price of $41.00

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