Radar Movers: Hewlett-Packard Sinks 5%, Apple to Hit $560?

Shares of L Brands (NYSE:LTD) dropped 2.5 percent in late afternoon hours. The parent company of Victoria’s Secret reported quarterly earnings of 61 cents per share, one penny better than estimates. However, guidance for the third quarter was weaker than expected.

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Wells Fargo (NYSE:WFC) attracted attention in late afternoon trading. The country’s largest home lender is reportedly cutting 2,300 jobs in its mortgage-production unit, according to Bloomberg and people familiar with the matter. Over the past few months, higher mortgage rates have hit mortgage applications. In fact, the Mortgage Bankers Association’s refinance index has crashed 62.1 percent from its peak during the week of May 3, 2013.

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Shares of Hewlett-Packard (NYSE:HPQ) fell 5 percent in late afternoon hours. The struggling computer company quarterly earnings of 86 cents per share, inline with Wall Street’s estimates. However, revenue was a bit weaker than expected, and “challenges” in the enterprise industry will likely prevent positive year-over-year revenue growth in the upcoming fiscal year. Shares of competitor Dell (NASDAQ:DELL) were unchanged on the news.

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Despite an overall down day in the market, Apple (NASDAQ:AAPL) shares managed to edge slightly higher on Wednesday. UBS reiterated its Buy rating on the tech giant, and raised its target price from $500 to $560. The higher price comes from the firm adjusting its numbers for the possible iPhone 5C and opportunities in China.

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