J.C. Penney, Apollo big market movers

Stocks that are moving substantially or trading heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

J.C. Penney Co., down $3.04 at $37.48

Lower consumer spending and poor Easter sales caused the department store operator to lower its first-quarter profit outlook below Wall Street expectations.

KB Home, down $1.25 at $24.54

Amid falling home prices, a $223.9 million charge for write-downs caused the residential homebuilder to swing to a fiscal first-quarter loss.

Bear Stearns Cos., down 45 cents at $10.78

Chairman James Cayne dumped his entire stake in the embattled investment bank of 5.66 million shares for $61 million, or $10.84 per share.

Red Hat Inc., up 97 cents at $18.50 (RHT)

Despite costly internal investments, profit still rose 7 percent as revenue jumped 27 percent and topped Wall Street estimates.

NASDAQ

Apollo Group Inc., down $15.13 at $41.21

Marketing expenses and costs to hire enrollment counselors caused the education company's adjusted profit and sales to miss Wall Street expectations.

Finish Line Inc., up 55 cents at $4.86

The athletic shoe retailer's adjusted profit came in better than expected, helped by improved product margins, even though sales declined 10 percent.

Research in Motion Ltd., up $3.19 at $115.34

An RBC Capital Markets analyst raised his price target by $10 to $150, noting higher market share for the BlackBerry maker.

Tessera Technologies Inc., up $5.44 at $21.93

The chip designer won a crucial battle in its patent case against Motorola and other companies, after the International Trade Commission overturned a judge's order.