J.C. Penney, Apollo Big Market Movers

NYSE

J.C. Penney Co., down $2.58 at $37.94 (JCP)

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 $1.21 at $24.58 (KBH)

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 59 cents at $10.64 (BSC)

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.