Afternoon Market Update (LGF, M, EA)

Lions Gate Entertainment Corp LGF announced that its shareholders rights plan also supported by 55.7% of shares, given a $7 per share offer made by billionaire investor Carl Icahn. Excluding the shares owned by Icahn or his affiliates, LGF’s plan had received the backing of 70.4% shareholders. Shares of Lions Gate have fallen by 0.15%. Department-store operator Macy's Inc M swung to a profit of $23 million in Q1, exceeding the expectations with the help of its strategy of tailoring its merchandize to local demand. Chief Financial Officer, Karen Hoguet mentioned, "My Macy's structure is making an enormous difference in our business." Shares of Electronic Arts Inc EA dropped by around 6%, after the company issued a forecast for the current quarter and FY11 that was slightly below the Wall Street expectations. According to analyst Pachter of Wedbush Morgan, the fall in EA’s share price "reflects our view that the company's credibility with investors remains poor, but we believe that once management delivers on its guidance, investors will again begin to have confidence in the company's ability to grow." Read more from Benzinga's Company news.