Midday movers: Oracle, Darden Restaurants

Stocks are lower, with Oracle's weakness weighing on the Nasdaq and making it the worst performer of the major indices.

By MSN Money Partner Jun 21, 2013 1:36PM
copyright Corbis/SuperstocklogoInformation provided by Theflyonthewall.com

Oracle (ORCL) shares sank over 8% after its fourth-quarter earnings were in line with estimates though its revenue came in below the consensus projection. 

The company also announced that it applied to transfer its shares to the New York Stock Exchange from the Nasdaq Stock Market, which is another factor some Street analysts think could pressure the stock in the near-term. And, among the other headlines, Oracle doubled its dividend to 12 cents and authorized the repurchase of up to an additional $12B of its stock. 

Among the notable gainers was of mobile chip platform developer Spreadtrum (SPRD), which climbed 17% after announcing that Tsinghua Unigroup had offered to buy the company for $28.50 per share. 

Among the noteworthy losers was Idenix (IDIX), which plunged 28% and was downgraded by at least five firms after the FDA requested more safety data on the hepatitis C treatment the company is developing. 

Also lower were Darden Restaurants (DRI), which fell more than 3% after its earnings missed expectations and the company said it expects macroeconomic and industry conditions in its new fiscal will be similar to last year, and CarMax (KMX), which fell over 4% following its own quarterly report.  
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