Midday movers: Apple, AT&T, Caterpillar

Stocks are mixed, with the post-earnings advance from Apple helping the Nasdaq stay in positive territory.

By MSN Money Partner Jul 24, 2013 1:30PM
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Apple (AAPL) shares advanced over 5% after its quarterly earnings, revenue and particularly iPhone sales beat analysts' forecasts. The reaction among Wall Street research firms was mixed, however, as BMO Capital upgraded the stock to "outperform" and Goldman raised its price target on shares, but Merrill Lynch and Stifel both took down their price targets on Apple's stock.

Boeing (BA) advanced to new highs early in the session after its earnings and revenue beat expectations, but its shares slid steadily as the morning moved on to be down a bit less than 1% near noon. 

AT&T (T) last night reported revenue that beat consensus but its earnings fell a bit short of forecasts and its shares slid about 2% in reaction. 

Another Dow component, Caterpillar (CAT), cut its full-year outlook, citing a more significant reduction in dealer machine inventory as the main reason for its worsened sales and revenues view. Sales and profit in the just-ended quarter also disappointed and Caterpillar slid about 2% following the report.

Dell (DELL) shares were volatile after Michael Dell and Silver Lake made what they called their "best and final" buyout offer. The prospective buyers raised their offer to $13.75 per share, but conditioned it on a change in the way the approval voting would be managed. Bloomberg then said Dell's special committee would likely need to see at least a $14 per share bid to be open to making the rule change the buyout group is seeking.

Among the notable gainers was Maidenform Brands (MFB), which rose more than 22% after agreeing to be acquired by HanesBrands (HBI) for $23.50 per share in cash. Hanes investors also appeared pleased with the deal, sending its stock up over 7%. 

Among the noteworthy losers Broadcom (BRCM), which fell 16% and was downgraded by at least seven different firms after the company reported mixed second quarter results and issued a worse than expected sales outlook for the third quarter. 

Also lower were shares of Sarepta Therapeutics (SRPT), which dropped over 14% after the company stated that it would apply for FDA approval of its eteplirsen drug in the first half of 2014, and Walter Energy (WLT), which declined almost 15% after the company steeply lowered its dividend. 
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