Midday movers: Disney, Time Warner, Tesla

Stocks are lower, putting the averages on course to extend their slide into a second day.

By MSN Money Partner Aug 7, 2013 1:23PM
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Two of the biggest names in television and entertainment reported results Tuesday night and their stocks moved in opposite directions this morning. Disney's (DIS) earnings excluding certain items beat forecasts. However, its revenues missed expectations and the company said it expects to record a fourth-quarter loss of $160M to $190M on its failed "Lone Ranger" film, sending its shares down about 2% at midday. 

Twenty-First Century Fox (FOXA), which recently separated from News Corporation (NWSA), rose almost 2% in spite of adjusted earnings falling short of expectations, as its revenue beat consensus.

A federal appeals court revived Apple's (AAPL) patent claim against Google's (GOOG) Motorola unit, sending the case back to the ITC for further proceedings. 

Among the notable gainers was Time Warner (TWX), which gained 2% after its quarterly results beat expectations and the company raised its full year adjusted earnings growth forecast. 

Also higher were shares of AOL (AOL), which rose nearly 2% after its quarterly results also beat analysts' consensus and the company agreed to buy Adap.tv, a programmatic video advertising platform, for $405M in cash and stock. 

Among the noteworthy losers after its quarterly report was Ralph Lauren (RL), which slid more than 6%. Also falling about 6% was Tesla Motors (TSLA), ahead of its second-quarter report, due Wednesday night. A report also circulated that the electric carmaker may face trademark challenges as it tries to enter the Chinese market.  

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