Midday movers: FedEx, Kroger, Tesla

Stocks are higher as Alcoa unofficially kicks off earnings season with a better-than-expected report.

By MSN Money Partner Jul 9, 2013 1:03PM
Corbis, SuperStockAlcoa (AA), the first of the Dow Jones Industrial Average’s 30 components to report earnings, posted a 7 cents a share operating profit, making for a modest 1cent beat once special items were factored out. The company also reaffirmed its 2013 global aluminum demand growth forecast of 7%, though its shares fell nearly 1% near noon.

FedEx (FDX) shares rose over 6% amid speculation that the company could be the unidentified target of a new fund from activist investor Bill Ackman.

Kroger (KR) will expand by acquiring its smaller counterpart Harris Teeter Supermarkets (HTSI) for $2.5B, or $49.38 per share. Harris Teeter shares gained 1.5% on the news, while Kroger rose over 2% following the deal announcement. 

Among the notable gainers was Freescale Semiconductor (FSL), which advanced 11% following an upgrade at Piper Jaffray. Also higher were shares of Tesla Motors (TSLA), which rose almost 2% after Nasdaq said the electric car maker will be added to the Nasdaq 100 Index prior to the start of trading on July 15 to replace Oracle (ORCL), which is moving its listing to the New York Stock Exchange. 

Among the noteworthy losers were Ixia (XXIA), which fell 19%, and Intuitive Surgical (ISRG), down 18%, after shares of both were downgraded at multiple Wall Street firms following the companies' warnings on their respective second-quarter revenue outlooks. 
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