Midday movers: IBM, Intel, Dell, eBay

Stocks are were higher, with both the Dow and S&P 500 setting new records following earnings reports from 5 of the Dow's 30 members.

By MSN Money Partner Jul 18, 2013 1:55PM
Corbis, SuperStockInformation provided by Theflyonthewall.com


Among the five Dow components to report quarterly results last night or this morning, UnitedHealth (UNH) and IBM (IBM) were the advancers and Verizon (VZ), American Express (AXP) and Intel (INTC) were the decliners.

Dell (DELL) adjourned its special meeting of stockholders and rescheduled to July 24 to provide more time to solicit proxies from stockholders. No vote was taken on the $13.65 per share buyout offer proposed by founder Michael Dell and private equity firm Silver Lake. Investors, possibly believing the postponement means a higher offer might be coming, sent Dell shares up over 2% following the news.

Morgan Stanley (MS) became the latest big bank to beat expectations and also reported that the Fed has given it approval to repurchase up to $500M of its stock, which rose nearly 5% in midday trade. 

Among the notable gainers following their earnings reports were SuperValu (SVU), up 18%, Overstock.com (OSTK), up 22%, and Johnson Controls (JCI), up 6%. 

Among the noteworthy losers after earnings were eBay (EBAY), down 6%, Ultratech (UTEK), down 10%, Fairchild Semiconductor (FCS), down 9%, and Sherwin-Williams (SHW), down over 7%.
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