Midday movers: McDonald's, Yahoo, DreamWorks

Stocks are higher at despite disappointing home sales data and worse than expected results from the world's largest fast food chain.

By MSN Money Partner Jul 22, 2013 1:39PM
Corbis, SuperStockInformation provided by Theflyonthewall.com

McDonald's (MCD) shares slid over 2% after the company reported slightly weaker-than-expected second- quarter results. McDonald's did not provide a very upbeat outlook, either, as the company stated that it expects to see "relatively flat" global comparable sales for July and its sales for the rest of the year are likely to remain challenged. 

Activist investor Dan Loeb of Third Point and two other directors nominated by his hedge fund are leaving Yahoo's (YHOO) board after the fund agreed to sell 40M shares back to the company, cutting its stake to below 2%. Yahoo shares fell over 3% following the announcement. 

Among the notable gainers following their earnings reports were Federal-Mogul (FDML), up 23%, PetMed Express (PETS), up 11%, and Lennox (LII), up 3%. 

Among the noteworthy losers was DreamWorks Animation (DWA), which fell 7% after the company's "Turbo" film had a worse than expected opening in its North American launch last week. 

Also lower were shares of Activision Blizzard (ATVI), which dropped 3% after The Wall Street Journal said Vivendi's (VIVHY) board is expected to discuss plans today aimed at extracting over $3B from the separately listed gaming subsidiary through a special dividend. 
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