Midday movers: Starbucks, Tesla, Zynga

Stocks are lower after beginning the session down and moving mostly sideways during the morning hours.

By MSN Money Partner Jul 26, 2013 1:02PM
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Starbucks (SBUX) reported third quarter earnings per share and same-store sales that beat consensus estimates. Jefferies, Oppenheimer, and Goldman Sachs all raised their respective price targets on Starbucks shares, which gained nearly 7%. 

Amazon.com (AMZN), which also reported earnings last night, and shares initially sold off after the company unexpectedly reported quarterly losses. Jefferies, Oppenheimer and Cantor all made postive comments on the company's long-term prospects this morning and Amazon shares rose about 2% near noon. 

The Department of Justice announced last night that Halliburton (HAL) has agreed to plead guilty to destroying evidence in connection with the Deepwater Horizon disaster. The company then said it plans to repurchase up to $3.3B of stock in a modified “Dutch auction” tender offer and the shares rose nearly 4%.

Among the notable gainers was Activision Blizzard (ATVI), which gained 14% after agreeing to buy back the majority of Vivendi's (VIVHY) stake in its stock for $13.60 per share, or $5.8B. 

Also higher were shares of electric automaker Tesla (TSLA), which climbed more than 4% after Deutsche Bank upgraded the stock and took its price target on the shares up to $160 from $50. 

Among the noteworthy losers were shares of online travel company Expedia (EXPE), which plunged 25% after the company reported second quarter earnings that significantly trailed analysts' consensus estimates. 

Also lower was Zynga (ZNGA), which dropped 15% after reporting second quarter earnings and saying it would not pursue a license for real money gaming in the U.S.  
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