Midday movers: Tesla, JCPenney, Groupon

Stocks on Wall Street were higher at midday as the Dow and S&P look to break their 3-day losing streak.

By MSN Money Partner Aug 8, 2013 1:16PM
Wall Street sign (© Corbis/SuperStock)Information provided by Theflyonthewall.com

Shares of electric vehicle manufacturer Tesla Motors (TSLA) soared 18% after the company reported significantly better than expected second quarter results and deliveries last night. The company also said it expects to be non-GAAP profitable and generate positive cash flow from operations every quarter this year, excluding any benefit from zero emission vehicle, or ZEV, credits

J.C. Penney (JCP) shares moved up 7% in midday trading after CNBC reported that the company has initiated a search to replace interim CEO Myron Ullman. Additionally, major stakeholder Bill Ackman told the board that former CEO Allen Questrom may come back as chairman of the board, so long as he agrees with the new CEO hire, according to CNBC.

Among the notable gainers was online coupon provider Groupon (GRPN), which rose 27% after the company reported better than expected second quarter results, named its interim co-CEO as its permanent, sole chief executive, and announced a $300 million share repurchase program.

Also higher were shares of online travel company Orbitz Worldwide (OWW), which surged 39% after the company's quarterly revenue and full year revenue outlook were better than expected.

Among the noteworthy losers was Fusion-io (FIO), which fell 23% and was downgraded at Monness Crespi, Stifel, Benchmark and BofA Merrill Lynch after its disappointing quarterly report.

Also lower was Inteliquent (IQNT), which fell 20% after the company announced preliminary second quarter results and said its board is investigating the company's forecasting process and whether it needs to restate some of its prior financial statements.
0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

116
116 rated 1
265
265 rated 2
429
429 rated 3
612
612 rated 4
499
499 rated 5
525
525 rated 6
701
701 rated 7
533
533 rated 8
337
337 rated 9
131
131 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
UPLULTRA PETROLEUM Corp10
COPCONOCOPHILLIPS9
TAT&T Inc9
DVNDEVON ENERGY CORPORATION9
EOGEOG RESOURCES Inc9
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.