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.
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.
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John Stumpf acknowledges that growth has been slow, but he says he's still optimistic.
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