Midday movers: Wal-Mart, Cisco, Smith & Wesson

The Dow is down nearly 200 points after disappointing forward-looking commentary from Wal-Mart and Cisco, as well as a raft of economic data.

By MSN Money Partner Aug 15, 2013 1:01PM
copyright SuperStock, CorbisInformation provided by Theflyonthewall.com

Wal-Mart (WMT) shares slid about 2.5% after the company reported lower-than-expected second-quarter revenue and said same-store sales in the U.S. fell 0.3% during the period. Worse still, the company did not point to a near-term improvement, lowering its fiscal 2013 EPS guidance to $5.10-$5.30 from $5.20-$5.40 and cutting its forecast for net sales growth to 2%-3% from it prior view of 5%-6%.

Cisco (CSCO) reported fourth-quarter revenue and earnings that were roughly in-line with forecasts. However, during its associated conference call with analysts last night, the company announced plans to cut roughly 4,000 jobs, or about 5% of its workforce, and said it expects its revenue to increase 3%-5% year over year during the first quarter, sending its stock down 6.5% in midday trading despite numerous defenses from research firms. 

Among the notable gainers was Volterra Semiconductor (VLTR), which surged 54% after agreeing to be acquired for $23 per share by Maxim Integrated (MXIM). Maxim, meanwhile, fell nearly 2% after announcing the deal. Also rising were shares of Novavax (NVAX), which advanced nearly 9% after Lazard Capital analyst William Tanner wrote that the company's vaccine against a prevalent respiratory virus could be "one of the most underappreciated assets in the industry." 

Among the noteworthy losers was Renren (RENN), which was downgraded to "underperform" at Jefferies and fell 12% following its quarterly report. 

Also lower were shares of Smith & Wesson (SWHC), which slipped over 6% following a downgrade to Underweight at KeyBanc.  


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