Midday movers: Apple, Netflix

Stocks manage to withstand a disappointment from the biggest name in technology on the strength of some other encouraging earnings reports.

By MSN Money Partner Jan 24, 2013 2:28PM

Information provided by Theflyonthewall.com

The averages began the session mixed, with the Dow and S&P slightly higher and the Nasdaq deep in negative territory. As the morning progressed, the Dow and S&P added to their gains and the Nasdaq moved off its opening lows but was unable to cross over into positive territory.

The world's most valuable company, Apple (AAPL), saw a fair amount of its market cap evaporate after the company's quarterly report disappointed investors.

Despite earnings that beat consensus, Apple's revenue and iPhone sales fell short of expectations and the company said on its conference call that it is changing its approach to guidance, admitting it had been intentionally conservative in the past.

Both Jefferies and Scotia Capital downgraded the shares, which declined 10.5% in midday trading. Netflix (NFLX) was upgraded by at least five firms after its earnings, subscriber additions and guidance all impressed. Shares were up nearly 38% near noon following its report.

Among other large cap companies reporting results, Western Digital (WDC), SanDisk (SNDK) and Bristol-Myers (BMY) advanced, while Altera (ALTR), Lockheed Martin (LMT) and Raytheon (RTN) declined.

Among the notable gainers were Travelzoo (TZOO), up 25%, and Swift Transportation (SWFT), also up 25% after both beat earnings expectations. Also higher were shares of Embraer (ERJ), which rose almost 10% after Republic Airways (RJET) agreed to purchase 47 new aircraft from the company.

Among the noteworthy losers were Diebold (DBD), down about 9%, McCormick (MKC), down 8%, and Logitech (LOGI), down 8% after their quarterly reports.

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