Midday movers: Darden Restaurants, Big Lots

Stocks are mixed in a lackluster trading session, with the Dow the leader and the Nasdaq the laggard.

By MSN Money Partner Dec 4, 2012 1:56PM
Image Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Darden Restaurants (DRI), the parent company of Olive Garden, Red Lobster and LongHorn Steakhouse, warned its profit for the current quarter and the year may fall well short of analyst expectations. The company, whose shares tumbled nearly 10% after the outlook announcement, blamed failed promotions and negative press on its tests to limit rising health care costs for its under performance.

Among companies reporting quarterly results, Big Lots (BIG) advanced 9.7% while Pep Boys (PBY) declined 13.7%.

A number of U.S.-listed Chinese companies traded lower after the SEC charged the Chinese subsidiaries of the four major U.S. accounting firms with refusing to cooperate in investigations of alleged accounting fraud at Chinese companies. Shares of Sina (SINA), Youku Tudou (YOKU) and Baidu (BIDU) were among those declining following the news.

Among the notable gainers were Galena Biopharma (GALE), up almost 10% after signing a commercialization partnership for its NeuVax drug with Teva (TEVA), and Mindspeed Technologies (MSPD), up 7% after raising its Q1 revenue view. 

Among the noteworthy losers was Net 1 UEPS (UEPS), which plunged 56% after disclosing the DOJ and FBI are investigating the company for potential violations of the Foreign Corrupt Practices Act. 

Also lower were shares of Geron (GERN), down 25% after it discontinued development of a treatment for brain cancer, announced job cuts and said its CFO is leaving the company to pursue other opportunities.
1Comment
avatar
Yeah, that's what I need.  A waiter that can't afford to go to the doctor sneezing all over my food.
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