Midday movers: E-Trade, Men's Wearhouse
Stocks are higher after report shows unemployment applications fell last week to lowest level in almost two months.
E-Trade Financial (ETFC) declined after Citadel, the company's largest investor, announced it will sell its entire 9.6% stake, or 27.4 million shares. The secondary stock offering, being managed by Citigroup, is priced at $11.35. Analyst firm Keefe Bruyette lowered its rating on E-Trade to "underperform" and set a $10 price target on the shares, which slid over 6% to trade near $11 at midday.MORE ON MSN MONEY
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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.
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