Midday movers: Johnson & Johnson, A123, Dell
Stocks move lower on worse-than-expected retail sales data.
JPMorgan's (JPM) CEO Jamie Dimon testified in front of the Senate Banking, Housing and Urban Affairs Committee, saying that he expects the current quarter to be "solidly profitable" in spite of the "London Whale's" losses and that clawbacks of executive pay are likely after the bank's review of the incident.
Dimon argued that complex institutions are necessary to meet the needs of business and that there are many advantages and only some negatives to big banks.
Johnson & Johnson (JNJ) shares rose about 0.75% after JPMorgan, Jefferies and Raymond James all upgraded the stock this morning. Last night, the pharmaceutical giant confirmed it has received U.S. regulatory clearance for its proposed acquisition of Synthes and announced a new accelerated share repurchase agreement.
Dell (DELL) plans to begin paying an 8-cent-a-share quarterly dividend in Q3, Philip Morris (PM) announced a new three-year share repurchase program of $18 billion, and Prudential (PRU) authorized its own $1 billion stock buyback plan.
Among notable gainers were USEC (USU), up 30%, after its announcement of a $350 million agreement with the Department of Energy for the American Centrifuge program, and Rambus (RMBS), up 11%, after being initiated with a "buy" rating and $10 price target at Sidoti.
Noteworthy losers included Scotts Miracle Gro (SMG), down more than 7%, after warning that it expects to fall short of its previously stated earnings estimates for this year, and A123 Systems (AONE), down nearly 14%, giving up some of Tuesday's gains as a note to investors from Wunderlich Securities dampened enthusiasm about the company's new battery technology.
MORE ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Try as the bears might, they couldn't break U.S. stocks. But investors still face frothy prices and considerable headwinds.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.