The Dow's three worst performers near noon were IBM
), General Electric
) and McDonald's
) after all three reported earnings Thursday night or Friday morning. IBM missed expectations on the top and bottom line and the most-heavily weighted stock in the Dow slid over 7% in response. However, Citigroup attributed the Q1 miss to deal slippage and said the pullback was a buying opportunity, maintaining its $250 price target on IBM shares.
Another tech heavyweight and Dow component, Microsoft
), advanced a bit over 3% after its own quarterly report.
Nelson Peltz's Trian Fund disclosed increased stakes in PepsiCo
) and Mondelez
), spurring advances in both. Pepsi responded by acknowledging it has held talks with Trian in recent weeks and will consider the investment firm's ideas and initiatives.
Shares of Dell
) fell over 3.5%, and peer Hewlett-Packard
) slid 2%, after private equity firm Blackstone
) withdrew its takeover bid for Dell.
Among the notable gainers was Vertex Pharmaceuticals
), which rose 58% as firms around the Street upgraded or increased their price targets on its shares following new data from a trial of a cystic fibrosis drug candidate.
Among the noteworthy losers were Air Methods
), which fell 13% after warning it expects to report losses for its first quarter, and Rambus
), which slipped 11% after its quarterly report.
(Microsoft owns and publishes Top Stocks, an MSN Money site.)