Midday movers: Intel, B of A, Vivus
Stocks rise as housing starts climb more than expected.
Intel (INTC) rose nearly 4% after its Q2 earnings beat expectations, in spite of the fact that the company lowered its full-year revenue guidance, citing global economic conditions.
In contrast, Bank of America (BAC) also beat profit expectations and touted its improving capital ratios, but shares slid almost 2%.
Among other notables reporting earnings, Honeywell (HON), Stanley Black & Decker (SWK) and Wynn Resorts (WYNN) advanced, while St. Jude Medical (STJ) and United Rentals (URI) declined.
Among the notable gainers were Vivus (VVUS), up nearly 18%, following FDA approval of its weight-loss drug, and VMware (VMW), up almost 12%, after the company named EMC (EMC) COO Pat Gelsinger as its new CEO and pre-announced better than expected Q2 results.
Among the noteworthy losers were Rovi (ROVI), down over 40%, which was downgraded by at least five firms after the company lowered its outlook for Q2 and the year, and Arena Pharmaceuticals (ARNA), down more than 8%, following the approval of Vivus' Qsymia, which may compete with Arena's lead drug.
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After enjoying a smooth rise in stock prices since May, investors are about to be hit with another bout of volatility.
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