Midday movers: GM, Dollar General, ExactTarget

Stocks are lower, putting the Dow in jeopardy of ending its streak of winning Tuesdays after 20 straight weeks.

By MSN Money Partner Jun 4, 2013 1:32PM
 Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Some significant tech takeovers were announced, as ExactTarget (ET) agreed to be acquired by Salesforce.com (CRM) in a $2.5B transaction and IBM (IBM) said it will buy privately held SoftLayer Technologies without disclosing the terms, though the Wall Street Journal said the deal is worth about $2B. Following the announcement, ExactTarget surged over 52%, while Salesforce.com dropped 3% and IBM shares slid nearly 1%.

U.S. financial regulators made a preliminary determination that AIG (AIG), Prudential (PRU) and GE Capital (GE) should be considered "systemically important financial institutions," subjecting them to heightened scrutiny and tougher rules.

General Motors (GM) rose 2% after being picked to replace Heinz (HNZ) in the S&P 500. 

Among the notable gainers was G-III Apparel (GIII), which rose 18% after its first quarter earnings beat estimates and the company raised its full-year earnings outlook. 

Also higher were shares of Morgans Hotel Group (MHGC), which advanced over 12% after the company said it will explore its strategic alternatives. Among the noteworthy losers was Rigel Pharmaceuticals (RIGL), which fell 17% following the return of fostamatinib rights by partner AstraZeneca (AZN) after the results of clinical trials. 

Also lower were shares of Dollar General (DG), which fell over 7% after reporting first quarter results and lowering the upper end of its full-year earnings view. 
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