Midday movers: Wells Fargo, Advanced Micro Devices

Stocks slip as two big banks report a rise in earnings but fail to extend the recent rally in the financial sector.

By MSN Money Partner Oct 12, 2012 1:13PM
logoWall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

JPMorgan (JPM) and Wells Fargo (WFC) began the procession of banks reporting quarterly results and both came out with headline earnings that beat consensus. JPMorgan also beat on the revenue line, but saw its shares trade down nearly 1%. Wells, however, missed revenue expectations and its shares slid over 3%. 

Workday's (WDAY) initial public offering opened for trading at $48.05 after pricing 22.75 million shares at $28. Shares pulled back a bit to stand around $46 near noon.

Among the notable market gainers Friday was NPS Pharmaceuticals (NPSP), up 15% after the FDA posted briefing materials for an advisory committee meeting to review the company's drug being developed to treat short bowel syndrome. 

Also higher were shares of JB Hunt (JBHT), which advanced over 7% following its report of revenues that beat consensus and earnings that were a bit below expectations. 

Among the noteworthy losers were Liquidity Services (LQDT), down almost 11% following a downgrade to a Neutral rating at Bank of America Merrill Lynch and Advanced Micro Devices (AMD), down 10% after the company lowered its Q3 revenue forecast due to "weaker-than-expected demand across all product lines caused by the challenging macroeconomic environment." 
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