Midday movers: HP, Barnes & Noble, magicJack
Stocks are lower on continued uncertainty surrounding the fiscal cliff.
Hewlett-Packard (HPQ) disclosed in its 10k filing last night that the Department of Justice has begun an investigation into the company's acquisition of Autonomy, and shares of HP were down about 2% at midday.
Barnes & Noble (BKS) announced that Pearson (PSO) had signed an agreement with its NOOK unit to invest $89.5 million in cash in the unit. Barnes & Noble also said that its holiday sales results would fall short of expectations, but shares of the bookseller opened higher and were trading up over 6% near midday.
Among notable gainers was magicJack (CALL), up about 10% after naming a new CEO and saying that it expects its FY12 results to exceed expectations.
Also higher were shares of Aeterna Zentaris (AEZS), up 15% after it announced an agreement with the Food and Drug Administration regarding a Special Protocol Assessment for an upcoming phase 3 trial.
Among noteworthy losers were shares of Omeros (OMER), down over 10% after the company reported last night that a phase 3 clinical trial did not meet all endpoints, though shares were defended at Wedbush
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A sustained rally could have important implications for American and multinational companies, potentially resounding across the stock market.
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