Midday movers: Apple, McMoRan, Pandora

Stocks are mixed as the financials lead the Dow higher and Apple weighs on the Nasdaq.

By MSN Money Partner Dec 5, 2012 3:03PM
Image Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

A number of factors, including Facebook's (FB) upcoming inclusion in the Nasdaq 100 and reports of increased margin requirements on its stock, may have contributed to Apple's (AAPL) slide of over 4%. Conversely, strength in Bank of America (BAC), Travelers (TRV) and JP Morgan (JPM) powered the blue chip index higher.

In a bold step by its new CEO, Citigroup (C) announced it will cut about 4% of its workforce, or 11,000 jobs, with about 6,200 coming from its consumer banking unit and about 1,900 coming from the institutional clients group, which includes investment banking. Citi sees pre-tax charges of around $1 billion in Q4 due to the restructuring, but expects the cuts to save $900 million next year and slightly more after that. Citi shares jumped nearly 6% following the news. 

In a huge deal that takes Freeport McMoRan (FCX) from being a metals pure play and back to its roots as a diversified commodities producer, the company agreed to repurchase McMoRan Exploration (MMR) for $14.75 per share in cash and to acquire Plains Exploration (PXP) for $6.9 billion in cash and stock. Following the news, which was reported Tuesday night by the Financial Times, shares of Freeport plunged 13%, while McMoRan Exploration surged 82% and Plains jumped 26%.

Among the notable gainers were Cobalt International Energy (CIE), up nearly 15% after announcing a Gulf of Mexico discovery in partnership with Total (TOT), and SuperValu (SVU), up over 9% following a report that the company may be close to selling its two biggest grocery chains to a private equity firm. 

Among the noteworthy losers were Mattress Firm (MFRM), down 21%, and Pandora (P), down 17% following their quarterly reports. 
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