Midday movers: Pfizer, BroadSoft, Chesapeake

Stocks rise and the S&P manages to take and hold the 1,400 level, at least for now.

By MSN Money Partner Aug 7, 2012 12:25PM
Information provided by Theflyonthewall.com 

Pfizer (PFE) announced that the endpoints were not met in a trial of an Alzheimer's drug being developed in partnership with Johnson & Johnson's (JNJ) Janssen unit and Elan (ELN). Pfizer shares slide about 2% and J&J declined nearly 1%, but the smaller Elan was hardest hit by the news, tumbling over 5%.

Among companies reporting earnings Monday night and Tuesday morning, Fossil (FOSL), Chesapeake Energy (CHK) and MGM Resorts (MGM) advanced, while Church & Dwight (CHD), CVS Caremark (CVS), Leap Wireless (LEAP) and McDermott (MDR) declined.

Among the notable gainers Tuesday were U.S. Home Systems (USHS), up 37%, after Home Depot (HD) agreed to acquire it for $12.50 per share in cash, and BroadSoft (BSFT), up 33%, following its better than expected Q2 results and full year guidance. 

Among the noteworthy losers were NII Holdings (NIHD), down 24%, after it unexpectedly reported a quarterly loss and slashed its full year revenue view, and Heckmann (HEK), down 21%, following at least three downgrades after its Q2 revenue came in below consensus.

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