Midday movers: WellPoint, Yelp, Caterpillar

Stocks remain virtually unchanged despite data indicating US economic growth was slightly better in the second quarter than initially estimated.

By MSN Money Partner Aug 29, 2012 12:59PM
Wall Street sign copyright Corbis SuperStockInformation provided by Theflyonthewall.com

 Shares of WellPoint (WLP) rose almost 8% as investors responded favorably to the decision of its CEO, Angela Braly, to submit to shareholder pressure and resign.

Joy Global (JOY) and other companies in the mining sector pulled back as Joy reported weaker than expected Q3 results and significantly lowered its full-year earnings-per-share guidance. In midday trading, Joy recovered from its earlier lows and was down about 0.5%, while Caterpillar (CAT) lost 1.3%, Vale (VALE) slid 4.3% and Rio Tinto (RIO) slumped 2.7%.

 Among the notable gainers Wednesday was Yelp (YELP), up 24%, with traders attributing the rally to a short squeeze after a stock selling lockup period following its IPO expired. Also higher were shares of JoS. A Bank (JOSB), up over 16%, after its earnings and revenues beat consensus expectations.  

Among the noteworthy losers were ArQule (ARQL), down 21%, following its Q2 earnings report, and Dycom (DY), down 16%, after its Q4 results missed expectations.
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