Midday movers: Delta, J.C. Penney, Fusion-io

Stocks are higher as Chinese trade data beat expectations, though skepticism about China's economic reports remains.

By MSN Money Partner May 8, 2013 2:43PM
 copyright CorbislogoInformation provided by Theflyonthewall.com

Delta (DAL) shares rose 3% after the airline initiated a quarterly dividend of 6 cents and said it plans to buy back $500 million of its stock by mid-2016.

Dow component Disney's (DIS) results beat expectations on the top and bottom line and price targets on the stock were raised at several firms, but shares slid 1% in midday trade following its quarterly report, released last night.

 J.C. Penney (JCP) released preliminary Q1 results last night, including comparable store sales that were down 16.6% and revenue of $2.64 billion, which was below expectations. Following the report, Morgan Stanley lowered its estimates and reiterated its Underweight rating on the retailer, but Maxim upgraded the shares to Hold from Sell. Investors appeared relieved by the data, sending shares up over 8% near noon.  

Among the notable gainers was Whole Foods Market (WFM), which rose 10% after the company's earnings beat expectations, it raised its full year outlook and it announced a two-for-one stock split. 

Also higher after raising its guidance and announcing some executive changes was WebMD (WBMD), which gained more than 17%. 

Among the noteworthy losers was Fusion-io (FIO), which plunged 26% after announcing the resignations of its Chief Executive Officer and Chief Marketing Officer. 

Stocks that fell following their earnings reports included Zillow (Z), down 10%, and AOL (AOL), which slid over 8%. 
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