Midday movers: Wells Fargo, JC Penney, Best Buy

Stocks are mixed, with the Dow managing to cross back into positive ground near noon.

By MSN Money Partner Jan 11, 2013 3:20PM
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Wells Fargo's (WFC) headline results topped expectations, as its earnings per share of 91cents and $21.9 billion revenue both beat consensus. However, the bank's’ Q4 net interest margin slid 10 basis points from the prior quarter to 3.56% and its stock declined more than 1% in midday trading.

Shares of another newsmaker in the financial sector, American Express (AXP), fared a bit better, rising about 0.35%. AmEx said it plans to cut 5,400 jobs, with the largest cuts to come in its travel business. The company also said last night that cardmember spending rose 8% in Q4 and reported preliminary quarterly profit that beat Street expectations.

Among the notable gainers was Best Buy (BBY), which rose over 12% after reporting its domestic same-store sales were flat during the holiday season, but also cutting its view of free cash flow for this year. 

Also higher were shares of Infosys (INFY), up 17% after its results and guidance topped expectations, and Unwired Planet (UPIP), up 30% after the company announced a patent purchase agreement with Ericsson (ERIC) and the stock was upgraded to "outperform" at Northland. 

Shares of J.C. Penney (JCP) sank nearly 6% after UBS said the retailer's earnings outlook is deteriorating and downgraded the stock to "sell." 

Among the other noteworthy losers were ArQule (ARQL), down 15% after a Phase 2 trial for its cancer treatment failed to meet its primary endpoint, and Bazaarvoice (BV), down 11% after the Department of Justice filed an antitrust suit against the company and its stock was downgraded to Market Perform at BMO Capital. 
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