Midday movers: Texas Instruments, First Solar, Zynga
The market rebounds on talk of more Fed stimulus, a stronger European banking union.
Texas Instruments (TXN) shares gained over 2% after the company narrowed its range of guidance for its second-quarter revenue and profits. In its mid-quarter update the company said it is seeing growth in the U.S. and Asia but declines in Japan. The company said its communications business is up strongly in the quarter though it expects its wireless business to be down sequentially.
Verizon Wireless (VZ, VOD) announced new "Share Everything" plans that allow customers to share data usage among up to 10 phones and other devices.
Among the notable gainers were A123 Systems (AONE), up 38%, as the company unveiled a new lithium ion battery technology that it expects to create new opportunities for it in the transportation and telecommunications markets, and First Solar (FSLR), up over 13%, as Reuters reported that the company has ramped up production at plants in Germany to meet a surge in demand.
Noteworthy losers included Zynga (ZNGA), down nearly 11%, as Cowen said in a note to investors that a switch away from Facebook (FB) gaming and toward mobile drove the company's social gaming daily average users down for the second consecutive month, and Navistar (NAV), down about 11% as well, after an appeals court overturned an earlier EPA ruling that was favorable for the company.
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The electronic retailer won't have much financial cushion to fund its turnaround plan, the ratings agency says.
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