Midday movers: Morgan Stanley, GE, Intel

Stocks are lower as earnings reports and economic data do little to spur the markets.

By MSN Money Partner Jan 18, 2013 2:04PM
Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Shares of Intel (INTC), Apple (AAPL), and Facebook (FB) were all trading lower at midday, weighing on the Nasdaq, while the Dow and S&P sat a bit below the flat-line after both averages touched five-year highs during Thursday's trading. 

Intel dropped 6.5% at midday after the company reported earnings Thursday night that were generally in-line with Wall Street estimates, though investor concerns over slowing sales and continued capital spending spurred a sell-off of shares.

General Electric (GE) reported earnings that were just above Wall Street estimates and a record equipment and services backlog of $210 billion to end the year, sending shares up almost 3% at midday.

Morgan Stanley (MS) also reported earnings that beat consensus estimates, and the company said expenses could decline by about $1.6 billion through 2014. Shares of Morgan Stanley were leading the financial sector at midday, up over 7.5%.

Among the notable gainers was Life Technologies (LIFE), up about 10.6% as a number analysts said a takeover or leveraged buyout could be in the works for the company following a media report indicating talks are ongoing. 

Also higher were shares of NuPathe (PATH), up 8.2% after the company's migraine treatment Zecuity received FDA approval, and State Street (STT), up 5.9% after the company reported earnings that beat estimates and announced the elimination of 630 jobs worldwide. 

Among noteworthy losers were shares of Capital One Financial (COF), down 8.3% after Janney Capital downgraded shares to Neutral citing last night's disappointing Q4 results, and Finisar (FNSR), down 7.4% following a downgrade to Underperform at Jefferies. 
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