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

Information 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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