Midday movers: IBM, Google

Stocks are higher as the Dow is lifted by an advance in IBM and the Nasdaq is boosted by Google's outperformance.

By MSN Money Partner Jan 23, 2013 2:57PM
Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

IBM (IBM) advanced over 5% at midday after its earnings report and guidance exceeded expectations. 

Google (GOOG) similarly reported earnings that beat consensus and price targets on its shares were raised all over Wall Street. Google advanced over 6% following the report.

Among others reporting earnings Tuesday night and Wednesday morning, advancers included Cree (CREE), Advanced Micro Devices (AMD) and Intuitive Surgical (ISRG); decliners included Coach (COH) and Quest Diagnostics (DGX).

Among the notable gainers not moving on earnings was MAP Pharmaceuticals (MAPP), which rose 58.6% to $24.71 after agreeing to be acquired by Allergan (AGN) for $25 per share. Allergan shares fell 1.2% following the announcement. 

Also lower were shares of Molycorp (MCP), which fell about 9% after disclosing it now sees Q4 and 1H13 production substantially lower than expected.
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