Midday movers: Bank of America, Apple

Stocks are sharply lower as the Dow continues to alternate between triple digit moves upward and downward.

By MSN Money Partner Apr 17, 2013 1:13PM
 copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Bank of America (BAC) reported headline earnings that missed the consensus estimate by 2 cents, though its revenue topped analyst expectations. The bank also announced it has agreed to a settlement in principle that would dismiss more suits brought against its Countrywide unit related to residential mortgage-backed securities in exchange for a payment of $500 million. BofA shares were the Dow's worst performer, sliding over 6% near noon.

Apple's (AAPL) shares fell almost 6% to hit 52-week lows after one of the company's suppliers, Cirrus Logic (CRUS), estimated that revenue for its current quarter would be significantly below expectations. Cirrus plunged 15% following its warning. 

Among the notable gainers were Alkermes (ALKS), which rose about 15% after reporting preliminary results from a study of a drug candidate for major depressive disorder. 

Also higher were shares of Mattel (MAT), which gained 3% following the company's quarterly report. 

Among the noteworthy losers was E2open (EOPN), which fell 26% after its earnings and guidance fell well short of expectations. 

Also lower were shares of Magnum Hunter Resources (MHR), which declined 20% after the company dismissed PricewaterhouseCoopers as its accountant.  
1Comment
Apr 17, 2013 2:03PM
avatar
Bank of America is a Criminal organization that rapes ,pillages and plunders.  Robs its customers of their checking and savings accounts ! They have no respect for their middle class account holders and only assist and help their 6 digit customers ! Their arrogance as a lending institution is unparalleled in American history !  DIE BANK OF AMERICA DIE  !
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

118
118 rated 1
270
270 rated 2
472
472 rated 3
714
714 rated 4
624
624 rated 5
608
608 rated 6
623
623 rated 7
445
445 rated 8
319
319 rated 9
125
125 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
AAPLAPPLE Inc10
ATVIACTIVISION BLIZZARD Inc10
BIDUBAIDU Inc10
BMYBRISTOL-MYERS SQUIBB CO.10
CELGCELGENE CORP10
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.