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  !
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