Midday movers: Wal-Mart, Cisco, Tesla

Stocks are virtually unchanged following a deluge of domestic economic data this morning.

By MSN Money Partner May 16, 2013 1:48PM
Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Earnings reports from two Dow members Wal-Mart (WMT) and Cisco (CSCO), sent their shares in opposite directions. 

Cisco shares advanced 12% to lead the blue chip index after the company's results beat expectations on the top and bottom lines and prompted price target increases at several analyst firms. 

Wal-Mart, in contrast, lagged all Dow names, sliding 2% after its earnings for the just ended quarter and its view of the current quarter missed the consensus forecast.

After the closing bell Wednesday, Tesla Motors (TSLA) said it intends to raise about $830M by offering 2.7M common shares and $450M in convertible senior notes. CEO Elon Musk will buy $100M worth of the stock and debt, the company said, and its recently high-flying shares rose another 6%. 

Among the notable gainers rising following Cisco's better than expected results and commentary were Ciena (CIEN), which rose 8%, and Cavium (CAVM), which advanced 4%. 

Also higher were shares of NetApp (NTAP), which gained over 6% after Bloomberg said activist investor Elliott Management has taken a stake in the company and is pushing its board to explore ways to boost shareholder value. 

Among the noteworthy losers were Oncothyreon (ONTY), which fell 20%, and Biomarin (BMRN), down 5%, after both pharmaceutical companies, among a number of others, published data to be presented at ASCO, an annual meeting of oncologists. 

Also lower was AMD (AMD), which declined 14% following a downgrade to Sell at Goldman Sachs. 
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