Midday movers: B of A, JP Morgan, Tempur-Pedic
The market bounces back, boosted by speculation about new easing plans and steps to help with the European debt crisis.
Bank of America (BAC), up 7%, and JP Morgan (JPM), up 3.5%, led all gainers on the Dow, joining in a broad-based rally among financial names.
Shares of UnitedHealth (UNH) rose 1.5% after the company increased its dividend and approved a 110 million share buyback program. MasterCard (MA) also announced a new $1.5 billion share repurchase program after the bell Tuesday.
Among companies reporting earnings Tuesday night and Wednesday morning, Ulta Salons (ULTA) and Hovnanian (HOV) advanced, while Bob Evans (BOBE) declined.
Among the notable market gainers Wednesday are Ancestry.com (ACOM), up over 10%, after Bloomberg reported the company is considering putting itself up for sale, and Iron Mountain (IRM), up more than 9%, following its Board of Directors' approval of a plan to convert to a Real Estate Investment Trust and its announcement of an increased dividend.
Noteworthy losers include Tempur-Pedic (TPX), down 47%, after the company sharply reduced its full-year earnings guidance and said it now expects its North American sales to drop about 8%, and Mattress Firm (MFRM), down about 17%, as it reported higher-than-expected first-quarter earnings but lower-than-expected revenue and was weighed on by Tempur-Pedic's warning, as were other mattress retailers like Select Comfort (SCSS) and Sealy (ZZ).
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Investors should note whether this phrase gets dropped from the Federal Reserve's policy statement after its September meeting.
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