Midday movers: Nike, Anacor Pharma

Stocks are higher as optimism increases that an alternative bailout deal for Cyprus can be reached.

By MSN Money Partner Mar 22, 2013 1:47PM
 Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Nike (NKE) reported earnings that beat expectations and UBS, Citigroup and DA Davidson all raised their price targets on the footwear maker's shares, which rose 12% near noon.

Among the notable gainers was Anacor Pharmaceuticals (ANAC), which rose 30% after the company reported positive Phase II data for a dermatitis treatment and Wedbush raised its price target on the stock to $20 from $10. 

Also higher were shares of Micron (MU), which rose 12% after its better than expected quarterly report prompted price target increases at Jefferies, Credit Suisse and others. 

Among the noteworthy losers was TIBCO (TIBX), which fell 15% after its earnings report led to the stock being downgraded by at least three firms. 

Also lower were shares of Informatica (INFA), which slid over 5% following a downgrade at Nomura.
Tags: MUNKE
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