Midday movers: Disney, Groupon, Zipcar

Stocks are higher as positive economic data in the US and China temporarily distracts investors from fiscal cliff woes.

By MSN Money Partner Nov 9, 2012 2:32PM
Image Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Three well-known brand names were down after their companies' quarterly reports: Disney (DIS), J.C. Penney (JCP) and Groupon (GRPN). Disney was the Dow Industrial Average's worst performer, falling nearly 6%, after its earnings were in-line with consensus but revenues were lighter and Janney Capital downgraded the stock to a "neutral" rating. 

J.C. Penney shares slid about 6% as well after it reported a worse-than-expected loss and said same-store sales dropped 26.1%, making for its third straight quarter of losses and double-digit sales declines. 

Groupon's stock was hardest hit, plunging 27% in midday trading, after it was downgraded by at least four firms and price targets were lowered at several others following the company's disappointing Q3 results and Q4 guidance.

Among the notable gainers was Kayak Software (KYAK), which jumped 27% after agreeing to be acquired by Priceline.com (PCLN) in a stock and cash transaction equivalent to $40 per share of Kayak stock. Shares of Priceline advanced fractionally after the deal announcement. Advancers after their earnings reports included Zipcar (ZIP), which jumped over 21%, and Lions Gate Entertainment (LGF), which rose almost 13%. 

Among the noteworthy losers were SciClone (SCLN), down 24% after cutting its 2012 adjusted earnings view, and Strayer Education (STRA), down 16% after its full-year earnings outlook was well below consensus estimates and the company suspended its dividend.
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