Midday movers: Northrop Grumman, Aruba Networks

Stocks are higher as University of Michigan consumer confidence reading is better than expected.

By MSN Money Partner May 17, 2013 2:18PM
Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Northrop Grumman (NOC) Thursday night announced its board authorized an additional $4 billion in share repurchases, bringing the company's outstanding repurchase authorization to $5 billion, and shares of the defense contractor were up about 3.5% near midday. 

Among the notable gainers was ViaSat (VSAT), up about 15% near noon after the company's fourth quarter earnings beat expectations and at least two analyst firms raised their price target on shares. 

Also higher was Pike Electric (PIKE), up 5% after Stifel upgraded the shares to "buy" from "hold" with a $14.50 price target. 

Among noteworthy losers following their quarterly reports are Aruba Networks (ARUN), down more than 25%, and Autodesk (ADSK), down about 9% at midday. 


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