Midday movers: P&G, Burger King, Tesla
Stocks head lower after Federal Reserve announces it will expand Operation Twist.
Procter & Gamble (PG) shares weighed on the Dow, falling over 3%, after the company lowered its earnings view again after cutting it in April. The company cited unfavorable foreign exchange rates and continued economic headwinds in the U.S. and Europe.
Burger King (BKW) shares moved higher on the company's first day of trading after it returned to being publicly listed.
Among companies reporting earnings, Jabil Circuit (JBL) advanced, while FSI International (FSII), La-Z-Boy (LZB), Adobe (ADBE) and Actuant (ATU) all declined.
Among the notable gainers were Gevo (GEVO), up 30%, following an upgrade at Cowen after a court denied Butamax's request for a preliminary injunction against the company, and Tesla Motors (TSLA), up 6%, after Goldman Sachs raised its price target on shares to $50 from $36.
Among the noteworthy losers was Liquidity Services (LQDT), down 8%, following comments made by its CEO regarding margins, though Stifel Nicolaus said investors may be misinterpreting the comments, resulting in a buying opportunity. Also lower were shares of Acme Packet (APKT), down almost 7%, after being downgraded to "hold" at Jefferies, which lowered its price target for shares to $21 from $40.
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Despite its size, the IPO will create just two new members of the 10-figure club from its executive ranks. A few others could net hundreds of millions.
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