Midday movers: Wells Fargo, Infosys

Stocks are lower as a US government report estimates that March retail sales declined by the most in 9 months.

By MSN Money Partner Apr 12, 2013 1:30PM
Wall Street sign copyright Corbis, SuperStock logoInformation provided by Theflyonthewall.com

JPMorgan (JPM) and Wells Fargo (WFC) were the first of the big U.S. banks to report and both posted headline earnings that beat consensus and revenues that missed expectations. Shares of JPMorgan declined fractionally, while Wells Fargo slid about 2% near noon. 

Even with today's modest decline, Wells' shares are up about 8% year-to-date and JPMorgan is up 12% so far in 2013. 

Among the notable gainers was Sinclair Broadcast (SBGI), which rose 13% after Wells Fargo increased its price target range on its shares a day after Sinclair agreed to buy Fisher Communications (FSCI) for about $373M. 

Also higher were shares of InterOil (IOC), which gained 8% after UpstreamOnline said Shell (RDS.A) is expected to partner with the company in Papua New Guinea. 

Among the noteworthy losers were Infosys (INFY), which plunged 21% after it provided lower than expected guidance, and several of its peers, including Cognizant (CTSH), which dropped 4% and Wipro (WIT), which fell nearly 6%. 
 
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