Midday movers: HP, Rue21, Cirrus Logic

Stocks are a bit lower this afternoon but well off their earlier lows.

By MSN Money Partner May 23, 2013 1:48PM
Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Shares of Hewlett-Packard (HPQ) gained 14% near midday after the company's first quarter earnings and full-year profit outlook beat market expectations. HP shares were upgraded to Hold from Underperform at Jefferies following the report, while Goldman said the company had a solid quarter but the firm remains cautious on the stock. 

Among the notable gainers were Rue21 (RUE), which rose nearly 23% after agreeing to be acquired by Apax Partners for $42 per share, and Lender Processing Services (LPS), which gained over 12% after The Wall Street Journal said Fidelity National (FNF) and Thomas H. Lee Partners are in talks to acquire the company for about $2.9B. 

Among the noteworthy losers was Cirrus Logic (CRUS), which tumbled more than 17% after reducing its long-term margin outlook. Also lower were shares of a number of Japanese financial stocks, including Mitsubishi UFJ (MTU), down almost 8%, and Nomura (NMR), which fell over 8%.  


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