Midday movers: Discover, Tempur-Pedic

Stocks rise as hopes for more stimulus from China and a decline in US jobless claims offset some disappointing domestic data.

By MSN Money Partner Sep 27, 2012 1:26PM
Image, Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Discover (DFS) reported earnings and revenue that beat consensus and said on its conference call that it sees meaningful room to increase its dividend over time. Shares advanced, as did those of Progress Software (PRGS) which also reported better-than-expected earnings.

In contrast, McCormick (MKC) beat earnings expectations and raised its earnings guidance, but its revenue fell short of consensus and shares dropped about 2%.

Among the notable market gainers Thursday was Tempur-Pedic (TPX), up 18% after the company agreed to acquire rival Sealy Corporation (ZZ) for $2.20 per Sealy share. Sealy advanced as well, rising about 3% to $2.21 near noon. 

Among the noteworthy market losers were Peregrine Pharmaceuticals (PPHM), down 34% after disclosing that it received a notice of default from some of its lenders, and Cepheid (CPHD), down over 9% after the company lowered its Q3 revenue outlook due to supply issues.


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