Midday movers: Hewlett-Packard, Boeing

Stocks are lower after the proposed terms of a bailout for Cyprus re-ignite fears about the financial situation in that nation and the other members of the EU.

By MSN Money Partner Mar 18, 2013 2:10PM
Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Leading the Dow with a move up of nearly 3% was Hewlett-Packard (HPQ) after the stock was upgraded to an "overweight" rating at Morgan Stanley, which cited the company's free cash flow and potential for stock buybacks and dividends. 

Boeing (BA) was among the Dow's laggards, down about 1% at midday, after rival Airbus (EADSY) announced a $24 billion order for over 200 planes from Indonesia's Lion Air, where Boeing had been the incumbent.

Among the notable gainers were Glu Mobile (GLUU), which rose 10% following an upgrade at Northland Securities, and J.C. Penney (JCP), which advanced 9% following analyst speculation that the company could investigate a REIT for some holdings and a positive response to its new Joe Fresh shops. 

Among the noteworthy losers was Incyte Corporation (INCY), which fell over 7% after disclosing that a patient in the U.K. treated with one of its drugs had developed a condition known as progressive multifocal leukoencephalopathy, or PML. 

Shares of a number of financial institutions were lower as well following the developments in Cyprus, including Morgan Stanley (MS), down nearly 3%, Barclays (BCS), down over 3%, and ING Group (ING), down over 4%. 
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