Midday movers: AT&T, Apple, Netflix
Better-than-expected earnings from 3 more Dow components give stocks a boost.
AT&T (T) led all Dow advancers Tuesday, rising 3.5% following its better-than-expected earnings report. Shares of United Technologies (UTX) and 3M (MMM) also rose after both reported earnings that beat consensus.
IBM (IBM) was another source of Dow strength after the company increased its dividend and share repurchase authorization. Fitch restored its credit ratings on Ford Motor (F) to investment grade for the first time since 2005.
Apple (AAPL) shares are down more than 2% ahead of Wednesday's earnings report after the close. AT&T's report of its quarterly iPhone activations added to recent weakness in that much watched stock.
Among companies reporting earnings, advancers included Carlisle (CSL), Baker Hughes (BHI), Parker Hannifin (PH) and Hershey (HSY); decliners included Waters (WAT), Lexmark (LXK) and Sanmina-SCI (SANM).
Among the notable gainers so far Tuesday are Align Technology (ALGN), up about 15%, after its earnings and guidance beat the Street's view, and Sequenom (SQNM), up more than 10%, after William Blair said in a note to investors that the company's MaterniT21 test volumes could top consensus estimates.
Noteworthy losers included Big Lots (BIG), down over 20%, following at least four downgrades after the company lowered its same-store sales view, and Netflix (NFLX), down 13%, after the company posted a quarterly loss and gave lower than anticipated domestic subscriber guidance for Q2. Also lower were shares of Corrections Corporation of America (CXW), down almost 8%, after California announced plans to overhaul its prisons and cut billions in prison spending.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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