Midday movers: Comverse, SourceFire
Stocks are sharply higher amid positive readings from two separate jobs reports.
Among the automakers issuing their October reports, Chrysler (FIATY) said U.S. sales rose 10%, General Motors' (GM) sales grew 4.7% and Ford's (F) sales increased fractionally.
Also, Ford appointed Mark Fields, president of its Americas unit, as Chief Operating Officer, setting him up to succeed CEO Alan Mulally, who will retire no sooner than the end of 2014.
Among the notable gainers were JDA Software (JDAS), up 17% after agreeing to be taken over by New Mountain Capital for $45 per share, and SourceFire (FIRE), up 12% following its quarterly earnings and full year guidance, which both beat analysts' expectations.
Among the noteworthy losers were Comverse (CMVT), down 47% as it was downgraded to "sector perform" at RBC Capital following the company's spin-off of CNSI, and Abiomed (ABMD), down 30% after its adjusted earnings beat forecasts but it also disclosed that the U.S. Attorney's Office for the District of Columbia is conducting an investigation of the company's marketing and labeling of a drug.
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The idea of US crude being a shelter from turmoil abroad may not be as far fetched as it seems.
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