Midday movers: BP, Wal-Mart, Target

Stocks are lower again as disappointing guidance from the world's largest retailer weighed on the Dow and sentiment in general.

By MSN Money Partner Nov 15, 2012 2:10PM
Image, Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

A number of retailers reported quarterly results last night and this morning, but none had a bigger impact on market sentiment than Wal-Mart (WMT). Wal-Mart's earnings beat consensus in the just- completed quarter, but its earnings view for the upcoming holiday quarter trailed the Street, sending shares of the Dow component down nearly 4%.

Conversely, Target (TGT) shares advanced over 2% after its current quarter earnings and its forecast for next quarter's profit beat expectations.

BP (BP) agreed to pay the largest criminal penalty in U.S. history for the Deepwater Horizon accident. The company said the aggregate amount of the settlement is about $4.5 billion, with payments scheduled over a period of six years, which is expected to result in an increase of approximately $3.85 billion to the $38.1 billion charge it took against income as of the end of September.

Among the notable market gainers Thursday was NetApp (NTAP), up almost 11% after its earnings beat expectations and shares were upgraded at Raymond James. 

Also higher after their quarterly reports were PetSmart (PETM), up over 5%, and Viacom (VIA, VIA.B), which rose more than 3%. 

Among the noteworthy losers was Tranzyme (TZYM), which plunged 75% after announcing a Phase 2b trial of a drug did not meet its primary endpoint. Also lower were shares of Diamond Foods (DMND), which saw Barclays slash its price target on shares to $12 from $25 after the company restated its results for the first three quarters of its fiscal year. Diamond Foods' stock fell 22% near midday.

 

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