Midday movers: Netflix, Coach, MetLife

Stocks are higher as investors appear to be more cheered by corporate earnings reports than they are disappointed by global manufacturing data.

By MSN Money Partner Apr 23, 2013 1:27PM
Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Dow member Travelers (TRV) advanced 2% after reporting better-than-expected earnings and raising its dividend. 

Fellow insurance giant MetLife (MET) announced the first increase to its common dividend since 2007, upping it to 27.5 cents from 18.5 cents, and its shares advanced over 6% following the announcement. 

Two other Dow components reported this morning as well, though they moved in opposite directions. DuPont (DD) rose 3% after its announcement and United Technologies (UTX) slid 2% in spite of affirming its full-year forecast. 

Among the notable gainers was Caesars (CZR), which surged 30% after saying Apollo (APO) and TPG Capital plan to invest $250M each in a new joint venture, Caesars Growth Partners, which will be owned by the casino company and participating Caesars stockholders.

Also higher was Netflix (NFLX), which jumped 25% after its quarterly report prompted price target increases at Morgan Stanley, JPMorgan and other Street research firms. 

Also higher were shares of Coach (COH), which rose 11% after its quarterly report, as did several of its luxury brand peers including Ralph Lauren (RL) and Michael Kors (KORS). 

Among the noteworthy losers were Brinker (EAT), which fell 5% after its earnings beat consensus but same-store sales at its Chili's brand fell 1.1% during the quarter, and Rent-A-Center (RCII), down 4% after its revenue and earnings missed expectations.  

 
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