Midday movers: Walgreen, IBM, Morgan Stanley
Stocks rise amidst a wealth of economic data and big-name earnings reports.
Walgreen (WAG) and Express Scripts (ESRX) both advanced after the companies reached a new, multi-year pharmacy network deal, though Walgreen's move up was more significant. Walgreen shares jumped over 10% and Express Scripts rose a bit more than 2%, while CVS (CVS), which is a peer to both and had been materially gaining from their stand-off, slumped over 5%.
IBM (IBM) rallied after its quarterly profits beat Wall Street's view and the company boosted its full-year earnings view. Among other Dow components reporting, Travelers (TRV) slid a bit lower after its earnings missed expectations and Verizon (VZ) traded down despite earnings and revenues being generally in line with consensus.
Morgan Stanley (MS) missed earnings and revenue expectations after several of its peers had recently surprised to the upside, sending its shares down 4.5%.
Initial public offerings commenced for low-cost retailer Five Below (FIVE) and pharmaceutical company Durata Therapeutics (DRTX).
Among the notable gainers were Mellanox (MLNX), up 40%, after at least five firms raised their price target on shares following the company's better than expected Q2 results and guidance, and New Oriental Education (EDU), up 27%, after the company responded to allegations made in a report by short-seller Muddy Waters.
Among the noteworthy losers were Ignite Restaurant Group (IRG), down 21%, after saying it found errors in its previous financial statements and would need to restate them, and Safeway (SWY), down over 7%, in spite of maintaining its full-year earnings view and reporting quarterly results that beat expectations.
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Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
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