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.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
As geopolitical tensions threaten to spin out of control, investors are wondering how best to position their portfolios for the global turmoil.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.