Midday movers: Dell, H-P, Qihoo
Stocks fall as investors await Federal Reserve minutes.
Information provided by Theflyonthewall.com
Dell (DELL) fell almost 7% after its earnings beat expectations but the company provided downbeat guidance.
Shares of peer and Dow component Hewlett-Packard (HPQ) were weighed on by Dell's cautious outlook and slipped 3% ahead of its own report, due out after the bell.
Among others reporting earnings, Williams-Sonoma (WSM), Chico's FAS (CHS) and Toll Brothers (TOL) advanced while Analog Devices (ADI) and Express (EXPR) declined.
Mining major BHP Billiton (BHP) decided to delay its major Olympic Dam open-pit expansion project and said it expects no major projects to be approved by FY13 as the company suffered its its first drop in annual profit in three years.
Among the notable gainers Wednesday were Sunrise Senior Living (SRZ), up 59%, after agreeing to be acquired by Health Care REIT (HCN) for $14.50 per share in cash, and Qihoo 360 (QIHU), up nearly 9%, following its earnings report and commentary about the potential of its newly launched search engine.
Among the noteworthy losers were Wet Seal (WTSLA), down 11%, after the company's revenue and guidance missed consensus but it also said its strategic oversight committee would evaluate "potential strategic initiatives," and Clearwire (CLWR), down about 8%, as RBC Capital downgraded the stock to "underperform."
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After enjoying a smooth rise in stock prices since May, investors are about to be hit with another bout of volatility.
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