Midday movers: VeriFone, Tempur-Pedic, Talbots
Stocks are mixed despite a better-than-expected reading on consumer confidence.
VeriFone (PAY) was among the day's biggest decliners after reporting stronger-than-expected second-quarter results but providing weaker than expected third-quarter guidance.
VeriFone's rationale that its results would be hurt by the projected strength of the dollar against the euro contributed to Deutsche Bank reiterating its "sell" rating on the stock, with the firm noting that the company has previously indicated that its results were not significantly affected by foreign exchange issues.
Among the notable gainers Friday were Tempur-Pedic (TPX) and Select Comfort (SCSS), which were both up more than 5%, after a trade group reported that mattress industry sales grew by double digits in April.
Noteworthy losers included Talbots (TLB), down about 39%, after the company said it had ended exclusive acquisition talks with Sycamore Partners, and VimpelCom (VIP), down over 12%, after the company reported a Russian court issued a new injunction against it and it may defer the payment of a previously declared dividend.
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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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