Midday movers: Best Buy, Salesforce.com

Stocks are up despite "the sequestor" at home and disappointing manufacturing data from abroad.

By MSN Money Partner Mar 1, 2013 2:20PM

Information provided by Theflyonthewall.com

The deadline for Best Buy's (BBY) founder, Richard Schulze, to make an offer to take the company private passed without a bid being made, but the company's stock managed to rise modestly following its report of better-than-expected sales and adjusted profit during the holiday quarter.

Schulze stated in a regulatory filing that he facilitated various offers that would have resulted in private equity investments into the company but the proposals were rejected and that the company now "deserves a chance to implement its own plan."

Best Buy shares jumped at the open, but moved lower during the morning, and were up about 1% near midday.

Among the notable gainers following their earnings reports were Deckers Outdoor (DECK), up 14%, and Salesforce.com (CRM), up over 7%. Also higher were shares of Sauer-Danfoss (SHS), which rose 8.5% after it announced that Danfoss would acquire the 24.4% of the common shares it does not already own for $58.50 per share in cash. Among the noteworthy losers was Atlantic Power (AT), down 29%, after its quarterly report disappointed and the company cut its dividend. Also lower after earnings reports were Foster Wheeler (FWLT), down 16%, and McDermott (MDR), down over 13%.

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