Midday movers: Citigroup, Fossil, Bankrate

Stocks move higher as quarterly results from 3 Dow members provide hope that earnings season may not be as bad as feared.

By MSN Money Partner Oct 16, 2012 12:44PM
logoImage: Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

One day after Citigroup (C) reported stronger-than-expected third-quarter earnings, the bank's board shocked Wall Street by announcing that Chief Executive Officer Vikram Pandit had stepped down, effective immediately. 

John Havens, Citi’s President and Chief Operating Officer, also resigned. Pandit will be replaced by the current head of the European and Middle Eastern unit, Michael Corbat. 

Citigroup shares, which initially sold off, recovered and were up nearly 1% at midday. 

Among Dow members reporting earnings, Johnson & Johnson (JNJ) and UnitedHealth (UNH) both beat expectations and raised their full-year views, while Coca-Cola (KO) shares moved down fractionally after its results were roughly in line with analysts' forecasts. 

Among the notable gainers Tuesday were AU Optronics (AUO), up 9% after being upgraded to "buy" from "sell" at CLSA, and Fossil (FOSL), up 8% following an upgrade to a "buy" rating at Citigroup. 

Among the noteworthy losers was Bankrate (RATE), down 24% after the company gave weaker than expected guidance for its Q3 results. Also lower was Clearwire (CLWR), down 13% after Bloomberg said sources indicate that Sprint (S) has no immediate plans to acquire its smaller partner, as has speculated. 
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