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-expect​ed 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. 
Tags: CCLWRFOSLJNJKOSUNH
< Back to Top Stocks
User Picture
Write a comment...
0Comments

MORE ON MSN MONEY

DATA PROVIDERS

Copyright © 2013 Microsoft. All rights reserved.

Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.

Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. 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 SIX Financial Information.

Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

127
127 rated 1		269
269 rated 2		463
463 rated 3		588
588 rated 4		657
657 rated 5		616
616 rated 6		645
645 rated 7		430
430 rated 8		261
261 rated 9		138
138 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
COPConocoPhillips10
NWSNews Ord Shs Class B10
YHOOYahoo! Inc10
TJXTJX Companies Inc9
AMXAmerica Movil ADR Rep 20 Ord Shs Series L9
More

LATEST POSTS

Scary story: the 2013 market looks like 1987

All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.

FIDELITY VIEWPOINTS

Fidelity Brokerage Services, Member NYSE, SIPC. (c) 2011 FMR LLC. All rights reserved

VIDEO ON MSN MONEY

ABOUT

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.