Midday movers: Hewlett-Packard, ACADIA

Stocks are higher as initial jobless claims pulled back to fall below the 350,000 level.

By MSN Money Partner Apr 11, 2013 1:07PM
 Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Shares of a number of big-name tech companies were weaker after research firms International Data Corporation and Gartner both estimated that PC sales declined by double-digits in the first three months of the year. 

IDC estimated PC sales fell 14%, while Gartner said they'd fallen 11% from the prior year. Microsoft (MSFT), which was also downgraded by at least three firms, declined 5%, while Hewlett-Packard (HPQ) fell over 6% and Intel (INTC) slid more than 2%. 

Among the notable gainers was ACADIA Pharmaceuticals (ACAD), which surged 50% after the FDA approved its filing of a New Drug Application for a Parkinson's drug candidate and its shares were upgraded at Piper Jaffray. 

Also higher was Rite Aid (RAD), which gained 19% after its earnings and guidance beat expectations. 

Among the noteworthy losers was Fortinet (FTNT), which declined 15% after reporting weaker than expected first quarter results. Fortinet's report also weighed on several of its Internet security peers, with Sourcefire (FIRE) sliding 2% to $53 and Palo Alto (PANW) down 1%. (Microsoft owns and publishes Top Stocks, an MSN Money site.)


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