Midday movers: Dell, Expedia, Cree
The market keeps falling despite encouraging data on home sales and prices.
Shares of Dell (DELL) plunged $2.66, or 17.64%, to $12.42 after the company reported weaker than expected first-quarter results and guided to second-quarter revenue below consensus.
The company's commentary on the challenging economic backdrop and how consumers have moved toward mobile devices and away from traditional PCs sunk peers as well, including Hewlett-Packard (HPQ), which is due to report after the close.
Among the notable gainers Wednesday are PetSmart (PETM), up about 11%, following its "beat and raise" report, and Expedia (EXPE), up nearly 5%, after Piper Jaffray said in a note to investors that it raised it price target on shares, citing impressive growth in the number of people visiting the company's European website last month.
Noteworthy losers include Qihoo 360 (QIHU), down almost 8%, following its quarterly report and the appointment of a new co-CFO, and Cree (CREE), down another 6%, as it slid for a second straight day and a Wunderlich analyst drew parallels between Cree and troubled solar energy company First Solar (FSLR).
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The company plans to close stores and lay off employees, and says it needs to make some deeper changes.
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