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).
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. 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 Morningstar Inc.
Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
VIDEO ON MSN MONEY
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.