Midday movers: Citigroup, Pandora, Maxwell

Stocks are higher as report shows employers added more jobs than expected and the unemployment rate fell last month.

By MSN Money Partner Mar 8, 2013 2:44PM
Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Following the Federal Reserve's report on its latest "stress tests," in which it said the nation's largest banks are collectively in a much stronger capital position than before the financial crisis, Citigroup (C) was a notable advancer. The bank announced that its capital plan submitted to the Fed requested a $1.2 billion common stock buyback program as well as the maintenance of its current quarterly dividend of 1cent. Citi shares rose about 2%, while shares of State Street (STT), up about 1%, and SunTrust (STI), up 2%, were also shown to be in good capital positions compared to regulatory minimum standards.

McDonald's (MCD) shares rose 1.5% after the company reported its same-store sales fell 1.5% during February, which was not as steep a decline as expected by some analysts.

Gardner Denver (GDI) announced it had agreed to be acquired by KKR (KKR) for $76 per share in cash, but shares only added about 1%, as the acquisition had been roundly telegraphed in recent media reports, with shares gaining about 5% over the last month.

Among the notable gainers was Pandora (P), which rose 16% after reporting stronger than expected fourth quarter revenues, announcing the resignation of its CEO, and receiving upgrades at Piper Jaffray and Albert Fried. Also higher were shares of Ann Inc (ANN), up over 8% after the company's Q4 report and FY13 revenue guidance beat consensus estimates. 

Among the noteworthy losers was Skullcandy (SKUL), which plummeted more than 22% after it provided disappointing guidance and its shares were downgraded by at least five firms. Also lower were shares of Maxwell (MXWL), down over 12% after the company announced it would restate results from FY11 and the first three quarters of FY12.
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