Midday movers: Disney, Macy's, SodaStream
The market is down for the sixth consecutive session, its longest losing stretch of the year.
Disney (DIS) shares gained over 2% Wednesday after its earnings beat expectations, while Macy's (M) slid more than 3% in spite of earnings that also came in above consensus.
Toyota (TM) reported a surge in its fourth-quarter net income and forecast a doubling of profits in the current fiscal year, sending its stock up more than 3%.
Among the notable gainers were SodaStream (SODA), up over 26%, after it reported much stronger than expected results and boosted its 2012 guidance, and Cost Plus (CPWM), up about 22%, after agreeing to be acquired by Bed Bath & Beyond (BBBY) for $22 per share.
Also higher Wednesday were shares of MetroPCS (PCS), up about 19%, after Bloomberg reported Deutsche Telekom (DTEGY) was said to be in talks with the company on a potential T-Mobile deal. Noteworthy losers included Chiquita Brands (CQB), down 32%, after its earnings fell short of consensus and it warned that it sees 2012 continuing to be "a challenging year," and Dynavax (DVAX), down more than 22%, after pricing 17.5 million shares at $4.25 in a secondary stock offering.
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The offering could become the second-biggest this year if underwriters exercise an option to buy more shares.
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