Midday movers: Coach, BP, Pfizer

Stocks hover near baseline as investors continue to wait on central bank statements expected later this week.

By MSN Money Partner Jul 31, 2012 12:51PM
Information provided by Theflyonthewall.com 

BP (BP) reported a steep decline in profit largely due to writedowns on the value of about $5 billion worth of assets. Among other large-cap names reporting earnings, Cummins (CMI) and Pfizer (PFE) advanced, while Archers Daniel (ADM), Ecolab (ECL), Humana (HUM) and Seagate (STX), declined.

UBS (UBS) attributed a significant loss recorded in its last quarter to the troubled Facebook (FB) IPO. The bank said it will start legal proceedings against Nasdaq OMX (NDAQ) over the stock offering. Deutsche Bank (DB) announced plans to cut about 1,900 positions, mostly outside of Germany.

Among the notable gainers were Accretive Health (AH), up 36%, after reaching a settlement deal with Minnesota's Attorney General, and Cirrus Logic (CRUS), up 22%, as both Stifel Nicolaus and Needham raised their price targets on shares following the company's higher-than-expected revenue guidance for next quarter. 

Among the noteworthy losers were Dendreon (DNDN), down 20%, amid at least three downgrades following the company's announcement of a sales force reduction, and Coach (COH), down 17%, following a downgrade at Piper Jaffray after its Q4 results. 
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