Midday movers: Intel, Pandora, S&W
Stocks struggle after a disappointing monthly jobs report.
Shares of Intel (INTC) fell 3.35% to $24.25 near noon after the company lowered its Q3 revenue outlook and withdrew all other quarterly and full year expectations. The tech bellwether sited weaker than expected demand in what it called "a challenging macroeconomic environment."
Among the notable gainers Friday were Smith & Wesson (SWHC), up 14% following the company's better than expected Q1 results and increased guidance, and Green Mountain Coffee Roasters (GMCR), up over 10% after Lazard initiated coverage on the stock with a "buy" rating and $39 price target.
Among the noteworthy losers Friday were two names that confirmed the overwhelming power of Apple (AAPL) on its suppliers and potential competitors: Audience (ADNC) plunged 68% after the company said it would not be included in the iPhone 5 and Pandora (P) slid nearly 19% after the Wall Street Journal reported Apple may offer a competing music service.
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Despite its size, the IPO will create just two new members of the 10-figure club from its executive ranks. A few others could net hundreds of millions.
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