Midday movers: Carnival, First Solar, Ryder

Stocks rise, shrugging off the downgrade of many major global banks.

By MSN Money Partner Jun 22, 2012 1:12PM

Information provided by Theflyonthewall.com

After the close of U.S. trading Thursday, Moody's issued its widely telegraphed downgrade of 15 banks, including four firms being downgraded by one notch, 10 being downgraded by two notches and one firm, Credit Suisse (CS), being downgraded by three notches.

Notably, Morgan Stanley (MS), which had been expected to be hit with a three-notch downgrade, suffered just a two-level cut to Baa1. Citigroup (C), JPMorgan (JPM) and Barclays (BCS) also saw two-notch downgrades, while Bank of America's (BAC) long-term debt rating was only lowered one level.

Shares of Carnival (CCL, CUK) slid in spite of the company reporting quarterly earnings that beat the Street's view and raising its full year earnings guidance.

Among the notable gainers were Harvest Natural Resources (HNR), up 82%, after its subsidiary agreed to sell all of the company's interests in Venezuela for $725M, and First Solar (FSLR), up 9%, after it reached an agreement with the Los Angeles County Department of Public Works about the installation of solar modules at the Solar Ranch One photovoltaic power plant currently under construction.

Noteworthy losers included Ryder (R), down 13%, following at least three downgrades and multiple price target decreases after the company lowered its earnings guidance, and Darden Restaurants (DRI), down over 1%, after reporting earnings that matched expectations but also saying same store sales fell about 2% at its big brands during the quarter, noting particular under-performance from Red Lobster.

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