Midday movers: Cisco, News Corp, Sony
Stocks advance despite a steep decline in Cisco following its weak sales outlook.
Dow component Cisco (CSCO) reported quarterly earnings and revenue that just beat consensus views but forecast earnings in the coming quarter below the Street's expectations. The company's pessimistic view on challenges in Europe and weakness in India resonated with investors and the stock slid nearly 10%.
News Corp. (NWSA) shares gained about 5% after the company reported revenue and profit that beat expectations and it raised its stock repurchase program by $5 billion to $10 billion.
Sony (SNE) projected it will swing back to profit this fiscal year on a recovery in its consumer electronics and component businesses, giving its shares a 1% boost.
Among others reporting earnings Thursday, advancers included Monster Beverage (MNST) and InfoSpace (INSP); decliners included Priceline.com (PCLN), Kohl's (KSS), Universal Display (PANL) and Windstream (WIN).
Among the notable gainers were Tesla Motors (TSLA), up nearly 12%, after it reported quarterly sales and losses that were worse than expected but also increased the low end of its full year revenue guidance, and Keryx Biopharmaceuticals (KERX), up more than 16%, following upgrades to "buy" ratings at Ladenburg and Roth Capital, which both cited the company's Zerenex program.
Noteworthy losers included Silicon Graphics (SGI), down over 27%, after projecting losses for next quarter and for the year, and MEMC Electronic (WFR), down 20%, following its report of quarterly losses that were steeper than expected.
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Investors remain jittery as they await the central bank's policy decision and Chairman Bernanke's press conference.
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