Midday movers: Microsoft, GE, SanDisk

Stocks are sharply lower after mixed quarterly reports from some of the country's largest corporations.

By MSN Money Partner Oct 19, 2012 1:38PM
Image, Wall Street sign copyright Corbis, SuperStocklogo
 
Information provided by Theflyonthewall.com

Shares of Microsoft (MSFT), General Electric (GE) and McDonald's (MCD) all fell as investors reacted to their earnings results and guidance. 

Microsoft slid 2.7% after saying its Q1 revenue was negatively impacted by a challenging PC market and weakness in Europe. 

General Electric fell 2.8% after it reported in-line earnings but light revenues and lowered its view for 2012 revenues as well. 

McDonald's said its Q3 results were hurt by tough competition in the U.S., global economic weakness and the stronger dollar, trends it sees as likely to continue in the near term. Shares fell about 3.5% near midday.

Among the notable gainers were Riverbed Technology (RVBD), up 14% following price target increases at several firms after the company reported stronger than expected Q3 results, and SanDisk (SNDK), up nearly 5% as it was upgraded to "overweight" at Piper Jaffray following its Q3 report. 

Among the noteworthy losers was AMD (AMD), down 14% following at least two downgrades after its Q3 losses were worse than expected and it announced plant to cut its workforce by 15%. 

Also lower were shares of Chipotle Mexican Grill (CMG), which plunged 14% after it missed both earnings and sales estimates, making noted short-seller David Einhorn look good again. 

(Microsoft owns and publishes Top Stocks, an MSN Money site.)
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