Midday movers: GM, Knight Capital, Green Mountain

Stocks slide following the European Central Bank president's press conference.

By MSN Money Partner Aug 2, 2012 12:59PM
Information provided by Theflyonthewall.com

General Motors (GM) fell about 2% after its earnings beat consensus but its revenue disappointed. The company attributed its drop in revenue from a year ago to currency issues, specifically the strengthening of the U.S. dollar versus other major currencies. 

Among others reporting earnings, Kellogg (K), Cigna (CI) Time Warner Cable (TWC) and MetLife (MET) advanced, while Apache (APA), Cardinal Health (CAH), Spectra Energy (SE) and Williams (WMB) declined.

Knight Capital (KCG) fell another 51% after closing down 32% yesterday. The company said its trading glitch that impacted about 150 stocks yesterday morning cost it $440M in losses.

Retailers reported their July same store sales, with Gap (GPS), Macy's (M), Target (TGT) and Limited (LTD) among those reporting strong results. Abercrombie & Fitch (ANF) and Areopostale (ARO) both tumbled after their sales and earnings news was downbeat. 

Among the notable gainers Thursday are Green Mountain Coffee Roasters (GMCR), up 30%, in spite of the company saying its sales growth will moderate from "hyper-growth to a level more in-line with other successful growth businesses," and First Solar (FSLR), up 28%, following at least three upgrades after its "beat and raise" quarter. 

Among the noteworthy losers are Bristol-Myers (BMY), down over 7%, after the company halted a study of a hepatitis C drug and one of its executives was charged with insider trading, and MGIC Investment (MTG), down 56%, after reporting a significantly worse than expected quarterly loss. 
1Comment
Aug 2, 2012 1:25PM
avatar

"Draghi Doesn't Back Up The Talk"

 

"The president of the European Central Bank doesn't deliver on his promises to keep the euro ‘irreversible'

 

Did anyone really believe that Draghi was going to do what he promised?  But of course when he announced his "pledge" the market "soared" over 200 points but now he isn't going to go thru with his promise....shouldn't the market go down by the same amount?  This is the major issue I have with this manipulated false market.  It goes way up on any shred of positive news but hardly goes down at all on major negative news like a horrible housing report, bad jobs report, company layoffs, inflation etc.  All of which points to a manipulated market.

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