Midday movers: Apple, Amazon
Stocks are down despite a higher-than-expected Q3 GDP growth.
Apple (AAPL) reported mixed quarterly results late Thursday, with earnings a bit below consensus and revenue a bit above expectations. The company reported 26.9 million iPhones sold in the quarter, up 58% compared to last year, and 14 million iPads sold, up 26% from the prior year's quarter. Shares fell immediately after the results were released but recovered prior to today's open and were down about $14.25, or 2.3% near midday.
Amazon's (AMZN) quarterly losses and revenue were worse than expected, prompting an initial sell-off similar to the one seen by Apple, but shares rose over 2.5% near midday as investors digested the report and Jefferies defended the third quarter results in a note to investors.
Among companies reporting this morning, Comcast (CMCSA), Moody's (MCO) and Arch Coal (ACI) advanced, while Goodyear Tire (GT) and LifePoint Hospitals (LPNT) declined.
Among the notable gainers were DeVry (DV), up 25% following its stronger than expected quarterly results, and Varian Medical (VAR), up 15% after being initiated with a "buy" at Brean Capital and upgraded to "buy" at Lazard Capital following the company's fourth quarter report.
Among the noteworthy losers were Constant Contact (CTCT), down 26% amid at least five downgrades following its disappointing guidance for next quarter, and VeriSign (VRSN), down 19% after being downgraded to "hold" at Stifel Nicolaus after the company said the Department of Justice is reviewing the .com Registry Agreement's pricing terms.
MORE ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
Try as the bears might, they couldn't break US stocks. But investors still face frothy prices and considerable headwinds.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.