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.
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Investors are anxious to see if hiring can maintain its strong pace in the second half of the year.
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