Midday movers: Exxon, UPS, Akamai
Despite more jobless claims than expected and disappointing results from Exxon Mobil, stocks were up at midday.
Exxon Mobil (XOM) and UPS (UPS) both reported revenues and earnings that missed expectations, sending shares of both tumbling. Exxon slid almost 2% following its report, while UPS fell over 3%.
Johnson & Johnson (JNJ) increased its dividend by 7%. Reuters reported that the SEC opened an informal inquiry into Chesapeake Energy's (CHK) well participation program. The company has said it did not review or approve of specific transactions made by its CEO Aubrey McClendon under that program.
Among companies reporting earnings, advancers included Citrix Systems (CTXS), Equinix (EQIX), Xilinx (XLNX), Regeneron (REGN) and Pulte (PHM); decliners included Aetna (AET), Akamai (AKAM), Alcatel-Lucent (ALU) and MetroPCS (PCS).
Among the notable gainers in the market Thursday were SolarWinds (SWI), up 19%, after guiding to FY12 adjusted earnings that were above consensus at the midpoint, and Brinks (BCO), up over 17%, following results that beat on both the top and bottom line.
Noteworthy losers Thursday included Leap Wireless (LEAP), down 20%, following downgrades at Raymond James and Guggenheim after its weak Q1 results, and NII Holdings (NIHD), down more than 18%, after its revenues and earnings disappointed.
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Stocks drift lower and bonds are hit as investors await the Fed. Prepare for higher volatility this week.
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