Midday movers: Metro PCS, Chipotle

Stocks slide as Spain's Prime Minister says a bailout request is not imminent.

By MSN Money Partner Oct 2, 2012 1:40PM
Image, Wall Street sign copyright Corbis, SuperStockGeneral Motors (GM) reported its U.S. September vehicle sales rose 1.5%, Chrysler's (FIATY) sales increased 12% and Ford's (F) were fractionally lower during the month. 

New York Attorney General Eric Schneiderman filed a civil fraud suit against JPMorgan Chase (JPM) over mortgage-backed securities sold by Bear Stearns, which JPMorgan acquired in March 2008 at the behest of the government. Reports suggest that similar cases against other banks are likely to follow.

Among the notable market gainers Tuesday was Metro PCS (PCS), up over 17% after Deutsche Telekom (DTEGY) confirmed reports that it is in talks with the company about potentially creating a combined company for their U.S. businesses. 

Shares of Leap Wireless (LEAP) moved higher by nearly 13% following the news as well. 

Among the noteworthy losers Tuesday were ArQule (ARQL), down about 54% after the company discontinued a late stage trial of its non-small cell lung cancer treatment, and Chipotle Mexican Grill (CMG), down 5% after noted short-seller David Einhorn discussed the competitive challenges facing the company while speaking at an investor conference. 
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