Midday movers: Eli Lilly, SuperValu, Autodesk

Stocks are up despite data showing orders for capital goods other than planes declined in July.

By MSN Money Partner Aug 24, 2012 1:47PM
Information provided by Theflyonthewall.com

Eli Lilly (LLY) rose 2.6% after the company said two trials of its Alzheimer's treatment, solanezumab, failed to meet their original primary endpoints. However, the company said the drug produced a statistically significant slowing of cognitive declines among patients with mild Alzheimer's disease according to a sub-analysis of pooled data. Lilly stated that it plans to meet with the FDA to discuss next steps for the drug. Also, Credit Suisse upgraded Eli Lilly to an "outperform" rating intraday.

Among the notable gainers Friday were Aruba Networks (ARUN), up over 15%, after the company reported stronger than expected Q4 results, and Madison Square Garden (MSG), up more than 5%, following quarterly results that beat consensus on both the top and bottom line. 

Also higher were shares of SuperValu (SVU), up over 9%, after Bloomberg reported that sources say it is looking for bids for the entire company amid interest in its parts, with Cerebrus and Ahold mentioned as interested parties. 

Among the noteworthy losers were Autodesk (ADSK), down nearly 16%, as at least three firms downgraded the stock following the company's weak Q2 report and guidance, and Callaway Golf (ELY), down almost 7%, after it said it would issue 5.9 million more common shares as part of a preferred stock conversion.
Tags: LLYMSGSVU

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