Midday movers: McDonald's, Qualcomm

Stocks are lower, continuing Wednesday's slide, despite hints that a reversal might be ahead.

By MSN Money Partner Nov 8, 2012 2:20PM
Image, Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

JPMorgan (JPM) shares briefly rallied but pulled back to be up just over 0.5% near midday after the company said it had been given Federal Reserve approval to buyback up to $3 billion in stock in the first quarter of 2013. 

The bank also disclosed that it had reached an "agreement in principle" to settle certain probes from the Securities and Exchange Commission.

McDonald'’s (MCD) said comparable store sales fell 1.8% in October, which was the first monthly decline in nine years, and shares fell about 1.5%.

Among the notable market gainers Thursday was Monster Worldwide (MWW), up over 16% following its stronger-than-expected earnings report and announcement of restructuring plans. 

Also higher were shares of Qualcomm (QCOM), which rose more than 6% as Deutsche Bank raised its price target on the stock to $74, citing the company's results and guidance.

 Among the noteworthy losers was Universal Display (PANL), down 18% after it lowered its FY12 revenue view, which prompted downgrades at Wedbush and Avondale but also defenses of the stock from JMP Securities and Cowen. Also declining was Babcock & Wilcox (BWC) down 11% after its earnings and revenue fell short of expectations. 
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