Midday movers: Sears, Pandora, First Solar

Stocks are lower at midday and the sluggish trading environment persists as investors remain on the sidelines ahead of Bernanke speech.

By MSN Money Partner Aug 30, 2012 12:54PM
Wall Street sign copyright Corbis SuperStockInformation provided by Theflyonthewall.com

DuPont (DD) agreed to sell its Performance Coatings business to Carlyle Group (CG) for $4.9 billion. Shares of the two moved in opposite directions following the announcement, with DuPont down about 0.5% and Carlyle up about 0.4%.

U.S. retailers, including Target (TGT), Macy'’s (M), Gap (GPS), Limited Brands (LTD) and Costco (COST), delivered strong comparable sales for August that were boosted by back-to-school buying.

Among the notable market gainers Thursday were Flagstone Reinsurance (FSR), up 21% after agreeing to be purchased by Validus (VR) in a cash and stock deal, and Pandora (P), up 19% after it reported a break-even Q2, surpassing estimates, and issued a better-than-expected Q3 revenue forecast. 

Among the noteworthy losers were Ciena (CIEN), down over 17% following its disappointing Q3 results and Q4 guidance, and First Solar (FSLR), down 14% after the construction manager for the huge Agua Caliente solar project said it was halting deliveries from the company because construction is ahead of schedule. 

Also lower were shares of Sears Holdings (SHLD), down about 8% after news that the company's stock will be deleted from the S&P 500 index as of the close on Sept. 4. 
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