Midday movers: RIM, Nike, Herbalife

Stocks are sharply lower after Republicans fail to back Speaker Boehner's "Plan B" fiscal cliff bill.

By MSN Money Partner Dec 21, 2012 2:09PM
logo Image: Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com 

Research in Motion (RIMM) jumped higher in after-market trading immediately after its report that Q3 revenue beat consensus estimates and its quarterly losses were not as steep as feared. However, shares reversed and the weakness extended into today's trading session after the company said on its conference call that it plans to introduce a lower enterprise service tier, which multiple Wall Street analysts said may cut into one of its highest margin revenue streams. 

The company also agreed to a patent deal with Nokia (NOK), under which it will make a one-off payment and pay ongoing fees to it smartphone rival. Shares of Research in Motion plunged over 18% in afternoon trading, while Nokia slid nearly 5%.

Among the notable gainers were Pinnacle Entertainment (PNK) and Ameristar Casinos (ASCA), which both rose after Pinnacle agreed to purchase its fellow casino operator for $26.50 per share, or $2.8 billion. Shares of the buyer rose over 18%, while Ameristar jumped nearly 20%. 

Also higher were shares of Nike (NKE), which rose almost 5%, and Red Hat (RHT), up nearly 4%, after their earnings reports. 

Among the noteworthy losers were Herbalife (HLF), down more than 14% as the company's public fight with Bill Ackman intensifies, and Micron (MU), down 8% following its worse-than-expected quarterly results. 
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