Midday movers: Boeing, RIM, Chesapeake

Stocks are lower after a surprising report shows US GDP contracting in Q4 2012.

By MSN Money Partner Jan 30, 2013 2:52PM
 Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

Boeing (BA) led the Dow with a gain of over 1% after its better-than-expected earnings and forecast for the upcoming year reassured investors. 

The company also said 787 production continues, though 787 deliveries are suspended until the FAA gives clearance. 

Among other companies in the aerospace and defense industry also reporting this morning, L-3 Communications (LLL) and Northrop Grumman (NOC) advanced as well.

Research In Motion (RIMM), in addition to unveiling two new smartphones and its new BlackBerry 10 operating system, announced it will change its corporate name to "BlackBerry" and Nasdaq ticker to "BBRY." Investors certainly appeared to "sell the news" as shares, which had been up early in the session, slid during the launch event and were down nearly 8% near noon.

Among the notable gainers was Chesapeake Energy (CHK), which rose 6% after the company announced last night that its controversial CEO, Aubrey McClendon, would retire on April 1.

Other gainers included two companies being acquired: BioClinica (BIOC), advanced 19% after agreeing to be acquired by JLL Partners for $7.25 a share, while Copano Energy (CPNO) gained 14% after being acquired by Kinder Morgan Energy (KMP) in a unit for unit transaction. Kinder Morgan shares slid over 2% after the deal announcement. 

Among the other noteworthy losers were Meritor (MTOR), down nearly 16%, and Spansion (CODE), which fell 12% after their earnings reports.
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