Midday movers: MetroPCS, Monsanto, Sarepta

Stocks rise as ADP's estimate of private-sector hiring came in better than expected.

By MSN Money Partner Oct 3, 2012 1:36PM
Image Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

MetroPCS (PCS) shares gave back some of Tuesday's gains, falling over 8% after the expected merger deal with T-Mobile USA, a Deutsche Telekom (DTEGY) subsidiary, was approved and announced by the boards of both companies.

Hewlett-Packard (HPQ) shares slipped over 6% as CEO Meg Whitman, speaking at an analyst event, said the company's turnaround will take time.

Among companies reporting earnings, Monsanto (MON) fell nearly 2% after its fourth-quarter results missed expectations and the company lowered its guidance for the upcoming year, while Family Dollar (FDO) advanced over 3% following its in-line report.

Among the notable gainers were Ocwen Financial (OCN), up more than 14% following its acquisition of Homeward Residential from private equity firm WL Ross, and Sarepta Therapeutics (SRPT), up 160% after the company announced its treatment for a rare muscular disease achieved a significant benefit in a trial. 

Among the noteworthy losers was Leap Wireless (LEAP), down 15% after MetroPCS consummated its deal and JPMorgan downgraded Leap shares, saying a near-term acquisition of the company appears unlikely. 

Also lower was Xyratex (XRTX), down over 15% as well after its earnings and revenue significantly missed expectations.

 
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