Midday movers: CBS, Chesapeake, Research In Motion
Stocks slide on disappointing jobs data at home and abroad.
A number of media companies reported better than expected results on both the top and bottom lines, including Comcast (CMCSA), Time Warner (TWX) and CBS (CBS), but only CBS saw its shares move up following its announcement.
CBS shares gained more than 3%, while Comcast fell 1.5% and Time Warner moved almost 2% lower.
Among other companies reporting earnings Wednesday, advancers included CVS Caremark (CVS), TripAdvisor (TRIP) and Amerigroup (AGP); decliners included Allergan (AGN), R.R. Donnelley (RRD) and OpenTable (OPEN).
Chesapeake (CHK) gave up all of the 8% in gains it realized yesterday and then some, falling about 13% after its earnings missed consensus and Reuters reported on new potential conflicts of interests for its CEO Aubrey McClendon.
Among the notable market gainers Wednesday were Standard Microsystems (SMSC), up 38%, on news it will be acquired by Microchip Technology (MCHP) for $37 per share in cash, and both Charming Shoppes (CHRS), up over 23%, and Ascena Retail Group (ASNA), up almost 11%, after the companies announced plans for Ascena to acquire Charming.
Among the noteworthy losers, Research In Motion (RIMM) was down almost 5%, as investors continue to react negatively to the company's new product announcements and Nokia (NOK) sued RIM and others in the U.S. and Germany on accusations of patent infringement.
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'We're not exactly in a uniformly strong market,' says the notably pessimistic newsletter publisher.
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