Midday movers: Disney, Broadsoft, Cognizant
Stocks dip after key elections in France and Greece.
The Treasury Department reduced its stake in American International Group (AIG) with the sale of $5 billion worth of AIG stock, of which AIG purchased a bit more than 65 million shares for about $2 billion.
Disney (DIS) was among the Dow's advancers after its U.S. release of "The Avengers" set box office records. Fellow Dow component Intel (INTC) was nearly flat after increasing its quarterly dividend by 7% to 22.5 cents.
Among companies reporting earnings before the bell, advancers included Louisiana Pacific (LPX), Tyson Foods (TSN) and Sysco (SYY). Decliners included Frontier Communications (FTR), BroadSoft (BSFT) and PetMed Express (PETS).
Among the notable gainers in the market by midday Monday were Vertex Pharma (VRTX), up about 47%, after reporting that interim data from a Phase 2 combination study of VX-809 and Kalydeco showed "significant" improvements in lung function in certain cystic fibrosis patients, and Insmed (INSM), up over 64%, after the FDA lifted the clinical hold on its cystic fibrosis drug, Arikace.
Noteworthy losers included Cognizant (CTSH), down almost 16%, after the company's earnings beat consensus, but it said it's seeing slower-than-expected acceleration in demand and revising its guidance to be more conservative; and Georgia Gulf Corporation (GGC), down 8%, after Westlake Chemical (WLK) withdrew its previously disclosed unsolicited proposal to acquire the company.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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