Midday movers: E-Trade, Men's Wearhouse

Stocks are higher after report shows unemployment applications fell last week to lowest level in almost two months.

By MSN Money Partner Mar 14, 2013 2:01PM
 Wall Street sign Corbis, SuperStockE-Trade Financial (ETFC) declined after Citadel, the company's largest investor, announced it will sell its entire 9.6% stake, or 27.4 million shares. The secondary stock offering, being managed by Citigroup, is priced at $11.35. Analyst firm Keefe Bruyette lowered its rating on E-Trade to "underperform" and set a $10 price target on the shares, which slid over 6% to trade near $11 at midday.

Among the notable gainers was Men's Wearhouse (MW), which rose 20% after reporting quarterly losses and revenues that were worse than expected, but also said it has hired Jefferies to evaluate strategic alternatives for its K&G stores. 

Also higher were shares of Sinovac Biotech (SVA), up 33% after the company reported preliminary data from a trial of its vaccine under development to fight hand, foot and mouth disease. 

Among the noteworthy losers was Vera Bradley (VRA), which slid over 8% and was downgraded at William Blair following its earnings report. 

Also lower were shares of Callidus Software (CALD), which fell 6% after the company said its CFO Ron Fior will leave the company July 3.
Tags: ETFCMW
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