Midday movers: Apple, Boeing, Caterpillar
Better-than-expected earnings from Apple give stocks a boost.
Apple's (AAPL) results handily beat expectations, as sales rose to $39.2 billion, earning per share grew to $12.30 and the company reported it sold 35.1 million iPhones in the second quarter.
Two Dow components reported quarterly results with opposite investor reactions, as Boeing (BA) led all Dow advancers, up almost 4% after its report, while Caterpillar (CAT) fell over 4% after its revenues missed expectations on China sales that were lower than last year.
Among other companies reporting earnings, advancers included Unisys Corporation (UIS), GNC Holdings (GNC), Corning (GLW), Edwards Lifesciences (EW) and AFLAC (AFL); decliners included Hess (HES), CH Robinson (CHRW), National Oilwell (NOV) and Owens Corning (OC).
Among the notable gainers were Cray (CRAY), up 23%, after agreeing to sell its interconnect hardware assets to Intel (INTC) for $140M, and GeoResources (GEOI), up 20%, following an agreement to be acquired by acquired by Halcon Resources (HK) for a cash and stock package valued at $37.97 per share.
Noteworthy losers included Inphi (IPHI) down 28%, which was downgraded to Neutral at Piper Jaffray citing the company's first-quarter miss and weak guidance, and Accretive Health (AH), down over 25%, after Minnesota's attorney general alleged that the company improperly posted debt collectors in hospitals.
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As the market wades through what many people hope is a sixth bull year, some have grown nervous about how long the run can go.
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