Midday movers: IBM, Intel, Dean Foods

Stocks are mixed as news of surging US housing starts partially offsets disappointing earnings from 2 of tech's biggest names.

By MSN Money Partner Oct 17, 2012 1:08PM

Wall Street sign copyright Corbis, SuperStock

Information provided by Theflyonthewall.com

Lackluster reports Tuesday night from Dow components IBM (IBM) and Intel (INTC) weighed on the blue chip index, as IBM shares dropped 5% after its revenue missed expectations and Intel slid 3% after its earnings were better than expected but its revenue guidance disappointed.

Fellow Dow member Bank of America (BAC) announced results Wednesday morning and traded on either side of but generally close to the flat line after its report.

Among others reporting quarterly results, Bank of New York Mellon (BK), U.S. Bancorp (USB) and United Rentals (URI) advanced, while Abbott Labs (ABT), Textron (TXT) and Halliburton (HAL) declined.

Among the notable gainers was Cymer (CYMI), up 53% after agreeing to be acquired by ASML (ASML) in a cash-and-stock transaction. Also higher were shares of Dean Foods (DF), which rose nearly 14% after providing details on the performance of its WhiteWave unit, which the company previously announced will be spun-off.

Among the noteworthy losers were Apollo Group (APOL), down 19% as the stock was downgraded by at least three firms following its Q4 report, and Overseas Shipholding (OSG), down about 10% following cautious mentions by Dahlman Rose and Wells Fargo a day after Debtwire said the company had hired new restructuring counsel.

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