Take a look at some of TKTK midday movers:
Momentum stocks continue to get hit. Netflix, Priceline, Amazon.com, Facebook, Biogen Idec, Tesla Motors, Pandora Media, and Celgene were all getting hit hard.
Momentum ETF's lost ground as well. The First Trust Dow Jones Internet, the i-shares Nasdaq Biotech and the Global X Social Media all moved to the downside.
CBS moved lower. The company just announced that Stephen Colbert will replace David Letterman as the next host of Late Night.
Ebay lost ground. The company and Carl Icahn have ended their proxy fight, with Icahn dropping his proposal that the company split off its PayPal unit and withdrawing his two nominees for the eBay board. EBay will add David Dorman as an independent director.
Automatic Data Processing moved higher after the company said it plans to separate its dealer services business into an independent publicly traded company.
Ally Financial dropped in its market debut after offering 95 million shares at $25. It's the biggest IPO of the year.
General Motors moved up a bit. It has suspended two engineers with pay in the first disciplinary action linked to its delayed recall of thousands of small cars with ignition switch problems.
Merck gained ground on news its experimental hepatitis C pill posted positive data in a clinical trial, which positions the company as a strong competitor to Gilead's potential blockbuster drug Sovaldi.
Rite Aid moved higher after posting better-than-expected quarterly earnings and forecasting 2015 earnings above street estimates.
Family Dollar fell after posting weaker-than-expected second-quarter earnings and guiding 2014 earnings below forecasts. It also said it would cut jobs, shut about 370 underperforming stores and lower prices on about 1,000 basic items.
Hewlett-Packard rose after Deutsche Bank began coverage with a buy rating and a $40 price target.
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—By CNBC's Rich Fisherman.
Questions? Comments? Email us at marketinsider@cnbc.com