Midday Movers: AAPL, QCOM & More

Take a look at some of Friday's midday movers:

Apple fell after two analysts cut shipment forecasts for Apple products. UBS analyst Steve Milunovich also cutting his price target to $700 from $780. Meanwhile, Jefferies Peter Misek saying Apple has recently cut component orders to its suppliers. Qualcomm, Jabil Circuit, Cirrus Logic tumbled following the report.

Schlumberger fell after the world's largest oilfield services company said that activity in North America is weaker than anticipated. In a statement, the company said the impact of slowdown would be between 5 cents a share and 7 cents a share. Shares of Schlumberger trded in negative territory year-to-date.

GE raised its quarterly dividend by 12 percent to 19 cents a share and increased its existing share buyback program by $10 billion.

Southwest Airlines hit a fresh 52-week high after airline company announced plans for additional fees to increase revenue and also said that Superstorm Sandy cost about $15 to $20 million in operating profit.

U.S. Steel traded higher on heavier-than-average volume.

JC Penney rallied, posting its best weekly gain since January and is the best performer on the S&P 500 this week.

And Hershey hit a new record high, up nearly 20 percent year-to-date. Other all-time highs today include Salesforce.com, PPG Industries and Heinz.

(Read More: See CNBC's Market Insider Blog)

—By CNBC's Lori Spechler

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