Midday Movers: MCD, JNJ, PG & More
Take a look at some of Wednesday's midday movers:
All 10 S&P 500 large-cap sectors were lower at midday. Defensive sectors were hardest hit including utilities and consumer staples such as tobacco stocks.
Ten-year U.S. interest rates rose amid uncertainty about how long the Fed stimulus program can continue. The economic uncertainly around the Fed tapering weighed on cyclical names such as U.S. Steel and Cliffs Natural Resources, sending those stocks lower.
Sallie Mae hit a 52-week high after the student loan lender announced a plan to split into two companies and named John Remondi CEO.
Sonus Networks traded higher after an upgrade to "buy" from "hold" at Jefferies.
And Lululemon traded higher after an UBS analyst raised her price target to $90 per share. UBS wrote that the company has moved past its "pants issue" and sees "upside opportunity in the second quarter" as Luon pants are expected back in stores.
—By CNBC's Lori Spechler
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