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Midday movers: Tesla, LinkedIn, Safeway & more

Wednesday, 23 Oct 2013 | 12:11 PM ET

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

Tesla fell as BofA/Merrill Lynch questioned the company's potential for execution challenges and said the stock is overvalued. BofA/Merrill has an "underperform" rating and $45 price target on the company.

LinkedIn moved lower after the social-networking company experienced problems on its website. The company is holding its first ever mobile strategy event.

Safeway gained ground amid speculation that it is a takeover target by private equity firms, according to a Reuters report.

CR Bard rose after the medical device maker posted earnings that exceeded Wall Street expectations, thanks to better sales of surgical tools and heart related devices.

Norfolk Southern moved higher after the second-largest U.S. railroad operator posted better-than-expected third-quarter earnings due to rising shipments of steel, fracking and farm products.

Lumber Liquidators also traded higher after the company topped earnings as sales rose and costs fell. The company, which has 305 stores in North America, also raised its full-year earnings forecast.

Nasdaq OMX Group jumped after the company reported better-than-expected 2013 operating earnings due to improved revenues.

General Dynamics fell after the defense contractor reported that net income fell 8.5 percent on lower revenue.

Airgas also declined after the industrial and specialty gas supplier lowered its full-year guidance, citing in part, reduced consumer confidence due to the government shutdown.

Medtronic rose after Deutsche Bank upgraded the medical device maker to "buy" from "hold" with a $66 a share price target, citing better execution.

Exelon lost ground after Jefferies downgraded the power company to "underperform" from "hold" with a price target of $24.50 based on valuation.

AOL moved higher after BofA/Merrill Lynch began coverage of the Internet company with a "buy" rating and a price target of $47 a share.

Brinker International moved lower after the parent company of Chili's and Maggiano's missed earnings estimates by 2 cents on slightly lower revenue.

US Airways lost ground after the airline company said third quarter profit fell 12 percent.

Gilead Sciences rose after an FDA panel said the pharmaceutical company's hepatitis C drug, sofosbuvir, is safe and effective when used in combination with other therapies.

—By CNBC's Rich Fisherman.

Questions? Comments? Email us at marketinsider@cnbc.com

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Featured

  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • Sharon Epperson is CNBC's senior commodities and personal finance correspondent.

  • JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.

  • Senior Producer at CNBC's Breaking News Desk.

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