Market Insider

Midday movers: Yahoo, Cummins, TriQuint & more

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

IBM spiked after it announced it would add $15 billion to its stock buyback program.

Yahoo moved higher after Bernstein upgraded the stock to "outperform" from "market perform" with a $40-a-share price target. It said its stake in Alibaba is worth $24 a share, its stake in Japan Yahoo $7 a share, and it has $3 a share in cash.

Cummins got slammed after the maker of engines and other vehicle components reported a weaker-than-expected quarterly profit and cut its full-year outlook, due to weak demand in most of its markets, including mining.

TriQuint Semiconductor rose after activist investor Starboard asked the company to sell its mobile power amplifier business, which it said was weighing on its share price.

BP rose after the oil company said it would increase its quarterly dividend by 5.6 percent to 9.5 cents a share. The company also plans to sell $10 billion in assets before the end of 2015, with the proceeds going to shareholders.

Thomson Reuters moved higher after the global news and information company said net sales in its financial business turned positive for the first time since 2011. It also announced 3,000 job cuts.

UBS saw its shares slide after the Swiss bank warned that its earnings goals may be delayed due to the potential costs of settling legal cases.

Valero moved higher after it posted better-than-expected third-quarter profits. The Gulf Coast refiner processed more crude oil and sold more ethanol at a higher price.

Goodyear fell after it reported a 5 percent drop in quarterly revenue, which it attributed to lower sales of its tire-related chemicals in North America.

DineEquity surged after the owner of Applebee's and IHOP restaurants reported a better-than-expected adjusted quarterly profit and forecast full-year profits above street estimates.

Pfizer moved higher after the drug maker posted better-than-expected third quarter earnings, helped by cost cuts and growing sales of recently approved cancer drugs. Its biggest product, Lyrica for nerve pain, rose 10 percent to $1.14 billion.

Vertex Pharmaceuticals fell after it lowered its full- year revenue forecast and said it would cut about 370 jobs, or 15 percent, of its workforce after sales of its hepatitis-C drug plunged in the third quarter.

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—By CNBC's Rich Fisherman.

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