Midday Movers: MCD, JNJ, PG & More

Market Insider | What's Shaking | Stocks to Watch

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.

McDonald's was the worst performer on the Dow followed by Johnson & Johnson and Procter & Gamble.

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.

Mortgage applications dropped for a third consecutive week, weighing on homebuilders including PulteGroup, Lennar and Toll Brothers.

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.

Tyson Foods traded up to its 52-week high after China's Shuanghu International agreed to buy its competitor, Smithfield Foods for $4.7 billion in cash.

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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