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Take a look at some of Thursday's midday movers:
Procter and Gamble moved higher on news that hedge fund manager William Ackman had taken a new position in the company. Ackman’s Pershing Square received approval from the FTC to acquire the stake.
Yahoo's shares were a bit lower. The company declined to name a new permanent CEO at its shareholders meeting, though shareholders did approve all 11 board members. Separately it said an old file with 400,000 logins and passwords were stolen yesterday.
Merck jumped on news that a clinical trial of an experimental osteoporosis drug was halted early due to “robust efficacy”.
Hotel stocks slide
Citi says Marriott’s 6.7 percent increase in revenue per available room was underwhelming. Marriott, Starwood and Hyatt all traded down.
SAP was one of the few tech stocks higher after the business software maker reported better than expected earnings.
Infosys tumbled after the Indian IT company cut its sales forecast more than expected. The company said technology spending has been hurt by global economic uncertainty.
Supermarkets all losing ground
Kroger , Safeway , Whole Foods and Roundys all traded to the downside on news of Supervalu’s weak earnings.
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