Stocks were mixed near midday Wednesday after an early pop faded.
The NYSE composite climbed 0.4%, thanks in part to financials. The S&P 500 edged up 0.1%. But the Nasdaq fell 0.3%, despite a jump in Apple ( AAPL ). Turnover was tracking higher across the board, especially on the Nasdaq.
Acme Packet ( APKT ) gapped down and tumbled 7% in big volume. The stock is in a bearish head-and-shoulders pattern. Acme Packet makes session border controllers, which are devices that allow wireless and broadband services to share data. It reports second-quarter earnings after Thursday's close. Acme's profit is slated to rise 50% to 27 cents a share.
Chipotle Mexican Grill ( CMG ) has cut an earlier 3% loss by half. Late Tuesday, the fast-food chain reported Q2 earnings that missed views due to higher-than-expected food costs. Despite the miss, Wells Fargo raised shares to market perform from underperform Wednesday.
Abercrombie & Fitch ( ANF ) fell 2%, erasing the bulk of Tuesday's move. Still, the stock is near a 77.85 buy point in a cup base. Abercrombie & Fitch has an Accumulation/Distribution Rating of A, up from D+ in early June. Cowen started coverage of the teen apparel retailer at outperform, citing strong international growth potential.
On the upside, Alliance Data Systems ( ADS ) rose 2% to a brand new high in heavy trading. That puts it 5% past a 95.37 buy point in a double-bottom base. The stock cleared the double bottom July 5, but lacked volume. Alliance Data reports Q2 results before the market's open Thursday. Analysts see its earnings rising 22% to $1.68 a share.
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