Midday Report: First Data Debuts; Stocks Rise as Citigroup Beats

Stocks were modestly higher in midday trading Thursday as investors digested a range of earnings reports from banks Citigroup (C) and Goldman Sachs (GS) to consumer names such as Netflix (NFLX). Seagate (STX) shares weighed on markets after the hard drive manufacturer lowered first-quarter sales forecasts. The company expects revenue of $2.9 billion, down from previous guidance as high as $3.1 billion. Seagate said the cause was simply weaker demand. First Data (FDC) made its market debut on the New York Stock Exchange in what marked the largest IPO of the year. The payments-processing company opened at $16.39, above its pricing of $16 a share. Garmin (GRMN) cut its full-year forecasts and issued a third-quarter warning.