HSBC Falls, BP Rises, Smith & Nephew Drops

Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- HSBC erased earlier gains to trade 1% lower after the British lender announced a fresh stock buyback and raised its cost-cutting target as it reported second-quarter earnings that beat estimates despite China’s crackdown on cross-border wealth flows.
- BP shares rise as much as 1.7% after the UK-based energy company put another key asset up for sale and said it will meet its debt target sooner than planned, as new Chief Executive Meg O’Neill steps up efforts to repair the balance sheet and convince investors that the company is reversing years of under-performance.
- Smith & Nephew dropped as much as 7.9% after the British medical equipment manufacturer cut its revenue-growth forecast for the fiscal year due to weaker demand for hip and knee implants in the US.

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