The S&P 500 (INDEXSP:.INX) is up by the smallest of fractions this morning, the DOW remained flat and the NASDAQ sneaked upward. Some of the biggest stories on the market included the positive earnings reports of The Walt Disney Company (NYSE:DIS), and Shutterfly, Inc. (NASDAQ:SFLY), poorly received earnings from Expedia Inc (NASDAQ:EXPE) and C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW). One of the biggest drops on the NYSE was from Elan Corporation, plc (ADR) (NYSE:ELN), which announced the completion of a deal this morning that will see it lose rights to one of its most promising drugs.

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The Walt Disney Company (NYSE:DIS): Before the market opened this morning, Walt Disney announced earnings of 77 cents per share for the last three months of 2012. The quarter, which is the company’s first fiscal quarter, saw the company bring in revenues of $11.3 billion.

Analysts had expected Walt Disney Company to report earnings of 77 cents for this quarter on revenues totaling $11.2 billion. In the same period last year, the firm had earnings per share of 80 cents. Excluding certain items, the EPS for the first quarter was 79 cents, in line with last year’s numbers. Revenue in the last three months of 2011 came to $10.77 billion.

The in-line results and good guidance caused the market to respond well to the earnings report, The Walt Disney Company (NYSE:DIS) shares rose by more than 1% on the market this morning. The firm’s shares are up by more than 10% since the begining of 2013. As a bonus, a Disney executive confirmed the company was working on a new Star Wars film for the first time, on Tuesday evening.

Shutterfly, Inc. (NASDAQ:SFLY): With shares in Shutterfly up by almost 20% in trading today, it is no wonder investors are following the stock. The company released an earnings report this morning, which recorded earnings of $1.40 per share for the fourth quarter of 2012. The Street had expected the photo sharing service to reveal earnings of just $1.01.

Revenue for the three months that ended 2012 came in at $351.8 million. That number represents a surge of a third over last year’s revenues, which came in at $264 million. Analysts were expecting revenues to come in at $309 million. In the fourth quarter of 2011, the company announced earnings of 97 cents per share.

Shutterfly, Inc. (NASDAQ:SFLY) is one of the least talked about tech companies currently trading publicly. The firm has a market cap of near $1.5 billion and shares have risen by more than 40% in the last twelve months. The firm’s prestigious fourth quarter growth is likely to make it more widely known, and more talked about, going forward.

Expedia Inc (NASDAQ:EXPE): The online travel agency, Expedia, does not fall into the category of little known. Some hedge funds have already  gotten in on the company’s shares, but today’s performance is unlikely to please. After releasing earnings this morning, Expedia stock was originally up, but has fallen by 1.5% as trading headed into the afternoon.

This morning’s earnings per share for the fourth quarter came in at 63 cents. Revenue in the quarter was posted at $974.86 million. The company missed analysts expectations slightly. The Street had estimated that the company would record earning of 65 cents per share for the last three months. Its revenues were expected to come in at $930.69 million.

Expedia Inc (NASDAQ:EXPE) shares have risen by almost 100% in the last twelve months, much of that rise came in the first quarter of 2012 after a positive earnings report. Since the start of 2013, the company’s shares have risen by nearly 2%. Today’s earnings report hasn’t put much of a dent in the value of a company that investors expect to grow in the coming years.

C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW): A near 10% loss in value hit holders of C.H. Robinson Worldwide stock this morning after the company’s earnings report came in below the expectation of the Street. The company posted earnings of 68 cents per share for the three months, while analysts were looking for 70 cents per share.

Revenues for the period came in at $2.97 billion for the period, analysts were looking for revenues of $2.87 billion. In the last three months of 2011, C.H. Robinson Worldwide posted earnings per share of 67 cents on revenues totaling $2.6 billion. Today’s loss of value takes away from the great run the stock has been having since July last year.

In that period the stock has risen by almost 30%, up to yesterday’s close. Today’s loss reduces the gains from late last July to just 15%, eroding a huge amount of value for anybody holding onto the stock.

Elan Corporation plc (NYSE:ELN): The Irish pharmaceuticals company has lost more than 8% of its share value this morning, after it announced the completion of a deal that will see it give all rights to the drug, Tysabri, to Biogen Idec Inc. (NASDAQ:BIIB) in exchange for $3.25 billion. Shares in the purchaser were up by more than 3% on this morning’s market.

The drug, which is used in the treatment of Multiple Sclerosis, was by far the most important offering of the company, and the deal leaves Elan Corporation, plc (ADR) (NYSE:ELN) as a pharmaceuticals company with a great deal of money, but no products. According to an executive, the firm plans to use the injection of capital to seek out other opportunities in the pharmaceutical sector, particularly it’s looking at acquisitions.

Shares in Elan Corporation have fallen by more than 30% in the last twelve months. Executives, and long time investors, will hope that the firm’s attempts to reinvent itself are successful.