Market Overview

Benzinga Mid-Day Market Update

Following the market opening Monday morning, the Dow was down about 0.18 percent, roughly 24.75 points. The NASDAQ fell about 0.70 percent, or 22.28 points, while the S&P traded down 0.29 percent, decreasing 4.26 points.

Shares of Rock-Tenn (NYSE: RKT) continued to rise midway through Monday, trading up 5.98 percent around $72.83 following a raised price target at Jefferies & Company from $79 to $90.

Tivo (NASDAQ: TIVO) rallied as well, rising 4.39 percent to $9.98 following the announcement that Verizon (NYSE: VZ) will pay Tivo $250.4 million as a settlement in the company's' patent infringement case.

Packaging Corp of America (NYSE: PKG) also rose Monday, up 3.41 percent to $34.90 following an upgrade at BMO Capital Markets.

Questcor Pharmaceuticals (NASDAQ: QCOR) continued its slide Monday as shares plummeted 33.42 percent to $20.06 following downgrades at Piper Jaffray, Leerink Swann, Oppenheimer and Ladenburg Thalmann.

Peregrine Pharmaceuticals (NASDAQ: PPHM) was also hammered, falling a staggering 75.54 percent to $1.32 following an announcement that it had discovered major discrepancies in its phase 2 data, and that investors should no longer rely on the study.

Vonage Holdings (NYSE: VG) also fell, dropping 5.00 percent to $2.28.

In tech news, Google (NASDAQ: GOOG) crossed above the $740 line for the first time in its history, and remained up midway through Monday.

In economic reports, the Chicago Fed National Activity Index came in at -0.87, below the -0.12 in July. At 10:30, the Dallas Fed Manufacturing survey was also release, coming in at -0.9, above the expected -2.7, and slightly better than last month's figure of -1.6.

Posted-In: News FDA Global Econ #s Economics Hot Intraday Update Markets

 

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