Benzinga Mid-Morning Market Update
Following the market opening Wednesday morning, the Dow was up about 0.04 percent to 13,463.37. The NASDAQ fell about 0.23 percent to 3,110.51, while the S&P traded down 0.16 percent to 1,439.29.
Shares of American Greetings (NYSE: AM) shot up 17.71 percent Wednesday to $16.88 after the board of directors announced the receipt of a “going private offer” of $17.18 per share.
Research in Motion (NASDAQ: RIMM) continued its gain in early trading today, rising 1.84 percent to $6.72 following a press event yesterday that peaked investors' interest.
Peregrine Pharmaceuticals (NASDAQ: PPHM) also rallied, trading up 9.40 percent to $1.86.
Nokia (NYSE: NOK) took a hit in early trading, falling 4.07 percent to $2.59 per share after BMO Capital Markets downgraded the stock to Underperform yesterday.
Jabil Circuit (NYSE: JBL) also fell, dropping 8.54 percent to $19.18 following a downbeat forecast.
Shares of Blyth (NYSE: BTH) took a beating, falling 18.33 percent to $26.60 following its subsidiary, ViSalus, announcing it would withdraw its IPO due to uncertain market conditions.
In economic news, new home sales came in at 373,000, below the expected 380,000, and slightly below the previous estimate of 374,000. New home sales month over month also were reported, coming in at -0.3 percent, far below the expected 2.2 percent, and further below the previous figure of 3.6 percent. MBA mortgage applications came in at 2.8 percent, much higher than the prior figure of -0.2 percent.
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