Benzinga Mid-Day Market Update
Following the market opening Wednesday morning, the Dow was down about 0.06 percent, to 13,449.05. The NASDAQ fell about 0.72 percent, to 3,095.40, while the S&P traded down 0.33 percent, decreasing to 1,436.77.
Shares American Greetings (NYSE: AM) shot up 16.88 percent Wednesday to $16.76 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 midway through the day Wednesday, rising 3.79 percent to $6.85 following a press event yesterday that peaked investors' interest.
Peregrine Pharmaceuticals (NASDAQ: PPHM) consolidated its rally, trading up 1.75 percent to $1.73.
Nokia (NYSE: NOK) took a hit in early trading, falling 3.52 percent to $2.61 per share after BMO Capital Markets downgraded it to Underperform yesterday.
Jabil Circuit (NYSE: JBL) continued its falll, dropping 9.59 percent to $18.96 following a downbeat forecast.
Shares of Blyth (NYSE: BTH) took a beating, falling 17.65 percent to $26.82 following its subsidiary, ViSalus, announcing it would withdraw its IPO due to uncertain market conditions.
In economic news, new home sales came in at 373k, below the expected 380k, and slightly below the previous figure of 374k. 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.
Crude oil inventories came in at -2.446 million, well below the expected 1.9 million, and below the previous figure of 8.534 million. Gasoline inventories were also reported, coming in at -481 thousand, below the expected 500 thousand, but above the prior figure of -1.407 million. Finally, US distillate inventory was reported, coming in at -482 thousand, below the expected 500 thousand and the previous figure, -322 thousand.
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