Market Overview

Benzinga Mid-Day Market Update

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Ocwen Financial (NYSE: OCN) got quite a boost in early trading, rallying 16.13 percent to $33.63 after it announced it would be acquiring Homeward Residential from WL Ross & Co.

Sarepta Therapeutics (NASDAQ: SRPT) surged 162.91 percent to $39.41 following the announcement that its muscular dystrophy treatment study had met its primary endpoint.

InterMune (NASDAQ: ITMN) also rose, trading up 5.42 percent to $9.33 following the Canadian approval of its lung disease treatment after the close Tuesday.

Shares of Netflix (NASDAQ: NFLX) saw a boost as well, trading up 7.73 percent to $60.83 after some encouraging comments from Whitney Tilson at the Value Investor Congress Tuesday.

Rigel Pharmaceuticals (NASDAQ: RIGL) took a hit in early trading, trading down 8.21 percent to $9.50 after announcing the pricing of its 13.685 million share public offering.

Shares of HP (NYSE: HPQ) fell to a 9 year low today following comments at an analyst conference by CEO Meg Whitman. Prices fell 7.12 percent to $15.91.

Metro PCS (NYSE: PCS) fell 8.62 percent to $12.40 following the announcement that it would be merging with T-Mobile, and take on the company's debt.

Leap Wireless (NASDAQ: LEAP) also fell, trading down 15.55 percent to $6.41 following a JP Morgan downgrade.

In economic news, MBA mortgage applications came in at 16.6 percent, far above the prior figure of 2.8 percent, while ADP employment change came in at 162 thousand, above the estimated 133 thousand, but below the prior figure of 201 thousand. The ISM services index was also reported, coming in at 55.1, above the expected 53.0 and the prior figure of 53.7.

Crude oil inventories came in at -482 thousand, far below the expected 1.5 million, but above the prior figure of -2.446 million. Distillate inventories came in at -3.689 million, well below the expected -400 thousand and the prior figure of -482 thousand. Finally, gasoline inventories came in at 114 thousand, well above the estimated -500 thousand and the previous figure of -481 thousand.

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