Mid-Morning Market Update: Markets Lower, McGraw Hill to Sell Education Unit
Following the market opening Monday, the Dow traded down 0.57 percent to 12,936.00 while the NASDAQ fell 0.09 percent to 2,964.26. The S&P also fell, decreasing 0.47 percent to 1,402.53.
McGraw Hill (NYSE: MHP) announced it would sell its education unit to Apollo for $2.5 billion this morning, causing its share price to rise just under 2.6 percent.
Equities Trading UP
MBIA (NYSE: MBI) traded up 7.78 percent in early trading to $9.01 after the company announced the closing of a new financing agreement this morning.
Deckers Outdoor (NASDAQ: DECK) rose 6.50 percent to $35.23 following a reiteration at Wedbush Securities and an increase in price target.
Shares of Facebook (NASDAQ: FB) also saw a boost Monday, trading up 7.01 percent to $25.68 following an upgrade at BTIG and Bernstein.
Equities Trading DOWN
Aeropostale (NYSE: ARO) fell 7.54 percent to $13.36 following a downgrade on Sunday at Janney Montgomery Scott and positive comments towards its competitor Abercrombie.
Shares of Chesapeake Energy (NYSE: CHK) also fell, dropping 3.93 percent to $17.13.
Chico's (NYSE: CHS) traded down as well, falling 5.06 percent to $17.81 following a downgrade Sunday at FBR Capital.
In commodity news, oil traded down 0.71 percent to $87.57, while gold traded down -0.20 percent to $1,747.90.
Silver traded down 0.10 percent Tuesday to $34.01.
European markets fell early this morning as European finance ministers continue to meet to discuss the Greek bailout for the third straight week.
In economic news the Chicago fed national activity index came in at -0.56, below the previous figure of 0.00, while the Dallas fed manufacturing index was reported at -2.8, well below the expected 2.5 and the prior release of 1.8.
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