Market Overview

Mid-Morning Market Update: Markets Slightly Lower, Ralcorp Deal Sends its Shares Skyward

Mid-Morning Market Update: Markets Slightly Lower, Ralcorp Deal Sends its Shares Skyward
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Following the market opening Tuesday, the Dow traded down 0.29 percent to 12,929.29 while the NASDAQ fell 0.20 percent to 2,970.93. The S&P also fell, decreasing 0.23 percent to 1,403.07.

Top Headline
Ralcorp Holdings (NYSE: RAH) saw a boost of over 26 percent this morning following news that ConAgra would acquire the company.

Equities Trading UP
Crocs (NASDAQ: CROX) traded up 7.25 percent to $13.25 after Goldman Sachs released a report rating the company at a buy.

Shares of Corning (NYSE: GLW) rose 6.83 percent to $12.13 after the company announced it projects higher than expected fourth quarter sales, and a pair of upgrades on the firm.

Generac Holdings (NYSE: GNRC) was also up, increasing 5.37 percent to $33.73 after the company withdrew its secondary offering following the close Monday.

Equities Trading DOWN
McMoRan (NYSE: MMR) plummeted 17.51 percent to $7.96 following an RBC Capital Downgrade of the company and a reiteration of an Underweight rating at J.P. Morgan.

Seagate Technology (NASDAQ: STX) fell 3.78 percent to $26.31 despite a new deal announced by its subsidiary EVault.

Shares of Fusion-io (NYSE: FIO) were also down, falling 3.48 percent to $24.11.

Commodities
In commodity news, oil traded down 0.39 percent to $87.35, while gold traded down -0.29 percent to $1,747.00.

Silver traded down 0.11 percent Tuesday to $34.03.

Eurozone
European finance ministers finally agreed on terms for the Greek bailout, sending European markets up this morning. To endorse the deal, Germany's Schaeuble said that Greece had fulfilled its obligations and had done a remarkable job reducing its debt.

Economics
In economic news, consumer confidence was reported at 73.7, above the expected 73.0 and the last release of 73.1.

The S&P Home Price Indices composite was also reported, coming in at 3.00%, slightly above the expected 2.95% and well above the prior report of 1.97%.

October durable goods orders came in at 1.5 percent, well above the expected -0.5 percent, but below the last release of 2.0 percent, while core durable goods were reported at 0.0 percent, slightly above the expectations of -0.7 percent, but well below last month's 9.8%.

Capital goods orders were also reported, coming in at 1.7 percent, above -0.5 percent and the last report 2.0 percent.

The Richmond fed manufacturing index was reported as well, coming in at 9, well above the expected -9 and the previously reported -7.

Posted-In: News Commodities Events Global Econ #s Economics Hot Intraday Update

 

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