Mid-Afternoon Market Update: Markets Lower, Monster Rallies
Going into the end of Tuesday's trading session, the Dow was down about 0.49 percent to 12,904.24 while the NASDAQ fell 0.10 percent to 2,973.87. The S&P also fell, decreasing 0.30 percent to 1,402.12.
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 8.91 percent to $13.45 after Goldman Sachs released a report rating the company Buy.
Shares of Corning (NYSE: GLW) rose 7.46 percent to $12.20 after the company announced it projects higher than expected fourth quarter sales, and a pair of firms upgraded the company.
Monster Beverage Corporation (NASDAQ: MNST) was also on the rise, gaining 8.97 percent to $49.99 after Goldman Sachs said the FDA report on the company's energy drink looked "positive."
Equities Trading DOWN
McMoRan (NYSE: MMR) regained some of its losses, remaining down 11.66 percent to $8.53 following an RBC Capital Downgrade of the company and a reiteration of an Underweight rating at J.P. Morgan.
Trina Solar Limited (NYSE: TSL) was also down, falling 5.38 percent to $2.38 following an overall hit to the solar industry.
Shares of Thor Industries (NYSE: THO) fell 11.03 percent to $38.79 following an earnings and revenue miss yesterday after the close.
In commodity news, oil traded down 0.56 percent to $87.18, while gold traded down 0.44 percent to $1,744.30.
Silver traded down 0.12 percent Tuesday to $34.01.
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.
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.
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