Mid-Day Market Update: Markets Rise, Infoblox Surges
Following the market opening Thursday, the Dow traded up 0.33 percent to 13,027.38 while the NASDAQ rose 0.56 percent to 3,008.64. The S&P also rose, increasing 0.42 percent to 1,415.90.
Retail sales were reported this morning, coming at 1.6 percent, below the expected 3.5 percent. This sent the XRT, the retail ETF, down following the market opening.
Equities Trading Up
Infoblox (NYSE: BLOX) shot up 34.62 percent to $18.78 following the market opening after the company posted earnings.
Shares of Semtech (NASDAQ: SMTC) were also up, gaining 13.08 percent to $28.18 following an earnings beat after the close Wednesday and some upbeat guidance.
Pandora (NYSE: P) traded up 9.29 percent to $8.94 on a bullish note from Albert Fried and the House hearing on HR6480.
Equities Trading Down
The Fresh Market (NASDAQ: TFM) dropped into the negatives, trading down 0.44 percent at $52.55 following a sizable spike upwards at the open. The drop could be attributed to a drop in price target at Goldman Sachs.
Mellanox Technologies (NASDAQ: MLNX) was also down, falling 2.33 percent to $74.45 despite Barclays coming out in defense of the company Wednesday.
Shares of Kohl's (NYSE: KSS) traded down 8.66 percent to $46.72 following a report that its November comps were down 5.6 percent.
In commodity news, oil traded up 2.25 percent to $88.44, while gold traded up 1.36 percent to $1,739.80.
Silver traded up 0.58 percent Thursday to $34.26.
In Europe this morning, German unemployment increased by 5,000 in November, well below the expected increase of 15,000, but was still seen as a bad sign as this is the eighth consecutive month of unemployment increases.
European markets rose this morning, riding a wave of confidence from positive comments out of Washington yesterday.
Economics In economic news, GDP came in at 2.7 percent, just below the expected 2.8 percent, but above the previous report of 2.0 percent, while the GDP price index came in at 2.7 percent, below the expected 2.8 percent and the prior release of 2.9 percent.
Initial jobless claims were also reported, coming in at 393 thousand, slightly above the 390 thousand expected, but below the prior report of 410 thousand.
Continuing claims came in at 3.28 million, below the projected 3.325 million and the previous release of 3.337 million.
Pending home sales came in at 18.0 percent, far above the projected 8.9 percent and the prior release of 8.5 percent.
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