Mid-Afternoon Market Update: Markets Remain Mixed, Zynga Falls Hard
Toward the end of Tuesday, the Dow traded up 0.41 percent to 14,028.38 while the NASDAQ fell 0.11 percent to 3,188.18. The S&P also rose, increasing 0.20 percent to 1,520.25.
The SPX is displaying a tight intraday range between 1,514 and 1,518, while the DOW is showing a range of 14,022 to 13,860 and is looking near the top of its range.
The NASDAQ is showing signs of a breakout over 3,197, with support at 3,175.
The Russell is showing a stall at 914.5 after making all time highs, with support at 895.
Michael Kors Holdings (NYSE: KORS) shot up 12.19 percent to $63.95 after absolutely crushing earnings estimates this morning, beating by over 56 percent on the bottom line and over 17 percent on the top line.
Equities Trading UP
Avon Products (NYSE: AVP) rose sharply at the market opening, gaining 20.89 percent to $20.89 after the company beat solidly on the bottom line and missed slightly on the top.
Shares of Masco (NYSE: MAS) were also on the rise, trading up 11.92 percent to $19.91 after beating estimates by a huge margin on the bottom line and a strong margin on the top line. Hovanian Enterprises (NYSE: HOV) was up as well, gaining 10.77 percent to $5.92 as the homebuilder sector rose across the board this afternoon.
Equities Trading DOWN
The Valspar (NYSE: VAL) dropped 7.77 percent to $61.73 after the company missed on both top and bottom lines in its earnings report this morning.
Level 3 Communications (NYSE: LVLT) was also down, falling 14.05 percent to $21.20 after posting a much worse loss on the bottom line than analysts expected.
Shares of Zynga (NASDAQ: ZNGA) pulled back off their rally today, falling 10.76 percent to $3.28 as traders looked to take profits from its recent gain.
In commodity news, oil traded up 0.44 percent to $97.46, while gold traded up 0.14 percent to $1,650.70.
Silver traded up 0.21 percent Tuesday to $31.12.
In European markets this morning, shares were mixed as Italian stocks fell, but Spanish shares rose. The Spanish Ibex rose 0.38 percent, while the German DAX was down 0.20 percent.
In economic news Tuesday morning, NFIB small business optimism came in at 88.90, missing the expectations of 89.00, but beating the prior reading of 88.00.
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