Benzinga Mid-Morning Market Update
Following the market opening Friday morning, the Dow traded down 0.83 percent to 13,437.05 while the NASDAQ fell 0.85 percent to 3,046.77. The S&P also fell, decreasing 0.68 percent to 1,447.45.
Equities Trading UP Riverbed Technology (NASDAQ: RVBD) traded up 11.45 percent to $23.06 after reporting an earnings beat following the market close on Thursday.
SanDisk (NASDAQ: SNDK) rose 5.88 percent to $45.38 after the company posted a big earnings beat Thursday.
Shares of Capital One Financial (NYSE: COF) were also up, rising 4.71 percent to $60.00 after an earnings beat Thursday and a subsequent increase in price target from Nomura this morning.
Equities Trading DOWN Marvell Technology (NASDAQ: MRVL) fell 12.40 percent to $7.74 after its CFO resigned Thursday, leading a slew of analysts to lower their price target for the company.
Isis Pharmaceuticals (NASDAQ: ISIS) also fell, down 4.77 percent to $9.16 after the FDA voted 9 to 6 to allow the company to market its drug Kynamro. The underwhelming endorsement lead Jeffries to lower its price target on the company.
Shares of AMD (NYSE: AMD) took a hit in early trading as well, falling 8.78 percent to $2.39 after reporting a greater earnings loss than expected Thursday and providing less than reassuring guidance to investors.
Commodities In commodity news, Oil traded up 0.86 percent to $92.88, while Gold traded down 0.42 percent to $1,737.30.
Silver traded down 0.43 percent Friday morning to $32.44.
Euro Zone This morning the Euro showed little movement after the close of the first day of the EU summit. While leaders held press conferences reassuring investors that Greece would not leave the EU, their message did little to help the markets.
As a result of the summit so far, leaders have agreed to appoint a single person to oversee the banks of the EU. While some of the terms and powers of the regulator are still in contention, its still a step in the direction of stability for the Euro zone.
Economics In economic news, existing home sales were reported at 4.75 million, equal to estimates and slightly below the prior figure of 4.83 million.
Existing home sales month over month came in slightly below expectations at -1.7 percent, and drastically below the previous report of 8.1 percent.
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