Benzinga Mid-Afternoon Market Update
Towards the end of trading Friday, the Dow traded down 1.45 percent to 13,352.63 while the NASDAQ fell 2.09 percent to 3,008.68. The S&P also fell, decreasing 1.58 percent to 1,434.33.
Equities Trading UP Riverbed Technology (NASDAQ: RVBD) consolidated its gain, trading up 11.55 percent to $23.08 after reporting an earnings beat following the market close on Thursday.
ManpowerGroup (NYSE: MAN) also consolidated its rally, remaining up 9.53 percent to $39.41 after posting an earnings beat earlier Friday morning.
Orient-Express Hotels (NYSE: OEH) enjoyed some gains as well, rising 6.79 percent to $11.80 despite a downgrade at JP Morgan.
Equities Trading DOWN Marvell Technology (NASDAQ: MRVL) fell 13.93 percent to $7.60 after its CFO resigned Thursday, leading a slew of analysts to lower their price target for the company.
Shares of AMD (NYSE: AMD) continued to decline, falling 16.51 percent to $2.19 after reporting a greater earnings loss than expected Thursday and providing less than reassuring guidance to investors.
Chipotle Mexican Grill (NYSE: CMG) took a beating as well Friday, trading down 15.31 percent to $242.14 after posting an earnings miss after the close Thursday, validating David Einhorn's public short of the company.
Commodities In commodity news, oil traded down 2.15 percent to $90.12, while gold traded down 1.26 percent to $1,722.70.
Silver traded down 0.84 percent Friday to $32.03.
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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