Benzinga Mid-Morning Market Update
Following the market opening Wednesday, the Dow traded up 0.40 percent to 13,159.17 while the NASDAQ fell 0.34 percent to 2,977.86. The S&P also rose, increasing 0.20 percent to 1,414.71.
Top Headline Trading resumed on the NASDAQ, NYSE, and other major US exchanges Wednesday after having been suspended for 2 days by the effects of hurricane Sandy.
Benzinga is happy to see the markets open again, but wanted to stress our wish that everyone ended up safe. To those still suffering the effects of the storm -- the 8.2 million or so buildings without electricity -- we wish the best.
Equities Trading UP Warnaco Group (NYSE: WRC) shot up 39.86 percent to $71.16 after it was announced that PVH would acquire the company for $2.9 billion in cash.
Generic Holdings (NYSE: GNRC) was also on the rise, trading up 19.56 percent to $33.87 after posting a third-quarter earnings beat and significantly increased guidance this morning.
Shares UBS AG (NYSE: UBS) rose as well, increasing 13.65 percent to $14.99 after the company announced job cuts and a restructuring plan on Tuesday.
Equities Trading Down Western Union (NYSE: WU) plummeted 25.04 percent to $13.44 after a downgrade at D.A. Davidson Wednesday morning.
Riverbed Technology (NASDAQ: RVBD) also took a hit, falling 18.21 percent to $18.50 following a pair of downgrades at Jefferies & Co and Wunderlich Securities.
Shares CBRE Group (NYSE: CBG) fell as well, dropping 6.19 percent to $17.12 after posting an earnings miss Tuesday.
Commodities In commodity news, oil traded up 0.82 percent to $88.88, while gold traded up 0.48 percent to $1,720.30.
Silver traded up 0.41 percent Wednesday to $32.22.
Eurozone In the Eurozone, markets were up across the board as Greece revealed its budget. German chancellor Angela Merkel came out making some comments, saying the Euro Area could use a dynamic economy like that of Turkey's, hinting at the possibility of Turkey joining the Euro Area in the near future.
Economics In economic news, the employment cost index came in at 0.4 percent, slightly below the expected reading and previous figure of 0.5%.
MBA Mortgage Applications were reported as well, coming in at -4.8 percent, well above the prior figure of -12.0 percent.
The Chicago PMI was also reported, coming in at 49.9, below the expected 51, and slightly above the previous report of 49.7.
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