Mid-Morning Market Update: Markets Rallying; J.C. Penney Misses Big On Earnings
Following the market opening Friday, the Dow traded up 0.07 percent to 12,819.81 while the NASDAQ rose 0.44 percent to 2,908.40. The S&P also rose, increasing 0.29 percent to 1,381.47.
Top Headline J. C. Penney took a beating in early trading after the company posted a much wider than expected quarterly loss. Following the report, retail analyst Brian Sozzi gave a live interview on the Benzinga Squawk chat room in Thinkorswim, which lead the stock to fall another 2.5 percent.
Equities Trading UP Isis Pharmaceuticals (NASDAQ: ISIS) traded up 16.43 percent to $8.93 despite Jefferies & Co reiterating its Underperform rating and an earnings miss Wednesday.
Shares of Amarin (NASDAQ: AMRN) were also on the rise, increasing 7.71 percent to $11.05 after filing a form 10-Q.
Lions Gate Entertainment (NYSE: LGF) also saw a boost, rising 12.12 percent to $16.37 following a big earnings beat after the close Thursday.
Equities Trading DOWN Groupon (NASDAQ: GRPN) took a beating in early trading, starting the day down 23.34 percent at $3.01, possibly linked to the company's earnings miss after the close Thursday.
SandRidge Energy (NYSE: SD) fell 8.00 percent to $5.61 after Stifel Nicolaus lowered its price target on the company, despite an earnings beat after the close Thursday.
Shares of Walt Disney (NYSE: DIS) also took a hit, falling 6.10 percent to $46.99 amid fears over the Lucasfilm acquisition and a miss on revenue after the close Thursday.
Commodities In commodity news, oil traded down 0.01 percent to $85.08, while gold traded up 0.59 percent to $1,740.70.
Silver traded up 0.90 percent Thursday to $32.56.
Eurozone European markets fell overnight over fears that Greece may not receive its bailout and default on its T-bills due to mature in mid-november.
As a side note, the Euro hit its two month low vs the Dollar this morning.
Economics In economic news, the import price index month over month came in at 0.5 percent, above the expected 0 percent, but below the prior figure of 1.1 percent.
The Michigan consumer sentiment index came in at 84.9, above the expected 82.9 and the previous report of 82.6.
Wholesale inventories were also reported, coming in at 1.1 percent, well above the expected 0.4 percent and the prior report of 0.8 percent.
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