Mid-Morning Market Update: Markets Rising, Facebook Running
Following the market opening Wednesday, the Dow traded up 0.03 percent to 12,760.02 while the NASDAQ rose 0.27 percent to 2,891.72 The S&P also rose, increasing 0.09 percent to 1,375.77.
Leading into the latest lock-up expiration, shares of Facebook (NASDAQ: FB) shot up over 10 percent on a massive 73 million share trade volume in the first 26 minutes of trading. Speculation is out on whether or not Facebook may be buying up the newly unlocked shares.
Equities Trading UP
Abercrombie & Fitch (NYSE: ANF) shot up 28.51 percent to $40.07 after posting a big earnings beat and raising its guidance Wednesday morning.
Shares of Cisco Systems (NASDAQ: CSCO) also saw a boost, rising 6.59 percent to $17.96 following its earnings beat after the close Tuesday.
MBIA (NYSE: MBI) rose as well, trading up 7.34 percent to $7.31, possibly a bounce from yesterday's losses.
Equities Trading DOWN
IAMGOLD (NYSE: IAG) plummeted 15.01 percent in early trading to $12.63 after the company posted an earnings miss Tuesday and was downgraded to Neutral at Macquarie.
Advanced Micro Devices (NYSE: AMD) was also down, falling 3.35 percent to $2.02 after announcing it was not pursuing a sale of the company.
Shares of Just Energy Group (NYSE: JE) fell 6.67 percent to $9.10 following a national bank downgrade to Underperform.
In commodity news, oil traded up 0.13 percent to $84.48, while gold traded up 0.16 percent to $1,727.50.
Silver traded up 0.14 percent Wednesday to $32.63.
European shares fell mostly this morning among continued Greek and Spanish fears.
At 10:15 AM EST, the EU's Olli Rehn will make a statement regarding spain, and according to Bloomberg, will “pass judgement on Spanish deficit moves.”
In economic news, MBA mortgage applications came in at 12.6 percent, well above the previous report of -5.0 percent.
Retail sales were also reported, coming in at -0.3 percent, just below the expected -0.2 percent, and well below the prior reading of 1.1 percent, while core retail sales came in at -0.3 percent as well, much below the expected 0.4 percent, and well below the prior report of 1.1 percent.
The purchasing price index (PPI) year over year came in at came in at 2.3 percent, below the expected 2.6 percent, and above the prior rating of 2.1 percent. The core PPI year over year came in at 2.1 percent, below the expected 2.5 percent and the previous report of 2.3 percent.
The purchasing price index (PPI) month over month was also reported, coming in at -0.2 percent, below the expected 0.2 percent and well below the prior report of 1.1 percent, while the core PPI month over month was reported at -0.2 percent, below the expected 0.1 percent and the previously reported 0.0 percent.
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