Mid-Afternoon Market Update: Markets Roughly Flat; Dycom Sees a Boost
Toward the end of trading Tuesday, the Dow traded down 0.13 percent to 12,779.14 while the NASDAQ fell 0.16 percent to 2,911.36. The S&P also fell, decreasing 0.06 percent to 1,386.12.
Hewlett Packard (NYSE: HPQ) reported earnings this morning, but what caught traders' attention was the $8.8 billion charge for a company it acquired called Autonomy. CNBC's David Faber came out with some comments alleging fraud, saying Autonomy pursued a number of methods to inflate margins and growth.
Equities Trading UP
Groupon (NASDAQ: GRPN) traded up 8.86 percent to $3.38 following an announcement by Tiger Global last night that it had a stake in the company.
Shares of Dycom Industries (NYSE: DY) shot up 14.10 percent to $17.56 after the company acquired Quanta services.
DSW (NYSE: DSW) was also up, gaining 9.54 percent to $68.23 following a big earnings beat this morning.
Equities Trading DOWN
Best Buy (NYSE: BBY) traded down 12.95 percent to $11.97 following a poor earnings report this morning.
Cliffs Natural Resources (NYSE: CLF) traded down 12.02 percent to $30.50 after Goldman Sachs cut the company's rating to Sell.
Shares of Patterson Companies (NASDAQ: PDCO) fell 8.27 percent to $33.04 following an earnings miss Tuesday morning.
In commodity news, oil traded down 2.46 percent to $87.08, while gold traded down -0.42 percent to $1,727.20.
Silver traded down 0.07 percent Tuesday to $33.12.
In the eurozone, markets were largely down following the Moody's downgrade of France to Aa1.
Later today eurozone leaders will meet to discuss the Greek bailout package and possibly make a decision on the matter. Many leaders are less than optimistic that a decision will be made, including the EU's Juncker.
In economic news, building permits came in at 866 thousand, slightly above the expected 864 thousand but below the prior report of 890 thousand, while building permits month over month were reported at -2.7 percent, better than the expected -2.9 percent, but well below the last report of 11.1 percent.
Housing starts were also released, coming in at 894 thousand, well above the expected 840 thousand and the previous release of 863 thousand, while housing starts month over month were reported at 3.6 percent, far above the expected -3.7 percent, but below the last release of 15.1 percent.
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