Mid-Morning Market Update: Markets Lower, Green Mountain Continues to Rip Upwards
Following the market opening Wednesday, the Dow traded down 0.09 percent to 12,866.12 while the NASDAQ fell 0.31 percent to 2,958.51. The S&P also fell, decreasing 0.25 percent to 1,395.41.
Knight Capital Group (NYSE: KCG) rose over 11 percent Wednesday morning after trading firm Getco Securities made an offer on the company for $3.50 per share in cash and stock. Speculation has arisen that a bidding war may start for the firm.
Equities Trading Up
Green Mountain Coffee Roasters (NASDAQ: GMCR) continued its rally from Tuesday, rising 23.16 percent to $35.65 following a large earnings beat and optimistic guidance.
Shares of Express (NYSE: EXPR) were also up, gaining 10.70 percent to $14.38 following its guidance Wednesday morning.
American Eagle Outfitters (NYSE: AEO) was up as well, gaining 7.94 percent to $20.93 after beating on earnings this morning.
Equities Trading Down
The Fresh Market (NASDAQ: TFM) dropped 15.39 percent to $50.97 following earnings this morning and a downgrade at Deutsche Bank.
Molycorp (NYSE: MCP) was also down, falling 3.31percent to $8.19.
Shares Cliffs Natural Resources (NYSE: CLF) traded down 3.14 percent to $29.07 following a plunge in the Chinese steel market.
In commodity news, oil traded down 1.96 percent to $85.47, while gold traded down 1.73 percent to $1,712.10.
Silver traded down 0.55 percent Tuesday to $33.43.
European markets fell this morning on renewed worries over the US fiscal cliff and some pessimism over the Greek aid deal.
In economic news, new home sales came in at 368 thousand, below the anticipated 369 thousand and the previous reading of 389 thousand.
New home sales were also reported, coming in at -0.3 percent, below the expected 0.3 percent and far below the prior report of 5.7 percent.
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