Mid-Day Market Update: Markets Flat, Ulta Salon Rallies
Following the market opening Friday, the Dow traded up 0.05 percent to 13,028.42 while the NASDAQ fell 0.15 percent to 3,007.53. The S&P also fell, decreasing 0.03 percent to 1,415.47.
News came out this morning that Zynga (NASDAQ: ZNGA) and Facebook (NASDAQ: FB) had revised their agreement, which will now allow Facebook to make its own games. This caused Zynga's shares to drop over six percent on fears that Facebook may begin to cut into its market share.
Equities Trading Up
Tellabs (NASDAQ: TLAB) traded up 16.61 percent to $3.44 after it announced a special dividend and announced major management changes Thursday night.
Ulta Salon (NASDAQ: ULTA) was also up, gaining 7.48 percent to $100.12 following a series of positive analyst reports on the company Friday morning.
Advanced Micro Devices (NYSE: AMD) was also among this morning's winners, rising 4.41 percent to $2.13.
Equities Trading DOWN
VeriSign (NASDAQ: VRSN) dropped 13.68 percent to $33.96 after the company limited its automatic domain price increases this morning.
Shares of Yum! Brands (NYSE: YUM) were also down, falling 9.62 percent on its reported weakness in China.
OmniVision Technologies (NASDAQ: OVTI) traded lower, dropping 5.92 percent to $14.95 despite a solid earnings report and optimistic guidance after the close Thursday.
In commodity news, oil traded up 0.41 percent to $88.48, while gold traded down 0.64 percent to $1,716.20.
Silver traded down 0.63 percent Friday to $33.72.
European markets were largely mixed this morning, with core nations holding the markets up while peripheral markets fell. In Eurozone news, EU officials came out with comments saying that the Greek buyback will be begin on Monday, and that Greek banks are expected to take part in the program.
German parliament also made headlines, as it almost unanimously approved a revised Greek aid bill.
In economic news, personal spending came in at -0.2 percent, below the expected 0.0 percent and the previous figure of 0.8 percent.
Personal income was also reported, coming in flat at 0.0 percent, in line with expectations and slightly above the previous report of -0.1 percent.
The core PCE price index came in at 0.1 percent, slightly below the prior report of 0.2 percent, but equal to the prior report.
Chicago PMI was also reported, coming in at 50.4, slightly below the expected 50.5, but above the last report of 49.9.
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