Mid-Afternoon Market Update: Markets Remain Red; Zynga Drops
Toward the end of trading Monday, the Dow traded down 0.28 percent to 12,988.46 while the NASDAQ fell 0.20 percent to 3,004.25. The S&P also fell, decreasing 0.28 percent to 1,412.20.
Shocking investors this morning was a Goldman Sachs report on Dell (NASDAQ: DELL) this morning, upgrading the company two levels from Sell to Buy. The upgrade cited a fully adjusted market price to the currently weak PC market, and caused the company to rally almost 7 percent on massive volume following the market opening.
Equities Trading UP
Deckers Outdoor (NASDAQ: DECK) was among the mornings winners, trading up 10.03 percent to $42.13 following a Sterne Agee upgrade to buy and an increase in price target from $32 to $65.
Shares of Supervalu (NYSE: SVU) rose 12.19 percent to $2.67 after Bloomberg reported that the company's talks with Cerberus had started again.
Advanced Micro Devices (NYSE: AMD) also saw a boost, rising 6.59 percent to $2.34, continuing its 5 day win streak and raising its gains over the period to 23.5 percent.
Equities Trading DOWN
AOL (NYSE: AOL) traded down 1.42 percent to $31.91 after the company announced its Chief Marketing Officer would be leaving.
SunCoke Energy (NYSE: SXC) was also down, falling 8.55 percent to $14.86 following its form 8k filing on Friday.
Shares of Zynga (NASDAQ: ZNGA) fell 9.76 percent to $2.22 following a series of negative news ranging from a lawsuit to a contract change with Facebook announced Friday.
In commodity news, oil traded up 1.11 percent to $89.30, while gold traded up 0.87 percent to $1,725.70.
Silver traded up 0.43 percent Friday to $33.63.
In the euro zone this morning, news came out saying that EUN ministers may be able to reach an ECB oversight deal by December 4th. Germany's Wolfgang Schauble was quoted saying the that Greek debate was not simple in Germany, continuing that the crisis resolution course must be step by step.
Over all, European markets were up across the board this morning following the release of manufacturing PMI's, and seemingly ignored the downgrade of the bailout funds.
In economic news Monday morning, construction spending was reported at 1.4 percent, above the expected 0.5 percent and the prior release of 0.6 percent.
Markit PMI was also reported, coming in at 52.8, slightly above the projected 52.1 and the previous report of 52.4.
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