Mid-Day Market Update: Netflix and McMoRan Continue Rally
Mid-way through trading Wednesday, the Dow traded up 0.98 percent to 13,078.13 while the NASDAQ fell 0.33 percent to 2,986.84. The S&P also rose, increasing 0.51 percent to 1,414.26.
In one of the biggest acquisitions of the year, Freeport-McMoRan Copper & Gold (NYSE: FCX) announced it had purchased McMoRan exploration (NYSE: MMR) this morning in a $20 billion deal. The deal sent shares of McMoRan Exploration up over 75%, while Freeport-McMoRan fell over 13%.
Equities Trading UP
Following a brief drop Wednesday morning, Netflix (NASDAQ: NFLX) continued its rally from yesterday fueled by renewed investor optimism over its contract with Disney that goes into effect 2016.
Shares of Plains Exploration & Production (NYSE: PXP) jumped 24.94% to $45.04 following the McMoRan acquisition news this morning.
Green Mountain Coffee Roasters (NASDAQ: GMCR) was up as well, gaining 3.90 percent to $42.47 following a reassurance from Starbucks that the company plans to complete the acquisition before year end.
Equities Trading DOWN
TIBCO Software (NASDAQ: TIBX) was among the morning's top losers, falling 19.09 percent to $20.00 following a downgrade to Neutral at Bank of America.
Pandora Media (NYSE: P) fell 17.69 percent into the open Wednesday, falling slightly throughout the morning following the very poor guidance issued by the company after the close Tuesday.
Shares of Mattress Firm Holding (NASDAQ: MFRM) also took a hit, falling 20.71 percent into the open after the company's earnings report Tuesday.
In commodity news, oil traded down 0.38 percent to $88.16, while gold traded up 1.85 percent to $1,725.70.
Silver traded up 0.03 percent Wednesday to $32.76.
European markets rose this morning as reports from the service sector indicated less contraction than expected for November.
In other news, the UK's Osborne said that the UK economy is forecasted to grow 1.2% in 2013, while increasing the bank levy rate to 0.130% next year.
In economic news Wednesday morning, unit labor costs came in at -1.9 percent, below the projected -0.9% and the prior report of -0.1%.
Non-farm productivity was also reported, coming in at 2.9 percent, above the projected 2.7 percent and the previous figure of 1.9 percent.
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