Mid-Afternoon Market Update: Groupon Continues Rally, Gun Stocks Remain Down
Toward the end of trading Friday, the Dow traded up 0.55 percent to 13,146.50 while the NASDAQ fell 0.32 percent to 2,979.70. The S&P also rose, increasing 0.28 percent to 1,417.31.
The national unemployment rate was reported today, coming in at 7.7 percent, below the expected report and prior release of 7.9 percent. Following the release, some speculated that it meant little due to an increased number of Americans leaving the workforce. As of 10:00am traders were still trying to decide their take on the release.
Equities Trading UP
Shares of Groupon (NASDAQ: GRPN) spiked 24.15 percent to $4.73 in early trading on what seems to be thin air. A spokesperson for the company and analysts on the street are stumped by the company's action, but nonetheless traders have flocked to the company's stock.
The GEO Group (NYSE: GEO) was also up, gaining 9.07 percent at the open to $32.11 following the announcement that the company will move ahead with its REIT conversion plans.
Sears Holdings (NASDAQ: SHLD) gained 6.41 percent to $42.38 after the company traded on much higher than average volume.
Equities Trading DOWN
Big Lots (NYSE: BIG) fell 5.40 percent to $28.28 after the SEC probe of the company CEO shook investor confidence in the company.
Smith & Wesson Holding Corporation (NASDAQ: SWHC) fell sharply at the market opening, losing 8.20 percent despite a strong earnings report yesterday after the close.
Shares of Regal Entertainment Group (NYSE: RGC) dropped 2.83 percent to $14.42 following a Piper Jaffray downgrade to Neutral this morning.
In commodity news, oil traded down 0.48 percent to $85.85, while gold traded up 0.19 percent to $1,700.80.
Silver traded up 0.03 percent Friday to $33.07.
In European headlines this morning, German industrial production came in well below the expected -0.5 percent at -2.6 percent, while headlines came out that the majority of the ECB governing council supported the rate cut.
The European markets fell across the board this morning as investors displayed their fears of economic contraction, with the Italian MIB index leading the fall.
In economic news Friday morning, the Michigan consumer confidence figure was reported well below the expected 82 at 74.50. This was even further below the prior figure of 82.70.
Nonfarm payrolls were also reported, coming in at 146 thousand, well above the expected 85 thousand, but below the prior report of 171 thousand. Private nonfarm payrolls came in at 147 thousand, well above the projected 90 thousand, but below the previous release of 184 thousand.
Manufacturing payrolls were released as well, coming in at -7 thousand, below the expected -4 thousand, and far below the previously reported 10 thousand.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.