Mid-Morning Market Update: Trip Adviser and J.C. Penney Rally
Following the market opening Tuesday, the Dow traded up 0.77 percent to 13,270.79 while the NASDAQ rose 1.30 percent to 3,025.68. The S&P also rose, increasing 0.81 percent to 1,430.10.
In its latest play for access to new markets, Delta Airlines (NYSE: DAL) announced a contract to purchase a 49 percent stake in Virgin Atlantic for $360 million. The play took Delta shares up a little over 5 percent midway through trading.
Equities Trading UP
Trip Advisor (NASDAQ: TRIP) saw an 8.41 percent boost to $41.62 this morning after Liberty Interactive announced it had bought 4.8 million shares of the company for $62.50 per share, sending traders scrambling to get a piece of the gain.
Shares of Urban outfitters (NASDAQ: URBN) traded up 5.95 percent to $39.20 after the company announced it would open 49 stores for for its brands in 2013.
J. C. Penney (NYSE: JCP) also saw an early gain, rising 5.96 percent to $19.57 as investors continued to be tempted at the prospect of future growth.
Equities Trading DOWN
SPX Corporation (NYSE: SPW) dropped 7.76 percent to $63.02 following the market opening after news that it was in talks to buy Gardner Denver was reported by Reuters.
SunCoke Energy (NYSE: SXC) was also down, falling 7.14 percent to $14.76 after the company filed a form 8-K this morning.
Shares of Ruckus Wireless (NYSE: RKUS) took a hit as well, falling 3.59 percent to $18.28 as 6 analysts initiated coverage on the company, but only 4 rated it as a Buy.
In commodity news, oil traded up 0.09 percent to $85.64, while gold traded down 0.35 percent to $1,707.30.
Silver traded down 0.38 percent Tuesday to $32.92.
In the euro zone, markets recovered much of their losses from Monday as fears over Italian political instability eased slightly and Germany released optimistic investor sentiment numbers this morning.
In economic news Tuesday morning, JOLTs job openings came in at 3.675 million, above the projected 3.6 million and the previous report of 3.547 million.
Wholesale inventories were also reported, coming in at 0.6 percent, above the expected 0.4 percent, but below the prior reading of 1.1 percent.
Trade balance was reported as well, coming in at -$42.2 billion, slightly above the expected -$42.6 billion, but below the previously reported -$40.3 billion.
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