Mid-Morning Market Update: Markets Mixed, Adobe Rallies
Following the market opening Friday, the Dow traded up 0.03 percent to 13,174.06 while the NASDAQ fell 0.48 percent to 2,977.89. The S&P also fell, decreasing 0.26 percent to 1,415.77.
Best Buy shares took a beating in early trading Friday, falling over 13 percent after the company announced an amended cooperation deal with Schulze, and said a bid would be delivered between February 1st and February 28th.
Equities Trading UP
Adobe (NASDAQ: ADBE) saw a rally in early trading, gaining 5.25 percent to $37.40 as investors calmed about the company's less than optimistic guidance after the close Thursday, and focused more on the EPS beat.
Shares of Groupon (NASDAQ: GRPN) saw yet more gains Friday morning, trading up 5.83 percent $5.08, riding a wave of recent investor optimism
First Solar (NASDAQ: FSLR) saw a boost as well, gaining 3.24 percent to $32.80 as the SolarCity IPO lead to increased investor optimism in the solar industry as a whole.
Equities Trading DOWN
Schlumberger Limited (NYSE: SLB) was among the morning's top losers, falling 5.28 percent to $68.73 after the company announced it would be lowering its drilling activity in a search for increased profits.
QUALCOM (NASDAQ: QCOM) also fell, dropping 4.38 percent to $60.01 after Jefferies cut its estimates for first-quarter iphone sales from 52 million to 48 million units.
Shares of VeriFone (NYSE: PAY) fell 9.72 percent following the market opening to $30.00 after the company posted a drop in fourth quarter profit and some poor first-quarter 2013 guidance.
In commodity news, oil traded up 0.31 percent to $86.16, while gold traded down 0.01 percent to $1,695.80.
Silver traded up 0.20 percent Thursday to $32.48.
European markets were mixed this morning, with most markets falling aside from those in the U.K. and France.
In Euro zone news, Germany's Angela Merkel denied a French proposal for increased risk-sharing between European nations. While leaders pledged to continue talks, Merkel came out this morning in a press conference saying the risk fund needed to be far more restrained.
Friday morning was another big day for economic releases, with Core CPI year over year coming in at 2.0 percent, in line with estimates and the prior report, while core CPI month over month came in at 0.2 percent, again matching estimates and the prior figure.
CPI year over year was reported at 1.8 percent, slightly lower than the projected 1.9 percent and the prior release of 2.2 percent, while CPI month over month came in at -0.3 percent, again slightly below consensus and the prior release.
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