Market Overview

Mid-Afternoon Market Update: Markets Fall, AVG Technologies Gains

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Toward the end of trading Friday, the Dow traded down 0.21 percent to 13,143.19 while the NASDAQ fell 0.72 percent to 2,970.19. The S&P also fell, decreasing 0.26 percent to 1,415.77.

Top Headline
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 1 and February 28.

Equities Trading UP
AVG Technologies (NYSE: AVG) gained 8.31 percent to $15.25 midway through trading Friday after the company announced a partnership with Yahoo! Thursday afternoon.

United States Steel (NYSE: X) was also up, gaining 6.49 percent to $23.78 after a rumor resurfaced that ArcelorMittal may have interest in acquiring the company.

NII Holdings (NASDAQ: NIHD) rose as well, trading up 6.21 percent to $6.33 after the announcement that its CEO was stepping down.

Equities Trading DOWN
Quicksilver (NYSE: ZQK) traded down 13.88 percent to $3.51 following a poor fourth-quarter earnings report.

VeriFone Systems (NYSE: PAY) was also down, falling 10.89 percent to $29.61 after posting a poor earnings report after the close Thursday.

Centene (NYSE: CNC) traded down as well, losing 8.91 percent as it fell to $40.96 after it lowered its fiscal year 2012 guidance.

Commodities
In commodity news, oil traded up 0.98 percent to $86.73, while gold traded up 0.06 percent to $1,696.90.

Silver traded up 0.02 percent Thursday to $32.30.

Eurozone
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.

Economics
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.

Posted-In: Earnings News Guidance Commodities Global Econ #s Economics Hot Intraday Update Markets Analyst Ratings Movers Tech Trading Ideas

 

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