Market Overview

Mid-Morning Market Update: Markets Giving Back Some Gains, Big Banks Catch a Break

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Following the market opening Monday, the Dow traded down 0.48 percent to 13,370.80 while the NASDAQ fell 0.33 percent to 3,091.47. The S&P also fell, decreasing 0.44 percent to 1,459.25.

Top Headline
The banks were handed some good news Monday as international regulators agreed to hold off on the new Basel III rules for another year. This gives the banks more time to reach the target liquidity ratios, and sent the group higher in early trading.

Equities Trading UP
Nationstar Mortgage (NYSE: NSM) saw a solid boost in early trading Monday, rising 16.22 percent to $38.62 following the company's announcement that it will buy $215 billion in residential mortgage servicing rights from Bank of America.

Shares of VIVUS (NASDAQ: VVUS) were also up, gaining 11.13 percent to $15.28 after the company announced its obesity pill prescriptions had jumped 68 percent.

Molycorp (NYSE: MCP) saw a rise as well as its shares increased in price by 5.83 percent to $10.90 following an announcement by Chinese regulators of its new rare earth output quota.

Equities Trading DOWN
Ilumina (NASDAQ: ILMN) fell 8.40 percent to $50.16 in early trading after a report that buyout talks had failed surfaced.

MAKO Surgical (NASDAQ: MAKO) was also down, dropping 3.85 percent to $11.53 following its earnings report Monday morning.

Shares of SunPower (NASDAQ: SPWR) were down as well, falling 5.04 percent to $8.29 as the company continued to give back some of its gains from last week.

Commodities
In commodity news, oil traded down 0.41 percent to $92.71, while gold traded down 0.05 percent to $1,648.40.

Silver traded up 0.05 percent Monday to $29.99.

Eurozone
In the eurozone this morning, markets were largely down as investors feared the ECB would not engage in enough stimulus action later this week.

Economics
Global semiconductor sales were released today, showing an increase of 2.0 percent, greater than the prior figure of 1.7 percent.

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

 

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