Mid-Afternoon Market Update: Markets Down Slightly, Molycorp Rises
Toward the end of trading Monday, the Dow traded down 0.32 percent to 13,391.80 while the NASDAQ fell 0.03 percent to 3,100.47. The S&P also fell, decreasing 0.29 percent to 1,462.25.
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 16.75 percent to $38.79 following the company's announcement that it will buy $215 billion in residential mortgage servicing rights from Bank of America.
Shares of Molycorp (NYSE: MCP) saw a rise as well as its shares increased in price by 12.82 percent to $11.62 following an announcement by Chinese regulators of its new rare earth output quota.
SolarCity (NASDAQ: SCTY) continued last week's rally Monday, rising 11.46 percent to $16.05 as the company received a series of favorable ratings from analysts.
Equities Trading DOWN
Ilumina (NASDAQ: ILMN) fell 6.78 percent to $51.04 in early trading after a report that buyout talks had failed surfaced.
Achillion Pharmaceuticals (NASDAQ: ACHN) also took a hit, dropping 9.63 percent to $8.54 after the company announced interim results for a pilot phase 2 test of its drug ACH-3102.
Shares of SunPower (NASDAQ: SPWR) were down as well, falling 10.08 percent to $7.78 as the company continued to give back some of its gains from last week.
In commodity news, oil traded up 0.13 percent to $93.21, while gold traded down 0.07 percent to $1,647.40.
Silver traded up 0.16 percent Monday to $30.11.
In the eurozone this morning, markets were largely down as investors feared the ECB would not engage in enough stimulus action later this week.
Global semiconductor sales were released today, showing an increase of 2.0 percent, greater than the prior figure of 1.7 percent.
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