Mid-Morning Market Update: Markets Rising, Nokia Turning Around?
Following the market opening Thursday, the Dow traded up 0.35 percent to 13,437.20 while the NASDAQ rose 0.37 percent to 3,117.25. The S&P also rose, increasing 0.45 percent to 1,467.25.
Nokia (NYSE: NOK) shot up over 14 percent in early trading after the company announced it had sold over 4.4 million Lumia phones, beating its previous guidance.
Equities Trading UP
SUPERVALU (NYSE: SVU) shares rocketed upwards at the mark open, rising 16.34 percent to $3.54 after the company announced a $4.00 per share offer from Cerberus.
Shares of Urban Outfitters (NASDAQ: URBN) were also up, gaining 5.25 percent to $42.89 after the company announced an increase of over 15 percent in its holiday sales.
Cirrus Logic (NASDAQ: CRUS) rose as well, trading up 3.99 percent to $31.42, possibly riding a wave of Apple supplier rallies.
Equities Trading DOWN
Ascena Retail Group (NASDAQ: ASNA) took a 9.71 percent hit to $16.36 per share this morning after the company announced poor holiday sales and lowered its 2013 EPS guidance.
Molycorp (NYSE: MCP) also dropped, falling 22.34 percent to $8.38 after the company lowered its guidance Thursday morning.
Shares of Apollo Group (NASDAQ: APOL) were also down, falling 1.58 percent to $19.01, continuing its fall from Wednesday.
In commodity news, oil traded up 1.13 percent to $94.15, while gold traded up 1.15 percent to $1,674.40.
Silver traded up 0.54 percent Thursday to $30.79.
European markets were largely on the rise this morning after Spain and Italy hosted strong bond auctions. The rise was lead by the German DAX and Italian MIB Index.
In economic news, initial jobless claims came in at 371 thousand, above the projected 365 thousand and the prior report of 367 thousand.
Continuing claims were reported as well, coming in at 3.109 million, below the anticipated 3.228 million and the previous figure of 3.236 million.
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