Mid-Morning Market Update: Markets Heading Down, Dendreon Rockets Upwards
Following the market opening Friday, the Dow traded down 0.19 percent to 13,445.76 while the NASDAQ fell 0.22 percent to 3,114.98. The S&P also fell, decreasing 0.30 percent to 1,467.25.
Wells Fargo (NYSE: WFC) kicked off earnings season for the financial sector this morning, beating analyst estimates by two cents per share. Despite the beat, shares opened down just under 1.5 percent and proceeded to inch upwards.
Equities Trading UP
Dendreon (NASDAQ: DNDN) shot up 16.80 percent to %.96 after an upgrade at Bernstein and widespread optimism on the street about its cancer drug Provenge.
Shares of Best Buy (NYSE: BBY) were up as well, gaining 12.37 percent to $13.72 after the company reported its holiday sales, beating analyst estimates.
Aegerion Pharmaceuticals (NASDAQ: AEGR) also saw a boost, trading up 4.43 percent to $27.82 after the company announced the pricing of its secondary public offering.
Equities Trading DOWN
Bazaarvoice (NASDAQ: BV) continued to fall early in trading friday, declining 10.67 percent to $6.69 as traders voiced their fears over the antitrust suit filed by the Department of Justice.
KBR (NYSE: KBR) was also down, dropping 8.23 percent to $29.37 after the company cut its 2013 outlook following the market close on Thursday.
Shares of Cliffs Natural Resources (NYSE: CLF) were down as well, falling 4.27 percent to $36.16, continuing its reputation for wild volatility.
In commodity news, oil traded down 0.72 percent to $93.14, while gold traded down 1.01 percent to $1,661.40.
Silver traded down 0.66 percent Friday to $30.26.
In the eurozone this morning, markets were down across the board after some weak industrial production data was released.
In economic news Friday morning, trade balance came in at -48.7 billion, lower than the projected -41.3 billion and the prior report of -42.10 billion.
The import price index month over was reported as well, coming in at -0.10 percent, below the anticipated 0.10 percent, but above the previous figure of -0.80 percent, while the year over year data came in at -1.5 percent, in line with projections and the revised previous figure.
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