Mid-Morning Market Update: Dendreon Continues to Rise, Apple Feels the Heat
Following the market opening Monday, the Dow traded down 0.18 percent to 13,463.56 while the NASDAQ fell 0.54 percent to 3,108.81. The S&P also fell, decreasing 0.34 percent to 1,466.25.
Continuing its impressive rally, Facebook was upgraded at Deutsche Bank to Buy, while increasing its price target to $40. The stock has seen a 22 percent boost over the last 10 sessions, and does not seem to be showing any weakness going into tomorrow's highly touted press event.
Equities Trading UP
Dendreon (NASDAQ: DNDN) traded up 3.73 percent to $6.40, continuing its big rally from Friday.
Shares of Research in Motion (NASDAQ: RIMM) were also up, gaining 6.49 percent to $14.44 as traders gain optimism about the coming release of BlackBerry 10.
Aurizon Mines (NYSE: AZK) saw a gain as well, shooting up 32.98 percent to $4.60 at the market open following an offer of 4.65 Canadian per share for the company.
Equities Trading DOWN
Apple (NASDAQ: AAPL) dropped in early trading, falling 3.13 percent to $504.00 after a report came out that the company had lowered its orders for the LCD screens used on the iPhone 5. Shares crossed below the $500 dollar mark for the first time since February in the pre-market, and have since sent strong technical signals.
Cirrus Logic (NASDAQ: CRUS) took a hit in early trading as well, falling 5.58 percent to $29.82, most likely linked to the drop in Apple and its decrease in parts orders for the iPhone 5.
Shares of SunPower (NASDAQ: SPWR) also fell Monday, dropping 6.23 percent to $7.68 after the company was downgraded to Sell from Underperform at CLSA.
In commodity news, oil traded up 0.21 percent to $93.76, while gold traded up 0.36 percent to $1,666.40.
Silver traded up 0.45 percent Monday to $30.86.
In the eurozone this morning, markets rose slightly despite weaker than anticipated industrial production releases.
Leading the rise was the Italian MIB index, with the German DAX following closely behind.
There were no major economic releases Monday, but Ben Bernanke will be speaking at the University of Michigan at 4:00pm. Stay tuned to Benzinga for up to the second coverage of the event.
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