Mid-Day Market Update: Markets Mixed After Obama Speech, Fifth & Pacific Gains
Midway through trading Monday, the Dow traded up 0.01 percent to 13,489.56 while the NASDAQ fell 0.52 percent to 3,109.81. The S&P also fell, decreasing 0.29 percent to 1,467.25.
Top Headline 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 Fifth & Pacific Companies (NYSE: FNP) saw an 11.29 percent boost to $14.29 midway through trading Monday despite issuing disappointing sales and guidance earlier in the day. Shares leveled out after the first few hours of trading but hinted at a gain close to 1:00 pm.
Shares of Research in Motion (NASDAQ: RIMM) were also up, gaining 9.88 percent to $14.90 as traders gain optimism about the coming release of BlackBerry 10.
Aurizon Mines (NYSE: AZK) saw a gain as well, shooting up 33.67 percent to $4.63 at the market open following an offer of 4.65 Canadian per share for the company.
Equities Trading DOWN Nam Tai Electronics (NYSE: NTE) fell following the market opening, dropping 12.50 percent to $12.95, possibly linked to Apple's decrease in orders announced earlier in the day.
Cirrus Logic (NASDAQ: CRUS) took a hit in early trading as well, falling 9.12 percent to $28.70, 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.
Commodities In commodity news, oil traded down 0.17 percent to $93.40, while gold traded up 0.26 percent to $1,665.00.
Silver traded up 0.51 percent Monday to $30.92.
Eurozone 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.
Economics 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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