Mid-Afternoon Market Update: Herbalife Rises Above Ackman's Top, SunPower Remains Down
Toward the end of trading Monday, the Dow traded up 0.11 percent to 13,503.56 while the NASDAQ fell 0.36 percent to 3,114.81. The S&P also fell, decreasing 0.17 percent to 1,469.25.
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
Fifth & Pacific Companies (NYSE: FNP) saw an 10.94 percent boost to $14.25 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 Halozyme Therapeutics (NASDAQ: HALO) rose 15.81 percent to $8.35 Monday following an upgrade to Outperform from BMO Capital Markets this morning.
Herbalife (NYSE: HLF) was also up, gaining 10.62 percent to $44.27, crossing above the top price that Bill Ackman shorted the company at following a rumor of a stock buyback.
Equities Trading DOWN
Nam Tai Electronics (NYSE: NTE) fell following the market opening, dropping 13.41 percent to $12.82, 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 9.74 percent to $28.50, 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 6.53 percent to $7.66 after the company was downgraded to Sell from Underperform at CLSA.
In commodity news, oil traded up 0.75 percent to $94.26, while gold traded up 0.46 percent to $1,668.00.
Silver traded up 0.69 percent Monday to $31.10.
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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