Mid-Day Market Update: AMD Remains Up, Cyberonics Takes a Beating
Mid-way through trading Wednesday, the Dow traded up 0.37 percent to 13,763.13 while the NASDAQ rose 0.37 percent to 3,149.63. The S&P fell however, decreasing 0.04 percent to 1,491.93.
Following the market close on Tuesday, Google (NASDAQ: GOOG) beat on EPS but missed on revenue, sending shares up over 5 percent, while IBM (NYSE: IBM) beat on both revenue and EPS, while guiding higher than street expectations.
Equities Trading UP
MAP Pharmaceuticals (NASDAQ: MAPP) shot up 58.47 percent to $24.69 after it was announced that Allergan would buy the company for $958 million this morning.
Shares of Cree (NASDAQ: CREE) were also up, gaining a staggering 19.03 percent to $39.84 after the company posted a large earnings beat following the market close on Tuesday.
Advanced Micro Devices (NYSE: AMD) rose sharply as well, trading up 10.20 percent to $2.70 after beating earnings expectations yesterday.
Equities Trading DOWN
Coach (NYSE: COH) dropped sharply this morning, falling 15.35 percent to $51.37 after missing earnings estimates this morning and announcing it will pivot to become a lifestyle brand.
IAMGOLD (NYSE: IAG) was also down, falling 12.05 percent to $9.56 following a mineral resource update yesterday and a subsequent downgrade at BMO Capital.
Shares of Cyberonics (NASDAQ: CYBX) dropped as well, declining 8.50 percent to $4.01 after a short thesis was released on the company, leading traders to exit their positions.
In commodity news, oil traded down 0.29 percent to $96.40, while gold traded down 0.40 percent to $1,686.50.
Silver traded up 0.12 percent Wednesday to $32.30.
European markets fell this morning despite some strength in the core. Leading the fall were the Italian MIB index and the Spanish Ibex, both fell 0.25 percent, while the German DAX lead the gainers, rising 0.30 percent.
In economic news for Wednesday, the world economic conference in Davos Switzerland has begun. So watch for interviews from economic, political, and business leaders from around the world over the course of the next few days.
For economic releases, MBA mortgage applications came in at 7.0 percent, below the prior figure of 15.20 percent, while redbook month over month came in at 1.90 percent, beating the last report of -0.30 percent.
The house price index month over month was also out, coming in at 0.60 percent, the expected 0.70 percent but beating the last reading of 0.50 percent.
The Chicago PMI report for December was revised this morning from its initial report of 51.6 down to 48.9.
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