Mid-Day Market Update: Zynga Rides Positive Social Media Sentiment, Jos. A Bank Falls on Bad Guidance
Mid-way through trading Monday, the Dow traded down 0.10 percent to 13,881.13 while the NASDAQ rose 0.18 percent to 3,155.63. The S&P also fell, decreasing 0.15 percent to 1,500.25.
One of the biggest names for tracking Chinese markets and global economic growth conditions, Caterpillar (NYSE: CAT) reported earnings this morning, beating estimates. Despite the beat, the company released very poor guidance, expecting a weak first-quarter. Traders weren't scared away by the guidance however, as shares rose roughly 2.4 percent in early trading.
Equities Trading UP
Idenix Pharmaceuticals (NASDAQ: IDIX) traded up 9.30 percent to $5.17 Monday after the company announced collaboration with a unit of Johnson and Johnson this morning.
Shares of Zynga (NASDAQ: ZNGA) also got a boost, gaining 8.03 percent to $2.69 after news that BlackRock had invested $80 million in Twitter gave the social media company a boost.
Dole (NYSE: DOLE) rounded out the top gainers, rising 7.98 percent to $10.96 after the company was highlighted in Barron's over the weekend.
Equities Trading DOWN
3D Systems (NYSE: DDD) traded down 11.99 percent to $60.79 after the company announced it had acquired Cobweb.
AK Steel (NYSE: AKS) was also down, falling 8.45 percent to $4.07 after Goldman Sachs cut the company to Sell.
Shares of Jos. A Bank (NASDAQ: JOSB) took a 15.93 percent hit to $38.90 this morning after the company snuck in a poor earnings announcement and very weak guidance Friday night after the close of regular and post markets.
In commodity news, oil traded up 0.28 percent to $96.15, while gold traded down 0.18 percent to $1,653.50.
Silver traded up 0.93 percent Monday to $30.79.
European markets were relatively flat this morning, with Italy seeing some strength led by its financial sector. While the Italian MIB index saw a 0.42 percent boost, the German DAX, French CAC and Spanish Ibex were all down.
In economic news Monday morning, durable goods orders were reported late, but came in at 4.6 percent, well above the projected 1.8 percent and the previous report of 0.80 percent.
Core durable goods came in at 1.30 percent, a smaller beat but still above the estimates of 0.8 percent, and slightly higher than the revised previous figure of 1.20 percent.
Pending home sales month over month were reported at -4.3 percent, well below the projected 0.0 percent and the prior figure of 1.70 percent, while pending home sales year over year were reported at 4.90 percent, missing expectations of 11.50 percent and the previous report of 8.90 percent.
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