Mid-Morning Market Update: Markets Slightly Lower, Hess Continues its Rally
Following the market opening Tuesday, the Dow traded up 0.14 percent to 13,901.18 while the NASDAQ fell 0.37 percent to 3,142.18. The S&P also fell, decreasing 0.12 percent to 1,501.17.
Ford Motor Company (NYSE: F) traded down a little over 4 percent today despite an earnings beat this morning. The decline was linked to a $2 billion loss in Europe and guidance that predicted the same or slightly lower margins in 2013.
Equities Trading UP
Hess Corporation (NYSE: HES) traded up 9.33 percent to $68.31 after it was announced that Elliott Management would push the company to split up and sell both its retail and Bakken operations.
Shares Boston Scientific (NYSE: BSX) were also up, gaining 6.12 percent to $7.28 after posting an earnings beat and announcing at $1 billion share buyback plan.
Valero Energy (NYSE: VLO) was up as well, rising 9.22 percent to $42.39 after posting its best fourth-quarter since 2005.
Equities Trading DOWN
VMware (NYSE: VMW) took an 18.95 percent hit to $79.69 after the company posted very poor guidance and received a slew of downgrades this morning.
EMC Corporation (NYSE: EMC) was also down, dropping 6.51 percent to $23.56 after posting lower than anticipated guidance for 2013.
Shares of Seagate Technology (NASDAQ: STX) traded down as well, giving up 8.33 percent to $34.29 following some poor guidance after the close Monday.
In commodity news, oil traded up 0.83 percent to $97.24, while gold traded up 0.61 percent to $1,663.00.
Silver traded up 0.43 percent Tuesday to $31.21.
In European markets this morning were slightly lower following some weak Spanish retail data. Leading the decline was the Spanish Ibex, down 0.25 percent while the Italian MIB index was close behind, falling 0.22 percent.
In economic news this morning, the S&P/ Case Shiller home price index came in at 14.82, slightly below the anticipated 145.92 and the prior report of 145.95.
The S&P/ Case Shiller composite 20 year over year came in at 5.52 percent, slightly below the projected 5.55 percent, but well above the prior report of 4.310 percent.
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