Mid-Morning Market Update: Markets Mixed While Keryx Continues to Rocket Upwards
Following the market opening Wednesday, the Dow traded down 0.12 percent to 13,937.18 while the NASDAQ rose 0.01 percent to 3,153.18. The S&P also fell, decreasing 0.13 percent to 1,505.25.
Boeing (NYSE: BA) reported an earnings beat this morning, bailing shares out from some of the recent decline. Despite the beat, it only traded up just under half a percent following the market open, reflecting continued fears from traders about its battery issues.
Equities Trading UP
Freescale Semiconductor (NYSE: FSL) traded up 16.30 percent to $14.41 in early trading following a slight earnings beat and a series of price target increases.
Shares of Chesapeake Energy (NYSE: CHK) were also up, gaining 8.00 percent to $20.49 following the resignation of the company's CEO.
Keryx Biopharma (NASDAQ: KERX) was up as well, gaining 13.88 percent to $9.52, continuing the company's massive rally since it announced its Zerenex trial had met its primary endpoint on Monday.
Equities Trading DOWN
Meritor (NYSE: MTOR) fell 11.78 percent to $4.72 after releasing a poor earnings report Wednesday morning.
Sensata Technologies (NYSE: ST) was down as well, dropping 6.31 percent to $32.50 after the company reported lower than expected fourth-quarter revenue.
Shares of JetBlue Airways (NASDAQ: JBLU) was also down, dropping 2.47 percent to $5.92 after the company missed on earnings after the close Tuesday.
In commodity news, oil traded up 0.18percent to $97.75, while gold traded up 0.93 percent to $1,678.40.
Silver traded up 0.72 percent Wednesday to $31.90.
European markets were most lower this morning, led downwards by Italy and oil service stocks.
The Italian MIB index posted the most stark decline, falling 1.84 percent while the rest of the markets all fell less than 0.1 percent.
In economic news this morning, GDP was reported at -0.10 percent, shocking analysts who had projected a growth of 1.1 percent, and missing by far the previous report of 3.10 percent.
MBA mortgage applications were also reported, coming in at -8.10 percent, well below the prior figure of 7.0 percent.
ADP national employment was reported as well, coming in at 192 thousand, well above the projected 165 thousand, and a fair amount above the previous figure of 185 thousand.
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