Mid-Day Market Update: BlackBerry 10 Release Sends Shares Lower, Isis Pharma Boosts
Mid-way through trading Wednesday, the Dow traded up 0.03 percent to 13,958.18 while the NASDAQ was flat at 3,153.18. The S&P fell, decreasing 0.04 percent to 1,507.25.
Research in Motion (NASDAQ: RIMM) finally unveiled its BlackBerry 10 operating system this morning to what was a mixed review. While early reviews of the features and devices have been positive, the low app count turned off some reviewers. Shares plummeted during the presentation almost 10 percent, most likely due to very poor execution by the presenters. A final note from the presentation was that Research in Motion has now changed its name to BlackBerry, and will change its ticker symbol to BBRY to reflect that.
Equities Trading UP
Freescale Semiconductor (NYSE: FSL) traded up 16.22 percent to $14.40 in early trading following a slight earnings beat and a series of price target increases.
Shares of Unisys (NYSE: UIS) were also up, gaining 12.90 percent to $21.36 after its earnings release crushed the street's estimates this morning.
Isis Pharmaceuticals (NASDAQ: ISIS) was up as well, rising 10.75 percent to $14.82 following the FDA approval of its treatment Kynamro.
Equities Trading DOWN
Meritor (NYSE: MTOR) fell 14.95 percent to $4.55 after releasing a poor earnings report Wednesday morning.
Spansion (NYSE: CODE) was also down, falling 11.58 percent to $11.65 after the company increased its revenue figure but missed on EPS Wednesday morning.
Shares of Haemonetics (NYSE: HAE) were down as well, giving up 6.64 percent to $41.49 following a drop in its third-quarter profits.
In commodity news, oil traded up 0.13 percent to $97.70, while gold traded up 1.08 percent to $1,680.40.
Silver traded up 0.95 percent Wednesday to $32.14.
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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