Mid-Afternoon Market Update: Markets Heading Back to Flat, Heckman Falls Further
Toward the end of trading Monday, the Dow traded down 0.12 percent to 13,976.18 while the NASDAQ fell 0.05 percent to 3,192.18. The S&P also fell, decreasing 0.03 percent to 1,517.25.
The Dow looks to be forming a price channel today between 14,022.62-13,855.2, while the NASDAQ looks to be re-testing its September highs at 3,197, with near term support set around 3,125.
The S&P looks to be set up for a breakout above 1,515, with its lower bound set at 1,497. As a reference point, its 2007 highs were set at 1,576, which may form a key level.
Make headlines around the world today was the retirement of Pope Benedict XVI, the first time a pope has retired in over 6 centuries. While not specifically market related, it has been covered closely in financial media, with some tongue and cheek humor suggesting that he is leaving for the private sector.
Equities Trading UP
AOL (NYSE: AOL) traded up 6.69 percent to $35.98 this morning after the company received an upgrade and a price target increase on the heels of its positive earnings report Friday.
Shares of SunPower (NASDAQ: SPWR) traded up 16.27 percent to $9.22, riding a strong wave of positive sentiment on the solar sector as a whole.
Zynga (NASDAQ: ZNGA) has been having another good day of trading as shares rose 8.17 percent to $3.71 as investor sentiment continues to send the stock upwards following its earnings report last week.
Equities Trading DOWN
Heckman (NYSE: HEK) took a hit in early trading, falling 10.34 percent to $3.90 following a downgrade to Underperform at Wedbush Securities this morning.
Caesars Entertainment (NASDAQ: CZR) was also down, falling 8.41 percent to $12.74, despite a strong report in Nevada gaming revenues for 2012.
Shares of Platinum Group Metals (NYSE: PLG) dropped as well, declining 6.26 percent to $1.36 possibly linked to the technical drop in gold prices today.
In commodity news, oil traded up 1.23 percent to $96.90, while gold traded down 0.98 percent to $1,650.40.
Silver traded down 0.41 percent Monday to $31.03.
In the eurozone this morning, markets were mixed as traders moved on sentiment around the meeting of European leaders. The Spanish Ibex lead the downside, falling 0.31 percent, while the French CAC lead things on the upside, gaining 0.50 percent.
There were no major economic releases Monday morning.
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