Mid-Morning Market Update: Markets Into the Green, Cliffs Falling on Secondary Offering
Following the market opening Wednesday, the Dow traded up 0.02 percent to 14,021.16 while the NASDAQ rose 0.57 percent to 3,204.18. The S&P also rose, increasing 0.33 percent to 1,524.25.
On the major indexes today, the S&P looks poised to break out of the 1,518 -1,515 range and head back to its 2007 highs of 1,576.
The Dow looks ready to test the top of the 13,866-14,022 range, while the NAS looks poised to test its September 2012 highs of 3,197.
The RUS looks ready to make new highs after its break out over 915 yesterday.
Occupying the top spot today is the Comcast (NASDAQ: CMCSA) purchase of GE's (NYSE: GE) remaining 49 percent stake in NBC Universal for $16.7 billion. Following the news, both stocks traded up, with GE rising roughly 4 percent, and Comcast gaining around 8 percent.
Equities Trading UP
Groupon (NASDAQ: GRPN) shot up 6.52 percent to $5.64 after being upgraded to a Buy at Sterne Agee this morning.
Shares of MEMC Electronic Materials (NYSE: WFR) traded up 5.89 percent to $4.76 following a narrowing fourth-quarter loss this morning.
Trulia (NYSE: TRLA) shot up 23.37 percent to $29.35 after the company released strong guidance for the first-quarter of 2013 and some strong subscription numbers.
Equities Trading DOWN
Shares of Cliffs Natural Resources (NYSE: CLF) fell 17.78 percent to $30.10 this morning after an earnings beat from the company and the announcement of a 9 million share secondary offering. The announcement was followed by a string of downgrades, further adding to the fall.
AVEO Pharmaceuticals (NASDAQ: AVEO) dropped 15.21 percent to $6.69 despite posting a better than expected loss for the fourth quarter this morning.
Shares of Rackspace Hosting (NYSE: RAX) traded down 15.78 percent to $63.15 after the company's poor earnings release Tuesday.
In commodity news, oil traded up 0.30 percent to $97.80, while gold traded down 0.31 percent to $1,644.50.
Silver traded down 0.13 percent Wednesday to $30.89.
In the eurozone this morning, markets were mixed, with the Spanish Ibex up 0.12 percent while the rest of the indexes fell, lead downwards by U.K. shares.
In economic news this morning, retail sales came in at 0.10 percent, matching expectations but coming in below last month's report of 0.50 percent.
Retail sales ex autos & gas came in at 0.20 percent, missing the projected 0.40 percent and the prior report of 0.70 percent.
The import price index was also reported, coming in at -1.30 percent, lower than the expected -1.0 percent, and well below the prior release of 1.90 percent.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.