Mid-Day Market Update: Markets Mixed, Millennial Media on the Rise
Midway through trading Wednesday, the Dow traded down 0.29 percent to 13,978.73 while the NASDAQ rose 0.23 percent to 3,193.18. The S&P also rose, increasing 0.05 percent to 1,520.25.
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
Vonage Holdings (NYSE: VG) rose every since the opening today, gaining 11.88 percent to $2.71 following its fourth-quarter earnings release this morning.
Shares of Trulia (NYSE: TRLA) remained up from earlier, rising 25.51 percent to $29.86 from yesterday's close after the company's guidance and subscription growth impressed traders.
Millennial Media (NYSE: MM) was also up, gaining 8.23 percent to $12.75, possibly on a technical case.
Equities Trading DOWN
Shares of Cliffs Natural Resources (NYSE: CLF) fell 18.36 percent to $39.89 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.
Bankrate (NYSE: RATE) was also down, dropping 18.69 percent to $10.07 after releasing a disappointing fourth-quarter earnings report this morning.
Shares of Rackspace Hosting (NYSE: RAX) traded down 18.35 percent to $61.22 after the company's poor earnings release Tuesday.
In commodity news, oil traded down 0.02 percent to $97.49, while gold traded down 0.28 percent to $1,644.90.
Silver traded down 0.16 percent Wednesday to $30.86.
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.
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