Market Overview

Mid-Day Market Update: Markets Regaining Losses, Ulta Salon Drops After CEO Leaves

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Midway through trading Thursday, the Dow traded down 0.08 percent to 13,972.18 while the NASDAQ rose 0.11 percent to 3,200.18. The S&P also rose, increasing 0.07 percent to 1,521.25.

Index Technicals:
For technicals on the major indices today, the S&P looks poised to bounce off its 1515 support, while having a second level of support at 1495 if it falls further.

The NASDAQ looks set to reject its September 12th resistance breakout, with support landing around 3125.

The Dow looks ready to bounce of 13940 intraday, while it should reside in the 14022-13860 range.

The RUT looks to be holding a 915 breakout sitting at 920 highs.

Top Headline
In a wild morning of news, Berkshire Hathaway and 3G's purchase of Heinz (NYSE: HNZ) for $72.50 per share, roughly a 20 percent premium on yesterday's close. Following the news, shares briefly shot up above $73 on the rumor of a special dividend before the transaction closes, but have since settled around $72.54.

Equities Trading UP
Constellation Brands (NYSE: STZ) shot up 36.06 percent to $43.38 in the pre-market after it was announced that AB InBev had revised its Modelo deal to meet US regulators objections.

Shares of Zillow (NASDAQ: Z) also got a boost, shooting up 11.62 percent to $43.50 after the company posted a big earnings beat after the close Wednesday.

Angie's List (NASDAQ: ANGI) was also up gaining 24.30 percent to $16.93 after its earnings report Wednesday evening.

Equities Trading DOWN
Weight Watchers (NYSE: WTW) traded down 15.95 percent to $45.48 after issuing a decline in profit and some poor 2013 guidance.

CenturyLink (NYSE: CTL) was also down, falling 22.14 percent to $33.46 after the company matched earnings expectations but lowered its dividend significantly.

Shares of Ulta Salon (NASDAQ: ULTA) were down as well, dropping 11.57 percent to $87.98 after the company's CEO resigned.

Commodities
In commodity news, oil traded up 0.42 percent to $97.42, while gold traded down 0.61 percent to $1,635.40.

Silver traded down 0.57 percent Thursday to $30.30.

Eurozone
In the eurozone this morning, markets fell sharply on some very poor GDP data. The Spanish Ibex lead the fall, dropping 1.23 percent, while the Italian MIB index nose-dived 0.83 percent. The German DAX also displayed a significant fall, dropping 0.58 percent.

Economics
In economic news for Thursday, initial jobless claims came in at 341K, beating the estimated 360K and the prior report of 368K.

Continuing jobless claims were also reported, coming in at 3.114 million, lower than the projected 3.205 million and the previous release of 3.224 million.

Posted-In: Earnings News Guidance Commodities M&A Global Econ #s Economics Best of Benzinga

 

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