Mid-Morning Market Update: Markets Green, Office Depot and OfficeMax Reportedly in Talks to Merge
Following the market opening Tuesday, the Dow traded up 0.43 percent to 14,041.51 while the NASDAQ rose 0.40 percent to 3,204.18. The S&P also rose, increasing 0.44 percent to 1,526.25.
For technicals on the major indices today, the S&P looks poised to bounce off its 1515 support and head to 1524 highs.
The NASDAQ looks to be struggling to hold a breakout over 3197..
The Dow looks to be remaining in the 13,860-14,022 range, after it attempts a breakout over 14,022
The RUSSEL continues to trend higher, with new intra-day resistance at 927.5..
Making headlines on Tuesday was the rumored merger between Office Depot (NYSE: ODP) and OfficeMax (NYSE: OMX). The news sent shares up almost 33 percent and 26 percent respectively. The rumor, which said a deal may emerge as early as this week, also sent Staples (NASDAQ: SPLS) through the roof, gaining over 15 percent.
Equities Trading UP
Best Buy (NYSE: BBY) traded up 4.21 percent to $17.58 following a pair of upgrades at Stifel Nicolaus and Barclays this morning.
Shares of Express Scripts (NASDAQ: ESRX) were also up, gaining 3.17 percent to $57.33 after reporting EPS inline, and beating on revenue.
Power-One (NASDAQ: PWER) rose 12.14 percent to $4.62 after an upgrade at Raymond James to a Strong-Buy with a $6 price target.
Equities Trading DOWN
Humana (NYSE: HUM) took a hit this morning, falling 8.78 percent to $71.14 after the medicare and medicaid payouts were announced to be going down by approximately 3 percent on Friday.
Yandex (NASDAQ: YNDX) was also down, dropping 8.04 percent to $23.53 following some poor fourth-quarter results.
Shares of Aetna (NYSE: AET) were down as well, declining 2.60 percent to $47.92, also hurt by Friday's reimbursement ruling.
In commodity news, oil traded down 0.15 percent to $95.71, while gold traded down 1.40 percent to $1,608.40.
Silver traded down 0.05 percent Tuesday to $29.80.
In the eurozone this morning, markets rose following a better than expected ZEW survey as bond yields declined. The French CAC was leading the rise, gaining 0.99 percent while the Italian FTSE was close behind, gaining 0.77 percent.
In economic news Tuesday, the NAHB housing market index came in at 46.00, missing the 48.00 estimates and the prior release of 47.00.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.